Abacus Global Management Inc (ABL) 2025 Q3 法說會逐字稿

Good day and welcome to the Abacus Global Management third quarter 2025 earnings conference call. All participants will be in a listen-only mode. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Abacus Global Management 2025 年第三季財報電話會議。所有參與者將處於唯讀模式。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Rob Phillips, Activist Global Management's Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead.

現在，我謹將會議交給 Activist Global Management 的高級副總裁兼投資者關係和企業事務負責人 Rob Phillips 來主持。請繼續。

Thank you, operator, and thank you everyone for joining Abacus Global Management's third quarter 2025 earnings call. Here with me today are Jay Jackson, Chairman and Chief Executive Officer, Elena Plesko, Chief Capital Officer, and Bill McCauley, Chief Financial Officer.

謝謝接線員，也感謝各位參加 Abacus Global Management 2025 年第三季財報電話會議。今天陪同我出席的有董事長兼執行長傑伊·傑克森、首席資本官埃琳娜·普萊斯科和財務長比爾·麥考利。

This afternoon at 4:05 pm. Eastern Time, Abacus Global Management released its third quarter 2025 results. This afternoon's call will allow participants to ask questions about our results.

今天下午4點05分。美國東部時間，Abacus Global Management 發布了 2025 年第三季業績。今天下午的電話會議將允許參與者詢問有關我們研究結果的問題。

Before we begin, Abacus Global Management refers participants on this call to the investor web page IR.abacusGM.com for the press release, investor information, and filings with the SEC for a discussion of the risks and uncertainties that can affect the business. Abacus Global Management specifically refers participants to the presentation furnished today on Form Ak with the Securities Exchange Commission and to remind listeners that some of the comments today may contain forward-looking statements and as such will be subject to risks and uncertainties which if they materialize could materially affect results. For more information on the risks, uncertainties, and assumptions relating to forward-looking statements, please refer to Abacus Global Management's public filings.

在會議開始之前，Abacus Global Management 建議本次電話會議的參與者造訪投資者網頁 IR.abacusGM.com，查看新聞稿、投資者資訊以及向美國證券交易委員會提交的文件，以了解可能影響公司業務的風險和不確定性。Abacus Global Management 特別提醒各位參與者參閱今天向美國證券交易委員會提交的 Ak 表格演示文稿，並提醒聽眾，今天的一些評論可能包含前瞻性陳述，因此會受到風險和不確定性的影響，如果這些風險和不確定性成為現實，可能會對結果產生重大影響。有關前瞻性陳述的風險、不確定性和假設的更多信息，請參閱 Abacus Global Management 的公開文件。

During the call we will reference certain non-GAAP financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under US generally accepted accounting principles or GAAP. Please see our public filings for additional information regarding our non-GAAP financial measures, including references to comparable GAAP measures.

在電話會議中，我們將提及一些非GAAP財務指標。儘管我們認為這些措施可以提供有關我們財務業績的有用補充信息，但它們並非公認的措施，並且根據美國公認會計原則（GAAP）也沒有標準定義。有關我們的非GAAP財務指標的更多信息，請參閱我們的公開文件，包括與可比較GAAP指標的參考資訊。

With that, I'd now like to turn the call over to Jay Jackson, Chief Executive Officer.

接下來，我將把電話交給執行長傑伊傑克森。

Thank you. And good afternoon, everyone. I'm pleased to report that Abacus delivered another record quarter. Our 10th consecutive quarter of beating consensus projections. Keeping us firmly on track with our long-term growth targets. Our third quarter results were just as impressive. Total revenue increased 124% year over year to $63 million. Adjusted net income rose 60% to $23.6 million. An adjusted EBITA increased 127% to $37.9 million.

謝謝。大家下午好。我很高興地報告，Abacus 又創下了季度業績新高。我們連續第十個季度超出市場預期。確保我們穩步實現長期成長目標。我們第三季的業績同樣令人印象深刻。總營收年增124%，達到6,300萬美元。調整後淨收入成長 60%，達到 2,360 萬美元。經調整後的 EBITA 成長 127% 至 3,790 萬美元。

Due to these strong Q3 results, we are once again in a position to increase our 2025 guidance to $80 million to $84 million, resulting in a year over year growth of 72% to 81% for 2025.

由於第三季業績強勁，我們再次將 2025 年業績預期上調至 8,000 萬美元至 8,400 萬美元，2025 年年成長率將達到 72% 至 81%。

I want to highlight an important inflection point for Abacus that further reinforces our commitment to long-term shareholder value creation.

我想重點強調Abacus的一個重要轉折點，這進一步鞏固了我們對創造長期股東價值的承諾。

Earlier today, we announced the initiation of an annual dividend of $0.20 per share and a $10 million share repurchase program.

今天早些時候，我們宣布啟動每股 0.20 美元的年度股息計劃和 1000 萬美元的股票回購計劃。

These actions represent a defining moment for Abacus, underscoring both our confidence in the strategy and its validation as we continue building durable, recurring earnings.

這些措施對 Abacus 而言是一個具有決定性意義的時刻，既突顯了我們對該策略的信心，也驗證了該策略的有效性，因為我們將繼續創造持久、經常性的收益。

Our balance sheet and cash generation are at record levels, supported by increasing capital inflows into our longevity funds, growing fee income, and expanding margins. As stated in the release, we have the capital strength to fund ongoing growth through new originations, accretive acquisitions, and technology investment, while also returning capital to shareholders. I'm incredibly proud of what our team has built and the position of strength their unwavering dedication has created for Abacus.

我們的資產負債表和現金流均處於歷史最高水平，這得益於長壽基金不斷增加的資本流入、不斷增長的費用收入以及不斷擴大的利潤率。如新聞稿所述，我們擁有雄厚的資本實力，可以透過新的貸款發放、增值收購和技術投資來支持持續成長，同時也能向股東返還資本。我為我們團隊所取得的成就以及他們堅定不移的奉獻精神為 Abacus 創造的強大地位感到無比自豪。

The introduction of a dividend and buyback is not a shift in strategy, but a natural evolution of it. With reoccurring revenues expected to approach 70% of total revenue over time, our capital allocation framework is designed to balance growth investment with consistent shareholder returns. Importantly, these actions also further align abacus with leading public alternative asset managers, many of whom have long demonstrated that recurring fee-based earnings can support both strong growth and meaningful capital returns. This disciplined approach ensures we continue to scale our platform, strengthen our market position, and allow shareholders to directly benefit from the visibility and sustainability of our earnings.

引入分紅和股票回購並非策略的轉變，而是策略的自然演變。隨著經常性收入預計逐漸占到總收入的 70%，我們的資本配置框架旨在平衡成長投資與持續的股東回報。重要的是，這些舉措也進​​一步使 Abacus 與領先的上市另類資產管理公司保持一致，其中許多公司長期以來都已證明，經常性的費用收入可以支持強勁的增長和有意義的資本回報。這種嚴謹的方法確保我們能夠繼續擴大平台規模，鞏固市場地位，並讓股東直接從我們收益的可見性和可持續性中受益。

I think it's important to take a moment and reflect on where Abacus stands relative to our public asset manager peer group.

我認為有必要花點時間思考 Abacus 在我們公共資產管理同儕群體中的地位。

The numbers tell a clear story, one that I believe deserves your close attention.

這些數字講述了一個清晰的故事，我認為這個故事值得您密切關注。

When we look across our peer group of publicly traded alternative asset managers, Abacus's performance continues to stand out across key financial metrics.

當我們縱觀同業的上市另類資產管理公司時，Abacus 在關鍵財務指標方面的表現依然突出。

We lead our public peer group in year over year revenue growth by 5 times.

我們的年收入成長率比同行業上市公司高出5倍。

Abacus has revenue of 124% year over year. By comparison, other public alternative managers reported average year over year revenue growth between 20% and 30% during the same period.

Abacus公司營收年增124%。相較之下，同期其他上市另類投資基金經理人的平均年收入成長率在 20% 到 30% 之間。

These aren't projections or aspirations. These are results we're delivering today, quarter after quarter, demonstrating both our market leadership and the depth of our growth opportunity.

這些並非預測或願景。這是我們每季都在取得的成績，這不僅展現了我們的市場領導地位，也體現了我們巨大的成長潛力。

Abacus's growth trajectory remains the strongest in the asset manager industry and is expected to continue outpacing public peers, driven by discipline, execution, strong origination, and increasing investor demand for uncorrelated returns. The company's accelerating fundamentals combined with increasing visibility highlight a clear path towards sustained value creation that sets abacus apart.

Abacus 的成長軌跡仍然是資產管理行業中最強勁的，預計在紀律、執行力、強大的專案開發能力以及投資者對非相關收益日益增長的需求的推動下，將繼續超越上市同行。公司基本面的加速成長以及知名度的不斷提高，凸顯了其在持續創造價值方面的清晰路徑，而這正是算盤公司脫穎而出的關鍵所在。

When we look at the broader valuation picture, the disconnect becomes more pronounced.

