Abacus Global Management Inc (ABX) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Abacus Global Management first-quarter 2026 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

各位女士、先生，大家好。歡迎參加 Abacus Global Management 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the call over to Robert Phillips, Abacus Global Management's Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead, sir.

現在我想把電話會議交給 Abacus Global Management 投資人關係與企業事務資深副總裁 Robert Phillips。先生，請開始。

Thank you, operator, and thank you, everyone, for joining Abacus Global Management's first-quarter earnings call. Here with me today are Jay Jackson, Chairman and Chief Executive Officer; Elena Plesco, Chief Investment Officer; and Bill McCauley, Chief Financial and Chief Operating Officer.

謝謝接線員，也謝謝各位參加 Abacus Global Management 第一季財報電話會議。今天與我一同出席的有：董事長兼執行長 Jay Jackson；投資長 Elena Plesco；以及財務長兼營運長 Bill McCauley。

This afternoon at 4:15 PM Eastern Time, Abacus Global Management released our first-quarter 2026 results. This afternoon's call will allow participants to ask questions about our results.

今天下午美東時間 4:15，Abacus Global Management 已發布 2026 年第一季業績。今天下午的電話會議將讓與會者就我們的業績提問。

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 that can affect the business.

在開始之前，Abacus Global Management 提醒本次電話會議的與會者，請至投資人網頁 ir.abacusgm.com 參閱新聞稿、投資人資訊，以及向美國證券交易委員會（SEC）提交的文件，其中討論了可能影響業務的風險。

Abacus Global Management specifically refers participants to the presentation furnished today on Form 8-K with the Securities and 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.

Abacus Global Management 特別提醒與會者參閱今日以 Form 8-K 向美國證券交易委員會提交的簡報，並提醒聽眾，今天的部分評論可能包含前瞻性陳述，因此將受風險與不確定性影響；若相關風險與不確定性發生，可能對業績造成重大影響。關於前瞻性陳述所涉及的風險、不確定性與假設之更多資訊，請參閱 Abacus Global Management 的公開申報文件。

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.

在本次電話會議中，我們將引用若干非 GAAP 財務衡量指標。雖然我們相信這些指標能提供有用的補充資訊以說明我們的財務表現，但它們並非公認的衡量指標，且在美國一般公認會計原則（GAAP）下並無標準化定義。關於我們的非 GAAP 財務衡量指標之更多資訊（包括與可比 GAAP 指標的對照），請參閱我們的公開申報文件。

With that, I'd now like to turn the call over to Jay Jackson, Abacus Global Management's Chairman and Chief Executive Officer.

接下來，我想把電話會議交給 Abacus Global Management 董事長兼執行長 Jay Jackson。

Thank you, Rob, and good afternoon, everyone. Having had the pleasure of speaking with many of you in the weeks following our fourth-quarter earnings call, I will keep my remarks focused and direct. I want to lead with the headline.

謝謝你，Rob，各位下午好。在第四季財報電話會議後的幾週裡，我很高興與各位中的許多人交流過，因此我會讓我的發言聚焦且直接。我想先從重點結論開始。

Based on what we are seeing in the business today, we are raising our full-year 2026 adjusted net income guidance from a range of $96 million to $104 million to a new range of $100 million to $106 million, lifting both the low end and the high end of our range. The new range translates into $1 to $1.05 in adjusted EPS.

根據我們目前在業務中所看到的情況，我們將 2026 全年調整後淨利指引由原先的 9,600 萬至 1.04 億美元，上調至新的 1 億至 1.06 億美元區間，同時上調區間下緣與上緣。新的區間相當於調整後每股盈餘（EPS）1.00 至 1.05 美元。

The conviction behind that decision comes from a few drivers we are seeing in real time. We raised $288 million into our longevity funds this quarter on top of the $275 million in Q4. By way of context, we raised $630 million across all of 2025.

支撐這項決策的信心，來自我們即時觀察到的幾個驅動因素。本季我們的長壽基金募得 2.88 億美元，此外第四季募得 2.75 億美元。作為背景說明，我們在 2025 全年合計募得 6.30 億美元。

The step change in fundraising we saw at year-end has carried cleanly into the new year, and our pipeline continues to grow. In Q1 alone, we reviewed nearly 9,000 qualified policies compared to roughly 11,000 across all of 2025.

我們在年末看到的募資躍升，已順利延續到新的一年，且我們的案源管線持續成長。僅第一季，我們就審閱了將近 9,000 份合格保單，相較之下，2025 全年約為 11,000 份。

The flywheel is working exactly as designed. Increased assets under management drives origination and our infrastructure is meeting that demand. That near-term visibility is what gives us the confidence to provide a forward quarter guide alongside our full-year range. For Q2 2026, we expect adjusted net income of $24 million to $26 million, or $0.24 to $0.26 in adjusted EPS.

這個飛輪正如設計般運轉。管理資產規模（AUM）的增加帶動了案源開發，而我們的基礎設施也能滿足該需求。這種短期能見度，讓我們有信心在提供全年區間的同時，也給出下一季的指引。對於 2026 年第二季，我們預期調整後淨利為 2,400 萬至 2,600 萬美元，或調整後每股盈餘 0.24 至 0.26 美元。

I want to spend a moment in the shape of the year because the pace of our growth over the past several years has obscured a normal dynamic in how we operate. Revenue does not flow evenly across quarters. January is typically our lightest month, with activity picking up through February and March, then running robustly through spring and summer. August is generally a slower month for both deployment and fundraising, before momentum picks back up in the fall and builds through a strong fourth quarter finish.

我想花一點時間談談全年節奏，因為過去幾年我們的成長速度，掩蓋了我們營運方式中的一個正常動態。營收並不會在各季平均流入。一月通常是我們最淡的月份，二月與三月活動逐步升溫，接著在春夏期間保持強勁。八月一般而言在資金部署與募資兩方面都較為放緩，之後動能在秋季回升，並在強勁的第四季收尾中持續累積。

Q1 ANI came in at $20 million. Q2 is guided to $24 million to $26 million. The back half is historically our strongest, and that is the path to our raised full year range. Bill will walk you through business operations and financial results, and you will see that strength reflected across the metrics that matter. Elena will cover our KPIs and capital allocation.

第一季調整後淨利（ANI）為 2,000 萬美元。第二季指引為 2,400 萬至 2,600 萬美元。下半年歷來是我們最強的時段，而這就是我們達成上調後全年區間的路徑。Bill 將帶各位了解業務營運與財務結果，你們也會看到這股強勁表現在各項關鍵指標上。Elena 將說明我們的 KPI 與資本配置。

But first, let me set up the two dynamics that I believe define this moment for Abacus. The first is the current macro environment and what it means for our asset class. The uncertainty that has characterized Q1 has created a defining moment across the alternatives landscape. Investors are reassessing where they allocate capital. They are moving toward assets that are genuinely uncorrelated from market sentiment and credit cycles.

