Abacus Life (ABL) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39403
Entity Registrant Name	Abacus Life, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1210472
Entity Address, Address Line One	2101 Park Center Drive, Suite 200
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32835
City Area Code	800
Local Phone Number	561-4148
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,678,769
Entity Central Index Key	0001814287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ABL
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share
Trading Symbol	ABLLW
Security Exchange Name	NASDAQ
9.875% Fixed Rate Senior Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	9.875% Fixed Rate Senior Notes due 2028
Trading Symbol	ABLLL
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 19,409,615	$ 25,588,668
Equity securities, at fair value	3,019,055	2,252,891
Income tax receivable	2,702,103	0
Prepaid expenses and other current assets	2,070,875	699,127
Total current assets	30,796,677	31,776,834
Property and equipment, net	888,519	400,720
Intangible assets, net	24,653,141	29,623,130
Goodwill	139,930,190	140,287,000
Operating right-of-use assets	2,033,538	1,893,659
Life settlement policies, at cost	1,071,172	1,697,178
Life settlement policies, at fair value	273,249,493	122,296,559
Available-for-sale securities, at fair value	1,185,740	1,105,935
Other investments, at cost	1,850,000	1,650,000
Other assets	1,650,698	998,945
Equity securities, at fair value	0	96,107
TOTAL ASSETS	477,309,168	331,826,067
CURRENT LIABILITIES:
Current portion of long-term debt, at fair value	13,730,026	13,029,632
Accrued expenses	2,535,277	4,354,225
Current operating lease liability	413,071	118,058
Contract liabilities, deposits on pending settlements	924,083	507,000
Accrued transaction costs	2,600,000	0
Income taxes payable	0	751,734
Total current liabilities	23,862,348	23,326,331
Long-term debt, at fair value, net	96,358,740	55,318,923
Non-current operating lease liability	1,860,736	1,796,727
Deferred tax liability	12,003,461	9,199,091
Warrant liability	15,130,000	6,642,960
TOTAL LIABILITIES	219,369,540	167,755,991
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding	0	0
Treasury stock - at cost; $1,048,226 and $146,650 shares repurchased at September 30, 2024 and December 31, 2023, respectively	(12,025,137)	(1,283,062)
Additional paid-in capital	309,655,378	199,826,278
Accumulated deficit	(39,639,373)	(34,726,135)
Accumulated other comprehensive income	32,721	108,373
Noncontrolling interest	(91,537)	138,283
Total stockholders' equity	257,939,628	164,070,076	[1]
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	477,309,168	331,826,067
Class A Common Stock
STOCKHOLDERS' EQUITY
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 75,756,439 and 63,388,823 [1] shares issued at September 30, 2024 and December 31, 2023, respectively	7,576	6,339
Nonrelated Party
CURRENT ASSETS:
Accounts receivable	2,232,432	2,149,111
CURRENT LIABILITIES:
Other current liabilities	3,659,891	3,400,734
Long-term debt, net	57,996,997	33,818,090
Related Party
CURRENT ASSETS:
Accounts receivable	83,498	79,509
CURRENT LIABILITIES:
Long-term debt, net	12,157,258	37,653,869
Affiliated Entity
CURRENT ASSETS:
Due from affiliates	1,279,099	1,007,528
CURRENT LIABILITIES:
Other current liabilities	0	5,236
Former Members
CURRENT LIABILITIES:
Other current liabilities	$ 0	$ 1,159,712
[1]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000
Common stock, shares issued (in shares)	75,756,439	63,388,823
Common stock, shares outstanding (in shares)	74,708,213	63,242,173
Treasury stock (in shares)	1,048,226	146,650
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	75,756,439	63,388,823	[1]
Common stock, shares outstanding (in shares)	75,756,439	63,388,823
[1]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES:
Active management revenue		$ 26,967,575	$ 18,926,144	$ 73,778,331	$ 39,921,061
Total revenues		28,148,491	21,120,930	78,711,777	42,705,904
COST OF REVENUES (excluding depreciation and amortization stated below):
Total cost of revenue		2,187,981	3,364,957	7,652,412	4,827,907
Gross Profit		25,960,510	17,755,973	71,059,365	37,877,997
OPERATING EXPENSES:
Sales and marketing		2,169,197	1,704,154	6,651,942	3,116,999
General and administrative (including stock-based compensation)		15,489,503	9,838,951	41,396,346	11,113,382
Loss (gain) on change in fair value of debt		124,237	(2,088,797)	4,036,327	309,865
Unrealized (gain) loss on equity securities, at fair value		(417,677)	306,800	(1,220,161)	(491,356)
Realized gain on equity securities, at fair value		0	0	(856,744)	0
Depreciation and amortization expense		1,745,279	1,694,853	5,177,785	1,696,994
Total operating expenses		19,110,539	11,455,961	55,185,495	15,745,884
Operating Income		6,849,971	6,300,012	15,873,870	22,132,113
OTHER INCOME (EXPENSE):
Loss on change in fair value of warrant liability		(8,766,500)	(943,400)	(8,487,040)	(943,400)
Interest expense		(4,218,314)	(2,679,237)	(12,417,946)	(3,620,695)
Interest income		609,496	63,826	1,670,828	71,283
Other (expense) income		(9,832)	20,086	132,610	(1,565)
Total other (expense)		(12,385,150)	(3,538,725)	(19,101,548)	(4,494,377)
Net (loss) income before provision for income taxes		(5,535,179)	2,761,287	(3,227,678)	17,637,736
Income tax (benefit) expense		(250,368)	1,710,315	2,680,855	2,238,419
NET (LOSS) INCOME		(5,284,811)	1,050,972	(5,908,533)	15,399,317
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST		(159,756)	147,611	(204,716)	(339,692)
Net (loss) income attributable to common stockholders		$ (5,125,055)	$ 903,361	$ (5,703,817)	$ 15,739,009
(LOSS) EARNINGS PER SHARE:
(Loss) earnings per share - basic (in dollars per share)	[1]	$ (0.07)	$ 0.01	$ (0.09)	$ 0.29
(Loss) earnings per share - diluted (in dollars per share)	[1]	$ (0.07)	$ 0.01	$ (0.09)	$ 0.29
Weighted-average stock outstanding - basic (in shares)	[1]	74,694,319	63,349,823	66,984,401	54,632,826
Weighted-average stock outstanding - diluted (in shares)	[1]	74,694,319	63,349,823	66,984,401	54,632,826
NET (LOSS) INCOME		$ (5,284,811)	$ 1,050,972	$ (5,908,533)	$ 15,399,317
Other comprehensive (loss) income, net of tax or tax benefit:
Change in fair value of debt (risk adjusted)		(53,656)	(1,016,034)	(111,835)	(1,248,010)
Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff		11,079	0	11,079	0
Comprehensive (loss) income before non-controlling interests		(5,327,388)	34,938	(6,009,289)	14,151,307
Net and comprehensive loss attributable to non-controlling interests		(170,730)	(91,292)	(229,820)	(635,041)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		(5,156,658)	126,230	(5,779,469)	14,786,348
Nonrelated Party
COST OF REVENUES (excluding depreciation and amortization stated below):
Total cost of revenue		2,187,551	3,356,976	7,649,844	4,819,926
Related Party
COST OF REVENUES (excluding depreciation and amortization stated below):
Total cost of revenue		430	7,981	2,568	7,981
Portfolio servicing revenue
REVENUES:
Revenue		116,386	224,569	539,209	814,626
Portfolio servicing revenue | Nonrelated Party
REVENUES:
Revenue		59,847	55,670	176,815	102,651
Portfolio servicing revenue | Related Party
REVENUES:
Revenue		56,539	168,899	362,394	711,975
Origination revenue
REVENUES:
Revenue		1,064,530	1,970,217	4,394,237	1,970,217
Origination revenue | Nonrelated Party
REVENUES:
Revenue		1,064,530	1,715,700	4,394,237	1,715,700
Origination revenue | Related Party
REVENUES:
Revenue		$ 0	$ 254,517	$ 0	$ 254,517
[1]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)		Total	Class A Common Stock	Common Stock Class A Common Stock		Treasury Stock		Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Accumulated Other Comprehensive Income	Non- Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022	[1]			50,369,350
Beginning balance at Dec. 31, 2022	[1]	$ 28,149,697		$ 5,037		$ 0		$ 704,963	$ 25,487,323	$ 1,052,836	$ 899,538
Beginning balance, Treasury stock (in shares) at Dec. 31, 2022	[1]					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)		(112,313)								(85,382)	(26,931)
Net (loss) income		7,624,796							8,085,503		(460,707)
Ending balance (in shares) at Mar. 31, 2023	[1]			50,369,350
Ending balance, Treasury stock (in shares) at Mar. 31, 2023	[1]					0
Ending balance at Mar. 31, 2023	[1]	35,662,180		$ 5,037		$ 0		704,963	33,572,826	967,454	411,900
Beginning balance (in shares) at Dec. 31, 2022	[1]			50,369,350
Beginning balance at Dec. 31, 2022	[1]	28,149,697		$ 5,037		$ 0		704,963	25,487,323	1,052,836	899,538
Beginning balance, Treasury stock (in shares) at Dec. 31, 2022	[1]					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)		(1,248,010)
Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff		0
Net (loss) income		15,399,317
Ending balance (in shares) at Sep. 30, 2023	[1]			63,349,823
Ending balance, Treasury stock (in shares) at Sep. 30, 2023	[1]					0
Ending balance at Sep. 30, 2023	[1]	166,089,747		$ 6,335		$ 0		194,197,741	(28,503,752)	100,175	289,248
Beginning balance (in shares) at Mar. 31, 2023	[1]			50,369,350
Beginning balance at Mar. 31, 2023	[1]	35,662,180		$ 5,037		$ 0		704,963	33,572,826	967,454	411,900
Beginning balance, Treasury stock (in shares) at Mar. 31, 2023	[1]					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions		(34,451,607)							(34,451,607)
Deferred transaction costs		(10,841,551)							(10,841,551)
Public warrants		960,900						4,726,500	(3,765,600)
Merger with East Resources Acquisition Company (in shares)				12,592,338
Merger with East Resources Acquisition Company		(2,796,225)		$ 1,259				17,849,091	(20,646,575)
Acquisition of Abacus Settlements, LLC		165,361,332						165,361,332
Other comprehensive income (loss)		(119,663)								(90,148)	(29,515)
Net (loss) income		$ 6,723,549							6,750,145		(26,596)
Ending balance (in shares) at Jun. 30, 2023		62,961,688		62,961,688	[1]
Ending balance, Treasury stock (in shares) at Jun. 30, 2023	[1]					0
Ending balance at Jun. 30, 2023	[1]	$ 160,498,915		$ 6,296		$ 0		188,641,886	(29,382,362)	877,306	355,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Merger with East Resources Acquisition Company (in shares)				388,135
Merger with East Resources Acquisition Company		0		$ 39				(39)
Proceeds received from SPAC trust		972,262						972,262
Transfer of noncontrolling interests		0							(24,751)		24,751
Stock-based compensation		4,583,632						4,583,632
Other comprehensive income (loss)		(1,016,034)								(777,131)	(238,903)
Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff		0
Net (loss) income		1,050,972							903,361		147,611
Ending balance (in shares) at Sep. 30, 2023	[1]			63,349,823
Ending balance, Treasury stock (in shares) at Sep. 30, 2023	[1]					0
Ending balance at Sep. 30, 2023	[1]	$ 166,089,747		$ 6,335		$ 0		194,197,741	(28,503,752)	100,175	289,248
Beginning balance (in shares) at Dec. 31, 2023		63,242,173	63,388,823	63,388,823	[2]
Beginning balance at Dec. 31, 2023	[2]	$ 164,070,076		$ 6,339		$ (1,283,062)		199,826,278	(34,726,135)	108,373	138,283
Beginning balance, Treasury stock (in shares) at Dec. 31, 2023		(146,650)				(146,650)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred transaction costs		$ (483,451)						(483,451)
Repurchase of common stock (in shares)						(632,116)
Repurchase of common stock		(7,524,392)				$ (7,524,392)
Stock-based compensation		6,093,371						6,093,371
Warrant Conversions (in shares)				387,235
Warrant Conversions		4,453,203		$ 39				4,453,164
Other comprehensive income (loss)		7,436								11,950	(4,514)
Net (loss) income		(1,275,471)							(1,348,745)		73,274
Ending balance (in shares) at Mar. 31, 2024				63,776,058
Ending balance, Treasury stock (in shares) at Mar. 31, 2024						(778,766)
Ending balance at Mar. 31, 2024		$ 165,340,772		$ 6,378		$ (8,807,454)		209,889,362	(36,074,880)	120,323	207,043
Beginning balance (in shares) at Dec. 31, 2023		63,242,173	63,388,823	63,388,823	[2]
Beginning balance at Dec. 31, 2023	[2]	$ 164,070,076		$ 6,339		$ (1,283,062)		199,826,278	(34,726,135)	108,373	138,283
Beginning balance, Treasury stock (in shares) at Dec. 31, 2023		(146,650)				(146,650)	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)		$ (111,835)
Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff		11,079
Net (loss) income		$ (5,908,533)
Ending balance (in shares) at Sep. 30, 2024		74,708,213	75,756,439	75,756,439
Ending balance, Treasury stock (in shares) at Sep. 30, 2024		(1,048,226)				(1,048,226)
Ending balance at Sep. 30, 2024		$ 257,939,628		$ 7,576		$ (12,025,137)		309,655,378	(39,639,373)	32,721	(91,537)
Beginning balance (in shares) at Mar. 31, 2024				63,776,058
Beginning balance at Mar. 31, 2024		165,340,772		$ 6,378		$ (8,807,454)		209,889,362	(36,074,880)	120,323	207,043
Beginning balance, Treasury stock (in shares) at Mar. 31, 2024						(778,766)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock sale (in shares)				11,500,000
Common stock sale		92,000,000		$ 1,150				91,998,850
Common stock sale transaction costs		(7,213,627)						(7,213,627)
Deferred transaction costs		790,579							790,579
Repurchase of common stock (in shares)						(269,460)
Repurchase of common stock		(3,217,683)				$ (3,217,683)
Stock-based compensation		6,165,459						6,165,459
Warrant Conversions (in shares)				208,509
Warrant Conversions		2,397,854		$ 20				2,397,834
Other comprehensive income (loss)		(65,615)								(55,999)	(9,616)
Net (loss) income		651,749							769,983		(118,234)
Ending balance (in shares) at Jun. 30, 2024				75,484,567
Ending balance, Treasury stock (in shares) at Jun. 30, 2024						(1,048,226)
Ending balance at Jun. 30, 2024		256,849,488		$ 7,548		$ (12,025,137)		303,237,878	(34,514,318)	64,324	79,193
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)				271,772
Stock-based compensation		6,416,378						6,416,378
Warrant Conversions (in shares)				100
Warrant Conversions		1,150		$ 28				1,122
Other comprehensive income (loss)		(53,656)								(42,682)	(10,974)
Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff		11,079								11,079
Net (loss) income		$ (5,284,811)							(5,125,055)		(159,756)
Ending balance (in shares) at Sep. 30, 2024		74,708,213	75,756,439	75,756,439
Ending balance, Treasury stock (in shares) at Sep. 30, 2024		(1,048,226)				(1,048,226)
Ending balance at Sep. 30, 2024		$ 257,939,628		$ 7,576		$ (12,025,137)		$ 309,655,378	$ (39,639,373)	$ 32,721	$ (91,537)
[1]The 2023 and 2022 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.[2]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (5,908,533)	$ 15,399,317
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	5,177,785	1,696,994
Stock-based compensation	18,675,208	4,583,632
Amortization of debt issuance costs	638,089	133,211
Unrealized gain on equity securities, at fair value	(1,220,161)	(491,356)
Realized gain on equity securities, at fair value	(856,744)	0
Unrealized gain on policies, at fair value	(38,140,038)	(14,259,665)
Non-cash gain on policy trades	(3,110,282)	0
Loss on change in fair value of debt	4,036,327	309,865
Loss on change in fair value of warrant liability	8,487,040	943,400
Non-cash interest income on available-for-sale security	(79,805)	0
Deferred income taxes	3,985,966	1,743,079
Non-cash lease expense	219,143	(721)
Changes in operating assets and liabilities:
Equity securities, at fair value	1,406,848	(112,559)
Accounts receivable	(83,321)	(929,020)
Accounts receivable, related party	(3,989)	29,199
Prepaid expenses and other current assets	(1,371,748)	(325,294)
Income tax receivable	(2,702,103)	0
Other assets	(651,753)	(521,850)
Accounts payable	0	(38,014)
Accrued expenses	(1,818,948)	112,388
Accrued transaction costs	2,600,000	(908,256)
Contract liabilities, deposits on pending settlement	417,083	(632,381)
Other current liabilities	259,157	3,089,077
Income tax payable	(751,734)	0
Net change in life settlement policies, at fair value	(109,702,614)	(55,516,357)
Net change in life settlement policies, at cost	626,006	(5,601,493)
Net cash used in operating activities	(116,827,478)	(50,232,674)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(593,459)	(96,721)
Purchase of intangible assets	(102,136)	0
Purchase of other investments, at cost	(200,000)	(350,000)
Change in due from affiliates	(271,571)	3,016,158
Net cash (used in) provided by investing activities	(1,167,166)	2,569,437
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of discounts and financing costs	(1,887,460)	0
Common stock sale	92,000,000	0
Common stock sale transaction costs	(7,213,627)	0
Repurchase of common stock	(10,742,075)	0
Transaction costs	(483,451)	(10,841,551)
Capital distribution to former members	0	(23,533,073)
Warrant conversions	6,852,207	0
Proceeds received from SPAC trust	0	972,262
Net cash provided by financing activities	111,815,591	54,259,604
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(6,179,053)	6,596,367
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	25,588,668	30,052,823
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	19,409,615	36,649,190
SUPPLEMENTAL DISCLOSURES:
Interest paid	7,851,024	1,330,323
Income taxes paid, net of refunds	2,691,871	0
Non-cash sale of life settlement policies, at fair value	14,294,275	0
Non-cash purchase of life settlement policies, at fair value	14,294,275	0
Related Party
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Non-cash interest expense, related party	2,692,795	1,064,130
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long term-debt	0	35,471,648
Repayment of debt	(28,189,406)	0
Due to former members	(1,159,712)
Due to former members		442,283
Due to affiliates	(1,159,712)
Nonrelated Party
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Non-cash interest expense, related party	352,848	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long term-debt	66,685,109	52,006,584
Repayment of debt	(4,040,758)	0
Affiliated Entity
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to former members	(5,236)	(258,549)
Due to affiliates	$ (5,236)	$ (258,549)