從更廣泛的估值角度來看，這種脫節現象就更加明顯了。

The average publicly traded alternative asset manager trades at roughly 20 times projected 2025 earnings.

上市另類資產管理公司的平均本益比約為 2025 年預期收益的 20 倍。

Abacus trades in the mid-single-digits.

Abacus 的交易價格在個位數中段。

This disconnect represents a deep discount to our peer group and an opportunity for investors.

這種差距意味著我們相對於同業而言價格大幅折讓，也為投資人提供了機會。

While valuation comparisons have their limits, the combination of strong fundamentals, consistent execution, and short-term share price dislocation reflects a familiar dynamic.

雖然估值比較有其局限性，但強勁的基本面、持續的執行力和短期股價錯位的結合反映了一種熟悉的動態。

One that historically corrects itself in favor of fundamentals.

一個在歷史上會自我修正並回歸基本面的機構。

At Abacus, we are continuing to diversify our revenue with increased assets under management. Year-to-date, we have raised $468 million across all of our fund strategies in Q3 inflows represented $102 million.

在 Abacus，我們正透過增加管理資產來持續實現收入多元化。今年迄今為止，我們透過所有基金策略籌集了 4.68 億美元，第三季流入資金為 1.02 億美元。

We are committed to increasing our AUM and generating a greater portion of our total revenue from recurring fee-based revenue, which naturally commands higher valuations.

我們致力於增加資產管理規模，並從經常性費用收入中獲得更大比例的總收入，這自然會帶來更高的估值。

Now let me be direct.

現在我就直說了。

I take responsibility for ensuring the market fully understands this evolution.

我負責確保市場充分理解這個演變過程。

While we're executing operationally and consistently exceeding expectations, we have more work to do to communicate the depth of our business model and the durability of our results.

雖然我們在營運方面表現出色，並且持續超出預期，但我們還需要做更多的工作來傳達我們商業模式的深度和我們業績的持久性。

Beginning with last quarter's results, we introduced new KPIs specifically to simplify our message and to make the abacus story more transparent and accessible.

從上個季度的業績開始，我們引入了新的關鍵績效指標，旨在簡化我們的訊息，使算盤的故事更加透明和易於理解。

We're committed to clear, consistent communication that helps investors understand what drives our business and how we measure success together.

我們致力於清晰、一致的溝通，幫助投資者了解我們業務的驅動因素以及我們如何共同衡量成功。

We also made significant strides in expanding our investor outreach program. Between now and the end of 2025, we continuing into 2026, you'll see abacus represented at more conferences, more speaking engagements, and increased visibility through television and media advertising. Our management team remains fully accessible and engaged across both institutional and retail channels, prioritizing transparency and long-term relationship building.

我們在擴大投資者拓展計畫方面也取得了顯著進展。從現在到 2025 年底，並延續到 2026 年，您將在更多會議上看到算盤的身影，在更多演講活動中看到算盤的身影，並透過電視和媒體廣告獲得更高的知名度。我們的管理團隊始終保持與機構和零售管道的充分溝通和互動，優先考慮透明度和長期關係的建立。

We're also advancing strategic accretive acquisitions that enhance our competitive position and broaden both our origination and global wealth platforms. The recently announced acquisition of AccuQuote is a clear example.

我們也正在推動具有策略意義的增值收購，以增強我們的競爭地位，並擴大我們的業務範圍和全球財富平台。最近宣布的對 AccuQuote 的收購就是一個明顯的例子。

AccuQuote, a premier online life insurance brokerage, provides customers with quotes from multiple insurance providers through a single-digital platform.

AccuQuote是一家領先的線上人壽保險經紀公司，透過單一的數位平台為客戶提供多家保險公司的報價。

This transaction is strategically and financially accretive, adding a new digital origination funnel, expanding our client life cycle coverage, and supporting accelerating growth in policy origination and asset acquisition volumes. Near term, AccuQuote contributes modestly to revenue and profit. Over the long-term, it will serve as a scalable growth engine feeding directly into our underwriting and asset management businesses.

這項交易在策略和財務上都具有增值作用，增加了一個新的數位化業務管道，擴大了我們的客戶生命週期覆蓋範圍，並支持保單發行和資產收購量的加速成長。短期來看，AccuQuote 對營收和利潤的貢獻並不大。從長遠來看，它將作為一個可擴展的成長引擎，直接為我們的核保和資產管理業務提供動力。

Our strong free cash generation and high returns on invested capital gives us the flexibility to continue funding strategic initiatives while returning capital to shareholders.

我們強勁的自由現金流和高投資回報率使我們能夠靈活地繼續為策略舉措提供資金，同時向股東返還資本。

Let me address the current market environment.

讓我談談當前的市場環境。

Our longevity-based assets are fundamentally uncorrelated to traditional markets. Their performance is driven by actuarial and demographic trends, not market sentiment or interest rate cycles. This structural differentiation provides consistent, non-correlated exposure at a time when diversification is most needed.

我們基於長壽的資產與傳統市場從根本上是不相關的。它們的業績受精算和人口趨勢驅動，而不是受市場情緒或利率週期驅動。這種結構性差異化在最需要分散投資的時候，提供了持續、不相關的投資機會。

To that point, we achieved a major milestone following quarter end with a $50 million above investment grade securitization product note backed by life insurance assets sold to institutional investors, insurance companies and banks.

到那時，我們在季度末取得了重大里程碑式的成就，向機構投資者、保險公司和銀行出售了價值 5000 萬美元的、以人壽保險資產為擔保的超投資級證券化產品票據。

This transaction marks the beginning of a scalable and reoccurring funding mechanism, while validating the strong institutional demand for longevity-linked less correlated assets. It also reinforces Abacus's position as the market leader in a highly regulated industry, supported by favorable demographic trends expected to persist for decades.

此次交易標誌著可擴展和可重複的融資機制的開始，同時也驗證了機構對與壽命相關的低相關性資產的強勁需求。這也鞏固了 Abacus 在高度監管的行業中作為市場領導者的地位，並得益於預計將持續數十年的有利人口趨勢。

We view this transaction as the first of many as we continue building the infrastructure to make it a repeatable and scalable component of our long-term funding strategy, lowering our cost of capital, expanding our distribution channels to banks and insurance investors, converting balance sheet assets into recurring service and fee-based income, and further enhancing profitability and return on equity.

我們認為此次交易只是眾多交易中的第一筆，我們將繼續建立基礎設施，使其成為我們長期融資策略中可重複且可擴展的組成部分，降低我們的資本成本，擴大我們向銀行和保險投資者的分銷管道，將資產負債表資產轉化為經常性服務和費用收入，並進一步提高盈利能力和股本回報率。

To summarize, the financial performance is clear.

總而言之，財務表現清晰明了。

10 consecutive quarters of strong earnings growth, industry leading returns on capital, expanding recurring revenue, and a defined path towards greater visibility and scale. Our focus remains on translating these fundamentals into long-term shareholder value.

連續 10 個季度實現強勁的盈利增長，行業領先的資本回報率，不斷擴大的經常性收入，以及朝著更高知名度和規模邁進的明確路徑。我們始終專注於將這些基本面轉化為股東的長期價值。

With that, I'll now turn the call over to Elena Plesko, our Chief Capital Officer, to discuss our key performance indicators and capital structure in more detail.

接下來，我將把電話交給我們的首席資本長埃琳娜·普萊斯科，讓她更詳細地討論我們的關鍵績效指標和資本結構。

Thanks, Jay. I'd like to highlight some recent strategic milestones and then discuss our balance sheet efficiency metrics and KPIs.

謝謝你，傑伊。我想重點介紹我們最近的一些策略里程碑，然後討論我們的資產負債表效率指標和關鍵績效指標。

As Jay mentioned, we announced a significant milestone on October 22nd.

正如傑伊所提到的，我們在10月22日宣布了一個重要的里程碑。

We successfully sold $50 million of securitized life insurance assets structured as an investment grade rated collateralized note with a mid-single-digit yield.

我們成功售出了 5,000 萬美元的證券化人壽保險資產，這些資產被建構成投資等級擔保票據，收益率為中等個位數。

This transaction represents a strategic breakthrough for Abacus on multiple fronts.

此交易對Abacus而言，在許多方面都具有戰略意義，堪稱一次重大突破。

First, it establishes a new institutional distribution channel that complements our existing monetization pathways, allowing us to access a broader universe of capital providers, including banks, insurance companies, and fixed income investors who typically require rated structures.