但首先，讓我先鋪陳我認為界定 Abacus 當下時刻的兩個動態。第一個是目前的總體環境，以及它對我們資產類別的意義。第一季所呈現的不確定性，正在替整個另類投資版圖帶來一個關鍵時刻。投資人正在重新評估資本配置方向。他們正轉向與市場情緒與信用循環真正低相關的資產。

That is precisely what Abacus offers. Our yield is mortality-driven, not rates driven. That means our returns are structurally uncorrelated. And this quarter, that distinction drove capital to us in a meaningful way. Assets under management grew substantially in Q1, fueled by capital inflows from investors who understand that we are not private credit; we are the alternative to it.

這正是 Abacus 所提供的。我們的收益率由死亡率驅動，而非由利率驅動。這意味著我們的報酬在結構上是低相關的。而在本季，這項差異以顯著的方式推動資金流向我們。第一季管理資產規模大幅成長，主要受惠於資金流入；這些投資人理解我們不是私募信貸，我們是它的替代選擇。

Now, I want to address something that is important for investors to understand clearly, the relationship between increased demand and purchase discount rates. As more institutional capital has flowed into the asset class, buyers are competing more aggressively for policies. That competition means buyers are paying more for each policy, which translates directly into lower purchase discount rates.

接著，我想談一件投資人需要清楚理解的重要事項：需求增加與保單購買折現率之間的關係。隨著更多機構資金流入此資產類別，買方在保單競標上更為積極。這種競爭意味著買方為每張保單支付更高價格，並直接反映為較低的購買折現率。

I want to be emphatic about this. A lower purchase discount rate in our business is a positive outcome. It reflects rising asset values and expanded long-term spreads on the contracts we already hold, and we believe this dynamic will continue through 2026.

我想強調這一點。在我們的業務中，較低的購買折現率是正面的結果。它反映資產價值上升，以及我們已持有合約的長期利差擴大；我們相信這種動態將延續至 2026 年。

The second thing I want to highlight is what I consider one of the most important proof points this company has ever delivered, and it happened this quarter. Our LMA Income II Fund reached the end of its initial term. This is a fund we launched three years ago that grew to approximately $115 million in assets under management. At conclusion of its term, we returned capital to every single investor who requested it, 100% on time, as promised.

第二件我想強調的，是我認為公司迄今交出的最重要驗證之一，而它就在本季發生。我們的 LMA Income II Fund 已到達其初始存續期的終點。這是一檔我們三年前推出的基金，管理資產規模成長至約 1.15 億美元。在存續期結束時，我們依承諾準時向每一位提出申請的投資人返還資金，準時率 100%。

Returning investor capital at the end of a fund's term should be the norm. Across the alternatives industry today, it is not. At a moment when restrictions on investor capital have been commonplace, when redemption gates have become accepted norms, Abacus did what we said we would do.

在基金存續期結束時返還投資人資金，本應是常態。但在當今的另類投資產業中，並非如此。在投資人資金受限已成常見、贖回閘門（redemption gates）被視為可接受常態的時刻，Abacus 做到了我們所承諾會做的事。

And here is what makes it even more meaningful. Approximately one-third of those investors chose to extend their investment and another one-third reinvested their capital into our new products. This is not just capital retention. That is an affirmation. Investors who had full optionality evaluated this asset, evaluated these funds, and chose to put more capital to work with us.

而這也讓它更具意義。約三分之一的投資人選擇延長其投資，另有約三分之一將其資本再投資於我們的新產品。這不僅僅是資本留存。這是一種肯定。在擁有完全選擇權的情況下，投資人評估了這項資產、評估了這些基金，並選擇與我們一起投入更多資本運作。

That is the strongest endorsement we can receive. Bill will address the balance sheet impact in detail, but I will note that this event reduces debt on our balance sheet by more than $75 million, further strengthening our capital position as we move through the remainder of the year.

這是我們能獲得的最強背書。Bill 將會詳細說明對資產負債表的影響，但我想指出，這項事件使我們資產負債表上的負債減少超過 7,500 萬美元，進一步強化我們在今年剩餘期間推進時的資本部位。

Looking ahead, I want to highlight two transformational growth opportunities that I believe will define the next chapter for Abacus. The first is our investment in Manning & Napier. This relationship continues to progress with real momentum. The strategic alliance and distribution agreements are both taking shape, and we are already working to integrate our respective platforms. Manning's existing infrastructure is robust and well suited to support what we are building together.

展望未來，我想強調兩項我認為將定義 Abacus 下一篇章的轉型式成長機會。第一項是我們對 Manning & Napier 的投資。這段關係持續以實質動能推進。策略聯盟與通路分銷協議都在逐步成形，我們也已開始整合彼此的平台。Manning 現有的基礎設施相當健全，非常適合支援我們共同打造的事業。

This is not a passive investment. It is a distribution partnership that we expect to materially expand the reach of our products to a broader base of advisers and their clients. We expect early results from that alliance in Q2, and we'll have more to say as that relationship matures.

這不是一項被動投資。這是一項分銷合作夥伴關係，我們預期將實質擴大我們產品觸及更廣泛的顧問群體及其客戶。我們預期在第二季看到該聯盟的初步成果，並將在這段關係更成熟時提供更多說明。

The second is our securitization program. Following the success of our first securitization, we are actively targeting a second significant securitization in late Q2 or early Q3. Securitization is a powerful tool for us. It allows us to recycle capital efficiently, diversify our funding sources, and demonstrate to institutional markets the quality and consistency of the assets we originate.

第二項是我們的證券化計畫。在首次證券化成功之後，我們正積極鎖定於第二季末或第三季初進行第二筆具規模的證券化交易。證券化對我們而言是一項強而有力的工具。它使我們能有效率地回收資本、分散資金來源，並向機構市場展現我們所承作資產的品質與一致性。

A second transaction in this timeframe would represent a meaningful acceleration of that program and further validate the institutional credibility of this asset class. We will provide updates as that process advances.

在此時間範圍內完成第二筆交易，將代表該計畫的顯著加速，並進一步驗證此資產類別在機構端的可信度。隨著流程推進，我們將提供最新進展。

With that, I will turn it over to Bill.

接下來，我把時間交給 Bill。

Thanks, Jay. I want to cover two things. First, how the business operated during the quarter; and second, what our financial results reflect about the momentum Jay described. Then I'll turn it over to Elena for KPIs and capital allocation.

謝謝，Jay。我想談兩件事。第一，本季業務如何運作；第二，我們的財務結果如何反映 Jay 所描述的動能。之後我會把時間交給 Elena，說明 KPI 與資本配置。

Jay covered the headline drivers for the quarter. I want to get into the operational detail underneath them. The deployment volume Jay referenced ran through an origination process that remained highly selective. We reviewed a substantial number of qualified policies in Q1 and closed at a rate consistent with our historical standards.

Jay 已說明本季的主要驅動因素。我想進一步談談其背後的營運細節。Jay 提到的投放量是透過一套仍然高度嚴選的承作流程完成的。我們在第一季審閱了大量符合資格的保單，並以符合我們歷史標準的成交率完成結案。

We did not relax underwriting to meet demand. The higher inbound flow simply gave us more to choose from. Elena will take you through the specific metrics, but the headline is that volume went up and quality held.