Abacus Settlements LLC - UNAUDI

Abacus Settlements LLC - UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)		3 Months Ended			6 Months Ended	9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenues		$ 28,148,491	$ 21,120,930			$ 78,711,777	$ 42,705,904
Total cost of revenue		2,187,981	3,364,957			7,652,412	4,827,907
Total gross profit		25,960,510	17,755,973			71,059,365	37,877,997
OPERATING EXPENSES:
General and administrative expenses		15,489,503	9,838,951			41,396,346	11,113,382
Depreciation		1,745,279	1,694,853			5,177,785	1,696,994
Total operating expenses		19,110,539	11,455,961			55,185,495	15,745,884
Operating Income		6,849,971	6,300,012			15,873,870	22,132,113
OTHER INCOME (EXPENSE):
Interest income		609,496	63,826			1,670,828	71,283
Interest (expense)		(4,218,314)	(2,679,237)			(12,417,946)	(3,620,695)
Total other (expense)		(12,385,150)	(3,538,725)			(19,101,548)	(4,494,377)
Net (loss) income before provision for income taxes		(5,535,179)	2,761,287			(3,227,678)	17,637,736
Income tax (benefit) expense		(250,368)	1,710,315			2,680,855	2,238,419
Net (loss) income attributable to common stockholders		$ (5,125,055)	$ 903,361			$ (5,703,817)	$ 15,739,009
WEIGHTED-AVERAGE UNITS USED IN COMPUTING NET LOSS PER UNIT:
Basic (in shares)	[1]	74,694,319	63,349,823			66,984,401	54,632,826
Diluted (in shares)	[1]	74,694,319	63,349,823			66,984,401	54,632,826
NET LOSS PER UNIT:
Basic loss per unit (in dollars per share)	[1]	$ (0.07)	$ 0.01			$ (0.09)	$ 0.29
Diluted loss per unit (in dollars per share)	[1]	$ (0.07)	$ 0.01			$ (0.09)	$ 0.29
Nonrelated Party
Total cost of revenue		$ 2,187,551	$ 3,356,976			$ 7,649,844	$ 4,819,926
Related Party
Total cost of revenue		$ 430	$ 7,981			$ 2,568	$ 7,981
Abacus Settlements, LLC
Origination revenue				$ 6,884,690	$ 13,184,676
Total revenues				6,884,690	13,184,676
Total cost of revenue				4,897,980	9,293,303
Total gross profit				1,986,710	3,891,373
OPERATING EXPENSES:
General and administrative expenses				2,297,577	4,848,580
Depreciation				2,561	5,597
Total operating expenses				2,300,138	4,854,177
Operating Income				(313,428)	(962,804)
OTHER INCOME (EXPENSE):
Interest income				1,193	1,917
Interest (expense)				(5,863)	(11,725)
Total other (expense)				(4,670)	(9,808)
Net (loss) income before provision for income taxes				(318,098)	(972,612)
Income tax (benefit) expense				0	2,289
Net (loss) income attributable to common stockholders				$ (318,098)	$ (974,901)
WEIGHTED-AVERAGE UNITS USED IN COMPUTING NET LOSS PER UNIT:
Basic (in shares)				400	400
Diluted (in shares)				400	400
NET LOSS PER UNIT:
Basic loss per unit (in dollars per share)				$ (795.25)	$ (2,437.25)
Diluted loss per unit (in dollars per share)				$ (795.25)	$ (2,437.25)
Abacus Settlements, LLC | Nonrelated Party
Origination revenue				$ 1,689,088	$ 3,252,738
Total cost of revenue				1,505,333	2,734,949
Abacus Settlements, LLC | Related Party
Origination revenue				5,195,602	9,931,938
Total cost of revenue				$ 3,392,647	$ 6,558,354
[1]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.

Abacus Settlements LLC - UNAU_2

Abacus Settlements LLC - UNAUDITED STATEMENTS OF CHANGES IN MEMBERS' EQUITY - USD ($)		Total		Additional Paid-In Capital		Retained Earnings		Abacus Settlements, LLC	Abacus Settlements, LLC Common Units	Abacus Settlements, LLC Additional Paid-In Capital	Abacus Settlements, LLC Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022									400
Beginning balance at Dec. 31, 2022		$ 28,149,697	[1]	$ 704,963	[1]	$ 25,487,323	[1]	$ 2,011,137	$ 4,000	$ 80,000	$ 1,927,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss								(656,803)			(656,803)
Ending balance (in shares) at Mar. 31, 2023									400
Ending balance at Mar. 31, 2023		35,662,180	[1]	704,963	[1]	33,572,826	[1]	1,354,334	$ 4,000	80,000	1,270,334
Beginning balance (in shares) at Dec. 31, 2022									400
Beginning balance at Dec. 31, 2022		$ 28,149,697	[1]	704,963	[1]	25,487,323	[1]	2,011,137	$ 4,000	80,000	1,927,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss								(974,901)
Ending balance (in shares) at Jun. 30, 2023		62,961,688							400
Ending balance at Jun. 30, 2023		$ 160,498,915	[1]	188,641,886	[1]	(29,382,362)	[1]	593,953	$ 4,000	80,000	509,953
Beginning balance (in shares) at Dec. 31, 2022									400
Beginning balance at Dec. 31, 2022		28,149,697	[1]	704,963	[1]	25,487,323	[1]	2,011,137	$ 4,000	80,000	1,927,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		15,739,009
Ending balance at Sep. 30, 2023	[1]	166,089,747		194,197,741		(28,503,752)
Beginning balance (in shares) at Mar. 31, 2023									400
Beginning balance at Mar. 31, 2023		35,662,180	[1]	704,963	[1]	33,572,826	[1]	1,354,334	$ 4,000	80,000	1,270,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss								(318,098)			(318,098)
Distributions		$ (34,451,607)				(34,451,607)		(442,283)			(442,283)
Ending balance (in shares) at Jun. 30, 2023		62,961,688							400
Ending balance at Jun. 30, 2023		$ 160,498,915	[1]	188,641,886	[1]	(29,382,362)	[1]	$ 593,953	$ 4,000	$ 80,000	$ 509,953
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		903,361
Ending balance at Sep. 30, 2023	[1]	$ 166,089,747		194,197,741		(28,503,752)
Beginning balance (in shares) at Dec. 31, 2023		63,242,173
Beginning balance at Dec. 31, 2023	[2]	$ 164,070,076		199,826,278		(34,726,135)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		$ (5,703,817)
Ending balance (in shares) at Sep. 30, 2024		74,708,213
Ending balance at Sep. 30, 2024		$ 257,939,628		309,655,378		(39,639,373)
Beginning balance at Jun. 30, 2024		256,849,488		303,237,878		(34,514,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		$ (5,125,055)
Ending balance (in shares) at Sep. 30, 2024		74,708,213
Ending balance at Sep. 30, 2024		$ 257,939,628		$ 309,655,378		$ (39,639,373)
[1]The 2023 and 2022 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.[2]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.

Abacus Settlements LLC - INTERI

Abacus Settlements LLC - INTERIM UNAUDITED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 903,361			$ 15,739,009
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	12,770			14,911
Amortization of deferred financing fees				133,211
Changes in operating assets and liabilities:
Related party receivables				29,199
Accrued payroll and other expenses				112,388
Contract liability—deposits on pending settlements				(632,381)
Accounts payable				(38,014)
Net cash used in operating activities				(50,232,674)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities				2,569,437
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash provided by financing activities				54,259,604
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS				6,596,367
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD		$ 30,052,823	$ 30,052,823	30,052,823
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	36,649,190			36,649,190
Abacus Settlements, LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		(656,803)	(974,901)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense			19,157
Amortization expense			40,278
Amortization of deferred financing fees			11,725
Non-cash lease expense			1,210
Changes in operating assets and liabilities:
Related party receivables			397,039
Other receivables			101,203
Prepaid expenses			(198,643)
Other current assets			(26,211)
Accrued payroll and other expenses			(17,466)
Contract liability—deposits on pending settlements			659,067
Accounts payable			(36,750)
Net cash used in operating activities			(24,292)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(108,394)
Due from members and affiliates			(74,134)
Net cash (used in) provided by investing activities			(182,528)
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to members			(1,411)
Distributions to members			(442,283)
Net cash provided by financing activities			(443,694)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS			(650,514)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	$ 808,226	$ 1,458,740	1,458,740	$ 1,458,740
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			$ 808,226

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 30, 2024, and as amended by Amendment No. 2 on Form 10-K/A, filed with the SEC on June 12, 2024 (“2023 Annual Report”). Refer to Note 2 in the Company’s 2023 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our 2023 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements. The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Life, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2024, and the consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements in the condensed notes to Interim Financial Statements are unaudited. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, market-indexed note valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards —The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. Below we discuss the impact of new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) to the Interim Financial Statements. ASU 2023-07—“Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures”, was intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We early adopted ASU 2023-07 in the first quarter of 2024, by including significant segment expenses reviewed by the Company’s CODM. Refer to Note 11, Segment Reporting, for our updated presentation. ASU 2024-01—”Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. In March 2024, the FASB issued ASU 2024-01 to add an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation . The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Although early adoption of this ASU is permitted, the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendments are applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. ASU 2024-02—”Codification Improvements—Amendments to Remove References to the Concepts Statements”. In March 2024, the FASB issued ASU 2024-02 to remove references to various FASB Concepts Statements. The Board has a standing project on its agenda to address suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. This effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Although early adoption of this ASU is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance), the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. Life Settlement Policies —The Company may at times generate non-cash realized gains or losses when the consideration of a policy sale is another life settlement policy with different risk characteristics and risk profile. Stock Options —The Company awards stock options (“options”) to purchase the Company’s common stock at the market price of the stock on the grant date. Options generally vest over a period of three years and expire no later than 10 years from the grant date. Fair value is estimated using the Black-Scholes option-pricing model by applying certain assumptions. That fair value is reduced when options are forfeited. The fair value of options, net of forfeitures, is recognized in general and administrative expenses on a straight-line basis over the vesting period. Concentrations —Three customers accounted for 32%, 19%, and 17% of total revenue for the three months ended September 30, 2024, respectively. Three customers accounted for 28%, 20%, and 15% of total revenue for the nine months ended September 30, 2024. Three customers accounted for 33%, 19%, and 10% of total revenue for the three months ended September 30, 2023. Three customers accounted for 29%, 19%, and 14% of total revenue for the nine months ended September 30, 2023. The Company purchases life insurance policies from various funds, directly from policy holders (“Client Direct”), or from Brokers or Agents representing policy holders (collectively “Seller” or “Sellers”). The Company purchased life insurance policies from three Sellers that accounted for 17%, 15% (related party), and 11% of the total policies purchased for the three months ended September 30, 2024. The Company purchased life insurance policies from two Sellers that accounted for 23% (related party) and 10% of the total policies purchased for the nine months ended September 30, 2024, respectively. The Company purchased life insurance policies from two Sellers that accounted for 14% and 11% of the total policies purchased for the three months ended September 30, 2023. The Company did not purchase policies from any Seller that accounted for 10% or greater of the policies purchased for the nine months ended September 30, 2023. Reclassifications —Certain prior period amounts have been reclassified to conform to current presentation.

BUSINESS COMBINATION

BUSINESS COMBINATION	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
BUSINESS COMBINATION	BUSINESS COMBINATION On June 30, 2023, LMA acquired Abacus through the Abacus Merger, which was accounted for using the acquisition method of accounting based on a business enterprise value of $165,361,332. The preliminary purchase price was allocated among the identified net assets to be acquired. On June 30, 2023, the primary area of the acquisition accounting that was not yet finalized was our estimate of the impact of acquisition accounting on deferred income taxes. On June 30, 2024, we finalized our acquisition accounting related to deferred income taxes. All valuation procedures were related to existing assets at the time of the acquisition as no new assets were identified as a result of procedures performed. Goodwill was recognized as a result of the acquisition, which represents the excess fair value of consideration over the fair value of the underlying net assets, largely arising from the extensive industry expertise that has been established by Abacus. This was considered appropriate based on the determination that the Abacus Merger would be accounted for as a business acquisition under ASC 805. The allocation of the purchase price for Abacus Merger was as follows as finalized on June 30, 2024: Net Assets Identified Fair Value Adjustments June 30, 2023 (as finalized on June 30, 2024) Intangibles $ 32,900,000 $ — $ 32,900,000 Current Assets 1,280,100 — 1,280,100 Non-Current Assets 901,337 — 901,337 Deferred Tax Liabilities (8,310,966) 356,810 (7,954,156) Accrued Expenses (524,400) — (524,400) Other Liabilities (1,171,739) — (1,171,739) Net assets acquired 25,074,332 356,810 25,431,142 Goodwill 140,287,000 (356,810) 139,930,190 Total purchase price $ 165,361,332 $ — $ 165,361,332 Intangible assets were comprised of the following: Asset Type Fair Value Useful Life Valuation Methodology Customer Relationships-Agents $ 12,600,000 5 years Multi-period excess earnings method Customer Relationships-Financing Entities 11,000,000 8 years Multi-period excess earnings method Internally Developed and Used Technology-APA 1,600,000 2 years Relief from royalty method Internally Developed and Used Technology-Marketplace 100,000 3 years Replacement cost method Trade Name 900,000 Indefinite Relief from royalty method Non-Compete Agreements 4,000,000 2 years With and without method State Insurance Licenses 2,700,000 Indefinite Replacement cost method Total Fair Value $ 32,900,000 Useful lives for customer relationships were developed using attrition data for agents and financing entities which resulted in a useful life of 5 years and 8 years, respectively. Estimates over the useful lives of internally developed and used technology contemplates the period in which the Company expects to utilize the technology and the length of time the technology is expected to maintain recognition and value in the market without significant investment. Non-compete agreements have a useful life commensurate with the executed non-compete agreements in place as a result of the Business Combination. Pro Forma Results of Operations The supplemental unaudited pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined for both reporting periods. There were no acquisition-related costs included in the unaudited pro forma results presented below. The unaudited pro forma financial information as presented below is for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combinations occurred as of the date indicated or what the results would be for any future periods. Nine Months Ended September 30, 2023 Proforma revenue $ 55,890,580 Proforma net income 14,424,416 Planned acquisitions On July 18, 2024, the Company entered into a share purchase agreement to acquire Carlisle Management Company SCA (“Carlisle”), a leading Luxembourg-based investment manager in the life settlement space, for approximately $200 million. Carlisle shareholders will receive consideration in the form of the Company’s common stock and the Company’s Fixed Rate Senior Unsecured Notes due in 2028 representing approximately 62.3% and 37.7% of the purchase price, respectively, which is subject to closing adjustments and certain performance thresholds. This transaction is subject to regulatory approval. On August 7, 2024, the Company entered into a definitive agreement to acquire FCF Advisors (“FCF”), a New York based asset manager and index provider specializing in free cash flow-focused investment strategies. FCF sellers will receive consideration split between cash and the Company’s common stock, which is subject to closing adjustments and approvals. As of September 30, 2024, the Company accrued $2,600,000 for related transaction costs.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Disaggregated Revenue— The disaggregation of the Company’s revenue by major sources is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing revenue: Related party serving revenue $ 56,539 $ 168,899 $ 362,394 $ 711,975 Portfolio servicing revenue 59,847 55,670 176,815 102,651 Total portfolio servicing revenue 116,386 224,569 539,209 814,626 Active management revenue: Investment income from life insurance policies held using the investment method 69,729 1,817,764 577,122 18,473,597 Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method 26,897,846 17,108,380 73,201,209 21,447,464 Total active management revenue 26,967,575 18,926,144 73,778,331 39,921,061 Originations revenue: Related party origination revenue: Broker — 209,517 — 209,517 Client direct — 45,000 — 45,000 Total related party origination revenue — 254,517 — 254,517 Origination revenue: Agent 267,000 561,780 2,121,502 561,780 Broker 723,500 1,020,045 2,085,650 1,020,045 Client direct 74,030 133,875 187,085 133,875 Total origination revenue 1,064,530 1,715,700 4,394,237 1,715,700 Total originations revenue 1,064,530 1,970,217 4,394,237 1,970,217 Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904 Contract Balances —We had no contract assets at September 30, 2024 and December 31, 2023. The balances of contract liabilities arising from originated contracts with customers were as follows: September 30, 2024 December 31, 2023 Contract liabilities, deposits on pending settlements $ 924,083 $ 507,000 Total contract liabilities $ 924,083 $ 507,000 Revenue recognized during the first quarter of 2024 that was included in our contract liabilities balance at December 31, 2023 was $507,000, less $347,000 intercompany revenue that was eliminated in consolidation.

LIFE SETTLEMENT POLICIES

LIFE SETTLEMENT POLICIES	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
LIFE SETTLEMENT POLICIES	LIFE SETTLEMENT POLICIES As of September 30, 2024, the Company held 532 life settlement policies, of which 527 were accounted for using the fair value method and 5 were accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value was $976,761,831 as of September 30, 2024, with a corresponding fair v alue of $273,249,493. The aggregate face value of policies accounted for using the investment method was $2,225,000 as of September 30, 2024 , with a corresponding carrying value of $1,071,172 . Differences between the face value and the net death benefit of certain policies is due to return of premium policies offset by loans on policies. As of December 31, 2023, the Company held 296 life settlement policies, of which 287 were accounted for under the fair value method and 9 were accounted for using the investment method (cost, plus premiums paid). The aggregate face value of policies held at fair value was $520,503,710 as of December 31, 2023, with a corresponding fair value of $122,296,559. The aggregate face value of policies accounted for using the investment method was $33,900,000 as of December 31, 2023, with a corresponding carrying value of $1,697,178. At September 30, 2024, the Company did not have any contractual restrictions on its ability to sell policies, including those held as collateral for the issuance of long-term debt. Refer to Note 14, Long-Term Debt, for further details. Life expectancy reflects the probable number of years remaining in the life of a class of persons determined statistically, affected by such factors as heredity, physical condition, nutrition, and occupation. It is not an estimate or an indication of the actual expected maturity date or indication of the timing of expected cash flows from death benefits. The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of September 30, 2024: Policies Carried at Fair Value : Remaining Life Expectancy (Years) Policies Face Value Net Death Benefit Fair Value 0-1 7 $ 8,100,000 $ 8,100,000 $ 6,386,561 1-2 15 16,908,593 19,557,874 12,261,392 2-3 43 47,111,084 44,975,920 24,919,807 3-4 73 154,161,274 151,400,918 70,656,882 4-5 50 73,898,519 74,046,019 27,566,589 Thereafter 339 676,582,361 674,962,708 131,458,262 Total 527 $ 976,761,831 $ 973,043,439 $ 273,249,493 Policies accounted for using the investment method: Remaining Life Expectancy (Years) Policies Face Value Net Death Benefit Carrying Value 1-2 1 $ 625,000 $ 649,595 $ 329,714 2-3 1 750,000 750,000 395,649 4-5 2 750,000 750,000 330,552 Thereafter 1 100,000 100,330 15,257 Total 5 $ 2,225,000 $ 2,249,925 $ 1,071,172 Estimated premiums to be paid by the Company for its portfolio accounted for using the investment method during each of the five succeeding calendar years and thereafter as of September 30, 2024, are as follows: 2024 remaining $ 12,804 2025 57,733 2026 64,043 2027 37,210 2028 15,920 Thereafter 17,424 Total $ 205,134 The Company is required to pay premiums to keep its portion of life insurance policies in force. The estimated total future premium payments could increase or decrease significantly to the extent that actual mortalities of insureds differ from the estimated life expectancies.