首先，它建立了一個新的機構分銷管道，補充了我們現有的貨幣化途徑，使我們能夠接觸到更廣泛的資本提供者，包括銀行、保險公司和固定收益投資者，他們通常需要評級結構。

Second.

第二。

It validates our underwriting and portfolio construction capabilities. Specifically, the ability to secure an investment grade rating demonstrates that our credit and actuarial processes meet institutional standards.

這驗證了我們的承保和投資組合建構能力。具體而言，獲得投資等級評級的能力表明我們的信貸和精算流程符合機構標準。

3rd This transaction creates a scalable template for future executions, potentially improving our overall capital efficiency as we develop a track record in the securitized products market.

第三，本次交易為未來的執行創建了一個可擴展的模板，隨著我們在證券化產品市場建立業績記錄，可能會提高我們的整體資本效率。

Finally, by demonstrating that life insurance assets can be packaged into rated instruments with mid-single-digit yields, we're effectively expanding the addressable market for these assets and reinforcing Abacus's position as a leader in bringing institutional grade structures to the longevity space.

最後，透過證明人壽保險資產可以打包成收益率達到中等個位數的評級工具，我們有效地擴大了這些資產的潛在市場，並鞏固了 Abacus 作為將機構級結構引入長壽領域的領導者的地位。

This is not just a one-time financing event. It's a proof of concept that opens up significant optionality for how we think about asset monetization and balance sheet management going forward.

這並非一次性融資活動。這是一個概念驗證，為我們今後思考資產貨幣化和資產負債表管理提供了重要的選擇空間。

Now turning to our operational metrics.

現在來看我們的營運指標。

Last quarter we stated that our long-term target for portfolio turnover is 1.5 times to 2 times.

上個季度我們曾表示，我們的長期投資組合週轉目標是 1.5 倍至 2 倍。

For Q3 2025, our annualized turnover ratio was 2X, in line with expectations.

2025 年第三季度，我們的年度週轉率為 2 倍，符合預期。

Another key indicator of our balance sheet management efficiency is our ability to monetize these policies at optimal timing.

衡量我們資產負債表管理效率的另一個關鍵指標是我們是否能在最佳時機將這些政策貨幣化。

In the third quarter of 2025, policies we sold had been held on our balance sheet for an average of 363 days compared to 253 days for policies still owned.

2025 年第三季度，我們售出的保單在我們的資產負債表上平均持有 363 天，而我們仍持有的保單的平均持有時間為 253 天。

Underscoring our ability to efficiently rotate mature inventory while preserving overall portfolio quality.

凸顯了我們在維持整體投資組合品質的同時，高效能輪換成熟庫存的能力。

This 110 day delta for sold policies validates our proactive approach of realizing gains on well-seasoned positions rather than engaging in reactive selling.

已售出保單的 110 天差值驗證了我們積極主動地從成熟部位中獲利，而不是被動地進行銷售的做法。

This metric clearly demonstrates that we're managing the balance sheet strategically rather than simply churning newer acquisitions.

這項指標清楚地表明，我們正在對資產負債表進行策略性管理，而不是簡單地不斷進行新的收購。

As we've discussed previously, some assets spend longer periods on our balance sheet. Those are our best ideas. At the end of Q3 2025, 19.6% of our total portfolio value, including cash, was held for over 365 days.

正如我們之前討論過的，有些資產會在我們的資產負債表上停留較長時間。這些是我們最好的想法。截至 2025 年第三季末，我們總投資組合價值（包括現金）的 19.6% 持有超過 365 天。

These season holdings maintain a weighted average grade reflective of their low risk and strong credit profile, weighted average life expectancy of 49 months, and weighted average age of 86 years.

這些季節性持股維持著反映其低風險和良好信用狀況的加權平均評級、49 個月的加權平均預期壽命和 86 年的加權平均年齡。

Underscoring the quality of our long-term hold decisions, this concentration in our best ideas reflects our disciplined approach to portfolio construction and our confidence in our underwriting capabilities.

為了凸顯我們長期持有決策的質量，這種對我們最佳理念的集中體現了我們在投資組合建構方面的嚴謹態度以及我們對自身承保能力的信心。

Finally, while portfolio turnover demonstrates capital efficiency, Profitability of our sales is equally important.

最後，雖然投資組合週轉率反映了資本效率，但我們銷售的獲利能力也同樣重要。

Measured by the difference between what Abacus paid to originate a policy and the actual sales price receipt.

以 Abacus 為簽發保單所支付的費用與實際銷售價格收據之間的差額來衡量。

Our average realized gain on sale for Q3 2025 was 36.9%. As you can see this quarter, we have been able to resell inventory that we have purchased a year ago during a different interest rate environment, validating our strategic balance sheet management approach and rigorous cost discipline through our operations.

我們 2025 年第三季的平均實際銷售收益率為 36.9%。正如您在本季度所看到的，我們能夠轉售一年前在不同的利率環境下購買的庫存，這驗證了我們策略性的資產負債表管理方法以及透過我們的營運實施的嚴格成本控制。

With that, I will now hand it over to our CFO Bill McCulley, to discuss the specifics of our 3rd quarter results.

接下來，我將把發言權交給我們的財務長比爾麥卡利，讓他來討論我們第三季業績的具體情況。

Thanks, Elena, and hello, everyone. As Jay mentioned, we delivered another outstanding quarter of revenue growth and profitability.

謝謝你，埃琳娜，大家好。正如傑伊所說，我們又實現了一個出色的季度營收成長和獲利能力。

Total revenue in the third quarter grew 124% to $63 million compared to $28.1 million in the prior year. This growth was driven by strong Life Solutions performance, increased asset management fees, and contributions from our technology services business.

第三季總營收成長124%，達6,300萬美元，而上年同期為2,810萬美元。這一成長得益於生命解決方案業務的強勁表現、資產管理費用的增加以及技術服務業務的貢獻。

Our life solutions segment continues to benefit from our highly efficient origination platform and active trading division.

我們的人壽保險解決方案業務持續受益於我們高效的核保平台和活躍的交易部門。

Capital deployed increased 10% to $102.4 million in Q3, compared to $93.2 million last year.

第三季投入資本成長10%，達到1.024億美元，去年同期為9,320萬美元。

Beyond deployment, we had another strong quarter with regards to realized gains. Realized gains for Q3 2025 were $46.4 million, which was primarily driven by the sale of 282 policies to 17 different counterparties.

除了部署之外，我們在實現收益方面也取得了另一個強勁的季度。2025 年第三季實現收益為 4,640 萬美元，主要得益於向 17 個不同的交易對手出售了 282 份保單。

As of September 30th, we hold 522 policies valued at $424.7 million on our balance sheet.

截至9月30日，我們的資產負債表上持有522份保單，價值4.247億美元。

Based on historical track record, we expect to monetize these assets within approximately 6 months, with spreads averaging above 20%.

根據歷史業績記錄，我們預計將在大約 6 個月內實現這些資產的變現，平均利差將超過 20%。

We continue to be pleased with our asset management segment, which is now in its 3rd full quarter following the Q4 2024 acquisitions.

我們對資產管理業務部門的表現依然感到滿意，該板塊在 2024 年第四季完成收購後，目前已進入第三個完整季度。

This business generated $8.6 million in revenue during Q3 and had 1$02 million of new inflows, demonstrating the value of our strategic M&A activity.

該業務在第三季創造了 860 萬美元的收入，並獲得了 10.2 萬美元的新資金流入，證明了我們策略併購活動的價值。

Turning to expenses, total operating expenses, excluding unrealized and realized gains and losses on investments, and the change in fair value of debt was $32.9 million compared to $19.4 million in the prior year.

再來看費用，不包括投資的未實現和已實現損益以及債務公允價值變動，總營運費用為 3,290 萬美元，而上一年為 1,940 萬美元。

This increase reflects operating expenses of our acquired companies, increased G&A, higher depreciation and amortization, and strategic marketing investments to support our growth trajectory.

這一成長反映了我們收購公司的營運費用、增加的一般及行政費用、更高的折舊和攤銷，以及為支持我們成長軌跡而進行的策略行銷投資。

We typically see returns on marketing spend within 90 to 120 days.

我們通常會在 90 到 120 天內看到行銷投入的回報。

On an adjusted basis, excluding non-cash stock compensation, business acquisition costs, amortization, and changes in warrant liability fair value, net income was $23.6 million compared to $14.7 million last year.

經調整後，不包括非現金股票補償、業務收購成本、攤提和認股權證負債公允價值變動，淨收入為 2,360 萬美元，而去年為 1,470 萬美元。

Adjusted EBITDA grew 127% to $37.9 million versus $16.7 million in the prior year, with margins of 60.2% consistent with the comparable period.

經調整的 EBITDA 成長 127% 至 3,790 萬美元，而上年同期為 1,670 萬美元，利潤率為 60.2%，與去年同期持平。

GAAP net income attributable to stockholders was $7.1 million compared to a net loss of $5.1 million in the prior year.