我們並未為了滿足需求而放寬核保標準。較高的進件量只是讓我們有更多選擇。Elena 會帶各位看具體指標，但重點是：量上升了，品質仍維持不變。

The most direct evidence of how the operational pieces came together this quarter is the cash flow statement. We generated $91.7 million in operating cash flow in Q1 2026 compared to negative $61.6 million in Q1 2025, a swing of more than $153 million year over year.

本季營運各環節如何協同到位，最直接的證據就是現金流量表。我們在 2026 年第一季產生 9,170 萬美元的營運現金流，相較於 2025 年第一季為負 6,160 萬美元，年對年改善超過 1.53 億美元。

That reflects three things converging at once: policies on our balance sheet generating cash through trading and maturities, the LMA Income II Fund completing its initial term and releasing capital, and the underlying operating leverage of the platform as we scale revenue without a commensurate increase in cash costs. Cash conversion is the ultimate test of whether the model is working and Q1 passed that test decisively.

這反映三件事同時匯聚：資產負債表上的保單透過交易與到期產生現金、LMA Income II Fund 完成其初始期限並釋放資本，以及隨著我們在收入擴張而現金成本未等比例增加所帶來的平台營運槓桿。現金轉換是檢驗商業模式是否有效的終極標準，而第一季明確通過了這項考驗。

On the portfolio, the short version is that quality and margin are both tracking ahead of target. Realized gains for the quarter exceeded our 20% long-term benchmark, and our seasoned assets continue to appreciate in line with actuarial expectations. Elena will walk through the detailed KPIs of turnover, weighted average life expectancy, and insured age, but the directional read is clean across the board.

就投資組合而言，簡而言之：品質與利差都優於目標進度。本季已實現收益超過我們 20% 的長期基準，而我們的成熟資產也持續依精算預期增值。Elena 會說明周轉率、加權平均預期壽命與被保險人年齡等詳細 KPI，但整體方向在各面向都相當明確。

On LMA Income II, Jay described the fund outcome and what it means for investor confidence. I want to add the financial reporting dimension. Because of the fund's initial structure, we were required under GAAP to consolidate it as debt on our balance sheet. With the conclusion of the fund's initial term this quarter, that obligation unwinds. The result is a reduction in reported balance sheet debt of more than $75 million.

關於 LMA Income II，Jay 已說明基金結果及其對投資人信心的意義。我想補充財務報導層面的說明。由於基金的初始結構，依 GAAP 我們必須將其在資產負債表上合併列示為負債。隨著本季基金初始期限結束，該項義務解除。結果是資產負債表上報導的負債減少超過 7,500 萬美元。

I want to be precise about this. It is not a corporate deleveraging event. It is the reduction of a fund level consolidation from our balance sheet. The practical effect is that our reported leverage ratios improved significantly without any change in our underlying capital structure. I will address the specific metrics next in the financial section.

我想把這點說清楚。這不是公司層級的去槓桿事件。這是基金層級合併列示自我們資產負債表中移除所帶來的減少。實務上的效果是：在我們底層資本結構不變的情況下，報導的槓桿比率顯著改善。我會在接下來的財務段落說明具體指標。

Turning to our financial results. Total revenue in the first quarter grew 34.6% to $59.4 million compared to $44.1 million in the prior year period. Growth was primarily driven by strong performance in Life Solutions, which generated $50.6 million, along with continued expansion in asset management fees, which reached $8.5 million, reflecting the growth in fee-paying AUM across our longevity fund strategies. Technology Services contributed $0.4 million, consistent with our continued early-stage build-out of that segment.

接著看我們的財務結果。第一季總營收年增 34.6% 至 5,940 萬美元，去年同期為 4,410 萬美元。成長主要來自 Life Solutions 的強勁表現，貢獻 5,060 萬美元；同時資產管理費持續擴張至 850 萬美元，反映我們長壽基金策略中付費 AUM 的成長。Technology Services 貢獻 40 萬美元，與我們持續處於早期建置階段的該業務板塊一致。

Turning to expenses. Total operating expenses for the first quarter were approximately $34.8 million compared to $19.6 million in the prior year when excluding the impact of gain on change in fair value of debt and gain on equity securities.

接著看費用。第一季總營運費用約為 3,480 萬美元；若排除負債公允價值變動利益與權益證券利益的影響，去年同期為 1,960 萬美元。

The year-over-year increase was primarily driven by higher sales and marketing spend in support of our distribution build-out, along with increased G&A expenses associated with our platform investments, business acquisition, and special project expenses. These are deliberate investments in the growth profile of the business.

年對年增加主要來自為支援通路建置而提高的銷售與行銷支出，以及與平台投資、企業併購與特殊專案費用相關的一般及行政費用增加。這些都是我們為提升業務成長曲線所做的刻意投資。

On an adjusted basis, excluding noncash stock compensation, business acquisition and special project costs, amortization and changes in the fair value of investments, adjusted net income for the first quarter grew by 16.6% to $20.1 million compared to $17.3 million in the prior year. Adjusted EBITDA for the quarter grew 33.3% to $32.7 million compared to $24.5 million in the prior year. Adjusted EBITDA margin was 55% for the quarter compared to 56% in the prior year.

以調整後口徑計算，排除非現金股票酬勞、企業併購與特殊專案成本、攤銷以及投資公允價值變動後，第一季調整後淨利年增 16.6% 至 2,010 萬美元，去年同期為 1,730 萬美元。本季調整後 EBITDA 年增 33.3% 至 3,270 萬美元，去年同期為 2,450 萬美元。本季調整後 EBITDA 利潤率為 55%，去年同期為 56%。

We are committed to growing the business responsibly, which is demonstrated by our ability to grow revenue and EBITDA by over 30% while sustaining margins in that range. GAAP net income attributable to Abacus Global Management for the quarter was $7.3 million or $0.07 per diluted share compared to $4.6 million or $0.05 per diluted share in the prior year period, representing growth of 59%.

我們致力於以負責任的方式成長，這體現在我們能在維持該區間利潤率的同時，使營收與 EBITDA 成長超過 30%。本季歸屬於 Abacus Global Management 的 GAAP 淨利為 730 萬美元，或稀釋後每股 0.07 美元；去年同期為 460 萬美元，或稀釋後每股 0.05 美元，成長 59%。

Turning to our balance sheet. For Q1, adjusted return on equity was 19% and adjusted return on invested capital was 17%, both improvements from Q1 2025. As of March 31, 2026, the company had cash of $37.2 million, balance sheet policy assets of $392.8 million, and outstanding long-term debt of approximately $330 million.

接著談我們的資產負債表。第一季，調整後股東權益報酬率為19%，調整後投入資本報酬率為17%，兩者皆較2025年第一季改善。截至2026年3月31日，公司持有現金3,720萬美元、資產負債表政策資產3億9,280萬美元，以及約3億3,000萬美元的未償長期債務。

The reduction in reported debt from $405.8 million at year-end reflects the conclusion of the initial term for the LMA Income II Fund I described earlier, which removed approximately $76.7 million in fund level reporting obligations from our balance sheet.