PROPERTY AND EQUIPMENT_NET

PROPERTY AND EQUIPMENT—NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT—NET	PROPERTY AND EQUIPMENT—NET Property and equipment—net composed of the following: September 30, December 31, Computer equipment $ 934,411 $ 356,939 Furniture and fixtures 91,125 91,125 Leasehold improvements 38,405 22,418 Property and equipment—gross 1,063,941 470,482 Less: accumulated depreciation (175,422) (69,762) Property and equipment—net $ 888,519 $ 400,720 Depreciation expense for the three months ended September 30, 2024 and 2023, was $46,297 and $12,770, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023, was $105,660 and $14,911, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess fair value of consideration over the fair value of the underlying net assets. Refer to Note 3, Business Combination, for further discussion. The changes in the carrying amount of goodwill by reportable segments were as follows: Portfolio Servicing Active Management Originations Goodwill at December 31, 2023 $ — $ — $ 140,287,000 Adjustments — — (356,810) Goodwill at September 30, 2024 $ — $ — $ 139,930,190 Intangible assets acquired comprised of the following: Asset Type Fair Value Useful Life Valuation Methodology Customer Relationships - Agents $ 12,600,000 5 years Multi-period excess-earnings method Customer Relationships - Financial Relationships 11,000,000 8 years Multi-period excess-earnings method Internally Developed and Used Technology—APA 1,600,000 2 years Relief from Royalty Method Internally Developed and Used Technology—Market Place 100,000 3 years Replacement Cost Method Trade Name 900,000 Indefinite Relief from Royalty Method Non-Compete Agreements 4,000,000 2 years With or Without Method State Insurance Licenses 2,700,000 Indefinite Replacement Cost Method Total intangible assets $ 32,900,000 Intangible assets and related accumulated amortization are as follows: September 30, 2024 Definite-lived Intangible Assets: Gross Value Accumulated Amortization Net Book Value Customer Relationships - Agents $ 12,600,000 $ (3,150,000) $ 9,450,000 Customer Relationships - Financial Relationships 11,000,000 (1,718,750) 9,281,250 Internally Developed and Used Technology—APA 1,600,000 (1,000,000) 600,000 Internally Developed and Used Technology—Market Place 100,000 (41,667) 58,333 Non-Compete Agreements 4,000,000 (2,500,000) 1,500,000 Total definite-lived intangible assets $ 29,300,000 $ (8,410,417) $ 20,889,583 Indefinite-lived Intangible Assets: Trade Name $ 900,000 $ — $ 900,000 State Insurance Licenses 2,700,000 — 2,700,000 Total intangible assets $ 32,900,000 $ (8,410,417) $ 24,489,583 All intangible assets with finite useful lives are subject to amortization when they are available for their intended use. Amortization expense for definite lived intangible assets was $1,682,083 and $1,682,083 for the three months ended September 30, 2024 and 2023, respectively. Amortization expense for definite lived intangible assets was $5,046,250 and $1,682,083 for the nine months ended September 30, 2024 and 2023, respectively. Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows: 2024 remaining $ 1,682,083 2025 5,328,333 2026 3,911,667 2027 3,895,000 2028 2,635,000 Thereafter 3,437,500 Total $ 20,889,583 The Company also had other intangible assets of $163,558 and $87,297, net of related amortization, as of September 30, 2024 and December 31, 2023, respectively.

AVAILABLE-FOR-SALE SECURITIES,

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE	AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE Convertible Promissory Note —The Company holds an investment in a convertible promissory note in a separate unrelated insurance technology company. This unrelated insurance technology company is a producer of life expectancy reports. The Company purchases life expectancy reports and uses them as an input into the valuation methodology for policies held at fair value. We evaluated our relationship with the unrelated insurance technology company and determined that the Company does not have control or influence over the unrelated insurance technology company’s decision-making process. The $1,000,000 Convertible Promissory Note principal bears an 8% interest rate and matures on September 30, 2025. The Company applies the available-for-sale method of accounting for its investment in the Convertible Promissory Note, which is a debt investment. The Convertible Promissory Note does not qualify for either the held-to-maturity method due to the Convertible Promissory Note’s conversion rights or the trading securities method because the Company holds the Convertible Promissory Note as a long-term investment. The Convertible Promissory Notes are measured at fair value at each reporting period-end. Unrealized gains and losses are reported in other comprehensive income until realized. As of September 30, 2024 and December 31, 2023, the Company evaluated the fair value of its investment and determined that the fair value approximates the carrying value of $1,185,740 and $1,105,935, which includes accrued accumulated interest income of $185,740 and $105,935, respectively. There was no unrealized gain or loss or credit losses recorded since inception. Interest income recognized for the three months ended September 30, 2024 and 2023 was $20,165 and $—, respectively. Interest income recognized for the nine months ended September 30, 2024 and 2023 was $79,805 and $—, respectively.

OTHER INVESTMENTS, EQUITY SECUR

OTHER INVESTMENTS, EQUITY SECURITIES, AT FAIR VALUE, AND OTHER NONCURRENT ASSETS	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER INVESTMENTS, EQUITY SECURITIES, AT FAIR VALUE, AND OTHER NONCURRENT ASSETS	OTHER INVESTMENTS, EQUITY SECURITIES, AT FAIR VALUE, AND OTHER NONCURRENT ASSETS Other Investments, at Cost: Convertible Preferred Stock Ownership —The Company owns convertible preferred stock in two entities. The value of the combined investment in these two entities was $1,850,000 and 1,650,000 as of September 30, 2024 and December 31, 2023, respectively. The Company applies the measurement alternative for its investments in the Preferred Stock because these investments are of an equity nature, and the Company does not have the ability to exercise significant influence over operating and financial policies of entities even in the event of conversion of the Seed Units or Preferred Stock. Under the measurement alternative, the Company records the investment based on original cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the investee. The Company’s share of income or loss of such companies is not included in the Company’s consolidated statements of operations and comprehensive (loss) income. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. No im pairment of investments occurred for the three and nine months ended September 30, 2024. Other Assets — The Company’s other assets are mainly composed of cash deposits in compliance requirements in various states. As of September 30, 2024 and December 31, 2023, the balance of other assets was $1,650,698 and $998,945, respectively . Equity Securities, at Fair Value: S&P Options — The Company invested in S&P 500 call options, which were purchased through a broker as an economic hedge related to the market-indexed debt instruments. The value is based on stock owned and quoted market prices in active markets. Changes in fair value are recorded in the unrealized gain on investments line item on the consolidated statements of operations and comprehensive (loss) income until they are sold. As of September 30, 2024 and December 31, 2023, the value of the S&P 500 options was $3,019,055 and $2,348,998, respectively, recorded in the following accounts on the consolidated balance sheets: September 30, 2024 December 31, 2023 Current assets: Equity securities, at fair value $ 3,019,055 $ 2,252,891 Non-current assets: Equity securities, at fair value — 96,107 Total equity securities, at fair value $ 3,019,055 $ 2,348,998