歸屬於股東的GAAP淨利為710萬美元，而上一年淨虧損為510萬美元。

This improvement was driven by higher revenues across all segments, which is partially offset by increased operating costs and interest expense.

這項改善主要得益於各業務部門收入的成長，但部分被營運成本和利息支出的增加所抵銷。

Our balance sheet metrics continue to reflect our highly profitable business model.

我們的資產負債表指標持續反映出我們高獲利的商業模式。

Annualized adjusted return on equity was 22% and annualized adjusted return on invested capital was 21% for the quarter.

本季年化調整後權益報酬率為 22%，年化調整後投資資本報酬率為 21%。

As of September 30th, we held $86.4 million in cash equivalents and $424.7 million in balance sheet policy assets.

截至9月30日，我們持有8,640萬美元的現金等價物和4.247億美元的資產負債表政策資產。

As Jay mentioned in his opening remarks, given our strong performance through September, we are raising our full year adjusted net income guidance on a gross basis to a range of $80 million to $84 million, up from our prior range of $74 million to $80 million.

正如傑伊在開場白中提到的那樣，鑑於我們截至 9 月份的強勁表現，我們將全年調整後淨收入預期（按毛額計算）從之前的 7400 萬美元至 8000 萬美元上調至 8000 萬美元至 8400 萬美元。

This represents growth of 72% to 81% compared to 2024 adjusted net income of $46.5 million.

與 2024 年調整後的淨收入 4,650 萬美元相比，這意味著成長 72% 至 81%。

In summary, we continue to deliver record revenue growth while significantly expanding profitability on an adjusted basis.

總而言之，我們持續實現創紀錄的營收成長，同時經調整後的獲利能力也顯著提高。

Our diversified business model is performing well across all segments, and we're well positioned for continued success.

我們多元化的商業模式在各個領域都表現良好，我們已做好充分準備，迎接持續的成功。

I'll now turn it back to our CEO Jay Jackson for closing comments.

現在我將把發言權交還給我們的執行長傑伊·傑克遜，請他作總結發言。

Thanks Bill.

謝謝你，比爾。

Before I turn the call back to the operator for your questions, I want to close by reinforcing what makes Abacus unique. We are executing with discipline and purpose in one of the most compelling corners of alternative asset management, longevity-based investing. Our results continue to speak for themselves, record profitability, consistent growth, and expanding market recognition.

在將電話轉回給接線員回答您的問題之前，我想最後再強調一下 Abacus 的獨特之處。我們在另類資產管理領域最具吸引力的領域之一——長壽投資中，以嚴謹的態度和明確的目標來開展工作。我們的業績持續證明一切：獲利能力創歷史新高，持續成長，市場認可度不斷提高。

At a time when investors are seeking stability and true diversification, Abacus stands apart, offering uncorrelated assets, scalable returns, and a platform designed for sustained value creation.

在投資者尋求穩定性和真正多元化投資的當下，Abacus 脫穎而出，提供不相關的資產、可擴展的回報以及旨在持續創造價值的平台。

The disconnect between our fundamentals and our current valuation is clear.

我們的基本面與目前的估值之間有明顯的脫節。

But it also represents one of our greatest opportunities.

但這同時也代表著我們最大的機會之一。

We're addressing that GAAP head-on through transparent communication, active investor engagement, and continued execution across every part of our business.

我們正在透過透明的溝通、積極的投資者互動以及在業務各個環節的持續執行，正面應對 GAAP 問題。

And further to this point, our dividend and buybacks send a clear message.

此外，我們的分紅和股票回購也傳遞了一個明確的訊息。

We have the strength, the cash flow, and the conviction to invest in growth while directly returning value to shareholders.

我們擁有實力、現金流和決心，可以在投資成長的同時直接為股東創造價值。

As we look ahead, our focus remains unchanged. Deliver strong financial performance, deepen institutional adoption of longevity-based assets, and create enduring value for our shareholders. I'm proud of what our team has accomplished, and I'm even more excited about where we're headed.

展望未來，我們的焦點依然不變。實現強勁的財務業績，加深機構對長壽資產的採用，並為股東創造持久價值。我為我們團隊的成就感到自豪，也對我們未來的發展方向感到更加興奮。

With that, we want to thank you for joining our call today and look forward to your questions.

最後，我們感謝您今天參加我們的電話會議，並期待您提出問題。

We will now begin the question-and-answer sessions.

現在開始問答環節。

To ask a question, you may press star, then one on your touchtone film.

若要提問，您可以按星號鍵，然後按下觸控膜上的數字鍵 1。

If you are using a speakerphone, please pick up your handset before pressing the keys.

如果您正在使用免持通話，請在按鍵前拿起聽筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2.

如果您的問題已得到解答，並且您想撤回您的問題，請按星號，然後按 2。

At this time we will pause momentarily to assemble our roster.

此時我們將稍作停頓，整理一下人員名單。

The first question today comes from Patrick Dewitt with Autonomous Research. Please go ahead.

今天第一個問題來自 Autonomous Research 的 Patrick Dewitt。請繼續。

Hey, good evening, everyone. First I have a few questions on the securitization.

大家晚上好。首先，我對證券化有一些疑問。

Firstly, are there any incremental economics for you other than just the gain on sale like a structuring fee or a transaction fee? Secondly, could you give us an idea of how many large institutions participated and what portion of those were new to the asset class? And then finally, is there an opportunity to package more of these into some sort of third-party asset management product that you could charge fees on? Thank.

首先，除了出售所得收益之外，還有其他額外的經濟利益嗎，例如結構費或交易費？其次，您能否簡要介紹有多少大型機構參與其中，以及其中有多少是首次涉足該資產類別？最後，有沒有可能將更多此類產品打包成某種第三方資產管理產品，並從中收取費用？感謝。

You.

你。

Sure, hi Patrick, thank you. First of all, on the securitization, the first question was related to additional fees, or outcomes that we may experience, and one thing to note is that we also remain the servicer of the underlying assets, so we will retain servicing fees on these assets. On a go forward basis which ultimately produces additional fee related earnings associated with that and you know what we stated too in the in in both the initial press release and and even going forward is is that we expect this particular type of structure to continue to grow and be very successful. It was very well received. We purposely chose to make it a little bit smaller offering initially, with $50 million. We had excess support of that or excess demand rather, where we could have done larger, product here, but when we were considering, the partners that we wanted to do this with, all of the partners were new and, in effective investing directly into this type of collateralized product, so we were very encouraged by that.

當然，你好帕特里克，謝謝你。首先，關於證券化，第一個問題與額外費用或我們可能遇到的結果有關，需要注意的是，我們仍然是基礎資產的服務商，因此我們將繼續收取這些資產的服務費。從長遠來看，這將最終產生與此相關的額外費用收入，正如我們在最初的新聞稿中以及未來所聲明的那樣，我們預計這種特殊的結構將繼續增長並取得巨大成功。它受到了非常熱烈的歡迎。我們刻意選擇先將發行規模縮小一些，最初只發行 5,000 萬美元。我們當時對這類產品的支援或需求過剩，本來可以做更大規模的產品，但當我們考慮要和哪些合作夥伴一起做這件事時，發現所有合作夥伴都是新來的，而且他們實際上是直接投資於這類抵押產品，所以我們對此感到非常鼓舞。

And they consisted of both insurance companies and, commercial banks. So, you, to that end, I think that was a really. A piece to this that was incredibly successful, right? As you have new adoption of the asset. And a lot of what they were looking for was, this uncorrelated or less correlated yield in a rated structure. So, you, we see this continuing to grow as another type of distribution that we would be able to use to sell policies into and really aggregate policies into at an incredibly I think competitive cost of capital, which is also very compelling to us. And then I think the last piece of that was, would we see this structure growing into other third-party funds? Certainly, taking that into consideration, there's been interest from other types of structures and vehicles who are looking for this kind of product even within their own third-party funds. So, I think as we continue to move forward, what was. Important was that getting this first one done was incredibly valuable being that now we have the platform in place to where effectively we can rent and repeat and do it over again and even larger in scale, which we anticipate doing on a regular basis, and I would expect to see more of these more consistently, and you know we're trying for every quarter, every two quarters is kind of the target there.