年末報告債務自4億580萬美元下降，反映我先前提到的LMA Income II Fund I初始期限已結束，因而自我們的資產負債表中移除約7,670萬美元的基金層級申報義務。

In summary, we are very pleased with our strong start to 2026. We delivered meaningful top line growth, sustained profitability, and strengthened our balance sheet, all while continuing to invest in the platform initiatives that will drive the next chapter of this company's growth.

總結來說，我們對2026年的強勁開局感到非常滿意。我們實現了具意義的營收成長、維持獲利能力並強化資產負債表，同時持續投資於將推動公司下一階段成長的平台計畫。

With that, I'll turn it over to Elena.

接下來我把時間交給Elena。

Thanks, Bill. I want to use my time today to walk through two things: how our balance sheet performed during the quarter and how we think about capital allocation at Abacus. Turning to the performance of our balance sheet. For Q1, our annualized portfolio turnover was 1.9 times, in line with our long-term target of 1.5x to 2x. Our average realized gain was 26% for the quarter.

謝謝，Bill。我今天想用時間帶大家看兩件事：我們的資產負債表在本季的表現，以及我們如何看待Abacus的資本配置。先談資產負債表的表現。第一季，我們年化投資組合周轉率為1.9倍，符合我們1.5倍到2倍的長期目標。本季平均已實現收益為26%。

These margins reflect rigorous origination, precise actuarial targets, and patience, exceeding our target of 20%. Portfolio quality continues to be strong. Assets seasoned beyond 365 days had a weighted average life expectancy of 46 months and a weighted average insured age of 88 years, compared to 45 months and 88 years last quarter. These positions reflect conviction in our underwriting, and we expect them to generate attractive returns as they continue to season.

這些利潤率反映了嚴謹的承作、精準的精算目標與耐心，並超越我們20%的目標。投資組合品質持續強勁。持有超過365天的資產，其加權平均預期壽命為46個月、加權平均被保險人年齡為88歲，較上季的45個月與88歲略有變化。這些部位展現我們對核保的信心，我們預期隨著持有期間拉長，將產生具吸引力的報酬。

During Q1, we deployed $163.6 million in capital off our balance sheet. Our origination platform reviewed more than 9,000 qualified policies during the quarter, and we remain highly selective. This metric underpins the depth of our pipeline as last year, we have reviewed a little under 11,000 policies total.

第一季期間，我們自資產負債表部署了1億6,360萬美元的資本。本季我們的承作平台審閱了超過9,000張符合資格的保單，我們仍維持高度嚴選。此指標支撐我們管線的深度；去年全年我們總計審閱的保單數略低於11,000張。

I want to spend the balance of my time on how we think about capital allocation because I believe it's one of the most important things for our shareholders to understand about this business. We think about capital allocation in two categories: operating and investing. Operating capital supports the day-to-day engine of the business. That means purchasing policies, acquiring other operating assets, and funding organic growth across our platform.

我想把剩餘時間用在說明我們如何思考資本配置，因為我認為這是股東理解這門生意最重要的事情之一。我們將資本配置分為兩類：營運與投資。營運資本支撐企業日常運轉的引擎。這包括購買保單、取得其他營運資產，以及為我們平台的有機成長提供資金。

Investing capital is effectively everything else, returning capital to shareholders through dividends and buybacks, pursuing strategic M&A, and supporting the growth of our asset management business, whether that means seeding new fund strategies, supporting our securitization program, or providing the infrastructure for AUM expansion. These are not competing priorities. They are sequenced deliberately, and our goal is to ensure we always have the flexibility to do both well.

投資資本基本上涵蓋其他所有用途：透過股利與庫藏股回購將資本回饋股東、推動策略性併購（M&A），以及支持我們資產管理業務的成長——無論是為新基金策略提供種子資金、支持我們的證券化計畫，或提供擴大資產管理規模（AUM）所需的基礎設施。這些並非相互競爭的優先事項。我們會有意識地安排先後順序，目標是確保我們始終具備同時把兩者都做好的彈性。

When we look at where our capital comes from, the starting point is our balance sheet. We view our active balance sheet, our managed assets, as approximately $450 million in cash and liquid assets that we convert into cash in short order through our normal origination to monetization cycle. That is the core funding mechanism of the business, and it is self-sustaining. We do not need incremental balance sheet capital to grow our core Life Solutions business.

當我們檢視資本來源時，起點是我們的資產負債表。我們將活躍的資產負債表、亦即我們管理的資產，視為約4億5,000萬美元的現金與流動資產，並可透過正常的「承作到變現」循環在短時間內轉為現金。這是業務的核心資金機制，而且可自我維持。我們不需要額外的資產負債表資本，就能成長我們核心的Life Solutions業務。

Beyond that, we have two external levers, debt and equity. On debt, we're currently meaningfully under-levered. Our recourse debt-to-EBITDA ratio stands at around 2x, compared to capacity we believe extends to 4x. That gives us significant incremental borrowing ability to deploy into high-returning opportunity, without diluting shareholders.

除此之外，我們還有兩個外部槓桿：債務與股權。就債務而言，我們目前的槓桿明顯偏低。我們的追索權債務對EBITDA比率約為2倍，相較之下，我們認為可承受的能力可延伸至4倍。這讓我們在不稀釋股東權益的情況下，仍有相當可觀的新增借款能力，可用於部署於高報酬機會。

On equities, we're not looking to raise primary capital outside of any potential M&A activity. Our business generates the cash flow to fund its own growth, and we intend to keep it that way.

就股權而言，除非涉及潛在的併購活動，否則我們不打算進行首次發行增資來募集主要資本。我們的業務能產生現金流以支應自身成長，我們也打算維持這種模式。

When I step back and look at the business today, the story is straightforward. We have a core origination engine in Life Solutions that continues to perform at a high level, supported by disciplined underwriting and consistent monetization.

當我退一步看今天的業務，故事很直接。我們在Life Solutions擁有一個核心承作引擎，持續維持高水準表現，並由嚴謹的核保與穩定的變現所支撐。

On top of that, we're building a scalable asset management platform designed to generate growing fee-related earnings for our longevity funds, our ETFs, our asset-based finance strategy and continued expansion of our distribution capability. Since inception, the new vintage of longevity funds has attracted nearly $1 billion in investor capital.

在此之上，我們正在打造一個可擴展的資產管理平台，旨在為我們的長壽基金、ETF、資產基礎融資策略，以及持續擴張的通路能力，帶來成長中的費用相關收益。自成立以來，新一代長壽基金已吸引近10億美元的投資人資金。

Growing fee-related earnings remains a central priority. As we scale fee-paying assets across our strategies, we generate contractual, high-margin management fee income without requiring additional balance sheet capital. And our capital allocation framework is designed to ensure that every dollar we deploy, whether into operations or investments, is building toward that outcome. We're executing on this deliberately step-by-step with a long-term perspective, and we believe that approach will continue to create value for our shareholders.

提升費用相關收益仍是核心優先事項。隨著我們在各項策略中擴大付費資產規模，我們能在不需要額外資產負債表資本的情況下，產生具契約性、高毛利的管理費收入。而我們的資本配置框架旨在確保我們部署的每一美元——無論投入營運或投資——都在朝這個結果累積。我們以長期視角、按部就班地審慎執行，我們相信這種做法將持續為股東創造價值。

With that, I'll turn it over to Jay for closing remarks.