CONSOLIDATION OF VARIABLE INTER

CONSOLIDATION OF VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITIES	CONSOLIDATION OF VARIABLE INTEREST ENTITIES The Company consolidates VIEs for which it is the primary beneficiary or VOEs for which it controls through a majority voting interest or other arrangement. See Note 2, Summary of Significant Accounting Policies of our 2023 Annual Report, for more information on how the Company evaluates an entity for consolidation. The Company evaluated any entity in which it had a variable interest upon formation to determine whether the entity should be consolidated. The Company also evaluated the consolidation conclusion during each reconsideration event, such as changes in the governing documents or additional equity contributions to the entity. As of September 30, 2024, the Company’s consolidated VIEs, LMA Income Series II LP, LMX Series LLC (LMATT Series 2024, Inc.), and LMA Income Series, LP, had total assets of $134,048,716 and liabilities of $111,218,655, respectively. As of December 31, 2023, the Company’s consolidated VIEs, LMA Income Series II LP, LMX Series LLC (LMATT Series 2024, Inc.), and LMA Income Series, LP, had total assets and liabilities of $77,132,592 and $65,031,207, respectively. The Company did not deconsolidate any entities during the period ended September 30, 2024, or during the year ended December 31, 2023.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Segment Information —The Business Combination that took place on June 30, 2023, where ERES, LMA and Abacus Settlements consummated the combining of the Companies, triggered a re-organization of Abacus Life Inc., where the legacy Abacus Settlements business and legacy LMA business would both operate under Abacus Life, Inc. subsequent to the Business Combination date. Abacus Settlements historically had one operating and reportable segment, Originations. LMA historically had two operating and reportable segments, (1) Portfolio Servicing and (2) Active Management. As the Business Combination did not occur until the last day of the second quarter of 2023, income activity related to Abacus Settlements had not yet been reported by Abacus Life, Inc. as the businesses did not begin operating as a combined Company until July 1, 2023. As such, beginning in the third quarter of 2023, the Company organizes its business into three reportable segments (1) Portfolio Servicing, (2) Active Management, and (3) Originations, which all generate revenue and incur expenses in different manners. This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting . The Company’s reportable segments are not aggregated. The Portfolio Servicing segment generates revenues by providing policy services to customers on a contract basis. The Active Management segment generates revenues by buying, selling, and trading policies and maintaining policies until receipt of death benefits. The Originations segment generates revenue by originating life insurance policy settlements between investors or buyers, and the sellers, who are often the original policy owner. The policies are purchased from owners or other providers through advisors, brokers or directly through the owner. The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review disaggregated assets by segment. The Company adopted ASU 2023-07 in March 2024. The most significant provision was for the Company to disclose significant segment expenses that are regularly provided to the CODM. The Company’s CODM periodically reviews cost of revenues by segment and treats it as a significant segment expense. Revenue related to the Company’s reportable segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ 116,386 $ 224,569 $ 539,209 $ 814,626 Active management 26,967,575 18,926,144 73,778,331 39,921,061 Originations 7,504,110 10,214,489 18,194,588 10,214,489 Total revenue (including intersegment) 34,588,071 29,365,202 92,512,128 50,950,176 Intersegment eliminations (6,439,580) (8,244,272) (13,800,351) (8,244,272) Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904 Cost of revenue related to the Company’s reportable segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ 401,493 $ 850,614 $ 932,556 $ 1,606,799 Active management (including stock-compensation) 712,750 1,368,581 2,523,640 2,075,346 Originations 5,144,638 5,689,108 12,434,408 5,689,108 Total expenses (including intersegment) 6,258,881 7,908,303 15,890,604 9,371,253 Intersegment eliminations (4,070,900) (4,543,346) (8,238,192) (4,543,346) Total cost of revenue $ 2,187,981 $ 3,364,957 $ 7,652,412 $ 4,827,907 Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) attributable to common stockholders is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ (285,107) $ (626,045) $ (393,347) $ (792,173) Active management 26,254,825 17,557,563 71,254,691 37,845,715 Originations 2,359,472 4,525,381 5,760,180 4,525,381 Gross profit (including intersegment) 28,329,190 21,456,899 76,621,524 41,578,923 Intersegment eliminations (2,368,680) (3,700,926) (5,562,159) (3,700,926) Total gross profit 25,960,510 17,755,973 71,059,365 37,877,997 Sales and marketing (2,169,197) (1,704,154) (6,651,942) (3,116,999) General and administrative (including stock-based compensation) (15,489,503) (9,838,951) (41,396,346) (11,113,382) Depreciation and amortization expense (1,745,279) (1,694,853) (5,177,785) (1,696,994) Other (expense) income (9,832) 20,086 132,610 (1,565) Loss on change in fair value of warrant liability (8,766,500) (943,400) (8,487,040) (943,400) Interest expense (4,218,314) (2,679,237) (12,417,946) (3,620,695) Interest income 609,496 63,826 1,670,828 71,283 Loss (gain) on change in fair value of debt (124,237) 2,088,797 (4,036,327) (309,865) Unrealized (gain) loss on equity securities, at fair value 417,677 (306,800) 1,220,161 491,356 Realized gain on equity securities, at fair value — — 856,744 — Income tax (benefit) expense 250,368 (1,710,315) (2,680,855) (2,238,419) Less: Net loss attributable to non-controlling interests 159,756 (147,611) 204,716 339,692 Net income (loss) attributable to common stockholders $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Segment gross profit is defined as revenues less cost of sales, excluding depreciation and amortization. Expenses below the gross profit line are not allocated across operating segments, as they relate primarily to the overall management of the consolidated entity. For the three and nine months ended September 30, 2024 and 2023, our operations were mostly confined to the United States, except for sales made to a customer in Luxembourg included in active management revenue. This customer represented approximately 32% and 15% f or the three and nine months ended September 30, 2024, respectively, and approximately 6% and 6% for the three and nine months ended September 30, 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings —Occasionally, the Company may be subject to various proceedings such as lawsuits, disputes, or claims. The Company assesses these proceedings as they arise and accrues a liability when losses are probable and reasonably estimable. Although legal proceedings are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually, or taken together, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows. Commitment —The Company has entered into a Strategic Services and Expenses Support Agreement (“SSES” or “Expense Support Agreement”) with the Providers in exchange for an option to purchase the outstanding equity ownership of the Providers. Pursuant to the Expense Support Agreement, the Company provides financial support and advice for the expenses of the Providers incurred in connection with their life settlement transactions businesses and the Providers are required to hire a life settlement transactions operations employee of an affiliate of the Company. No later than December 1 of each calendar year, the Company provides a budget for the Providers, in which the Company commits to extend financial support for all operating expenses up to the budgeted amount. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Providers incurred in the ordinary course of business, excluding the premiums paid for the Providers insurance coverages that are allocable to the insurance coverage provided to the Providers, which owns all the outstanding membership interests of the Providers if unrelated to the Providers settlement business. For the three months ended September 30, 2024 and 2023, the Company incurred $— and $— of expenses related to the Expense Support Agreement. For the nine months ended September 30, 2024 and 2023, the Company incurred $— and $29,721 of expenses related to the Expense Support Agreement. This expense is included in the other (expense) income line of the consolidated statements of operations and comprehensive (loss) income and have not been reimbursed by the Providers.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company determines fair value based on assumptions that market participants would use in pricing an asset or a liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Recurring Fair Value Measurements —The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. Fair Value Hierarchy As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Life settlement policies, at fair value $ — $ — $ 273,249,493 $ 273,249,493 Available-for-sale securities, at fair value — — 1,185,740 1,185,740 Equity securities, at fair value 3,019,055 — — 3,019,055 Total assets held at fair value $ 3,019,055 $ — $ 274,435,233 $ 277,454,288 Liabilities: Current portion of long-term debt, at fair value $ — $ — $ 13,730,026 $ 13,730,026 Long-term debt, at fair value — — 96,358,740 96,358,740 Private placement warrants — — 15,130,000 15,130,000 Total liabilities held at fair value: $ — $ — $ 125,218,766 $ 125,218,766 Fair Value Hierarchy As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Life settlement policies, at fair value $ — $ — $ 122,296,559 $ 122,296,559 Available-for-sale securities, at fair value — — 1,105,935 1,105,935 Equity securities, at fair value 2,348,998 — — 2,348,998 Total assets held at fair value $ 2,348,998 $ — $ 123,402,494 $ 125,751,492 Liabilities: Current portion of long-term debt, at fair value $ — $ — $ 13,029,632 $ 13,029,632 Long-term debt, at fair value — — 55,318,923 55,318,923 Private placement warrants — — 6,642,960 6,642,960 Total liabilities held at fair value: $ — $ — $ 74,991,515 $ 74,991,515 Life Settlement Policies — For all policies purchased after June 30, 2023, the Company accounts for owned life settlement policies using the fair value method. Prior to June 30, 2023, the Company elected to use either the fair value method or the investment method (cost, plus premiums paid). The valuation method is chosen upon contract acquisition and is irrevocable. For policies carried at fair value, the valuation is based on Level 3 inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability, such as life expectancies and cash flow discount rates. The inputs are developed based on the best available information, including our own data. The valuation model is based on a discounted cash flow analysis and is sensitive to changes in the discount rate used. The Company utilized a blended average discount rate of 20% and 21% for policy valuations at September 30, 2024 and at December 31, 2023, respectively, which is based on economic and company-specific factors. The Company re-evaluates its discount rates at the end of every reporting period in order to reflect the estimated discount rates that could reasonably be used in a market transaction involving the Company’s portfolio of life settlements. For life settlement policies carried using the investment method, the Company measures these at the cost of the policy plus premiums paid. The policies accounted for using the investment method totaled $1,071,172 and $1,697,178 at September 30, 2024 and at December 31, 2023, respectively. Discount Rate Sensitivity —20% was determined to be the weighted average discount rate used to estimate the fair value of policies held by LMA and its investment funds. If the discount rate increased or decreased by two percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2024, would be as follows: As of September 30, 2024 Fair Value Change in Rate Adjustment +2% $ 253,146,067 $ (20,103,426) No change 273,249,493 -2% 295,143,512 21,894,019 Credit Exposure to Insurance Companies —The following table provides information about the life insurance issuer concentrations that exceed 10% of total face value or 10% of total fair value of the Company’s life insurance policies as of September 30, 2024: Carrier Percentage of Percentage of Carrier John Hancock Life Insurance Company (U.S.A.) 18 % 14 % A+ Lincoln National Life Insurance Company 13 % 11 % A The following table provides a roll forward of the fair value of life insurance policies for the nine months ended September 30, 2024: Fair value at December 31, 2023 $ 122,296,559 Policies purchased 242,004,548 Matured/sold policies (129,191,652) Realized gain on matured/sold policies 38,431,102 Premiums paid (10,329,203) Unrealized gain on held policies 38,140,038 Change in estimated fair value 66,241,937 Realized gain on matured/sold policies (38,431,102) Premiums paid 10,329,203 Fair value at September 30, 2024 $ 273,249,493 Long-Term Debt —See Note 14, Long-Term Debt, for background information on the market-indexed and secured borrowing debt. The Company has elected the fair value option in accounting for the instruments. Fair value is determined using Level 3 inputs. As of September 30, 2024 and December 31, 2023, the Company evaluated the fair value of its secured borrowing debt and determined that the fair value approximates the carrying value. The valuation methodology for the market-indexed notes is based on the Black-Scholes-Merton option-pricing formula and a discounted cash flow analysis. Inputs to the Black-Scholes-Merton model include (i) the S&P 500 Index price, (ii) S&P 500 Index volatility, (iii) a risk-free rate based on data published by the US Treasury, and (iv) a term assumption based on the contractual term of the LMATT Series 2024, Inc., LMATTS Growth Series 2.2024, Inc., and LMATTS Growth and Income Series 1.2026, Inc. notes. The discounted cash flow analysis includes a discount rate that is based on the implied discount rate developed by calibrating a valuation model to the purchase price on the initial investment date. The implied discount rate is evaluated for reasonableness by benchmarking it to yields on actively traded comparable securities. The total change in fair value of the debt resulted in a loss of $181,270 and $4,171,290 for the three and nine months ended September 30, 2024, respectively. This loss was comprised of $31,603 and $75,652, net of tax, which is included within accumulated other comprehensive income, as well as $10,974 and $25,104 net of tax, which is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios for the three and nine months ended September 30, 2024, respectively. The Company recognized a loss of $124,237 and $4,036,327 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within loss on change in fair value of debt within the consolidated statement of operations and comprehensive (loss) income for the three and nine months ended September 30, 2024, respectively. The following table provides a roll forward of the fair value of the outstanding debt for the nine months ended September 30, 2024: Fair value at December 31, 2023 $ 68,348,556 Issuance of long term-debt 41,685,108 Repayment of debt (4,040,758) LMA Income Series, LP excess return accrual 352,846 Unrealized loss on change in fair value (risk-free) 4,036,327 Unrealized loss on change in fair value (credit-adjusted) included in OCI 101,337 Unrealized loss on change in fair value (credit-adjusted) included in equity of NCI 33,626 Change in estimated fair value of debt 4,171,290 Deferred issuance costs (428,276) Fair value at September 30, 2024 $ 110,088,766 Private Placement Warrants —The Company had 8,900,000 Private Placement Warrants outstanding as of September 30, 2024 and December 31, 2023. Each Private Placement Warrant is exercisable for one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (x) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees and (z) the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will be entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Private Placement Warrants were accounted for as liabilities in accordance with ASC 815-40. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented separately in the consolidated statements of operations and comprehensive (loss) income. The Private Placement Warrants were considered a Level 3 fair value measurement using a binomial lattice model in a risk-neutral framework. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the common stock. The implied volatility as of the Business Combination date was derived from observable public warrant traded price provided by Bloomberg LP. The following table presents the key assumptions in the analysis: Private Placement Warrants Expected implied volatility de minimis Risk-free interest rate 4.09% Term to expiration 5.0 years Exercise price $11.50 Common Stock Price $10.03 Dividend Yield —% The subsequent changes in the value of the private warrants is based on the changes in the value of the public warrants as of the relevant reporting date due to mostly identical terms between the Private Placement Warrants and the Public warrants, except as noted above. The noted exceptions were determined not to have a significant impact on the valuation of the Private Placement Warrants when using the change in the value of the Public Warrants. Equity Securities, at Fair Value: S&P 500 Options —LMATT Series 2024, Inc., which the Company consolidates for financial reporting, owns S&P 500 call options. The Company owns additional S&P 500 call options through their 100% owned and fully consolidated subsidiaries LMATT Growth Series 2.2024, Inc. and LMATT Growth and Income Series 1.2026, Inc. The options are exchange traded, and fair value is determined using Level 1 inputs of quoted market prices as of the consolidated balance sheets dates. Changes in fair value are classified as unrealized (gain) or loss on investments within the consolidated statements of operations and comprehensive (loss) income. On the last trading day of June 2024, the Company sold the S&P 500 call options that were held by LMATT Growth Series 2.2024, Inc. and LMATT Growth and Income Series 1.2026, Inc. with the proceeds used to extinguish the related market-indexed debt during the first week of July 2024. Available-for-Sale Securities, at Fair Value —The Convertible Promissory Note is classified as an available-for-sale security. Available-for-sale investments are subsequently measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized. The Company determines fair value of its available-for-sale investments using unobservable inputs by considering the initial investment value, next round financing, and the likelihood of conversion or settlement based on the contractual terms in the agreement. As of September 30, 2024 and December 31, 2023, the Company evaluated the fair value of its Promissory Note and determined that the fair value approximates the carrying value of $1,185,740 and $1,105,935, respectively. Financial Instruments Where Carrying Value Approximates Fair Value —Th e carrying value of cash, cash equivalents, accounts receivables, and due from and to affiliates approximates fair value, and income tax receivables due to the short-term nature of their maturities.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Outstanding principal balances of Long-term debt comprises of the following: September 30, 2024 December 31, 2023 Cost Fair value Cost Fair value Market-indexed notes, at fair value: LMATT Series 2024, Inc. $ 11,002,072 $ 13,730,026 $ 9,124,944 $ 9,477,780 LMATT Growth Series 2.2024, Inc. — — 2,981,480 3,551,852 LMATT Growth & Income Series 1.2026, Inc — — 492,582 569,862 Secured borrowing, at fair value: LMA Income Series, LP 22,721,057 22,721,057 22,368,209 22,368,209 LMA Income Series II, LP 74,065,960 74,065,960 32,380,852 32,380,852 Deferred issuance costs (428,277) (428,277) — — Unsecured borrowing: Fixed Rate Senior Unsecured Notes 60,650,000 60,650,000 35,650,000 35,650,000 SPV Purchase and Sale Note — — 26,538,004 26,538,004 Sponsor PIK Note 12,157,258 12,157,258 11,115,865 11,115,865 Deferred issuance costs and discounts (2,653,003) (2,653,003) (1,831,910) (1,831,910) Total debt 177,515,067 180,243,021 138,820,026 139,820,514 Less current portion of: long-term debt, at fair value (11,002,072) (13,730,026) (11,440,236) (13,029,632) Total long-term debt $ 166,512,995 $ 166,512,995 $ 127,379,790 $ 126,790,882 Fixed Rate Senior Unsecured Notes On November 10, 2023, the Company issued $35,650,000 in fixed rate senior unsecured notes (“Fixed Unsecured Notes”). The net proceeds after related debt issue costs, were used by the Company to repay debt and for general corporate purposes. The Fixed Unsecured Notes are based on a fixed interest rate of 9.875% to be paid in quarterly interest payments beginning on February 15, 2024 and mature on November 15, 2028. The Company has the option to redeem the Fixed Unsecured Notes in whole or in part at a price of 100% of the outstanding principal balance on or after November 15, 2027. The notes will be senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s other senior unsecured indebtedness from time to time outstanding. On February 15, 2024, the Company issued an additional $25,000,000 as part of the previously issued Fixed Unsecured Notes. The net proceeds, after related debt issue costs, were used by the Company for general corporate purposes. The Fixed Rate Senior Unsecured Notes are based on a fixed interest rate of 9.875% to be paid in quarterly interest payments beginning on May 15, 2024 and mature on November 15, 2028. LMATT Series 2024, Inc. Market-Indexed Notes: On March 31, 2022, LMATT Series 2024, Inc., which the Company consolidates for financial reporting, issued $10,166,900 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term (“LMATTS”) Series 2024, is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in December of 2024, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to protect debt holders from market downturns up to 40% if the index price experienced a loss during the investment period. As of September 30, 2024, $8,816,900 of the principal amount remained outstanding of which $200,000 is owed to LMA. LMA’s investment is eliminated in consolidation. The notes are held at fair value, which represents the exit price, or anticipated price to transfer the liability to a third party. As of September 30, 2024 and December 31, 2023, the fair value of the LMATT Series 2024, Inc. notes was $13,730,026 and $9,477,780, respectively. The notes are secured by the assets of the issuing entities, which includes cash, S&P 500 call options, and life settlement policies totaling $13,201,217 as of September 30, 2024. The note agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of LMATTS Series 2024 serves as collateral. There are also no restrictive covenants associated with the notes. LMATT Growth Series 2.2024, Inc. Market-Indexed Notes: On September 16, 2022, LMATTS Growth Series 2.2024, Inc., a 100% owned subsidiary which the Company consolidates for financial reporting issued $2,333,391 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term Growth Series 2.2024, Inc. (“ LMATTS TM Series 2.2024, Inc.”) is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in July of 2024, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to provide upside performance participation that is capped at 120% of the performance of the S&P 500. A separate layer of the note has a feature to protect debt holders from market downturns by up to 20% if the index price experienced a loss during the investment period. During the first week of July 2024, the Company paid $3,480,758 to extinguish the notes early based on the value of the notes at June 30, 2024. The notes were held at fair value, which represented the exit price, or anticipated price to transfer the liability to a third party. As of September 30, 2024 and December 31, 2023, the fair value of the LMATT Series 2.2024, Inc. notes was $— and $3,551,852, respectively. The notes were secured by the assets of the issuing entity, LMATT Series 2.2024, Inc., which included cash, S&P 500 call options, and life settlement policies. The note agreements did not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of LMATTS Growth Series 2.2024, Inc. served as collateral. There were no restrictive covenants associated with the notes. LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes: On September 16, 2022, LMATTS Growth and Income Series 1.2026, Inc., a 100% owned subsidiary which the Company consolidates for financial reporting issued $400,000 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term Growth and Income Series 1.2026, Inc. (“ LMATTS TM Growth and Income Series 1.2026, Inc.”) is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in July of 2026, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to provide upside performance participation that is capped at 140% of the performance of the S&P 500. A separate layer of the note has a feature to protect debt holders from market downturns by up to 10% if the index price experienced a loss during the investment period. This note also included a 4% dividend feature that was paid annually. During the first week of July 2024, the Company paid $560,000 to extinguish the notes early based on the value of the notes at June 30, 2024. The notes were held at fair value, which represented the exit price, or anticipated price to transfer the liability to a third party. As of September 30, 2024 and December 31, 2023, the fair value of the LMATT Growth and Income Series 1.2026, Inc., notes was $— and 569,862, respectively. The notes were secured by the assets of the issuing entity, LMATTS Growth and Income Series 1.2026, Inc., which included cash, S&P 500 call options, and life settlement policies. The note agreements did not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of LMATTS Growth and Income Series 1.2026, Inc. served as collateral. There were no restrictive covenants associated with the notes. LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing On September 2, 2022, LMA Income Series, GP, LLC, wholly owned and controlled by that LMA Series, LLC, formed a limited partnership, LMA Income Series, LP and subsequently issued partnership interests to limited partners in a private placement offering. The initial term of the offering is three years will end in December 2025 with the ability to extend for two additional one-year periods at the discretion of the general partner, LMA Income Series, GP, LLC. The limited partners will receive an annual dividend of 6.5% paid quarterly and 25% of returns in excess of a 6.5% internal rate of return capped at 9% which would require a 15% net internal rate of return. The General Partner will receive 75% of returns in excess of a 6.5% internal rate of return to limited partners then 100% in excess of a 15% net internal rate of return. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series, LP and thus has fully consolidated the limited partnership in its consolidated financial statements for the three and nine months ended September 30, 2024. The private placement offerings proceeds are used to acquire and actively manage a large and diversified portfolio of financial assets. LMA, through its consolidated subsidiaries, serves as the portfolio manager for the financial asset portfolio, which includes investment sourcing and monitoring. In this role, LMA has the unilateral ability to acquire and dispose of any of the above investments. As the partnership does not represent a business in accordance with ASC 810 and is a consolidated subsidiary that only holds financial assets, this represents a transfer subject to ASC 860-10. As the financial assets are not transferred outside the consolidated group, the proceeds from the offering shall be classified as a liability unless it meets the definition of a participating interest and the derecognition criteria in ASC 860 are met. The transferred interest did not meet the definition of a participating interest as LMA possesses the unilateral ability to direct the sale of the financial assets (ASC 860-10-50-6A(d)). In accordance with ASC 860-30-25-2, as the transfer of the financial assets did not meet the definition of a participating interest, LMA shall recognize the proceeds received from the offering as a secured borrowing. Dividends paid and accrued are included in interest expense. The excess dividend returns will not be paid by LMA Income Series, LP until termination, are considered non-cash interest expense, and are included in the principal balance outstanding. As of September 30, 2024 and December 31, 2023, $831,613 and $478,765 in non-cash interest expense was added to the outstanding principal balance, respectively. LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC 810-10-30. As of September 30, 2024 and December 31, 2023, the fair value of the secured borrowing was $22,721,057 and $22,368,209, respectively. LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing On January 31, 2023, LMA Income Series II, GP, LLC, wholly owned and controlled by that LMA Series, LLC, formed a limited partnership, LMA Income Series II, LP and subsequently issued partnership interests to limited partners in a private placement offering. The initial term of the offering was three years will end in March 2026 with the ability to extend for two additional one-year periods at the discretion of the general partner, LMA Income Series II, GP, LLC. The limited partners received annual dividends equal to the Preferred Return Amounts as follows: Capital commitment less than $500,000, 7.5%; between $500,000 and $1,000,000, 7.75%; over $1,000,000, 8%. Thereafter, 100% of the excess to be paid to the General Partner. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series, LP and thus has fully consolidated the limited partnership in its consolidated financial statements for the three and nine months ended September 30, 2024. The private placement offerings proceeds are used to acquire and actively manage a large and diversified portfolio of financial assets. LMA, through its consolidated subsidiaries, serves as the portfolio manager for the financial asset portfolio, which includes investment sourcing and monitoring. In this role, LMA has the unilateral ability to acquire and dispose of any of the above investments. As the partnership does not represent a business in accordance with ASC 810 and is a consolidated subsidiary that only holds financial assets, this represents a transfer subject to ASC 860-10. As the financial assets are not transferred outside the consolidated group, the proceeds from the offering shall be classified as a liability unless it meets the definition of a participating interest and the derecognition criteria in ASC 860 are met. The transferred interest did not meet the definition of a participating interest as LMA possesses the unilateral ability to direct the sale of the financial assets (ASC 860-10-50-6A(d)). In accordance with ASC 860-30-25-2, as the transfer of the financial assets did not meet the definition of a participating interest, LMA shall recognize the proceeds received from the offering as a secured borrowing. During 2024, LMA Income Series II, GP, LLC through the LMA Income Series II, LP admitted additional limited partners into the fund. The additional limited partnership interests amounted to $41,685,108 as of September 30, 2024. LMA Income Series II, GP plans to continue admitting new limited partners. In addition to new partnership interests, an amendment to the limited partnership was signed to add redemption opportunities for limited partners and extend the maturity date of the fund. The first redemption date is March 31, 2026, but limited partners can elect to stay in the fund at the same terms. If a limited partner elects to stay invested, the next redemption date would be June 30, 2027 with a final maturity date of December 31, 2028. Along with these redemption windows, the amendment also increased the Preferred Return Amount by fifty basis points annually across all tiers. The amendment became effective April 1, 2024. LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC 810-10-30. As of September 30, 2024 and December 31, 2023, the fair value of the secured borrowing was $74,065,960 and $32,380,852, respectively. Sponsor PIK Note On the June 30, 2023, in connection with the Merger Agreement, East Sponsor, LLC, a Delaware limited liability company (“Sponsor”), made an unsecured loan to the Company in the aggregate amount of $10,471,648 (the “Sponsor PIK Note”) with an interest rate of 12.00% per year compounding semi-annually. Accrued interest is payable in arrears quarterly starting on September 30, 2023 by adding it to the outstanding principal balance. As of September 30, 2024 and December 31, 2023, $1,685,610 and $644,217 in non-cash interest expense was added to the outstanding principal balance, respectively. The Sponsor PIK Note matures on June 30, 2028 (the “Maturity Date”) and may be prepaid at any time in accordance with its terms without any premium or penalty. SPV Purchase and Sale Note On July 5, 2023, the Company entered into an Asset Purchase Agreement (the “Policy APA”) to acquire certain insurance policies with an aggregate fair market value of $10,000,000 from Abacus Investment SPV, LLC, a Delaware limited liability company (“SPV”), in exchange for a payable obligation owed by the Company to SPV (such acquisition transaction under the Policy APA, the “SPV Purchase and Sale”). SPV is jointly owned by the Sponsor and former members of LMA and Abacus. SPV extended an additional principal amount of $15,000,000 bringing the total SPV Purchase and Sale Note to $25,000,000. The Company was able to borrow additional funds from SPV. The interest accrued at a rate of 12% per year, accrued quarterly, all of which is to be paid in-kind by the Company by increasing the principal amount of the SPV Purchase and Sale Note on each interest payment date and is not required to be paid until maturity on July 5, 2026, three years after the closing of the SPV Purchase and Sale Note, subject to two automatic extensions of one-year each without any amendment of the relevant documentation. During the first week of July 2024, the Company paid $28,189,406 to extinguish the SPV Purchase and Sale Note early. The total paid included $3,189,406 in accumulated non-cash interest incurred through the early extinguishment date. The total interest paid in connection with the payoff is part of interest paid in the consolidated statements of cash flows. As of September 30, 2024 and December 31, 2023, $3,189,406 and $1,538,004 in non-cash interest expense was added to the outstanding principal balance, respectively. The following table shows scheduled principal payments by year for our long-term debt as of September 30, 2024: Payments by Year 2024 remaining 2025 2026 2027 2028 Thereafter Total Market-indexed notes, at fair value: LMATT Series 2024, Inc. $ 13,730,026 $ — $ — $ — $ — $ — $ 13,730,026 Secured borrowing, at fair value: LMA Income Series, LP — 22,721,057 — — — — 22,721,057 LMA Income Series II, LP — — 74,065,960 — — — 74,065,960 Unsecured borrowing: Fixed Rate Senior Unsecured Notes — — — — 60,650,000 — 60,650,000 Sponsor PIK Note — — — — 12,157,258 — 12,157,258 $ 13,730,026 $ 22,721,057 $ 74,065,960 $ — $ 72,807,258 $ — $ 183,324,301