它們既包括保險公司，也包括商業銀行。所以，就此而言，我認為那真是…這其中有一部分非常成功，對吧？因為你新採用了這項資產。他們所尋找的很多東西，就是評級結構中不相關或相關性較低的收益率。因此，我們認為這種分銷方式將繼續發展壯大，成為我們能夠用來銷售保單和真正將保單聚合起來的另一種分銷方式，而且我認為其資本成本極具競爭力，這對我們來說也極具吸引力。最後一點是，我們是否會看到這種結構發展成為其他第三方基金？當然，考慮到這一點，其他類型的結構和車輛也對這類產品表現出了興趣，他們甚至希望利用自己的第三方資金來購買這類產品。所以，我認為隨著我們繼續前進，過去是什麼。重要的是，完成第一個項目意義非凡，因為我們現在有了平台，可以有效地租用、重複使用，甚至可以擴大規模，我們預計會定期這樣做，我希望看到更多更穩定的項目，你知道，我們的目標是每個季度或每兩個季度都進行一次。

Thanks. Helpful. As a follow-up, the, advertising blitz has broadened, it feels like in the last couple of months to the point where I feel like Jay is living in my apartment on some days when I'm working from home. So, maybe you could update us on any KPIs you might have on that effort converting to real volumes. Like how are you measuring the ses of what looks like a fairly big uptick in the marketing investment at this point? Thanks.

謝謝。很有幫助。作為後續，廣告宣傳攻勢已經擴大，感覺在過去的幾個月裡，以至於我有時在家工作時，感覺 Jay 就像住在我的公寓裡一樣。所以，您能否向我們介紹一下您在將這項工作轉化為實際銷售方面有哪些關鍵績效指標？例如，你如何衡量目前行銷投入大幅成長所帶來的效果？謝謝。

Sure, thank you, Patrick. And we typically will, you'll typically see a larger advertising, attempts as we get more into Q4. We've seen that to be, typically, a larger quarter for us in relationship to our origination. And it brings me to my point of if you look at Q3, compare Q3 to Q3 of last year, we're actually up 10% on Q3 over Q3 of last year, and then we kind of ramp into some of that advertising coming into Q4, as that's historically been a very productive quarter for us. So, while I apologize for living in your living room, I certainly don't apologize from a revenue point of view, because it's working. So that's great news, and, you, we'll TRY to, turn them off in your zip code.

當然，謝謝你，派崔克。隨著第四季的深入，我們通常會看到更多的廣告投入。我們發現，通常情況下，相對於我們的業務成長而言，這部分業務佔比更大。這就引出了我的觀點：如果你看一下第三季度，並將其與去年同期進行比較，我們實際上比去年同期增長了 10%，然後我們在第四季度開始加大廣告投入，因為從歷史來看，第四季度一直是我們業績非常出色的一個季度。所以，雖然我很抱歉住在你們的客廳裡，但從收入的角度來看，我絕對不覺得抱歉，因為這個模式很有效。這是個好消息，我們會盡力在您所在的郵遞區號區域內關閉它們。

Thanks for.

謝謝。

Thank you, Patrick.

謝謝你，派崔克。

The next question comes from Kristen Love with Piper Sandler. Please go ahead.

下一個問題來自克里斯汀·洛芙和派珀·桑德勒。請繼續。

Thanks, good afternoon. First, just on capital deployed, $102 million in the quarter, below the second quarter, but still able to put a really solid life settlements revenues. Was that driven primarily from the outsized average gains in the quarter or anything else there? Just curious on some of the puts and takes there. And then forward expectations for capital deployed is $120 million a good run rate or how are you thinking about that?

謝謝，下午好。首先，就資本投入而言，本季投入了 1.02 億美元，低於第二季度，但仍能帶來非常穩健的人壽保險結算收入。這主要是因為本季平均漲幅過大造成的，還是還有其他原因？只是好奇那裡的一些買賣情況。那麼，對於未來已投入的資本，1.2億美元是合理的運作速度嗎？您對此有何看法？

Sure, and, yeah, you're exactly right. In the Q3, if you notice the, adjusted EBITA margin increased to the highest EBITA margin that we've ever had over 60%, and yes, we were a little more strategic in Q3 where we saw some very interesting opportunities, put that money to work, and, historically we've seen sometimes when you look at Q3, particularly as you're coming towards the end of the summer months, you've got a little bit of a shortened period. There, and then teeing up for Q4. So, we're actually quite pleased where Q3 ultimately came out and with the increase in margins just made a ton of sense to us, but we're, how we strategically deploy capital we're, we still want to be very thoughtful and very, smart about it and then on a go forward run rate basis, yeah, I, as we look at Q4, last year and compare Q4 to this year.

當然，沒錯，你說得完全正確。如果你注意到，第三季調整後的 EBITA 利潤率成長至我們有史以來最高的 EBITA 利潤率，超過 60%。是的，我們在第三季採取了更具策略性的做法，我們看到了一些非常有趣的機會，並讓資金發揮作用。從歷史來看，我們有時會發現，在第三季度，尤其是在夏季即將結束的時候，時間會稍微縮短一些。在那裡，然後為第四季度做好準備。所以，我們對第三季的最終結果相當滿意，利潤率的提高對我們來說意義重大。但是，在策略性地部署資本方面，我們仍然希望非常謹慎和明智。從未來的運行速度來看，是的，當我們回顧去年第四季並將今年第四季與去年同期進行比較時，情況會如何？

Our expectations that we'll continue to see this, maintain and grow from here, some of that is capital dependent on based upon new capital that we're obviously raising within our funds, but not just that but also demand and we're seeing a pretty high uptick. In demand from institutional capital who want to access this asset class due to the underlying nature of the asset class being that it's an uncorrelated yield. So as more volatility in the market gives us more opportunity to not just originate policies as people are seeking liquidity, but beyond that. Fill larger portfolios for investment funds who are who are seeking to capitalize on this asset within their own funds. So, you, we expect that to continue to grow. We're definitely out there as Patrick had alluded to, quite often increasing our ad spend and we're able to capitalize that, I think, in a successful way. And you, from the one whether that's going to be $120 million or slightly above or below that what we see in Q4, or even going forward, I think that that's a fair run rate, but we are obviously driving on a consistent basis to increase it and we're always looking to increase it. I mean if you look at this number over the last two years, I mean I think we're a 2x, or even more on that number, and at some point you go. 1.5 to 2x to, where we are today, you, we're starting to see some normalization and predictability around as we predict capital. However, as more opportunities present themselves over the next, I think 66 months to 1 year, we could see that go up.

我們預計這種情況會持續下去，並在此基礎上保持成長。這其中一部分取決於我們基金籌集的新資金，但不僅如此，還取決於需求，而且我們看到需求正在大幅增長。由於該資產類別的內在特性是其收益率與其它資產不相關，因此受到希望投資該資產類別的機構資本的需求。因此，隨著市場波動性增大，我們不僅有機會在人們尋求流動性時推出保單，還有機會推出其他類型的保單。為那些希望利用自身資金中的這項資產獲利的投資基金提供更大規模的投資組合。所以，我們預期你的成長動能會繼續增強。正如帕特里克所暗示的那樣，我們確實一直在積極拓展市場，經常增加廣告支出，我認為我們能夠成功地利用這一點。至於第四季或未來幾年，這個數字是 1.2 億美元，還是略高於或低於這個數字，我認為這是一個合理的運行速度，但我們顯然正在持續努力提高這個數字，並且我們一直在尋求提高這個數字。我的意思是，如果你看看過去兩年的數字，我認為我們現在是這個數字的兩倍，甚至更高，而且在某個階段，你會從1.5倍到2倍，到我們今天所處的水平，你就會發現，隨著我們對資本的預測，我們開始看到一些正常化和可預測性。然而，隨著未來 66 個月到 1 年內出現更多機會，我認為我們可能會看到這種情況上升。

Okay, and then just on the maintaining and growing from here, you kind of maintaining growing off of the $102 million in the third quarter, is that fair?

好的，那麼接下來關於維持和成長的問題，你是想在第三季 1.02 億美元的基礎上保持成長，這樣說對嗎？

Yeah, I mean, I think I would look at it if you look at Q4 of last year, right? And even if you look at, looking at Q2 where we were north of 120, I mean I think that's a fair way to model, as you're looking at where we think we would potentially be in Q4. I think that, on top of that though, there are some opportunities that we see in the market as we continue to.

是的，我的意思是，如果你看看去年第四季的數據，我覺得我會這麼看，對吧？即使你看看第二季度，我們當時的數值超過了 120，我的意思是，我認為這是一種合理的建模方式，因為你看到的是我們認為我們在第四季度可能會達到的水平。我認為，除此之外，隨著我們繼續觀察市場，我們還會看到一些機會。

You, utilize thought processes around new structures like securitizing or, using a securitized type format in this asset. Crispin will have, I think, a significant impact on that capital deployed number, right? I mean, those two will ultimately go hand in hand as you have cheaper cost of capital or lower cost of capital that's going to impact even how much more you can originate and so we would expect that growth to continue.