接下來我把時間交給Jay做結語。

As I reflect on this quarter, what stands out is not any single result, but the convergence of everything we have been building toward. Capital is flowing into this asset class because investors are seeking exactly what we provide: consistent, predictable, uncorrelated returns.

回顧本季，最突出的不是任何單一成果，而是我們一路打造的各項要素正在匯聚。資金正流入這個資產類別，因為投資人正在尋求我們所提供的：一致、可預期、低相關性的報酬。

Our operational infrastructure is meeting that demand. Our funds are performing, and our strategic initiatives are positioning us to capture a much larger share of the opportunity in front of us. The foundation is strong and the trajectory is clear.

我們的營運基礎設施正在滿足這股需求。我們的基金表現良好，而我們的策略性計畫正讓我們有能力在眼前的機會中取得更大份額。基礎穩固，發展軌跡清晰。

These initiatives represent the kind of strategic scaling that moves the company from small cap to mid-cap. We are executing with both urgency and conviction.

這些計畫代表一種策略性的規模化擴張，能推動公司從小型股邁向中型股。我們以緊迫感與堅定信念同步推進執行。

I want to thank our investors for their continued confidence, our team for their exceptional execution this quarter, and our partners for their commitment to what we are building. We look forward to updating you on our progress and delivering on the opportunity this moment represents.

我要感謝投資人持續的信任、我們團隊本季卓越的執行力，以及合作夥伴對我們所打造事業的承諾。我們期待向各位更新進展，並把握此刻所代表的機會、交出成果。

We will now turn it over to the operator for any questions.

接下來我們把時間交給接線員，進行提問。

(Operator Instructions) Patrick Davitt, Autonomous Research.

（接線員指示）Patrick Davitt，Autonomous Research。

Hey. Good evening, everyone. First on flows. Since you say in the release that the second securitization could slip into 3Q, if that did fall in 2Q, would that be incremental to the $500 million first half inflow expectation?

嗨。各位晚安。先問資金流入。既然你們在新聞稿中提到第二筆證券化可能會延後到第三季，如果它其實在第二季完成，那會是在上半年5億美元流入預期之上的增量嗎？

Hi, Patrick. Yes, that would be in addition to that $500 million.

嗨，Patrick。是的，那會是在那5億美元之外的額外增量。

Okay. Great. And could you update us on where we are in the SEC process for the interval fund?

好的。很好。另外，您能否向我們更新一下區間基金在 SEC 流程目前進展到哪一步？

Sure. Thanks for asking. We've been working diligently with the SEC. And while we can't specifically state where and how their specific process timing is, we feel good about potentially being able to make an announcement in Q2.

當然。謝謝提問。我們一直在與 SEC 勤勉合作。雖然我們無法具體說明他們流程的確切進度與時程，但我們對於可能在第二季發布公告感到樂觀。

Great. Thanks a lot. I'll get back in the queue.

很好。非常感謝。我回到提問隊列。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

Hey. Good afternoon, everyone. Looking at your slide 11, I thought that was pretty interesting. So it implies that wealth advisers would move from 0 to about 25% of revenue over the next few years. Could you walk us through like a little road map as to how you get to 25% of revenue? Is it Manning & Napier? Is it existing advisers? Do you expect a fair amount of deals? Just curious as to the road map there on that.

嗨。各位下午好。我看了你們的第 11 張投影片，覺得很有意思。它暗示未來幾年財富顧問的營收占比會從 0 提升到約 25%。你們能否帶我們走一遍大致的路線圖，說明如何達到 25% 的營收占比？是靠 Manning & Napier 嗎？是既有顧問渠道嗎？你們預期會有相當數量的交易嗎？我只是好奇那邊的路線圖是怎麼規劃的。

Thanks for asking that, Andrew, and great to hear from you. Yeah, our road map to the financial advisory/really private wealth division is really consistent with the premise that it's the build it or buy it. And we have a number of opportunities that we think will come to fruition and help us meet those targets.

謝謝你的提問，Andrew，也很高興聽到你的聲音。是的，我們通往財務顧問／更偏私人財富部門的路線圖，基本上與「自建或併購」的前提一致。我們有多個機會，我們認為將會落地，並幫助我們達成那些目標。

The Manning & Napier initial investment here, I think, made a ton of sense for us to demonstrate and show the synergies that we've talked about between sourcing contracts, sending them, and processing potentially lead gen for them, and then operating those synergies with additional cash flow from both entities. And we're already seeing some success there and very close to finalizing our strategic alliance agreement and the go-forward agreement.

我認為對 Manning & Napier 的初始投資非常符合我們的策略，用以展示並驗證我們所談到的協同效應：從合約來源、轉介、處理，可能也為他們帶來潛在客源（lead gen），並透過兩個實體的額外現金流來運作這些協同。我們已經看到一些成果，也非常接近完成我們的策略聯盟協議以及後續推進協議。

And we have a number of additional opportunities in place of registered investment advisers that I think are seeking that same type of partnership, whether that's in a minority position or a full position, full acquisition. And so we're really excited about the pipeline for that. I think we'll see more of that through year-end and certainly more heavily into '27.

此外，我們也在註冊投資顧問（RIA）方面布局了多個額外機會；我認為他們也在尋求同類型的合作關係，無論是少數股權投資或是全資持有、全面收購。因此我們對這條管線非常興奮。我想在年底前會看到更多進展，並且在 2027 年會更為明顯。

Got it. Makes a lot of sense. And then just looking at slide 27, I thought it was a nice trend to see the days held on the sold policies increased really significantly to 290, which maybe you could share with us the kinds of gains that you have by holding that for quite a bit of time.

了解。很有道理。另外看第 27 張投影片，我覺得看到已售保單的持有天數顯著增加到 290 天是一個不錯的趨勢；也許你可以跟我們分享一下，持有較長時間能帶來哪些收益。

And then on the flip side, the days held on the owned policies decreased meaningfully to 209. So what are you thinking about both of those metrics as we move forward? Are they right in the band where they should be? Or do you see one of them moving up or down? What are your thoughts going forward?

相對地，自有保單的持有天數則明顯下降到 209 天。所以你們對這兩個指標接下來的看法是什麼？它們是否落在你們認為合理的區間？還是你們預期其中一個會上升或下降？你們對未來的想法是什麼？

Thank you. And I think you nailed it on the last part of the question was that we believe we're in the band where we target. If you look at historically where that's been at, whether it's days held and/or days held via transactions, we're finding a little bit of a sweet spot there.

謝謝。我想你在問題最後那部分說得很到位：我們認為目前就在我們目標區間內。如果你看歷史水準，無論是持有天數本身，或是透過交易所反映的持有天數，我們都在那裡找到了一個相對甜蜜點。

And there was -- in the prior quarter, we saw a little bit of shift where we had taken advantage of some contracts that were very opportunistic and moved a larger percentage of those. But I think historically, where we're trading at right now is where you should see those numbers start to think about modeling going forward, right?