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY The Company is authorized to issue up to 200,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. No shares of preferred stock are issued or outstanding. Holders of the Company’s common stock are entitled to one vote for each share. As of September 30, 2024, there were 75,756,439 shares of common stock issued, of which 74,708,213 are outstanding and 1,048,226 shares were held as treasury stock. Holders of shares were entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the stockholders after payment of all liabilities. The equity structure has been recast in all comparative periods up to the Closing Date of June 30, 2023 to reflect the number of shares of the Company’s common stock, 0.0001 par value per share, issued to legacy LMA’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to legacy LMA common stock prior to the Business Combination have been retroactively recast as shares reflecting the exchange ratio of 0.8 established in the Business Combination. As of June 30, 2023, this resulted in 62,961,688 shares of common stock issued and outstanding. As of December 31, 2023, there were 63,388,823 shares of common stock issued, of which 63,242,173 are outstanding and 146,650 shares were held as treasury stock. On June 20, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Piper Sandler & Co., TD Securities (USA) LLC, B. Riley Securities, Inc. and KKR Capital Markets LLC, as representatives (“Representatives”) of the several underwriters (the “Underwriters”), relating to the underwritten offering of 10,000,000 shares of common stock, par value $0.0001 per share, of the Company’s common stock announced on June 13, 2024. Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to 1,500,000 additional shares of Common Stock (the “Option”). On June 21, 2024, the Underwriters exercised the Option in full. The Offering closed on June 24, 2024. The Company received $84,786,373 net proceeds from the sale of its common stock, which was net of $7,213,627 in related transaction costs. Public Warrants As of September 30, 2024, the Company had 16,654,140 Public Warrants outstanding. Each redeemable whole Public Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per full share, subject to adjustment as described. Public Warrants represent a freestanding financial instrument as it is traded on the Nasdaq under the symbol “ABLLW” and legally detachable and separately exercisable from the related underlying shares of the Company’s common stock. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will expire five years from the purchase date for July 27, 2020 or August 25, 2020, the dates of the initial public offering and over-allotment, respectively, by the Sponsor, or earlier upon redemption or liquidation. Redemption of Warrants for Cash - The Company may redeem the outstanding Public Warrants for cash: • in whole and not in part; • at a price of $0.01 per Public Warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. Redemption of Warrants for Shares of Class A Common Stock - The Company may redeem the outstanding warrants for shares of Class A common stock: • in whole and not in part; • at a price equal to a number of shares of Class A common stock to be determined by reference to the agreed table set forth in the warrant agreement based on the redemption date and the “fair market value” of the Class A common stock; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company elects to redeem all of the Public Warrants or the common stock is at the time of any exercise of a Public Warrant not listed on a national securities exchange, management has the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. In such event, each holder would pay the exercise price by surrendering the whole warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. However, in no instance can the warrant holder unilaterally decide to exercise its Public Warrant on a cashless basis. The Company accounts for the Public Warrants as equity instruments. The Company estimated that the fair value of the warrants upon the Business Combination was approximately $4.73 million, or $0.274 per Public Warrant, using the binomial lattice model. The fair value of the warrants was estimated as of the date of grant using the following assumptions: (1) risk-free interest rate of 4.09%, (2) term to expiration of 5.00 years, (3) exercise price of $11.50 and (4) stock price of $10.03. The Company accounted for the warrant as an expense of the IPO resulting in a charge directly to stockholders’ equity on June 30, 2023. During 2024, the Company’s share price reached the warrant exercise price of $11.50. Certain public warrant holders redeemed their warrants for the Company’s common stock. As of September 30, 2024, the Company received $6,852,207 from the exercise of 595,844 public warrants. Stock Repurchase Program On December 11, 2023, our board of directors authorized a stock repurchase program under which the Company may purchase shares of our common stock for an aggregate purchase price not to exceed $15,000,000 over a period of up to 18 months. Stock repurchases may be made through open market transactions, block trades, accelerated stock repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of stock repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company is not obligated to purchase any stock under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future. Acquired shares of our common stock are held as treasury stock carried at cost in our consolidated financial statements. In connection with the repurchase program, the Company is authorized to adopt one of more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. As of September 30, 2024, $2,974,863 remained available for repurchase under the authorization approved by the Company’s board of directors. The authorization for the stock repurchase program may be suspended, terminated, increased or decreased by our board of directors at any time without prior notice. The following table summarizes stock repurchase activity under our stock repurchase program: Total Number of Shares Purchased Cost of Shares Repurchased Average Price Paid per Share As of December 31, 2023 146,650 $ 1,283,062 $ 8.82 January 1, 2024 to January 31, 2024 316,800 3,664,552 11.61 February 1, 2024 to February 29, 2024 200,916 2,480,383 12.35 March 1, 2024 to March 31, 2024 114,400 1,379,457 12.06 April 1, 2024 to April 30, 2024 173,197 2,081,859 12.02 May 1, 2024 to May 31, 2024 96,263 1,135,824 11.81 As of September 30, 2024 1,048,226 $ 12,025,137 $ 11.61

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK- BASED COMPENSATION Long-term Incentive Plan: In October 2023, the Compensation Committee approved the issuance of 2,468,500 restricted stock units (“RSUs”) to executives, employees and directors as part of the Company’s 2023 Long-Term Equity Compensation Incentive Plan (“Long-term Incentive Plan”). This plan provides for equity-based awards, including restricted stock units, performance stock units (“PSU”), stock options and unrestricted shares of common stock, may be granted to officers, key employees and directors of the Company. The Company has granted RSUs that provide the right to receive, subject to service based vesting conditions, shares of common stock pursuant to the Equity Plan. The expense associated with these awards will be based on the fair value of the stock as of the grant date, where the Company will elect to straight line recognition over the vesting period, which is three years. In April 2024, the Company’s Board of Directors adopted a resolution to amend the Long-Term Incentive Plan to update certain terms and increase the RSUs available for future equity-based awards by 5,000,000 shares and provided for an additional 5,000,000 shares to be available for incentive stock options in the Company’s common stock bringing the total authorized shares available for awards to 13,164,991. This resolution was approved by the Company’s shareholders during the Company’s annual shareholder meeting in June 2024. Under the approved Long-term Incentive Plan, generally, each RSU entitles the unit holder to one share of common stock when the restriction expires. RSUs have service conditions associated with them that range from one After the approved amendment to the Long-Term Incentive Plan, 10,215,756 shares of common stock remained available for issuance. The following table shows a summary of the unvested restricted stock under the 2023 Long-Term Equity Compensation Incentive Plan as of September 30, 2024 as well as activity during the year: Number of shares Weighted Average Grant Date Fair Value Restricted stock units, unvested, December 31, 2023 2,429,500 $ 6.16 Granted 136,972 12.37 Vested (271,772) 8.77 Forfeited (1,500) 6.16 Restricted stock units, unvested, September 30, 2024 2,293,200 $ 6.22 Black-Scholes option-pricing model assumptions and the resulting fair value of options are presented in the following table: Stock Options on Grant Date Dividend yield — % Expected volatility 23.00 % Risk-free interest rate 3.98 % Expected option life 5.81 years Weighted average fair value of stock options $ 3.91 The Company does not intend to pay dividends for the foreseeable future. The expected volatility reflects the Company’s past daily common stock price volatility. The risk-free interest rate is derived using the term matched U.S. Treasury constant maturity yields. The expected stock option life is based on the average of the average time to vest and the remaining contractual term. The following table shows the status of, and changes in, common stock options: Number of Options Weighted Average Exercise Price Options outstanding, December 31, 2023 — $ — Granted 345,263 3.91 Exercised — — Expired or cancelled — — Options exercisable, September 30, 2024 345,263 $ 3.91 Compensation costs recognized for RSUs and stock options were $1,832,746 and $— for the three months ended September 30, 2024 and 2023, respectively. Compensation costs recognized for RSUs and stock options were $4,924,312 and $— for the nine months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, $322,607 and $1,510,139 of the compensation costs is recorded in cost of revenue (including stock-based compensation) and in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income, respectively. For the nine months ended September 30, 2024, $967,820 and $3,956,492 of the compensation costs is recorded in cost of revenue (including stock-based compensation) and in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income, respectively. As of September 30, 2024, there was approximately $11,606,823 of unrecognized compensation costs related to RSUs and stock options which the Company expects to recognize over the next 1.9 years. CEO Restriction Agreement: As part of the Merger, the Chief Executive Officer (“CEO”) entered into a Restriction Agreement with the Company that provides terms for the CEO’s ownership interest grant that were assigned to him from the three original founders of Abacus Settlements. As of the Closing Date of the Merger on June 30, 2023, the CEO received 4,569,922 shares of Restricted Stock. Vesting Conditions. The Company shall issue the shares of Restricted Stock either (a) in certificate form or (b) in book entry form, registered in the CEO’s name, referring to the terms, conditions and restrictions applicable to the shares as outlined below. The CEO’s Ownership Interest Grant (“Restricted Stock”) shall vest as follows: i. 50% of the shares on the 25 th month following the Effective Date, ii. 50% of the shares on the 30 th month following the Effective Date, iii. Additionally, the Restricted Stock will become fully vested upon the first to occur of one of the following events: (i) separation from service due to disability, (ii) death, (iii) separation from service without cause; or (iv) separation from service for good reason. CEO Stock-based compensation expense is recorded in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 4,583,632 $ 4,583,632 $ 13,750,896 $ 4,583,632 Restricted Stock activity relative to the CEO as of September 30, 2024 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 4,569,922 $ 10.03 Granted — — Vested — — Forfeited — — Outstanding at September 30, 2024 4,569,922 $ 10.03 As of September 30, 2024, unamortized stock-based compensation expense for unvested Restricted Stock relative to the CEO was $22,918,159 with a remaining contractual life of 1.3 years

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Sep. 30, 2024
Postemployment Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN The Company has a defined contribution plan in the U.S. intended to qualify under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer up to 100% of their annual compensation on a pretax basis. The Company matches up to a maximum of 4% of eligible employee compensation and may choose to make additional discretionary contributions to the 401(k) Plan. For the three months ended September 30, 2024 and 2023, the Company recognized expenses related to the 401(k) Plan amounting to $102,947 and $61,586, respectively. For the three months ended September 30, 2024 and 2023, the Company did not make discretionary contributions. For the nine months ended September 30, 2024 and 2023, the Company recognized expenses related to the 401(k) Plan amounting to $302,479 and $86,901, respectively. For the nine months ended September 30, 2024 and 2023, the Company did not make discretionary contributions.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Before June 30, 2023 the date of the Merger, LMA and Abacus had elected to file as an S corporation for federal and state income tax purposes, as such, neither LMA nor Abacus incurred federal or state income taxes, except for income taxes related to LMA’s consolidated variable interest entities (VIE) and subsidiaries which are taxable C corporations. These VIEs and subsidiaries include LMATT Series 2024, Inc., the wholly owned subsidiary of LMX, which is consolidated into LMA as a VIE, as well as LMATT Growth Series 2.2024, Inc., a wholly owned subsidiary of LMA Series, LLC, and LMATT Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMA Series, LLC, all of which are 100% owned subsidiaries and fully consolidated. Accordingly, the provision for income taxes was attributable to amounts for LMATT Series 2024, Inc, LMATT Growth Series 2.2024, Inc. and LMATT Growth and Income Series 1,2026, Inc. After the Merger, both LMA and Abacus are considered disregarded entities of the Company, a C corporation for federal and state income tax purposes. For the three months ended September 30, 2024 and 2023, the Company recorded a provision for income (benefit) taxes of $(250,368) and $1,710,315, respectively. The effective tax rate is 4.5% for the three months ended September 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the three months ended September 30, 2023 was 61.9% primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). For the nine months ended September 30, 2024 and 2023, the Company recorded a provision for income taxes of $2,680,855 and $2,238,419, respectively. The effective tax rate is (83.1)% for the nine months ended September 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the nine months ended September 30, 2023 was 12.7% due to the impact of the VIEs and by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The Company did not have any unrecognized tax benefits relating to uncertain tax positions at September 30, 2024 and December 31, 2023, and did not recognize any interest or penalties related to uncertain tax positions at September 30, 2024, and December 31, 2023. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the consolidated statements of operations and comprehensive (loss) income during 2024.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS As of September 30, 2024 and December 31, 2023, $— and $5,236, respectively, were due to affiliates. As of September 30, 2024 and December 31, 2023, $1,279,099 and $1,007,528, respectively, was due from affiliates. The majority of the due from affiliate amount as of September 30, 2024 and December 31, 2023 represents transaction costs incurred by the Company related to the formation of an investment fund being registered under the Investment Company Act of 1940 that will be reimbursed upon regulatory approval and effectiveness of the investment fund and subsequent sale of shares in the investment fund. The SPV Purchase and Sale Note was paid off for $28,189,406 in early July 2024 and was a related party transaction given the transfer of cash and policies between the Company and the SPV, which is jointly owned by the Sponsor and former members of LMA and Abacus. The Sponsor PIK Note for $12,157,258 is also recorded as a related party transaction given the relationship between the Sponsor and the Company. The Company has a related-party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”). The Company earns servicing revenue related to policy and administrative services performed for the Nova Funds. The servicing fee is equal to 50 basis points (0.50%) times the monthly invested amount in policies held by Nova Funds divided by 12. The Company earned $56,539 and $168,899 in service revenue from the the Nova Funds for the three and months ended September 30, 2024 and 2023, respectively. The Company earned $362,394 and $711,975 in service revenue from the Nova Funds for the nine months ended September 30, 2024 and 2023, respectively. The Company may at times purchase policies it services for the Nova Funds for active management trading purposes. During 2024, the Company paid $65,900,029 to acquire policies from the Nova Funds. After the Merger, the Company also originates policies for the Nova Funds. For its origination services to the Nova Funds, the Company earns origination fees equal to the lesser of (i) 2% of the net death benefit for the policy or (ii) $20,000. The Company earned $— and $254,517 in origination revenue from the Nova Funds for the three months ended September 30, 2024 and 2023, respectively. The Company earned $— and $254,517 in origination revenue related to the Nova Funds for the nine months ended September 30, 2024 and 2023, respectively. The Company incurred transition costs with the Nova funds of $430 and $7,981 for the three months ended September 30, 2024 and 2023, respectively. The Company incurred transition costs with the Nova funds of $2,568 and $7,981 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, and December 31, 2023, there were $83,498 and $79,509, respectively, owed by the Nova Funds, which are included as related-party receivables in the consolidated balance sheets.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	LEASES During 2023, the Company amended its existing lease with the lessor to swap office spaces, increase square footage, and extend the lease term from July 31, 2023 to December 31 2029. The Company applied the lease modification guidance to account for the amendment to the lease. The commencement date for the amended lease was December 8, 2023, the date the lessor allowed the Company to take possession of the space. The amended lease provided for a leasehold improvement allowance, a monthly lease abatement from August to December 2024, and an option terminate. The Company remeasured the ROU assets and the lease liabilities as of the commencement date. The Company determined that the termination option is not reasonably certain of exercise based on an evaluation of the contract, the termination fee, market and asset-based factors, and therefore does not exclude periods covered by the termination option. In February 2024, the Company added additional office space to the existing lease via an amendment. This amendment did not significantly change the overall terms of the amendment signed in 2023 and as a result was treated as a lease modification. The modification increased our right of use asset and liability by $359,352 . The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts as of September 30, 2024 and December 31, 2023: As of September 30, 2024 As of December 31, 2023 Assets: Operating lease right-of-use assets $ 2,033,538 $ 1,893,659 Liabilities: Current operating lease liability 413,071 118,058 Non-current operating lease liability 1,860,736 1,796,727 Total lease liability $ 2,273,807 $ 1,914,785 The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s consolidated statements of operations and comprehensive (loss) income. The Company’s lease expense for the periods presented consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 128,607 $ 69,904 $ 379,047 $ 94,846 Variable lease cost 310,231 20,540 456,477 29,465 Total lease cost $ 438,838 $ 90,444 $ 835,524 $ 124,311 The following table shows supplemental cash flow information related to lease activities for the periods presented: Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of the lease liability Operating cash flows from operating leases $ 501,994 $ 96,891 ROU assets obtained in exchange for new lease liabilities 359,352 — The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented: Nine Months Ended September 30, 2024 2023 Weighted-average remaining lease term (in years) 5.25 0.80 Weighted-average discount rate 9.67 % 3.42 % Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at September 30, 2024 are as follows: Operating leases Remaining of 2024 $ — 2025 553,953 2026 570,602 2027 587,694 2028 605,268 Thereafter 623,490 Total operating lease payments (undiscounted) 2,941,007 Less: Imputed interest (667,200) Lease liability as of September 30, 2024 $ 2,273,807

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Basic earnings or (loss) per share represents net loss or income attributable to ordinary stockholders divided by the weighted average number of common stock outstanding during the reported period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings or (loss) per common share attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings or loss per common share applicable to common shareholders by application of the treasury stock method using average market prices during the period. The shares issuable upon exercise of the Public Warrants, Private Placement Warrants, or stock options will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the respective strike price. If and when the price of our common stock exceeds the respective strike price of any of the warrants or stock options, we will include the dilutive effect of the additional shares that may be issued upon exercise of the warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic earnings or loss per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders for basic earnings (loss) per share $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Weighted average shares outstanding for basic earnings (loss) per share 74,694,319 63,349,823 66,984,401 54,632,826 Basic earnings (loss) per share $ (0.07) $ 0.01 $ (0.09) $ 0.29 The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders for basic earnings (loss) per share $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Numerator used to calculate diluted earnings (loss) per share $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Weighted average shares outstanding for basic earnings (loss) per share 74,694,319 63,349,823 66,984,401 54,632,826 Weighted average shares for diluted earnings (loss) per share 74,694,319 63,349,823 66,984,401 54,632,826 Diluted earnings (loss) per share $ (0.07) $ 0.01 $ (0.09) $ 0.29

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions from the consolidated balance sheet date through the date at which the consolidated financial statements were issued. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Abacus Settlements LLC - DESCRI

Abacus Settlements LLC - DESCRIPTION OF THE BUSINESS	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
DESCRIPTION OF THE BUSINESS	BASIS OF PRESENTATION The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 30, 2024, and as amended by Amendment No. 2 on Form 10-K/A, filed with the SEC on June 12, 2024 (“2023 Annual Report”). Refer to Note 2 in the Company’s 2023 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our 2023 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements. The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Life, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2024, and the consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements in the condensed notes to Interim Financial Statements are unaudited. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, market-indexed note valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Abacus Settlements, LLC d/b/a Abacus Life (“Abacus”) was formed in 2004 in the state of New York. In 2016, the Company obtained its licensure in Florida and re-domesticated to that state. On June 13, 2023, the Company re-domesticated to Delaware. Abacus acts as a purchaser of outstanding life insurance policies (“Provider”) on behalf of investors (“Financing Entities”) by locating policies and screening them for eligibility for a life settlement, including verifying that the policy is in force, obtaining consents and disclosures, and submitting cases for life expectancy estimates, also known as origination services. When the sale of a policy is completed, this is deemed “settled” and the policy is then referred to as either a “life settlement” in which the insured’s life expectancy is greater than two years or “viatical settlement,” in which the insured’s life expectancy is less than two years. Abacus is not an insurance company, and therefore Abacus does not underwrite insurable risks for its own account. On June 30, 2023 Abacus was acquired by LMA.