您可以運用圍繞新結構（如證券化）的思考過程，或者，在該資產中使用證券化類型的格式。我認為，克里斯平會對已投入資本金額產生重大影響，對吧？我的意思是，這兩者最終會齊頭並進，因為資金成本降低將影響你能發放的貸款數量，所以我們預計這種增長將會持續下去。

Perfect, thank you. I appreciate all that. And then, on the new dividend, can you share yours and the and the board's thoughts on that discussions you had versus, just deploying excess capital into buying more policies or more buybacks or having a more nominal dividend, but just curious on your view on capital allocation, dividend buyback, deployment.

太好了，謝謝。我非常感激。關於新的股息，您能否分享您和董事會對此討論的看法，以及將多餘的資金用於購買更多保單或進行更多股票回購，還是發放更少的股息？我只是好奇您對資本配置、股利回購和運用的看法。

Capital. Sure, we put a lot of thought in into the dividend. And as a business, as an asset manager, it's not unusual for asset managers to pay dividends. And one of the things that you'll see is that as our recurring revenue continues to grow, as a percentage of the recurring revenue, we're right in line with other asset managers and what type of dividend would be paid. And if you compare that against, for example, our adjusted net income, we're on very much the low side as conservatives. I think as you would see out there, in the low 20s as a percent of adjusted net income. Income as as 8% for that dividend. So you, we felt like from a dividend perspective this was a way to capitalize our, shareholders, in a very thoughtful way and not pulling anything away from, the opportunities that we had to acquire new contracts. You, we're targeting this year, Crispin, if you look at our new guidance, we're looking at 80% year over year growth.

首都。當然，我們對分紅問題進行了深入思考。作為一家企業，作為一家資產管理公司，資產管理公司支付股息並不罕見。你會發現，隨著我們經常性收入的持續成長，股利佔經常性收入的百分比，我們與其他資產管理公司以及他們將支付的股利類型完全一致。如果將其與我們調整後的淨收入進行比較，例如，作為保守派，我們的淨收入就非常低了。我認為正如你所看到的，佔調整後淨收入的百分比在 20% 左右。該股息收益率高達 8%。所以，我們覺得從分紅的角度來看，這是一種非常周全地為股東創造收益的方式，而且不會影響我們獲得新合約的機會。克里斯平，我們今年的目標是，如果你看看我們最新的業績指引，我們預計將年增 80%。

And a small dividend. I think that they, our shareholders are getting the best of both worlds, and that's not pulling back from our growth at all. We're continuing to expand and continuing to see our growth. And as we looked at our liquidity, and then we looked at our reoccurring revenue, we felt. As a company that is maturing over time into a larger fee-related earnings business, that it, that the logical next step for us was to, pass that those additional earnings onto our shareholders in the form of a dividend, and we'll pay that dividend on an annual basis. And as we highlighted in the press release, it'll be based upon, again, a very conservative metrics as a percent of less than 25% of our adjusted net income or 55% of our recurring revenue.

還有少量股息。我認為，我們的股東們正在享受兩全其美的待遇，而這絲毫沒有阻礙我們的成長。我們正在持續擴張，並且持續成長。當我們審視我們的流動性，然後審視我們的經常性收入時，我們感到。隨著公司逐漸發展成為規模更大的收費相關收入企業，對我們來說，合乎邏輯的下一步就是將這些額外的收入以股息的形式分配給我們的股東，我們將每年支付股息。正如我們在新聞稿中所強調的那樣，這將再次基於非常保守的指標，即調整後淨收入的不到 25% 或經常性收入的不到 55%。

Alright, great, and sorry.

好的，太好了，抱歉。

Just one clarification, so will it be paid quarterly or it'll be an annual payment?

還有一個問題需要確認，是按季度支付還是按年支付？

That's an annual, that, that's an annual payment, and you bring up a good point. We purposely chose to make it an annual dividend versus a quarterly so that, we could opportunistically reinvest into some of these higher ROEs throughout the year and then ultimately pass that dividend on to our investors. So it was a way for us to maximize our growth and capital while still providing a dividend and capitalization to our shareholders.

那是一筆年費，你提出的觀點很好。我們特意選擇按年而不是按季度派發股息，這樣我們就可以抓住機會，在一年中將部分股息再投資於一些ROE較高的股票，然後最終將股息轉給我們的投資者。因此，這是一種讓我們在為股東提供股息和資本的同時，最大限度地提高成長和資本的方式。

Great, thank you.

太好了，謝謝。

Jay. I I appreciate you taking.

傑伊。我很感激你抽出時間。

My questions.

我的問題。

Yeah.

是的。

The next question comes from Mike Grandall with Northland Securities. Please go ahead.

下一個問題來自 Northland Securities 的 Mike Grandall。請繼續。

Hey guys, congrats on the securitization in the quarter. You gave a lot of good.

各位，恭喜你們本季證券化專案成功。你做了很多好事。

Insight into the securitization, could I maybe get you guys to go one step further and with that $50 million securitization, could you kind of talk about unit economics.

關於證券化，能否請你們更進一步，以這筆 5,000 萬美元的證券化為例，談談單位經濟效益？

And revenue and adjusted EBITA that comes from that transaction just so as we think about 2026 whether you're going to do one every other quarter or one every quarter we can just kind of get a sense for how it lifts the business.

以及該交易帶來的收入和調整後 EBITA，這樣當我們考慮 2026 年的情況時，無論你是每季進行一次交易還是每季進行一次交易，我們都可以大致了解它如何提升業務。

Sure, thanks for the question, Mike, and the way to think about it is that, when you, when you're looking at the unit economics on a securitization like this, I think it's fair to say that, we will be able to capture servicing fees as we would normally capture in this kind of product on a go forward basis, right? So you, the way that I would compare this to on a unit economics basis, you actually see that. As our, it's equally profitable as a sale. I mean, it is a true sale to a securitization in the way that we've set this structure up. And so those unit economics exist. This is just another structure that we're able to utilize to capitalize, on that true sale and policy. So when you look at our ROE and Rick, those numbers would effectively be an. Indicator as to how we're managing the unit economics of the securitization because those policies are being sold in a true sale to that vehicle. So I hope that makes sense, but the unit economics for us, are very compelling as they are for our business. What I think the securitization does really long-term is that it offers us more consistency over time. When you think about, when, we're asked frequently about maintaining the strength of our ROEs and Rics, this structure provides that over a very long period of time, and I think that's one of the things I'm just really excited about. And, as people look at our profitability or our margins, I think that this is a great structure that will, allow us to maintain that profitability and margins for years to come.

當然，謝謝你的提問，麥克。思考這個問題的方式是，當你在分析這類證券化的單位經濟效益時，我認為可以公平地說，我們將能夠像往常一樣，在這種產品的基礎上收取服務費，對吧？所以，從單位經濟效益的角度來看，你會發現確實如此。對我們來說，它和銷售一樣有利可圖。我的意思是，按照我們搭建的這種結構，這確實是一筆證券化交易。所以這些單位經濟效益是存在的。這只是我們能夠利用的另一種結構，以便從真正的銷售和政策中獲利。所以當你查看我們的 ROE 和 Rick 時，這些數字實際上就是一個。這可以作為衡量我們如何管理證券化單位經濟效益的指標，因為這些保單是透過真正的銷售方式出售給該證券化工具的。所以，我希望我的解釋能讓您明白，但對我們來說，單位經濟效益非常有吸引力，就像它對我們的業務一樣。我認為證券化從長遠來看真正帶來的益處是，它能為我們提供更穩定的長期利益。當你思考這個問題時，我們經常被問到如何保持 ROE 和 RICS 的強勁勢頭，這種結構可以在很長一段時間內提供這種保障，我認為這是我真正感到興奮的事情之一。而且，當人們審視我們的獲利能力或利潤率時，我認為這是一個很好的結構，它將使我們能夠在未來幾年內保持獲利能力和利潤率。

Great.

偉大的。

And then it looks like you've made some progress from the slide deck on Abacus Wealth Advisors, a teams together and you're hiring some I RIAs and have an a goal. Can you just talk about some of the progress you've made there?

然後，看起來你已經從 Abacus Wealth Advisors 的幻燈片中取得了一些進展，組建了團隊，正在招募一些 I RIA，並且有一個目標。您能談談您在那裡取得的一些進展嗎？

Sure, while we have a number of opportunities in consideration that we're not able to disclose at this time, we are incredibly excited about the growth of that segment of our business. One of the things we were highlighting was that, the addition of AccuQuote over time. And, AccuQuote was really one of our early steps into for those individuals that we speak to to then we generate thousands of inquiries per month.