上一季我們確實看到一些變化——我們把握了一些非常具機會性的合約，因此提高了其中較大比例的流轉。但我認為，就歷史而言，我們目前的交易水準就是你在往前建模時應該用來思考的區間，對吧？

I think in the quarter, we were somewhere around 1.9 times to 2 times on an annual basis related to our book turnover. And I think that's reflective of the opportunities we see in the market. One of the things I'll highlight, though, is that we are seeing significant increased demand for the underlying asset, driven by certainly uncorrelated nature.

本季按年化計算，我們的資產組合周轉率大約在 1.9 倍到 2 倍之間。我認為這反映了我們在市場上看到的機會。不過我想特別強調的是，我們正看到對底層資產的需求顯著增加，當然這是由其低相關性特質所驅動。

But if you consider some of the volatility that we've seen in other adjacent asset classes, if you will, this opportunity, I think, in this asset class has certainly been more appealing to institutional investors who are looking for maybe a little bit less yield, but they want that uncorrelated stability nature that these policies represent.

但如果你考量我們在其他相鄰資產類別所看到的一些波動，我認為這個資產類別的機會對機構投資人更具吸引力；他們可能願意接受略低的收益率，但希望獲得這些保單所代表的那種低相關、穩定的特性。

Great. Thank you, Jay.

很好。謝謝你，Jay。

Awesome. Thank you.

太棒了。謝謝。

Mike Grondahl, Northland Securities.

Mike Grondahl，Northland Securities。

Hey. Thank you. I just wanted to ask about the 9,000 policies you reviewed in 1Q '26 versus the 11,000 in 2025. Would you say that's all organic growth, all inbound? Any extra marketing or anything to drive that?

嗨。謝謝。我想問一下：你們在 2026 年第一季審閱了 9,000 份保單，相較於 2025 年的 11,000 份。你會說這些都是自然成長、都是主動上門（inbound）嗎？有沒有額外的行銷或其他措施來推動？

Sure. Thanks, Mike. It's a very astute pickup. Yes, it is organic. It's also, I would argue, a bit opportunistic from our perspective.

當然。謝謝你，Mike。你觀察得非常敏銳。是的，這是自然成長。同時我也會說，從我們的角度來看，這也帶有一些機會性。

And then we're seeing opportunities out there as we continue to have demand and increased capital related to our own funds and certainly other funds, that's driving up supply. And I think what I'm really trying to highlight there is that as we continue to raise capital on our funds, securitizations, and some of these other products, sometimes that leads to the question of do we have the policies to support that demand. And I think clear evidence shows in Q1, we do. And some of that's carrying over into Q2, and we're excited about that. So that is organic.

此外，隨著我們自有基金以及其他基金相關的需求與資金增加，我們也在市場上看到更多機會，這也推升了供給。我真正想強調的是：當我們持續為基金、證券化以及其他一些產品募資時，有時會引發一個問題——我們是否有足夠的保單來支撐那樣的需求。而第一季的明確證據顯示，我們有。其中一部分也延續到第二季，我們對此感到很振奮。所以這是自然成長。

We're not necessarily turning up the advertising budget. I think the budget year over year was fairly stable in Q1. But instead, I also believe that the work of '25, where we did increase our budget, right, particularly Q3, Q4, you start to see that paying off in Q1 and Q2 and Q3.

我們不一定是在提高廣告預算。我認為第一季的預算年比年相當穩定。但我也相信，2025 年我們所做的工作——也就是我們確實提高了預算，特別是在第三季、第四季——你開始看到它在第一季、第二季、第三季帶來回報。

Got it. And then you talked about rising asset value and the demand for those policies resulting in that lower purchase discount rate. Can you quantify that for us a little bit, Jay? Like, is that worth 1 point or 2? Or how do we measure that or get a sense?

了解。另外你提到資產價值上升，以及對那些保單的需求，導致較低的購買折現率。Jay，你能不能幫我們稍微量化一下？例如相當於 1 個百分點或 2 個百分點嗎？我們該如何衡量或取得一個概念？

Sure. I think the best way to think about it, right, is when you look at the slide related to our gross trade spread margin, right? When you see that number, I think we're plus or minus around 26% for the quarter. That's the best way to quantify it. So even though you might see demand increase, which in most markets, when you have demand increase driving prices up, you would historically see those discount rates or the forecasted purchase rates compressing.

當然。我認為最好的理解方式是：看我們那張與「總交易價差毛利率」相關的投影片。當你看到那個數字時，本季大約在 26% 上下、正負一些。這就是最好的量化方式。因此即便你可能看到需求增加——在多數市場中，需求增加會推升價格——歷史上你會看到那些折現率或預估的購買利率出現壓縮。

In our case, what we're stating is that can actually be a good event for us, right? Because prices go up, we sell at a higher price and that demand then drives additional revenue. And my point is I believe we're going to see more of that, right?

就我們的情況而言，我們所表達的是，這其實可能對我們來說是一個好事件，對吧？因為價格上漲，我們以更高的價格出售，而需求進而帶動額外的營收。而我的重點是，我相信我們會看到更多這種情況，對吧？

When you just look at the cash flows into our owned funds, but then demand from investors who are seeking capital sources that, again, are less volatile and correlated, those kinds of attributes, it becomes a positive outcome for us.

當你只看流入我們自有基金的現金流時，再加上投資人對資本來源的需求——同樣地，這些來源波動性較低、相關性較低——具備這類特性時，對我們而言就會成為正面的結果。

So to be specific, if you were to quantify this to a percentage point, I think that's a bit of a challenge because we'll see that happen in any given quarter. But my point is that whether it's 100 basis points or 200 basis points, it's ultimately a positive outcome for us.

所以具體來說，如果要把這量化成一個百分點，我認為會有點挑戰，因為我們在任何一個季度都可能看到這種情況發生。但我的重點是，不論是100個基點還是200個基點，最終對我們而言都是正面的結果。

Got it. Well, thanks a lot.

了解。好，非常感謝。

Thank you.

謝謝。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Hi. Good afternoon. This is Ben Graham in for Crispin Love. Thanks for taking the question. I'm just wondering if you could share a little bit more about your current thoughts on M&A, just specifically what types of assets you're most interested in currently? And basically, would it be more on the RIA side, technology, or some other areas? Thank you.

嗨。下午好。我是代替Crispin Love提問的Ben Graham。感謝讓我提問。我想請問您是否能多分享一些您目前對併購（M&A）的想法，特別是目前最感興趣的是哪些類型的資產？基本上會更偏向RIA端、科技，或是其他領域？謝謝。

Yeah, sure. Great question. The pipeline is fairly robust right now. And the areas that we're most interested in, you nailed it on the RIA side. We think that there are some very interesting opportunities there.

好的，當然。問題很好。目前的案源管線相當充足。而我們最感興趣的領域，你說得沒錯，就是RIA這一端。我們認為那裡有一些非常有意思的機會。

And for us, we're also super selective. We want to make sure that this is the type of platform that meets our expectations culturally, that is profitable. And most importantly, and I think this is the biggest takeaway for any of our M&A, it's got to be accretive, right?