Abacus Settlements LLC - SUMMAR

Abacus Settlements LLC - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards —The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. Below we discuss the impact of new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) to the Interim Financial Statements. ASU 2023-07—“Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures”, was intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We early adopted ASU 2023-07 in the first quarter of 2024, by including significant segment expenses reviewed by the Company’s CODM. Refer to Note 11, Segment Reporting, for our updated presentation. ASU 2024-01—”Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. In March 2024, the FASB issued ASU 2024-01 to add an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation . The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Although early adoption of this ASU is permitted, the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendments are applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. ASU 2024-02—”Codification Improvements—Amendments to Remove References to the Concepts Statements”. In March 2024, the FASB issued ASU 2024-02 to remove references to various FASB Concepts Statements. The Board has a standing project on its agenda to address suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. This effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Although early adoption of this ASU is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance), the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. Life Settlement Policies —The Company may at times generate non-cash realized gains or losses when the consideration of a policy sale is another life settlement policy with different risk characteristics and risk profile. Stock Options —The Company awards stock options (“options”) to purchase the Company’s common stock at the market price of the stock on the grant date. Options generally vest over a period of three years and expire no later than 10 years from the grant date. Fair value is estimated using the Black-Scholes option-pricing model by applying certain assumptions. That fair value is reduced when options are forfeited. The fair value of options, net of forfeitures, is recognized in general and administrative expenses on a straight-line basis over the vesting period. Concentrations —Three customers accounted for 32%, 19%, and 17% of total revenue for the three months ended September 30, 2024, respectively. Three customers accounted for 28%, 20%, and 15% of total revenue for the nine months ended September 30, 2024. Three customers accounted for 33%, 19%, and 10% of total revenue for the three months ended September 30, 2023. Three customers accounted for 29%, 19%, and 14% of total revenue for the nine months ended September 30, 2023. The Company purchases life insurance policies from various funds, directly from policy holders (“Client Direct”), or from Brokers or Agents representing policy holders (collectively “Seller” or “Sellers”). The Company purchased life insurance policies from three Sellers that accounted for 17%, 15% (related party), and 11% of the total policies purchased for the three months ended September 30, 2024. The Company purchased life insurance policies from two Sellers that accounted for 23% (related party) and 10% of the total policies purchased for the nine months ended September 30, 2024, respectively. The Company purchased life insurance policies from two Sellers that accounted for 14% and 11% of the total policies purchased for the three months ended September 30, 2023. The Company did not purchase policies from any Seller that accounted for 10% or greater of the policies purchased for the nine months ended September 30, 2023. Reclassifications —Certain prior period amounts have been reclassified to conform to current presentation.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The accompanying financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Unaudited Financial Statements —The financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of Abacus’ financial position as of June 30, 2023, and the results of its operations and comprehensive loss and cash flows for the three and six months ended June 30, 2023. Use of Estimates —The preparation of US GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of financial statements and the reports amounts of revenue and expenses during the reporting periods. Abacus’ estimates, judgments, and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, the selection of useful lives of property and equipment, impairment testing, valuation of other receivables from clients, income taxes, and legal reserves. Concentrations —All of Abacus’ revenues are derived from life settlement transactions in which Abacus represents Financing Entities that purchased existing life insurance policies. One financing entity, a company in which the Abacus’ members own interests, represented 23% of Abacus’ revenues in the six months ended June 30, 2023. Abacus originates policies through three different channels: Direct to Consumer, Agent, and Broker. Two brokers represented the sellers for over 10% of Abacus’ life settlement commission expense during the period six months ended June 30, 2023. Abacus maintains cash deposits with a major financial institution, which from time to time may exceed federally insured limits. Abacus periodically assesses the financial condition of the institution and believes that the risk of loss is minimal. Advertising —All advertising expenditures incurred by Abacus are charged to expense in the period to which they relate and are included in general and administrative expenses on the accompanying statements of operations and comprehensive loss. Advertising expense $367,418 for three months ended June 30, 2023. Advertising expense totaled $741,789 for six months ended June 30, 2023.

Abacus Settlements LLC - SEGMEN

Abacus Settlements LLC - SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SEGMENT REPORTING	SEGMENT REPORTING Segment Information —The Business Combination that took place on June 30, 2023, where ERES, LMA and Abacus Settlements consummated the combining of the Companies, triggered a re-organization of Abacus Life Inc., where the legacy Abacus Settlements business and legacy LMA business would both operate under Abacus Life, Inc. subsequent to the Business Combination date. Abacus Settlements historically had one operating and reportable segment, Originations. LMA historically had two operating and reportable segments, (1) Portfolio Servicing and (2) Active Management. As the Business Combination did not occur until the last day of the second quarter of 2023, income activity related to Abacus Settlements had not yet been reported by Abacus Life, Inc. as the businesses did not begin operating as a combined Company until July 1, 2023. As such, beginning in the third quarter of 2023, the Company organizes its business into three reportable segments (1) Portfolio Servicing, (2) Active Management, and (3) Originations, which all generate revenue and incur expenses in different manners. This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting . The Company’s reportable segments are not aggregated. The Portfolio Servicing segment generates revenues by providing policy services to customers on a contract basis. The Active Management segment generates revenues by buying, selling, and trading policies and maintaining policies until receipt of death benefits. The Originations segment generates revenue by originating life insurance policy settlements between investors or buyers, and the sellers, who are often the original policy owner. The policies are purchased from owners or other providers through advisors, brokers or directly through the owner. The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review disaggregated assets by segment. The Company adopted ASU 2023-07 in March 2024. The most significant provision was for the Company to disclose significant segment expenses that are regularly provided to the CODM. The Company’s CODM periodically reviews cost of revenues by segment and treats it as a significant segment expense. Revenue related to the Company’s reportable segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ 116,386 $ 224,569 $ 539,209 $ 814,626 Active management 26,967,575 18,926,144 73,778,331 39,921,061 Originations 7,504,110 10,214,489 18,194,588 10,214,489 Total revenue (including intersegment) 34,588,071 29,365,202 92,512,128 50,950,176 Intersegment eliminations (6,439,580) (8,244,272) (13,800,351) (8,244,272) Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904 Cost of revenue related to the Company’s reportable segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ 401,493 $ 850,614 $ 932,556 $ 1,606,799 Active management (including stock-compensation) 712,750 1,368,581 2,523,640 2,075,346 Originations 5,144,638 5,689,108 12,434,408 5,689,108 Total expenses (including intersegment) 6,258,881 7,908,303 15,890,604 9,371,253 Intersegment eliminations (4,070,900) (4,543,346) (8,238,192) (4,543,346) Total cost of revenue $ 2,187,981 $ 3,364,957 $ 7,652,412 $ 4,827,907 Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) attributable to common stockholders is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ (285,107) $ (626,045) $ (393,347) $ (792,173) Active management 26,254,825 17,557,563 71,254,691 37,845,715 Originations 2,359,472 4,525,381 5,760,180 4,525,381 Gross profit (including intersegment) 28,329,190 21,456,899 76,621,524 41,578,923 Intersegment eliminations (2,368,680) (3,700,926) (5,562,159) (3,700,926) Total gross profit 25,960,510 17,755,973 71,059,365 37,877,997 Sales and marketing (2,169,197) (1,704,154) (6,651,942) (3,116,999) General and administrative (including stock-based compensation) (15,489,503) (9,838,951) (41,396,346) (11,113,382) Depreciation and amortization expense (1,745,279) (1,694,853) (5,177,785) (1,696,994) Other (expense) income (9,832) 20,086 132,610 (1,565) Loss on change in fair value of warrant liability (8,766,500) (943,400) (8,487,040) (943,400) Interest expense (4,218,314) (2,679,237) (12,417,946) (3,620,695) Interest income 609,496 63,826 1,670,828 71,283 Loss (gain) on change in fair value of debt (124,237) 2,088,797 (4,036,327) (309,865) Unrealized (gain) loss on equity securities, at fair value 417,677 (306,800) 1,220,161 491,356 Realized gain on equity securities, at fair value — — 856,744 — Income tax (benefit) expense 250,368 (1,710,315) (2,680,855) (2,238,419) Less: Net loss attributable to non-controlling interests 159,756 (147,611) 204,716 339,692 Net income (loss) attributable to common stockholders $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Segment gross profit is defined as revenues less cost of sales, excluding depreciation and amortization. Expenses below the gross profit line are not allocated across operating segments, as they relate primarily to the overall management of the consolidated entity. For the three and nine months ended September 30, 2024 and 2023, our operations were mostly confined to the United States, except for sales made to a customer in Luxembourg included in active management revenue. This customer represented approximately 32% and 15% f or the three and nine months ended September 30, 2024, respectively, and approximately 6% and 6% for the three and nine months ended September 30, 2023, respectively.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SEGMENT REPORTING	SEGMENT REPORTING Operating as a centrally led life insurance policy intermediary, Abacus’ president and chief executive officer is the chief operating decision maker who allocates resources and assesses financial performance based on financial information presented for Abacus as a whole. As a result of this management approach, Abacus is organized as a single operating segment.

Abacus Settlements LLC - REVENU

Abacus Settlements LLC - REVENUE	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
REVENUE	REVENUES Disaggregated Revenue— The disaggregation of the Company’s revenue by major sources is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing revenue: Related party serving revenue $ 56,539 $ 168,899 $ 362,394 $ 711,975 Portfolio servicing revenue 59,847 55,670 176,815 102,651 Total portfolio servicing revenue 116,386 224,569 539,209 814,626 Active management revenue: Investment income from life insurance policies held using the investment method 69,729 1,817,764 577,122 18,473,597 Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method 26,897,846 17,108,380 73,201,209 21,447,464 Total active management revenue 26,967,575 18,926,144 73,778,331 39,921,061 Originations revenue: Related party origination revenue: Broker — 209,517 — 209,517 Client direct — 45,000 — 45,000 Total related party origination revenue — 254,517 — 254,517 Origination revenue: Agent 267,000 561,780 2,121,502 561,780 Broker 723,500 1,020,045 2,085,650 1,020,045 Client direct 74,030 133,875 187,085 133,875 Total origination revenue 1,064,530 1,715,700 4,394,237 1,715,700 Total originations revenue 1,064,530 1,970,217 4,394,237 1,970,217 Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904 Contract Balances —We had no contract assets at September 30, 2024 and December 31, 2023. The balances of contract liabilities arising from originated contracts with customers were as follows: September 30, 2024 December 31, 2023 Contract liabilities, deposits on pending settlements $ 924,083 $ 507,000 Total contract liabilities $ 924,083 $ 507,000 Revenue recognized during the first quarter of 2024 that was included in our contract liabilities balance at December 31, 2023 was $507,000, less $347,000 intercompany revenue that was eliminated in consolidation.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
REVENUE	REVENUE Disaggregated Revenue— The following table presents a disaggregation of Abacus’ revenue by major sources for three and six months ended June 30, 2023: Three Months Ended Six Months Ended Agent $ 3,334,402 $ 7,143,016 Broker 2,809,499 4,675,973 Client direct 740,789 1,365,687 Total $ 6,884,690 $ 13,184,676

Abacus Settlements LLC - INCOME

Abacus Settlements LLC - INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
INCOME TAXES	INCOME TAXES Before June 30, 2023 the date of the Merger, LMA and Abacus had elected to file as an S corporation for federal and state income tax purposes, as such, neither LMA nor Abacus incurred federal or state income taxes, except for income taxes related to LMA’s consolidated variable interest entities (VIE) and subsidiaries which are taxable C corporations. These VIEs and subsidiaries include LMATT Series 2024, Inc., the wholly owned subsidiary of LMX, which is consolidated into LMA as a VIE, as well as LMATT Growth Series 2.2024, Inc., a wholly owned subsidiary of LMA Series, LLC, and LMATT Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMA Series, LLC, all of which are 100% owned subsidiaries and fully consolidated. Accordingly, the provision for income taxes was attributable to amounts for LMATT Series 2024, Inc, LMATT Growth Series 2.2024, Inc. and LMATT Growth and Income Series 1,2026, Inc. After the Merger, both LMA and Abacus are considered disregarded entities of the Company, a C corporation for federal and state income tax purposes. For the three months ended September 30, 2024 and 2023, the Company recorded a provision for income (benefit) taxes of $(250,368) and $1,710,315, respectively. The effective tax rate is 4.5% for the three months ended September 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the three months ended September 30, 2023 was 61.9% primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). For the nine months ended September 30, 2024 and 2023, the Company recorded a provision for income taxes of $2,680,855 and $2,238,419, respectively. The effective tax rate is (83.1)% for the nine months ended September 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the nine months ended September 30, 2023 was 12.7% due to the impact of the VIEs and by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The Company did not have any unrecognized tax benefits relating to uncertain tax positions at September 30, 2024 and December 31, 2023, and did not recognize any interest or penalties related to uncertain tax positions at September 30, 2024, and December 31, 2023. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the consolidated statements of operations and comprehensive (loss) income during 2024.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
INCOME TAXES	INCOME TAXES Since Abacus elected to file as an S corporation for federal and State income tax purposes, Abacus incurred no federal or state income taxes. Accordingly, provision for income taxes is attributable to minimum state tax payments that are due regardless of their S corporation status and income position. For the three months ended June 30, 2023 the company did not record provision for income taxes. For the six months ended June 30, 2023, Abacus recorded provision for income taxes of $2,289, which consist of state minimum taxes for state taxes that have been paid and settled during the period. The effective tax rate was approximately —% and (0.24)% for the three and six months ended June 30, 2023, respectively. Given Abacus' S Corporation status, temporary book and tax differences do not create a deferred tax asset or liability on the balance sheets. Accordingly, an assessment of realizability of any deferred tax asset balances is not relevant.

Abacus Settlements LLC - RETIRE

Abacus Settlements LLC - RETIREMENT PLAN	9 Months Ended
	Sep. 30, 2024
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
RETIREMENT PLAN	RETIREMENT PLAN Abacus provides a defined contribution plan to its employees, Abacus Settlements LLC 401(k) Profit Sharing Plan & Trust (the “Plan”). All eligible employees are able to participate in voluntary salary reduction contributions to the Profit-Sharing Plan. All employees who have completed one year of service with Abacus are eligible to receive employer-matching contributions. Abacus may match contributions to the Plan, up to 4% of compensation. For the three and six months ended June 30, 2023, Abacus made no discretionary contribution to the Plan.

Abacus Settlements LLC - RELATE

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS As of September 30, 2024 and December 31, 2023, $— and $5,236, respectively, were due to affiliates. As of September 30, 2024 and December 31, 2023, $1,279,099 and $1,007,528, respectively, was due from affiliates. The majority of the due from affiliate amount as of September 30, 2024 and December 31, 2023 represents transaction costs incurred by the Company related to the formation of an investment fund being registered under the Investment Company Act of 1940 that will be reimbursed upon regulatory approval and effectiveness of the investment fund and subsequent sale of shares in the investment fund. The SPV Purchase and Sale Note was paid off for $28,189,406 in early July 2024 and was a related party transaction given the transfer of cash and policies between the Company and the SPV, which is jointly owned by the Sponsor and former members of LMA and Abacus. The Sponsor PIK Note for $12,157,258 is also recorded as a related party transaction given the relationship between the Sponsor and the Company. The Company has a related-party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”). The Company earns servicing revenue related to policy and administrative services performed for the Nova Funds. The servicing fee is equal to 50 basis points (0.50%) times the monthly invested amount in policies held by Nova Funds divided by 12. The Company earned $56,539 and $168,899 in service revenue from the the Nova Funds for the three and months ended September 30, 2024 and 2023, respectively. The Company earned $362,394 and $711,975 in service revenue from the Nova Funds for the nine months ended September 30, 2024 and 2023, respectively. The Company may at times purchase policies it services for the Nova Funds for active management trading purposes. During 2024, the Company paid $65,900,029 to acquire policies from the Nova Funds. After the Merger, the Company also originates policies for the Nova Funds. For its origination services to the Nova Funds, the Company earns origination fees equal to the lesser of (i) 2% of the net death benefit for the policy or (ii) $20,000. The Company earned $— and $254,517 in origination revenue from the Nova Funds for the three months ended September 30, 2024 and 2023, respectively. The Company earned $— and $254,517 in origination revenue related to the Nova Funds for the nine months ended September 30, 2024 and 2023, respectively. The Company incurred transition costs with the Nova funds of $430 and $7,981 for the three months ended September 30, 2024 and 2023, respectively. The Company incurred transition costs with the Nova funds of $2,568 and $7,981 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, and December 31, 2023, there were $83,498 and $79,509, respectively, owed by the Nova Funds, which are included as related-party receivables in the consolidated balance sheets.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS Abacus has a related-party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”) as the owners of Abacus jointly own 11% of the Nova Funds. For the three months ended June 30, 2023, Abacus originated 38 policies, respectively, for the Nova Funds with a total value of $56,688,680, respectively. For the six months ended June 30, 2023, Abacus originated 72 policies, respectively, for the Nova Funds with a total value of $96,674,080, respectively. For its origination services to the Nova Funds, Abacus earns origination fees equal to the lesser of (i) 2% of the net death benefit for the policy or (ii) $20,000. For three and six months ended June 30, 2023, revenue earned, and contracts originated are as follows: Three Months Ended Six Months Ended Origination fee revenue $ 1,504,532 $ 2,952,837 Transaction reimbursement revenue 75,332 140,960 Total $ 1,579,864 $ 3,093,797 Cost $ 5,290,504 $ 11,656,637 Face value $ 56,688,680 $ 96,674,080 Total policies 38 72 Average Age 76 75 In addition to the Nova Funds, Abacus also has another affiliated investor that they provide origination services for. Total revenue earned related to the other affiliated investors was $3,615,738 and $6,838,141, of which $3,615,738 and $6,794,641 was related to LMA for the three and six months ended June 30, 2023, respectively. Total cost of sales related to the other affiliated investor was $2,623,201 and $5,020,603, of which $2,623,201 and $5,012,103 was related to LMA for three and six months ended June 30, 2023, respectively. In addition, there is a related party receivable due from LMA related to transaction expenses of $19,246 as of June 30, 2023.