當然，雖然我們正在考慮一些目前還不能透露的機會，但我們對該公司該業務板塊的成長感到無比興奮。我們重點強調的一點是，隨著時間的推移，AccuQuote 的加入。而且，AccuQuote 確實是我們早期接觸的眾多客戶之一，我們每月透過它獲得數千個詢價。

Could we potentially, meeting the life cycle of that person and potentially sell them a new insurance product, versus, potentially trying to buy their policy that they may not qualify for. So that was one of the first steps into, really monetizing that relationship of individuals who may not qualify to sell their policy. And from the wealth advisory, I know we have what looks to be a Pretty compelling 5 year target, in our deck in relationship to our fee related earnings diversification and we still feel strongly about that. We have, like I said, a number of opportunities that that we're considering right now. We have a great pipeline and that's, going to continue to build and I'm still very, confident in what we've put out as a 5 year target there. In relationship to earnings. I think the biggest thing for us is that we are incredibly selective in any group that we speak with, specifically around acquisition, and you have to be, right? They have to, they have to be very disciplined and you have to make sure it's the right fit, and you've got to ensure that, you're looking at the type of earnings that you want, because, we've got in a margin here, and even a margin of what, 60%, and, Not just us, but most businesses don't have that kind of margin and when you look across the board, we want to be thoughtful to TRY to capture and not sacrifice our margin on our impact negatively any of our other portions of our business. So that's where some of the discipline falls in and we're making sure that we're looking for the right type of advisers that would fit that.

我們是否有可能滿足該人的生命週期需求，並有可能向他們銷售新的保險產品，而不是試圖購買他們可能不符合資格的保單。所以，這是真正將那些可能不符合出售保單條件的個人與公司關係貨幣化的第一步。從財富諮詢的角度來看，我知道我們在財務報告中提出了一個相當有吸引力、與費用相關的收入多元化的五年目標，我們對此仍然充滿信心。正如我所說，我們目前正在考慮一些機會。我們擁有強大的產品線，而且還會繼續發展壯大，我對我們設定的五年目標仍然非常有信心。與收益有關。我認為對我們來說最重要的是，我們對任何洽談的對像都非常挑剔，尤其是在收購方面，而且你必須這樣做，對吧？他們必須非常自律，你必須確保這是合適的，你必須確保你關注的是你想要的那種收益，因為我們這裡有利潤率，甚至高達 60%，而且，不僅是我們，大多數企業都沒有這樣的利潤率，當你全面審視時，我們希望謹慎行事，努力爭取獲得利潤，而不是犧牲我們的利潤率，以免對我們業務的其他部分產生負面影響。所以，這其中就牽涉到一些紀律問題，我們要確保找到適合這種紀律的合適類型的顧問。

Sounds good thank you.

好的，謝謝。

The next question comes from Andrew Klingerman with TD Cowan. Please go ahead.

下一個問題來自 TD Cowan 的 Andrew Klingerman。請繼續。

Hey, good evening, everyone. I was, struck by the, 37%, realized gain which outpaced last quarter and the year over year quarter which were both peaks at 26%. Could you give a little color into what drove such a large game, and how can we think about going forward? 37 every quarter?

大家晚上好。令我驚訝的是，實際收益率達到了 37%，超過了上一季和去年同期的 26% 的峰值。能否詳細介紹促成這場大型比賽的原因，以及我們未來該如何展望未來？每季37？

Andrew, come on.

安德魯，快點。

Thank you for asking that. That's a, it's a big number. So I think one way to think about this is that, Elena touched on it during her comments, and the average days on the book of policies we had sold was a little bit longer this quarter, meaning that on average, those were around 363 days. And when you're letting those policies mature a little bit longer, inherently your spreads are increasing. And I think it just goes to the point that. You, there is a lot of strategy around ensuring that you're, selling your contracts and monetizing those contracts at the right time, either through new underwriting, additional underwriting, that could be relationship to premiums, as well as medical underwriting. But lastly, as these policies age and mature, they inherently become more valuable. And if you go back a year ago and you think about where rates were. Right? Or even more than that, a year and a half ago when we were really buying some of the, quite a year and a half years, but certainly over a year ago when we're buying these policies, we were buying these policies at, you, effectively, at a lower price.

謝謝你的提問。那可真是個大數字。所以我覺得可以這樣理解：Elena 在她的評論中也提到了這一點，我們本季度售出的保單的平均持有天數略有增加，這意味著平均而言，這些保單的持有天數約為 363 天。當你讓這些保單的到期時間延長一些時，你的利差自然就會增加。我認為這正好說明了這一點。圍繞著確保你在合適的時機出售合約並從中獲利，有很多策略，無論是透過新的承保、額外的承保（這可能與保費有關）還是醫療承保。但最後，隨著這些政策的實施和完善，它們本身就會變得更有價值。如果你回顧一年前，想想當時的利率是多少。正確的？或者更確切地說，一年半前，當我們真正購買這些保單的時候，確切地說，一年半前，但肯定超過一年前，當我們購買這些保單的時候，我們實際上是以更低的價格購買這些保單的。

And now that you've seen, some movement in rates in a positive direction with lower cost of capital, you're able to sell that same contract for, a larger spread. And that's very simply what occurred over this time period. And if we go back to when we were having conversations a year ago, we'd, we've actually kind of spoken about this opportunity where we're able to buy contracts at a very favorable pricing just due to market conditions, and we were able to capitalize on that for Q3. I think that, if you're looking. To kind of mark where we are historically, I think it's fair to say that, where we were in Q2 and Q1, as you track these, I think, we're always targeting north of north of 20% and, in this case, we were able to capitalize on that a little bit more, but I would look for kind of where we've been historically as our norm.

現在您已經看到利率朝著正面的方向發展，資金成本也隨之降低，因此您可以以更大的利差出售同一份合約。這就是這段時間發生的事情，非常簡單明了。如果我們回顧一年前的對話，我們實際上已經討論過這樣一個機會，即由於市場狀況，我們可以以非常優惠的價格購買合同，而我們也能夠在第三季度利用這一點。我認為，如果你正在尋找的話。為了大致了解我們目前所處的歷史位置，我認為可以公平地說，正如你跟踪這些數據時所看到的，我們在第二季度和第一季一直以 20% 以上的增長為目標，而這一次，我們能夠更好地利用這一優勢，但我會把我們過去所處的歷史位置作為我們的常態。

That, that's very helpful. And then, you mentioned the 363 day holding period. And I think historically, at least on the outset, you were kind of targeting more like 6 months, but then I think last quarter, you kind of thought about maybe.

那很有幫助。然後，您提到了 363 天的持有期。而且我認為從歷史上看，至少在一開始，你們的目標更像是 6 個月，但後來我認為上個季度，你們可能考慮過。

Letting it, season a little longer because of precisely what you're saying. So, are you thinking, Jay, about 363 days or a year rather, being no.

正因為你這麼說，所以再讓它醃製一段時間吧。所以，傑伊，你是在想 363 天還是一年，答案是否定的。

I mean it, yeah, I mean, in the chart you above, you see above the average realized gains, you'll see the holding period.

我是認真的，是的，我的意思是，在上面的圖表中，你可以看到平均已實現收益的上方，你會看到持有期。

And now if you look at, the remaining, days held of own policies, it's at 253. So, for us, this was potentially more opportunistic than it has been in other quarters, and that's as good stewards of capital, that's our job is to maximize revenue and maximize returns on contracts that we think make the most sense. I think more broadly that if we continue, to utilize whether that's through funds or securitizations or, as we see increased demand related from institutional investors who want to invest in this product, the holding period could actually come down, just depending on from the balance sheet perspective. So I think that you, I.

現在，如果你看一下剩餘的自有保單持有天數，它是 253 天。所以，對我們來說，這可能比其他季度更具機會主義色彩，而作為優秀的資本管理者，我們的工作就是最大限度地提高收入，並最大限度地提高我們認為最有意義的合約的回報。更廣泛地說，我認為如果我們繼續利用，無論是透過基金還是證券化，或者隨著我們看到機構投資者對該產品的需求增加，持有期實際上可能會縮短，這完全取決於資產負債表的角度。所以我覺得你，我。

For our very best ideas, certainly, you might see some of those, but I think as Elena highlighted, that was less than 20% of our balance sheet, as I would say, those types of policies that were really let season, which is, been in line with kind of where we've been. We haven't seen that number significantly move. And based upon these structures, you might actually see the whole period actually come down based upon the demand we have for the balance sheet contracts.

對於我們最好的想法，當然，你可能會看到其中的一些，但我認為正如埃琳娜強調的那樣，這只占我們資產負債表的不到 20%，正如我所說，這些類型的政策實際上已經過時了，這與我們一直以來的做法一致。我們尚未看到該數字有顯著變化。基於這些結構，您可能會看到整個時期實際上會因為資產負債表合約的需求而下降。

I, so the whole period of like 250+ days or maybe even lower and that's helpful, I guess. Just lastly, Jay, Accu quote.