對我們而言，我們也非常挑剔。我們要確保這是一個在文化上符合我們期待、且具備獲利能力的平台。而最重要的是——我認為這是我們所有併購中最大的重點——它必須是增益性的（accretive），對吧？

It's super important that these opportunities are accretive to us both from an EPS basis, but in addition to that, accretive in relationship to our synergies. We want to show that this is the type of acquisition that's going to help grow the business into '27, '28 because I think that's what our shareholders want us to do.

這些機會對我們而言必須具備增益性非常重要，不僅在每股盈餘（EPS）基礎上要增益，此外在協同效益方面也要增益。我們希望證明這類收購將有助於把業務成長延伸到2027、2028年，因為我認為這正是股東希望我們做到的。

So we're very disciplined in that. We want accretive businesses. When we look at our technology platforms, we're still developing, I think, some very exciting things in-house that in the next probably 60 days, we're going to start announcing certainly at our Investor Day, we're going to roll some of those out that are going to fundamentally have a significant transformative shift in private wealth management.

所以我們在這方面非常有紀律。我們要的是具增益性的企業。至於我們的科技平台，我們仍在內部開發一些我認為非常令人振奮的東西；在接下來大概60天內，我們會開始對外宣布——當然會在投資人日（Investor Day）上推出其中一些——這些將在私人財富管理領域帶來根本性、具重大轉型意義的變化。

And those types of programs where we're incorporating lifespan into financial planning is starting to happen in real time and adopting different AI platforms to assist with that to accelerate that process is all happening in real time.

而這類計畫——我們把壽命（lifespan）納入財務規劃——正在即時發生；同時也在採用不同的AI平台來協助並加速這個流程，這一切都正在即時進行。

So if we're looking at technology-type platforms, it's the type of platforms that can provide data and information to our clients that is incredibly useful for a customized solution of whether it's insurance or financial planning, but all related to their longevity data.

所以如果我們在看科技類平台，那會是能為客戶提供非常有用的數據與資訊的平台，用於客製化解決方案——不論是保險或財務規劃——但都與他們的長壽數據（longevity data）相關。

I just spoke to the Milken Institute on this. And this was a huge, huge talking point because there's $1 trillion of wealth transferring. Our point is, wouldn't the world like to know when that's going to transfer. And you can know that better if you better understand the longevity and lifespan data behind it. So those companies are super interesting to us.

我剛剛就這個議題與Milken Institute交流。這是一個非常、非常重要的討論點，因為有1兆美元的財富正在轉移。我們的觀點是：世界難道不想知道這些財富何時會轉移嗎？而如果你能更好地理解背後的長壽與壽命數據，就能更好地掌握這件事。所以這些公司對我們來說非常有吸引力。

Awesome. Thank you so much for all the color there. And then just briefly on the carrier buyback program. I'm just wondering if there's anything new to call out here, new announcements, expectations for the year? And just if anything's baked into the guide there? Thanks.

太棒了。非常感謝您提供這麼多細節。接著簡單問一下關於保險公司回購計畫（carrier buyback program）。我想了解這裡是否有任何新的重點可提，例如新的公告、今年的預期？以及指引（guide）裡是否已經反映了任何內容？謝謝。

There still continues to be a very high level of interest and structure that we're working directly with carriers on. I think in addition to the buyback, we're also working and speaking with carriers about new product issuance related to our underwriting. So it's amazing how this is really coming full circle in our partnerships and strategic partnerships with carriers as well as reinsurance companies.

目前我們仍持續看到非常高的興趣程度，以及我們正直接與保險公司（carriers）合作推進的架構安排。我認為除了回購之外，我們也在與保險公司合作並討論，基於我們核保（underwriting）相關的新產品發行。所以很令人驚訝的是，這在我們與保險公司以及再保險公司（reinsurance companies）的合作關係與策略夥伴關係中，真的形成了一個完整的閉環。

And when I talk about structure in relationship to a buyback, there's some structural advantages that we're working through with some of our carrier partners that can actually make that buyback more affordable as well as easier to execute on. So we're continuing that program through 2026.

當我談到與回購相關的架構時，我們正在與部分保險公司夥伴推進一些結構性優勢，這些優勢實際上可以讓回購更可負擔，也更容易執行。因此我們會把這個計畫持續推進到2026年。

And we're also, in addition to that, adding to some of our carrier relationships, even potentially new product sales.

此外，除了這些之外，我們也在擴展部分保險公司合作關係，甚至可能包含新產品銷售。

Awesome. That's it for me. Thank you so much for taking the questions.

太好了。我這邊就到這裡。非常感謝您回答問題。

Thank you.

謝謝。

Timothy D'Agostino, B. Riley Securities.

Timothy D'Agostino，B. Riley Securities。

Yeah. Hi. Thank you. Thanks for taking the questions. I joined a bit late here, so apologies if anything is repeated. Looking at capital deployed for policy originations on slide 26, that number for 1Q continues or was ahead again of what we were forecasting. I guess trying to understand in 2025 in the beginning part, it was about $120 million. At these current levels of $230 million in the fourth quarter and $163 million in the first quarter, are you comfortable with this being the run rate? Or are you taking advantage of opportunities? Thank you.

是的。嗨。謝謝。感謝讓我提問。我稍微晚加入，若有重複之處先致歉。看第26頁投影片上用於保單起源（policy originations）的資本投放，第一季的數字仍然延續、或再次高於我們原先的預測。我想了解的是，2025年年初那大約是1.2億美元。以目前第四季2.3億美元、第一季1.63億美元的水準來看，您是否認為這可以作為常態的運行水準（run rate）？還是您是在把握一些機會？謝謝。

Great question. And yes, certainly opportunistic. But I would also add that we had capital demand to meet that capital deployment. Now, if we're modeling to what we think a closer range will be, we have a couple of analysts who have tracked us at a really high number, which isn't necessarily the right way to think about it either. I think where we're tracking is in that $130 million to $150 million range and certainly had a really nice quarter in Q1.

問題很好。是的，確實是機會導向。但我也要補充，我們有資本需求來支撐這樣的資本投放。現在，如果要建模我們認為更接近的區間，有幾位追蹤我們的分析師給了非常高的數字，但那也不一定是正確的思考方式。我認為我們目前的追蹤區間大約在1.3億到1.5億美元之間，而第一季確實表現得很不錯。

The one KPI we take into consideration is that you could see that number increase over $150 million like we did in Q1, if you see our capital -- gross capital inflows higher, right? So the way that I would think about it is that, that number can be correlated to the amount of demand and capital that we have to put to work. And so I'm hesitant to come out and say, oh, model this at $200 million because in any given quarter, as I have highlighted, that could change a little bit.

我們會納入考量的一個KPI是：如果你看到我們的資本——總資本流入（gross capital inflows）更高，對吧？——那麼你就可能會看到這個數字像第一季一樣上升到1.5億美元以上。所以我的看法是，這個數字可能會與我們需要投入運作的需求與資本量相關。因此我不太願意直接說「就用2億美元來建模」，因為如我所強調的，在任何一個季度，這都可能會有些變動。

And so we're much more comfortable in this guiding to that $130 million to $150 million number. And then if we surpass that by a little bit like we did in Q1, that's great. That's always our target is to exceed expectations. It's also why we raised our guidance. right?