Abacus Settlements LLC - SUBSEQ

Abacus Settlements LLC - SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUBSEQUENT EVENT	SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions from the consolidated balance sheet date through the date at which the consolidated financial statements were issued. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On June 30, 2023, Abacus consummated the merger with LMA. Abacus has evaluated its subsequent events through November 7, 2024, the date that the financial statements were issued and determined that there were no events that occurred that required disclosure.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (5,125,055)	$ 903,361	$ (5,703,817)	$ 15,739,009

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis of Presentation	The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 30, 2024, and as amended by Amendment No. 2 on Form 10-K/A, filed with the SEC on June 12, 2024 (“2023 Annual Report”). Refer to Note 2 in the Company’s 2023 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our 2023 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements. The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Life, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2024, and the consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements in the condensed notes to Interim Financial Statements are unaudited. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, market-indexed note valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.
New Accounting Standards	New Accounting Standards —The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. Below we discuss the impact of new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) to the Interim Financial Statements. ASU 2023-07—“Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures”, was intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We early adopted ASU 2023-07 in the first quarter of 2024, by including significant segment expenses reviewed by the Company’s CODM. Refer to Note 11, Segment Reporting, for our updated presentation. ASU 2024-01—”Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. In March 2024, the FASB issued ASU 2024-01 to add an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation . The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Although early adoption of this ASU is permitted, the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendments are applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted.
Life Settlement Policies	Life Settlement Policies —The Company may at times generate non-cash realized gains or losses when the consideration of a policy sale is another life settlement policy with different risk characteristics and risk profile.
Stock Options	Stock Options —The Company awards stock options (“options”) to purchase the Company’s common stock at the market price of the stock on the grant date. Options generally vest over a period of three years and expire no later than 10 years from the grant date. Fair value is estimated using the Black-Scholes option-pricing model by applying certain assumptions. That fair value is reduced when options are forfeited. The fair value of options, net of forfeitures, is recognized in general and administrative expenses on a straight-line basis over the vesting period.
Reclassifications	Reclassifications —Certain prior period amounts have been reclassified to conform to current presentation.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis of Presentation	Basis of Presentation —The accompanying financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Unaudited Financial Statements —The financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of Abacus’ financial position as of June 30, 2023, and the results of its operations and comprehensive loss and cash flows for the three and six months ended June 30, 2023.
Use of Estimates	Use of Estimates —The preparation of US GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of financial statements and the reports amounts of revenue and expenses during the reporting periods. Abacus’ estimates, judgments, and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, the selection of useful lives of property and equipment, impairment testing, valuation of other receivables from clients, income taxes, and legal reserves.
Concentrations	Concentrations —All of Abacus’ revenues are derived from life settlement transactions in which Abacus represents Financing Entities that purchased existing life insurance policies. One financing entity, a company in which the Abacus’ members own interests, represented 23% of Abacus’ revenues in the six months ended June 30, 2023. Abacus originates policies through three different channels: Direct to Consumer, Agent, and Broker. Two brokers represented the sellers for over 10% of Abacus’ life settlement commission expense during the period six months ended June 30, 2023. Abacus maintains cash deposits with a major financial institution, which from time to time may exceed federally insured limits. Abacus periodically assesses the financial condition of the institution and believes that the risk of loss is minimal.
Advertising	Advertising

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Purchase Price Allocation	The allocation of the purchase price for Abacus Merger was as follows as finalized on June 30, 2024: Net Assets Identified Fair Value Adjustments June 30, 2023 (as finalized on June 30, 2024) Intangibles $ 32,900,000 $ — $ 32,900,000 Current Assets 1,280,100 — 1,280,100 Non-Current Assets 901,337 — 901,337 Deferred Tax Liabilities (8,310,966) 356,810 (7,954,156) Accrued Expenses (524,400) — (524,400) Other Liabilities (1,171,739) — (1,171,739) Net assets acquired 25,074,332 356,810 25,431,142 Goodwill 140,287,000 (356,810) 139,930,190 Total purchase price $ 165,361,332 $ — $ 165,361,332
Intangible Assets Acquired	Intangible assets were comprised of the following: Asset Type Fair Value Useful Life Valuation Methodology Customer Relationships-Agents $ 12,600,000 5 years Multi-period excess earnings method Customer Relationships-Financing Entities 11,000,000 8 years Multi-period excess earnings method Internally Developed and Used Technology-APA 1,600,000 2 years Relief from royalty method Internally Developed and Used Technology-Marketplace 100,000 3 years Replacement cost method Trade Name 900,000 Indefinite Relief from royalty method Non-Compete Agreements 4,000,000 2 years With and without method State Insurance Licenses 2,700,000 Indefinite Replacement cost method Total Fair Value $ 32,900,000
Pro Forma Financial Information	The supplemental unaudited pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined for both reporting periods. There were no acquisition-related costs included in the unaudited pro forma results presented below. The unaudited pro forma financial information as presented below is for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combinations occurred as of the date indicated or what the results would be for any future periods. Nine Months Ended September 30, 2023 Proforma revenue $ 55,890,580 Proforma net income 14,424,416

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The disaggregation of the Company’s revenue by major sources is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing revenue: Related party serving revenue $ 56,539 $ 168,899 $ 362,394 $ 711,975 Portfolio servicing revenue 59,847 55,670 176,815 102,651 Total portfolio servicing revenue 116,386 224,569 539,209 814,626 Active management revenue: Investment income from life insurance policies held using the investment method 69,729 1,817,764 577,122 18,473,597 Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method 26,897,846 17,108,380 73,201,209 21,447,464 Total active management revenue 26,967,575 18,926,144 73,778,331 39,921,061 Originations revenue: Related party origination revenue: Broker — 209,517 — 209,517 Client direct — 45,000 — 45,000 Total related party origination revenue — 254,517 — 254,517 Origination revenue: Agent 267,000 561,780 2,121,502 561,780 Broker 723,500 1,020,045 2,085,650 1,020,045 Client direct 74,030 133,875 187,085 133,875 Total origination revenue 1,064,530 1,715,700 4,394,237 1,715,700 Total originations revenue 1,064,530 1,970,217 4,394,237 1,970,217 Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904
Schedule of Contract Liabilities	The balances of contract liabilities arising from originated contracts with customers were as follows: September 30, 2024 December 31, 2023 Contract liabilities, deposits on pending settlements $ 924,083 $ 507,000 Total contract liabilities $ 924,083 $ 507,000

LIFE SETTLEMENT POLICIES (Table

LIFE SETTLEMENT POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Life Settlement Contracts, Fair Value Method	The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of September 30, 2024: Policies Carried at Fair Value : Remaining Life Expectancy (Years) Policies Face Value Net Death Benefit Fair Value 0-1 7 $ 8,100,000 $ 8,100,000 $ 6,386,561 1-2 15 16,908,593 19,557,874 12,261,392 2-3 43 47,111,084 44,975,920 24,919,807 3-4 73 154,161,274 151,400,918 70,656,882 4-5 50 73,898,519 74,046,019 27,566,589 Thereafter 339 676,582,361 674,962,708 131,458,262 Total 527 $ 976,761,831 $ 973,043,439 $ 273,249,493
Schedule of Life Settlement Contracts, Investment Method	Policies accounted for using the investment method: Remaining Life Expectancy (Years) Policies Face Value Net Death Benefit Carrying Value 1-2 1 $ 625,000 $ 649,595 $ 329,714 2-3 1 750,000 750,000 395,649 4-5 2 750,000 750,000 330,552 Thereafter 1 100,000 100,330 15,257 Total 5 $ 2,225,000 $ 2,249,925 $ 1,071,172 Estimated premiums to be paid by the Company for its portfolio accounted for using the investment method during each of the five succeeding calendar years and thereafter as of September 30, 2024, are as follows: 2024 remaining $ 12,804 2025 57,733 2026 64,043 2027 37,210 2028 15,920 Thereafter 17,424 Total $ 205,134

PROPERTY AND EQUIPMENT_NET (Tab

PROPERTY AND EQUIPMENT—NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment—net composed of the following: September 30, December 31, Computer equipment $ 934,411 $ 356,939 Furniture and fixtures 91,125 91,125 Leasehold improvements 38,405 22,418 Property and equipment—gross 1,063,941 470,482 Less: accumulated depreciation (175,422) (69,762) Property and equipment—net $ 888,519 $ 400,720

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill by reportable segments were as follows: Portfolio Servicing Active Management Originations Goodwill at December 31, 2023 $ — $ — $ 140,287,000 Adjustments — — (356,810) Goodwill at September 30, 2024 $ — $ — $ 139,930,190
Schedule of Finite-Lived Intangible Assets	Intangible assets acquired comprised of the following: Asset Type Fair Value Useful Life Valuation Methodology Customer Relationships - Agents $ 12,600,000 5 years Multi-period excess-earnings method Customer Relationships - Financial Relationships 11,000,000 8 years Multi-period excess-earnings method Internally Developed and Used Technology—APA 1,600,000 2 years Relief from Royalty Method Internally Developed and Used Technology—Market Place 100,000 3 years Replacement Cost Method Trade Name 900,000 Indefinite Relief from Royalty Method Non-Compete Agreements 4,000,000 2 years With or Without Method State Insurance Licenses 2,700,000 Indefinite Replacement Cost Method Total intangible assets $ 32,900,000 Intangible assets and related accumulated amortization are as follows: September 30, 2024 Definite-lived Intangible Assets: Gross Value Accumulated Amortization Net Book Value Customer Relationships - Agents $ 12,600,000 $ (3,150,000) $ 9,450,000 Customer Relationships - Financial Relationships 11,000,000 (1,718,750) 9,281,250 Internally Developed and Used Technology—APA 1,600,000 (1,000,000) 600,000 Internally Developed and Used Technology—Market Place 100,000 (41,667) 58,333 Non-Compete Agreements 4,000,000 (2,500,000) 1,500,000 Total definite-lived intangible assets $ 29,300,000 $ (8,410,417) $ 20,889,583 Indefinite-lived Intangible Assets: Trade Name $ 900,000 $ — $ 900,000 State Insurance Licenses 2,700,000 — 2,700,000 Total intangible assets $ 32,900,000 $ (8,410,417) $ 24,489,583
Schedule of Indefinite-Lived Intangible Assets	Intangible assets acquired comprised of the following: Asset Type Fair Value Useful Life Valuation Methodology Customer Relationships - Agents $ 12,600,000 5 years Multi-period excess-earnings method Customer Relationships - Financial Relationships 11,000,000 8 years Multi-period excess-earnings method Internally Developed and Used Technology—APA 1,600,000 2 years Relief from Royalty Method Internally Developed and Used Technology—Market Place 100,000 3 years Replacement Cost Method Trade Name 900,000 Indefinite Relief from Royalty Method Non-Compete Agreements 4,000,000 2 years With or Without Method State Insurance Licenses 2,700,000 Indefinite Replacement Cost Method Total intangible assets $ 32,900,000 Intangible assets and related accumulated amortization are as follows: September 30, 2024 Definite-lived Intangible Assets: Gross Value Accumulated Amortization Net Book Value Customer Relationships - Agents $ 12,600,000 $ (3,150,000) $ 9,450,000 Customer Relationships - Financial Relationships 11,000,000 (1,718,750) 9,281,250 Internally Developed and Used Technology—APA 1,600,000 (1,000,000) 600,000 Internally Developed and Used Technology—Market Place 100,000 (41,667) 58,333 Non-Compete Agreements 4,000,000 (2,500,000) 1,500,000 Total definite-lived intangible assets $ 29,300,000 $ (8,410,417) $ 20,889,583 Indefinite-lived Intangible Assets: Trade Name $ 900,000 $ — $ 900,000 State Insurance Licenses 2,700,000 — 2,700,000 Total intangible assets $ 32,900,000 $ (8,410,417) $ 24,489,583
Schedule of Estimated Annual Amortization for Intangible Assets	Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows: 2024 remaining $ 1,682,083 2025 5,328,333 2026 3,911,667 2027 3,895,000 2028 2,635,000 Thereafter 3,437,500 Total $ 20,889,583

OTHER INVESTMENTS, EQUITY SEC_2

OTHER INVESTMENTS, EQUITY SECURITIES, AT FAIR VALUE, AND OTHER NONCURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Equity Securities, at Fair Value	As of September 30, 2024 and December 31, 2023, the value of the S&P 500 options was $3,019,055 and $2,348,998, respectively, recorded in the following accounts on the consolidated balance sheets: September 30, 2024 December 31, 2023 Current assets: Equity securities, at fair value $ 3,019,055 $ 2,252,891 Non-current assets: Equity securities, at fair value — 96,107 Total equity securities, at fair value $ 3,019,055 $ 2,348,998

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Revenue by Segment	Revenue related to the Company’s reportable segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ 116,386 $ 224,569 $ 539,209 $ 814,626 Active management 26,967,575 18,926,144 73,778,331 39,921,061 Originations 7,504,110 10,214,489 18,194,588 10,214,489 Total revenue (including intersegment) 34,588,071 29,365,202 92,512,128 50,950,176 Intersegment eliminations (6,439,580) (8,244,272) (13,800,351) (8,244,272) Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904
Summary of Segment Information	Cost of revenue related to the Company’s reportable segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ 401,493 $ 850,614 $ 932,556 $ 1,606,799 Active management (including stock-compensation) 712,750 1,368,581 2,523,640 2,075,346 Originations 5,144,638 5,689,108 12,434,408 5,689,108 Total expenses (including intersegment) 6,258,881 7,908,303 15,890,604 9,371,253 Intersegment eliminations (4,070,900) (4,543,346) (8,238,192) (4,543,346) Total cost of revenue $ 2,187,981 $ 3,364,957 $ 7,652,412 $ 4,827,907 Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) attributable to common stockholders is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing $ (285,107) $ (626,045) $ (393,347) $ (792,173) Active management 26,254,825 17,557,563 71,254,691 37,845,715 Originations 2,359,472 4,525,381 5,760,180 4,525,381 Gross profit (including intersegment) 28,329,190 21,456,899 76,621,524 41,578,923 Intersegment eliminations (2,368,680) (3,700,926) (5,562,159) (3,700,926) Total gross profit 25,960,510 17,755,973 71,059,365 37,877,997 Sales and marketing (2,169,197) (1,704,154) (6,651,942) (3,116,999) General and administrative (including stock-based compensation) (15,489,503) (9,838,951) (41,396,346) (11,113,382) Depreciation and amortization expense (1,745,279) (1,694,853) (5,177,785) (1,696,994) Other (expense) income (9,832) 20,086 132,610 (1,565) Loss on change in fair value of warrant liability (8,766,500) (943,400) (8,487,040) (943,400) Interest expense (4,218,314) (2,679,237) (12,417,946) (3,620,695) Interest income 609,496 63,826 1,670,828 71,283 Loss (gain) on change in fair value of debt (124,237) 2,088,797 (4,036,327) (309,865) Unrealized (gain) loss on equity securities, at fair value 417,677 (306,800) 1,220,161 491,356 Realized gain on equity securities, at fair value — — 856,744 — Income tax (benefit) expense 250,368 (1,710,315) (2,680,855) (2,238,419) Less: Net loss attributable to non-controlling interests 159,756 (147,611) 204,716 339,692 Net income (loss) attributable to common stockholders $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. Fair Value Hierarchy As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Life settlement policies, at fair value $ — $ — $ 273,249,493 $ 273,249,493 Available-for-sale securities, at fair value — — 1,185,740 1,185,740 Equity securities, at fair value 3,019,055 — — 3,019,055 Total assets held at fair value $ 3,019,055 $ — $ 274,435,233 $ 277,454,288 Liabilities: Current portion of long-term debt, at fair value $ — $ — $ 13,730,026 $ 13,730,026 Long-term debt, at fair value — — 96,358,740 96,358,740 Private placement warrants — — 15,130,000 15,130,000 Total liabilities held at fair value: $ — $ — $ 125,218,766 $ 125,218,766 Fair Value Hierarchy As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Life settlement policies, at fair value $ — $ — $ 122,296,559 $ 122,296,559 Available-for-sale securities, at fair value — — 1,105,935 1,105,935 Equity securities, at fair value 2,348,998 — — 2,348,998 Total assets held at fair value $ 2,348,998 $ — $ 123,402,494 $ 125,751,492 Liabilities: Current portion of long-term debt, at fair value $ — $ — $ 13,029,632 $ 13,029,632 Long-term debt, at fair value — — 55,318,923 55,318,923 Private placement warrants — — 6,642,960 6,642,960 Total liabilities held at fair value: $ — $ — $ 74,991,515 $ 74,991,515
Fair Value Measurement Inputs and Valuation Techniques	If the discount rate increased or decreased by two percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2024, would be as follows: As of September 30, 2024 Fair Value Change in Rate Adjustment +2% $ 253,146,067 $ (20,103,426) No change 273,249,493 -2% 295,143,512 21,894,019 The following table presents the key assumptions in the analysis: Private Placement Warrants Expected implied volatility de minimis Risk-free interest rate 4.09% Term to expiration 5.0 years Exercise price $11.50 Common Stock Price $10.03 Dividend Yield —%
Schedules of Concentration of Risk, by Risk Factor	The following table provides information about the life insurance issuer concentrations that exceed 10% of total face value or 10% of total fair value of the Company’s life insurance policies as of September 30, 2024: Carrier Percentage of Percentage of Carrier John Hancock Life Insurance Company (U.S.A.) 18 % 14 % A+ Lincoln National Life Insurance Company 13 % 11 % A
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a roll forward of the fair value of life insurance policies for the nine months ended September 30, 2024: Fair value at December 31, 2023 $ 122,296,559 Policies purchased 242,004,548 Matured/sold policies (129,191,652) Realized gain on matured/sold policies 38,431,102 Premiums paid (10,329,203) Unrealized gain on held policies 38,140,038 Change in estimated fair value 66,241,937 Realized gain on matured/sold policies (38,431,102) Premiums paid 10,329,203 Fair value at September 30, 2024 $ 273,249,493
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a roll forward of the fair value of the outstanding debt for the nine months ended September 30, 2024: Fair value at December 31, 2023 $ 68,348,556 Issuance of long term-debt 41,685,108 Repayment of debt (4,040,758) LMA Income Series, LP excess return accrual 352,846 Unrealized loss on change in fair value (risk-free) 4,036,327 Unrealized loss on change in fair value (credit-adjusted) included in OCI 101,337 Unrealized loss on change in fair value (credit-adjusted) included in equity of NCI 33,626 Change in estimated fair value of debt 4,171,290 Deferred issuance costs (428,276) Fair value at September 30, 2024 $ 110,088,766