所以，整個週期大概是 250 天以上，甚至可能更短，我想這很有幫助。最後，Jay，Accu引用。

It's a, it's a, it's, of course it's life insurance, but it's different than the settlements business. Do you see any, or maybe I missed it on the intro remarks, but are there any overlaps where AccuQuote could drive life settlements business? And secondly, I don't know if you could share any of the economics of what it, what the price tag was or anything like that, but, I'd be interested if you could.

它當然是人壽保險，但它與理賠業務不同。您認為是否存在任何重疊之處，或者可能是我在介紹性發言中遺漏了，但 AccuQuote 能否推動人壽結算業務的發展？其次，我不知道您是否可以分享一下它的經濟方面信息，例如價格標籤之類的，但如果您能分享的話，我會很感興趣。

Sure. In relationship to synergies and crossovers, they definitely exist, right? They, it's a very large audience who are looking at a variety of different ways to, capitalize on initially the, a new policy or potentially as the road continues to age. You, maybe selling their policy and what we have found is that there are a number of kind of cross selling opportunities, throughout both books of business, but doing it in a really thoughtful way, and so we've also been, utilizing their team for a variety of other things in relationship to follow-up and education of, clients, so. More to come there, but what we really like about that specific platform initially is to kind of keep it focused on what it does best, right? Which is, Capitalizing on and selling new term style life insurance policies, and there's a number of businesses out there that, from, select Quote and others that are running advertisements on this and to be able to offer that same type of, opportunity for our clients who are calling in, they don't qualify to sell their policy, we think just makes a ton of sense. So, I think initially here we're going to be able to use AccuQuote for what it's designed to do, but there are definitely synergies on a go forward basis. In relationship to acquisition, currently we're, we haven't put out the economics in relationship to the acquisition. I can tell you that, from an acquisition size, meaning the scale of the acquisition, it was reasonably small in a sense that it wasn't necessarily material to both, our earnings or balance sheet. So it, this was not a, it wasn't large enough that we, that we needed to report on it, if that makes sense.

當然。關於協同效應和交叉效應，它們肯定存在，對吧？他們是一個非常龐大的受眾群體，他們正在尋找各種不同的方法來利用最初的新政策，或者隨著道路的不斷老化而可能利用新政策。您可能正在銷售他們的保單，而我們發現，在兩個業務領域都存在許多交叉銷售機會，但要以非常周全的方式進行。因此，我們也一直在利用他們的團隊來處理與客戶跟進和教育相關的各種其他事情。未來還會有更多相關內容，但我們最初真正喜歡這個特定平台的地方在於，它能夠專注於自己最擅長的事情，對吧？也就是說，利用和銷售新的定期壽險保單，目前有許多企業，例如 Select Quote 等，都在投放此類廣告。我們認為，能夠為那些打電話來諮詢但又不符合保單銷售條件的客戶提供同樣的機會，是非常有意義的。所以，我認為最初我們可以利用 AccuQuote 來實現它原本的設計用途，但從長遠來看，肯定會有協同效應。關於收購事宜，目前我們還沒有公佈與收購相關的經濟效益數據。我可以告訴你，從收購規模來看，也就是收購的範圍，這次收購規模相當小，對我們的收益或資產負債表來說，都不一定具有實質影響。所以，這件事並不嚴重，不足以讓我們進行報道，如果我這麼說你能理解的話。

Yes, helpful, Jay.

是的，很有幫助，傑伊。

Thank you.

謝謝。

The next question comes from Timothy D'Agostino with B. Riley. Please go ahead.

下一個問題來自 Timothy D'Agostino 和 B. Riley。請繼續。

Yeah, hi, thank.

是啊，你好，謝謝。

You, regarding the securitization, coming in at $50 million, as investor demand increases, could we see larger securitizations going forward, maybe upwards of like $75 million, or would we just see more securitizations at $50 million? Thanks.

關於這筆 5,000 萬美元的證券化交易，隨著投資人需求的增加，我們是否會看到未來出現更大規模的證券化交易，例如達到 7,500 萬美元以上，還是只會看到更多 5,000 萬美元的證券化交易？謝謝。

Thanks, Timothy. Yeah, the answer is that you will see larger securitizations, you, over time, I think, you, as we highlighted before, the initial securitization was to ensure that the platform was effective, was efficient, that there was demand. We, there is excess demand for that current product and so I would expect larger securitizations and more frequent ones.

謝謝你，提摩西。是的，答案是隨著時間的推移，你會看到更大規模的證券化。我認為，正如我們之前強調的，最初的證券化是為了確保平台有效、高效，並且有市場需求。目前該產品需求過剩，因此我預期會出現規模更大、頻率更高的證券化交易。

Alright, great. And then if I could ask you a second question on slide 27 of the earnings deck looking at the number of lives tracked for ABL, it seems like a lot went from in trial to paid lives. I was just kind of wondering how quickly those turn from in trial to paid, and then kind of what, what's the growth looking like going forward because obviously that number in in trial has now decreased as they've been turned on. Thanks.

好的，太好了。然後，如果我可以問您第二個問題，關於收益簡報第 27 頁，關於 ABL 追蹤的生命數量，似乎很多生命都從試用期轉為付費期。我只是想知道這些用戶從試用期到付費期轉變的速度有多快，以及未來的成長前景如何，因為很明顯，隨著試用期用戶的增加，試用期用戶數量已經減少了。謝謝。

Great question.

問得好。

Thank you, Timothy. Yes, that can turn pretty quickly. I mean, typically you'll see that turn within the quarter. So somebody will stay in trial for 30 to 60 days and then as that happens, you'll turn over anew. And the actual underlying pipeline for the number of lives that we actually have is pretty significant. I mean, we're on track for north of $3 million lives, by end of Q4. So, you, just because they're not in trial, it also means that they could just be in the pipeline and they don't need a trial, right? We just wanted to show what's beyond, I think, impressive to me when you're looking at that chart is, look at where that business was a year ago.

謝謝你，提摩西。是的，情況可能會很快改變。我的意思是，通常情況下，你會在季度內看到這種轉變。所以，某人將在審判中待上 30 到 60 天，然後，隨著審判的進行，你會重新開始。而我們實際擁有的生命數量背後的實際基礎是相當龐大的。我的意思是，到第四季末，我們有望挽救超過 300 萬人的生命。所以，僅僅因為它們沒有進入試驗階段，也意味著它們可能只是處於研發階段，不需要進行試驗，對嗎？我們只是想展示一下更令人驚嘆的地方，我覺得，當你看著那張圖表時，最讓我印象深刻的是，看看這家公司一年前的情況。

I mean, you're talking about nearly a 20-30 time, a multiple over where they were in relationship to the number of lives. So, the business is growing exponentially. It's growing very quickly. The demand is off the charts, and these are, again, 3 and 5 year long-term SAsh related contracts, and there were some of the largest pension funds in the country, and that, I don't. I want to underscore this, but that gives us opportunity for financial products to represent into those same institutions where now as a, as an approved provider, we can show them, additional opportunities to work with Abacus. And so even from a legion point of view at the very top level, it, it's been incredibly valuable.

我的意思是，你說的差不多是原來的 20-30 倍，是他們當時生命數量佔比的幾倍。因此，這項業務正在呈指數級增長。它發展得非常迅速。需求量爆表，而且這些都是 3 年和 5 年的長期 Sash 相關合同，涉及一些全國最大的養老基金，這一點，我不太明白。我想強調一點，這給了我們機會，讓金融產品能夠進入這些機構，現在作為一家經批准的供應商，我們可以向他們展示與 Abacus 合作的更多機會。因此，即使從軍團的最高層來看，它也具有極為重要的價值。

Okay great thank you.

好的，非常感謝。

So much.

太多了。

This concludes our question-and-answer session. I would like to turn the conference back over to Jay Jackson for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給傑伊·傑克遜，請他作總結發言。

Thank you so much, everyone. Our business is built around the people and every single person who works here at Abacus, every employee, keep in mind that nearly 80% of our employees own this stock alongside with you. And there's no greater moment than when we're able to deliver these kind of results, but we're able to deliver them because each and every person treats this business like an owner. And because of that, I think that's why we have the results that we have, we look forward to talking to you in future calls. If you want to reach out to us, please don't hesitate to reach out to our investor relations team. One of the things we pride ourselves on is our accessibility, and, we look forward to speaking to you again soon.

非常感謝大家。我們的業務以人為本，在 Abacus 工作的每一位員工，請記住，我們近 80% 的員工都和您一樣持有公司股票。沒有什麼比取得這樣的成果更令人振奮的了，而我們之所以能夠取得這樣的成果，是因為每個人都像對待自己的事業一樣對待這家企業。正因如此，我認為這就是我們目前取得成果的原因，我們期待在未來的通話中與您交流。如果您想與我們聯繫，請隨時聯繫我們的投資者關係團隊。我們引以為傲的一點就是我們的服務便利性，我們期待很快能再次與您交談。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。