因此，我們對將指引落在1.30億至1.50億美元這個區間更有信心。然後如果我們像第一季那樣小幅超過，這很好。我們的目標一向是超越預期。這也是我們上調指引的原因，對吧？

We tried to put an indicator out there that says, look, we feel pretty good about what's going to happen in the remainder of '26, including capital deployed. We're comfortable in maybe the higher range of the $130 million to $150 million, and therefore, we'll increase our guidance to reflect that.

我們試著釋出一個訊號：各位請看，我們對2026年剩餘期間將會發生的事情感覺相當不錯，包括資本部署。我們對1.30億至1.50億美元區間中較高端的水準感到有把握，因此我們會上調指引以反映這點。

Okay. Great. And then if I can ask a second question on AUM, relatively flat quarter over quarter. I understand it's a short period just the first quarter. But as we look at the 2028 guide of $30 billion of AUM, I guess, could you walk us through again how much of that is coming from like organically and how much is inorganic? Thank you.

好的。很好。接著如果我可以再問第二個關於AUM的問題，季度對季度相對持平。我理解這只是很短的期間、才第一季。但當我們看2028年的指引為AUM達300億美元時，我想請你再帶我們走一遍，其中有多少來自有機成長、多少來自非有機？謝謝。

Yeah. The purpose there is to get pretty close to like a 50-50 number as we get out to 2028 on organic versus inorganic. And the inorganic would be acquisition and whether that's through some very exciting opportunities on the asset management side in addition to the private wealth side, as I've spoken about before. So that's the way that we're mapping that. We see more of that taking place as we come into '27.

是的。我們的目標是在走到2028年時，有機與非有機大致接近50/50。非有機部分會來自併購，不論是在資產管理端的一些非常令人振奮的機會，或是我之前提過的私人財富端。這就是我們的規劃方式。我們預期更多這類情況會在進入2027年時發生。

But based upon some of the opportunities we have in our pipeline, I will tell you that we believe we're tracking at that number.

不過基於我們管線中的一些機會，我可以告訴你，我們相信我們正按計畫朝那個數字前進。

Okay. Great. Thank you so much for taking the questions today.

好的。很好。非常感謝今天回答問題。

Sure.

當然。

Patrick Davitt, Autonomous Research.

Autonomous Research 的 Patrick Davitt。

Hi. Thanks for the follow up. I don't think I saw it in the materials, but how much is left on the repurchase authorization? And through the lens of this M&A conversation, could you update us on how you're thinking about the stock here and repurchases from here? Thank you.

嗨。謝謝讓我追問。我想我在資料裡沒看到，但目前回購授權還剩多少額度？另外從這次併購（M&A）討論的角度，你能更新一下你們如何看待目前股價，以及接下來的回購規劃嗎？謝謝。

Sure. Thank you, Patrick. We've deployed plus or minus around 50% of the last $20 million Board-approved buyback. So we still have, I think, some -- a decent amount of powder left to execute on. And we look closely at that.

當然。謝謝你，Patrick。我們已經動用上一個董事會核准的2,000萬美元回購計畫的大約正負50%。所以我們仍然有——我想——相當可觀的「火力」可以執行。我們也會密切關注。

I mean, what you touched on is really important because we look at where we sit on a multiple basis based upon where our earnings are, our consistent performance here, certainly in relationship to our recent -- we just announced we're raising again our EPS targets for '26 and then forecasted into the '27, '28.

我的意思是，你提到的點非常重要，因為我們會從估值倍數的角度來看我們目前的位置，結合我們的獲利水準與一貫的表現，尤其是相對於我們最近——我們剛宣布再次上調2026年的EPS目標，並且也對2027、2028年做了預測。

So when we look at would we consider more stock repurchase, the answer is yes. I think that we still very much see the pricing of our stock is a very discounted price. And when we measure that against what -- where we may deploy other assets, right, we're looking at ROICs and ROEs in the high teens, low 20s. And we think that even based upon price targets from our analysts that, that is -- we're currently trading at a pretty significant discount to that.

所以當我們評估是否會考慮進一步回購股票，答案是會。我們仍然非常認為目前股價處於相當折價的水準。當我們把這點與——我們可能部署其他資產的去處相比時，對吧，我們看的是投資資本報酬率（ROIC）與股東權益報酬率（ROE）在十幾％高段到20％出頭。而且我們認為，即便以分析師的目標價來看，我們目前的交易價格相對於那個水準仍有相當顯著的折價。

So buybacks are still very much what we believe is an important piece to -- of our things that we might deploy. When that is related to M&A, you're right, right? The stock price is important to that. And I think that in most M&A transactions, a percentage of that is related to the stock. And I think what's interesting to me is that the deals that we're looking at now in our pipeline are accretive even at this pricing.

因此，我們認為回購仍然是我們可能部署資金時非常重要的一環。至於這與併購的關聯，你說得對，對吧？股價對此很重要。而且我認為在大多數併購交易中，其中一部分會與股票對價相關。我覺得有趣的是，我們目前在管線中看的交易，即使在現在這個股價水準下也具增益性（accretive）。

And so imagine if we pick up another 10%, 15%, 20%, 30% in stock valuation, these deals even become more accretive. And so when we're looking at a deal now, we're assuming in that M&A that, hey, this is at a very favorable stock price. Is this deal still accretive? As the stock price continues to carry some upward momentum, these deals will look even better. So we're -- we think we're in a great spot on the M&A side.

所以想像一下，如果我們的股價估值再上升10%、15%、20%、30%，這些交易會變得更具增益性。因此當我們現在評估一筆交易時，我們在該併購假設中會先假定：嘿，這是個非常有利的股價水準。這筆交易仍然具增益性嗎？隨著股價持續帶有向上的動能，這些交易看起來會更好。所以——我們認為在併購面我們處於非常好的位置。

Thank you.

謝謝。

Thank you, Patrick.

謝謝你，Patrick。

Thank you. This concludes our question-and-answer session. I would now like to turn the meeting back over to Jay Jackson for any additional or closing remarks.

謝謝。問答環節到此結束。接下來我想把會議交回給 Jay Jackson，請他做任何補充或結語。

Thank you. Again, we just want to express our gratitude to our partners, our analysts, our shareholders, and certainly, each and every one of our employees where nearly all of them are shareholders. I think it speaks volumes into the production of our company and our ability to continue to meet these consistent goals that we have set out.

謝謝。再次，我們想對我們的合作夥伴、分析師、股東，當然也包括我們每一位員工表達感謝——幾乎所有員工都是股東。我認為這充分說明了我們公司的產出，以及我們持續達成所設定這些一致目標的能力。

We raised our targets in 2026. Our expectations are we're going to continue to push through those through '27 and through '28, and we're tracking to our $250 million EBITDA of '28. And so we are grateful and thankful for all of you to be on our journey together and look forward to our next call.

我們上調了2026年的目標。我們的預期是，我們會在2027年與2028年持續推進，我們也正朝著2028年2.5億美元EBITDA的目標前進。因此，我們很感激也很感謝各位與我們一同走這段旅程，並期待下一次電話會議。

Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。各位現在可以斷線。