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	Outstanding principal balances of Long-term debt comprises of the following: September 30, 2024 December 31, 2023 Cost Fair value Cost Fair value Market-indexed notes, at fair value: LMATT Series 2024, Inc. $ 11,002,072 $ 13,730,026 $ 9,124,944 $ 9,477,780 LMATT Growth Series 2.2024, Inc. — — 2,981,480 3,551,852 LMATT Growth & Income Series 1.2026, Inc — — 492,582 569,862 Secured borrowing, at fair value: LMA Income Series, LP 22,721,057 22,721,057 22,368,209 22,368,209 LMA Income Series II, LP 74,065,960 74,065,960 32,380,852 32,380,852 Deferred issuance costs (428,277) (428,277) — — Unsecured borrowing: Fixed Rate Senior Unsecured Notes 60,650,000 60,650,000 35,650,000 35,650,000 SPV Purchase and Sale Note — — 26,538,004 26,538,004 Sponsor PIK Note 12,157,258 12,157,258 11,115,865 11,115,865 Deferred issuance costs and discounts (2,653,003) (2,653,003) (1,831,910) (1,831,910) Total debt 177,515,067 180,243,021 138,820,026 139,820,514 Less current portion of: long-term debt, at fair value (11,002,072) (13,730,026) (11,440,236) (13,029,632) Total long-term debt $ 166,512,995 $ 166,512,995 $ 127,379,790 $ 126,790,882
Schedule of Maturities of Long-Term Debt	The following table shows scheduled principal payments by year for our long-term debt as of September 30, 2024: Payments by Year 2024 remaining 2025 2026 2027 2028 Thereafter Total Market-indexed notes, at fair value: LMATT Series 2024, Inc. $ 13,730,026 $ — $ — $ — $ — $ — $ 13,730,026 Secured borrowing, at fair value: LMA Income Series, LP — 22,721,057 — — — — 22,721,057 LMA Income Series II, LP — — 74,065,960 — — — 74,065,960 Unsecured borrowing: Fixed Rate Senior Unsecured Notes — — — — 60,650,000 — 60,650,000 Sponsor PIK Note — — — — 12,157,258 — 12,157,258 $ 13,730,026 $ 22,721,057 $ 74,065,960 $ — $ 72,807,258 $ — $ 183,324,301

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Share Repurchase Activity	The following table summarizes stock repurchase activity under our stock repurchase program: Total Number of Shares Purchased Cost of Shares Repurchased Average Price Paid per Share As of December 31, 2023 146,650 $ 1,283,062 $ 8.82 January 1, 2024 to January 31, 2024 316,800 3,664,552 11.61 February 1, 2024 to February 29, 2024 200,916 2,480,383 12.35 March 1, 2024 to March 31, 2024 114,400 1,379,457 12.06 April 1, 2024 to April 30, 2024 173,197 2,081,859 12.02 May 1, 2024 to May 31, 2024 96,263 1,135,824 11.81 As of September 30, 2024 1,048,226 $ 12,025,137 $ 11.61

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Restricted Stock Unit, Activity	The following table shows a summary of the unvested restricted stock under the 2023 Long-Term Equity Compensation Incentive Plan as of September 30, 2024 as well as activity during the year: Number of shares Weighted Average Grant Date Fair Value Restricted stock units, unvested, December 31, 2023 2,429,500 $ 6.16 Granted 136,972 12.37 Vested (271,772) 8.77 Forfeited (1,500) 6.16 Restricted stock units, unvested, September 30, 2024 2,293,200 $ 6.22 Restricted Stock activity relative to the CEO as of September 30, 2024 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 4,569,922 $ 10.03 Granted — — Vested — — Forfeited — — Outstanding at September 30, 2024 4,569,922 $ 10.03
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	Black-Scholes option-pricing model assumptions and the resulting fair value of options are presented in the following table: Stock Options on Grant Date Dividend yield — % Expected volatility 23.00 % Risk-free interest rate 3.98 % Expected option life 5.81 years Weighted average fair value of stock options $ 3.91
Share-Based Payment Arrangement, Option, Activity	The following table shows the status of, and changes in, common stock options: Number of Options Weighted Average Exercise Price Options outstanding, December 31, 2023 — $ — Granted 345,263 3.91 Exercised — — Expired or cancelled — — Options exercisable, September 30, 2024 345,263 $ 3.91
Share-Based Payment Arrangement, Expense	CEO Stock-based compensation expense is recorded in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 4,583,632 $ 4,583,632 $ 13,750,896 $ 4,583,632

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
ROU Assets and Lease Liabilities	The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts as of September 30, 2024 and December 31, 2023: As of September 30, 2024 As of December 31, 2023 Assets: Operating lease right-of-use assets $ 2,033,538 $ 1,893,659 Liabilities: Current operating lease liability 413,071 118,058 Non-current operating lease liability 1,860,736 1,796,727 Total lease liability $ 2,273,807 $ 1,914,785 The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented: Nine Months Ended September 30, 2024 2023 Weighted-average remaining lease term (in years) 5.25 0.80 Weighted-average discount rate 9.67 % 3.42 %
Lease Expense	The Company’s lease expense for the periods presented consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 128,607 $ 69,904 $ 379,047 $ 94,846 Variable lease cost 310,231 20,540 456,477 29,465 Total lease cost $ 438,838 $ 90,444 $ 835,524 $ 124,311 The following table shows supplemental cash flow information related to lease activities for the periods presented: Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of the lease liability Operating cash flows from operating leases $ 501,994 $ 96,891 ROU assets obtained in exchange for new lease liabilities 359,352 —
Future Minimum Noncancellable Lease Payments	Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at September 30, 2024 are as follows: Operating leases Remaining of 2024 $ — 2025 553,953 2026 570,602 2027 587,694 2028 605,268 Thereafter 623,490 Total operating lease payments (undiscounted) 2,941,007 Less: Imputed interest (667,200) Lease liability as of September 30, 2024 $ 2,273,807

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic earnings or loss per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders for basic earnings (loss) per share $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Weighted average shares outstanding for basic earnings (loss) per share 74,694,319 63,349,823 66,984,401 54,632,826 Basic earnings (loss) per share $ (0.07) $ 0.01 $ (0.09) $ 0.29 The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders for basic earnings (loss) per share $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Numerator used to calculate diluted earnings (loss) per share $ (5,125,055) $ 903,361 $ (5,703,817) $ 15,739,009 Weighted average shares outstanding for basic earnings (loss) per share 74,694,319 63,349,823 66,984,401 54,632,826 Weighted average shares for diluted earnings (loss) per share 74,694,319 63,349,823 66,984,401 54,632,826 Diluted earnings (loss) per share $ (0.07) $ 0.01 $ (0.09) $ 0.29

Abacus Settlements LLC - REVE_2

Abacus Settlements LLC - REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Disaggregation of Revenue	The disaggregation of the Company’s revenue by major sources is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Portfolio servicing revenue: Related party serving revenue $ 56,539 $ 168,899 $ 362,394 $ 711,975 Portfolio servicing revenue 59,847 55,670 176,815 102,651 Total portfolio servicing revenue 116,386 224,569 539,209 814,626 Active management revenue: Investment income from life insurance policies held using the investment method 69,729 1,817,764 577,122 18,473,597 Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method 26,897,846 17,108,380 73,201,209 21,447,464 Total active management revenue 26,967,575 18,926,144 73,778,331 39,921,061 Originations revenue: Related party origination revenue: Broker — 209,517 — 209,517 Client direct — 45,000 — 45,000 Total related party origination revenue — 254,517 — 254,517 Origination revenue: Agent 267,000 561,780 2,121,502 561,780 Broker 723,500 1,020,045 2,085,650 1,020,045 Client direct 74,030 133,875 187,085 133,875 Total origination revenue 1,064,530 1,715,700 4,394,237 1,715,700 Total originations revenue 1,064,530 1,970,217 4,394,237 1,970,217 Total revenue $ 28,148,491 $ 21,120,930 $ 78,711,777 $ 42,705,904
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Disaggregation of Revenue	The following table presents a disaggregation of Abacus’ revenue by major sources for three and six months ended June 30, 2023: Three Months Ended Six Months Ended Agent $ 3,334,402 $ 7,143,016 Broker 2,809,499 4,675,973 Client direct 740,789 1,365,687 Total $ 6,884,690 $ 13,184,676

Abacus Settlements LLC - RELA_2

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Schedule of Related Party Transactions	For three and six months ended June 30, 2023, revenue earned, and contracts originated are as follows: Three Months Ended Six Months Ended Origination fee revenue $ 1,504,532 $ 2,952,837 Transaction reimbursement revenue 75,332 140,960 Total $ 1,579,864 $ 3,093,797 Cost $ 5,290,504 $ 11,656,637 Face value $ 56,688,680 $ 96,674,080 Total policies 38 72 Average Age 76 75

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS - Stock Options (Details) - Stock Options	9 Months Ended
	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based awards vesting period	3 years
Stock-based awards expiration period	10 years

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS - Concentrations (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer Concentration Risk | Revenue Benchmark | Customer 1
Concentration Risk [Line Items]
Concentration risk percentage	32%	33%	28%	29%
Customer Concentration Risk | Revenue Benchmark | Customer 2
Concentration Risk [Line Items]
Concentration risk percentage	19%	19%	20%	19%
Customer Concentration Risk | Revenue Benchmark | Customer 3
Concentration Risk [Line Items]
Concentration risk percentage	17%	10%	15%	14%
Seller Concentration Risk | Life Settlement Contract Seller Benchmark | Seller 1
Concentration Risk [Line Items]
Concentration risk percentage	17%	14%	23%
Seller Concentration Risk | Life Settlement Contract Seller Benchmark | Seller 2
Concentration Risk [Line Items]
Concentration risk percentage	15%	11%	10%
Seller Concentration Risk | Life Settlement Contract Seller Benchmark | Seller 3
Concentration Risk [Line Items]
Concentration risk percentage	11%

BUSINESS COMBINATION - Narrativ

BUSINESS COMBINATION - Narrative (Details) - USD ($)	Jul. 18, 2024	Sep. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 2,600,000
Abacus Settlements
Business Acquisition [Line Items]
Enterprise value			$ 165,361,332
Carlisle
Business Acquisition [Line Items]
Consideration	$ 200,000,000
Consideration common stock percentage	62.30%
Consideration note percentage	37.70%

BUSINESS COMBINATION - Purchase

BUSINESS COMBINATION - Purchase Price Allocation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Intangibles		$ 32,900,000
Goodwill		$ 139,930,190	$ 140,287,000
LMA and Abacus
Business Acquisition [Line Items]
Intangibles	$ 32,900,000			$ 32,900,000
Current Assets	1,280,100			1,280,100
Non-Current Assets	901,337			901,337
Deferred Tax Liabilities	(7,954,156)			(8,310,966)
Adjustments, Deferred Tax Liabilities	356,810
Accrued Expenses	(524,400)			(524,400)
Other Liabilities	(1,171,739)			(1,171,739)
Net assets acquired	25,431,142			25,074,332
Adjustments, Net assets acquired	356,810
Goodwill	139,930,190			140,287,000
Adjustments, Goodwill	(356,810)
Total purchase price	165,361,332			$ 165,361,332
Adjustments, Total purchase price	$ 0

BUSINESS COMBINATION - Intangib

BUSINESS COMBINATION - Intangible Assets Acquired (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Intangibles		$ 32,900,000
Trade Name
Business Acquisition [Line Items]
Intangibles		900,000
State Insurance Licenses
Business Acquisition [Line Items]
Intangibles		2,700,000
Customer Relationships - Agents
Business Acquisition [Line Items]
Intangibles		12,600,000
Customer Relationships - Financial Relationships
Business Acquisition [Line Items]
Intangibles		11,000,000
Internally Developed and Used Technology—APA
Business Acquisition [Line Items]
Intangibles		1,600,000
Internally Developed and Used Technology—Market Place
Business Acquisition [Line Items]
Intangibles		100,000
Non-Compete Agreements
Business Acquisition [Line Items]
Intangibles		$ 4,000,000
LMA and Abacus
Business Acquisition [Line Items]
Intangibles	$ 32,900,000		$ 32,900,000
LMA and Abacus | Trade Name
Business Acquisition [Line Items]
Intangibles	900,000
LMA and Abacus | State Insurance Licenses
Business Acquisition [Line Items]
Intangibles	2,700,000
LMA and Abacus | Customer Relationships - Agents
Business Acquisition [Line Items]
Intangibles	$ 12,600,000
Useful Life	5 years
LMA and Abacus | Customer Relationships - Financial Relationships
Business Acquisition [Line Items]
Intangibles	$ 11,000,000
Useful Life	8 years
LMA and Abacus | Internally Developed and Used Technology—APA
Business Acquisition [Line Items]
Intangibles	$ 1,600,000
Useful Life	2 years
LMA and Abacus | Internally Developed and Used Technology—Market Place
Business Acquisition [Line Items]
Intangibles	$ 100,000
Useful Life	3 years
LMA and Abacus | Non-Compete Agreements
Business Acquisition [Line Items]
Intangibles	$ 4,000,000
Useful Life	2 years

BUSINESS COMBINATION - Pro Form

BUSINESS COMBINATION - Pro Forma Financial Information (Details) - LMA and Abacus	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Proforma revenue	$ 55,890,580
Proforma net income	$ 14,424,416

REVENUES - Disaggregated Revenu

REVENUES - Disaggregated Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Investment income from life insurance policies held using the investment method	$ 69,729	$ 1,817,764	$ 577,122	$ 18,473,597
Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method	26,897,846	17,108,380	73,201,209	21,447,464
Active management revenue	26,967,575	18,926,144	73,778,331	39,921,061
Total revenues	28,148,491	21,120,930	78,711,777	42,705,904
Portfolio servicing revenue
Disaggregation of Revenue [Line Items]
Revenue	116,386	224,569	539,209	814,626
Portfolio servicing revenue | Related Party
Disaggregation of Revenue [Line Items]
Revenue	56,539	168,899	362,394	711,975
Portfolio servicing revenue | Nonrelated Party
Disaggregation of Revenue [Line Items]
Revenue	59,847	55,670	176,815	102,651
Origination fee revenue
Disaggregation of Revenue [Line Items]
Revenue	1,064,530	1,970,217	4,394,237	1,970,217
Origination fee revenue | Related Party
Disaggregation of Revenue [Line Items]
Revenue	0	254,517	0	254,517
Origination fee revenue | Related Party | Broker
Disaggregation of Revenue [Line Items]
Revenue	0	209,517	0	209,517
Origination fee revenue | Related Party | Client direct
Disaggregation of Revenue [Line Items]
Revenue	0	45,000	0	45,000
Origination fee revenue | Nonrelated Party
Disaggregation of Revenue [Line Items]
Revenue	1,064,530	1,715,700	4,394,237	1,715,700
Origination fee revenue | Nonrelated Party | Agent
Disaggregation of Revenue [Line Items]
Revenue	267,000	561,780	2,121,502	561,780
Origination fee revenue | Nonrelated Party | Broker
Disaggregation of Revenue [Line Items]
Revenue	723,500	1,020,045	2,085,650	1,020,045
Origination fee revenue | Nonrelated Party | Client direct
Disaggregation of Revenue [Line Items]
Revenue	$ 74,030	$ 133,875	$ 187,085	$ 133,875

REVENUES - Contract Balances (D

REVENUES - Contract Balances (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities, deposits on pending settlements	$ 924,083	$ 507,000

REVENUES - Narrative (Details)

REVENUES - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 507,000
Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Revenue recognized	$ (347,000)

LIFE SETTLEMENT POLICIES - Narr

LIFE SETTLEMENT POLICIES - Narrative (Details)	Sep. 30, 2024 USD ($) insurance_contract	Dec. 31, 2023 USD ($) insurance_contract
Investments, All Other Investments [Abstract]
Number of life settlement policies | insurance_contract	532	296
Number of life settlement policies accounted for under fair value method | insurance_contract	527	287
Number of life settlement policies accounted for under investment method | insurance_contract	5	9
Face value of policies held at fair value	$ 976,761,831	$ 520,503,710
Life settlement policies, at fair value	273,249,493	122,296,559
Face value of policies accounted for using investment method	2,225,000	33,900,000
Life settlement policies, at cost	$ 1,071,172	$ 1,697,178

LIFE SETTLEMENT POLICIES - Fair

LIFE SETTLEMENT POLICIES - Fair Value (Details)	Sep. 30, 2024 USD ($) insurance_contract	Dec. 31, 2023 USD ($) insurance_contract
Policies
0-1 | insurance_contract	7
1-2 | insurance_contract	15
2-3 | insurance_contract	43
3-4 | insurance_contract	73
4-5 | insurance_contract	50
Thereafter | insurance_contract	339
Policies | insurance_contract	527	287
Face Value
0-1	$ 8,100,000
1-2	16,908,593
2-3	47,111,084
3-4	154,161,274
4-5	73,898,519
Thereafter	676,582,361
Face Value	976,761,831	$ 520,503,710
Net Death Benefit
0-1	8,100,000
1-2	19,557,874
2-3	44,975,920
3-4	151,400,918
4-5	74,046,019
Thereafter	674,962,708
Total	973,043,439
Fair Value
0-1	6,386,561
1-2	12,261,392
2-3	24,919,807
3-4	70,656,882
4-5	27,566,589
Thereafter	131,458,262
Fair Value	$ 273,249,493	$ 122,296,559

LIFE SETTLEMENT POLICIES - Inve

LIFE SETTLEMENT POLICIES - Investment Method (Details)	Sep. 30, 2024 USD ($) insurance_contract	Dec. 31, 2023 USD ($) insurance_contract
Policies
1-2 | insurance_contract	1
2-3 | insurance_contract	1
4-5 | insurance_contract	2
Thereafter | insurance_contract	1
Policies | insurance_contract	5	9
Face Value
1-2	$ 625,000
2-3	750,000
4-5	750,000
Thereafter	100,000
Face Value	2,225,000	$ 33,900,000
Net Death Benefit
1-2	649,595
2-3	750,000
4-5	750,000
Thereafter	100,330
Total	2,249,925
Carrying Value
1-2	329,714
2-3	395,649
4-5	330,552
Thereafter	15,257
Carrying Value	$ 1,071,172	$ 1,697,178

LIFE SETTLEMENT POLICIES - Esti

LIFE SETTLEMENT POLICIES - Estimated Premiums (Details)	Sep. 30, 2024 USD ($)
Investments, All Other Investments [Abstract]
2024 remaining	$ 12,804
2025	57,733
2026	64,043
2027	37,210
2028	15,920
Thereafter	17,424
Total	$ 205,134

PROPERTY AND EQUIPMENT_NET (Det

PROPERTY AND EQUIPMENT—NET (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 1,063,941		$ 1,063,941		$ 470,482
Less: accumulated depreciation	(175,422)		(175,422)		(69,762)
Property and equipment—net	888,519		888,519		400,720
Depreciation expense	46,297	$ 12,770	105,660	$ 14,911
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment—gross	934,411		934,411		356,939
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment—gross	91,125		91,125		91,125
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 38,405		$ 38,405		$ 22,418

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill by Reportable Segments (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 140,287,000
Goodwill at end of period	139,930,190
Portfolio servicing
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Adjustments	0
Goodwill at end of period	0
Active management
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Adjustments	0
Goodwill at end of period	0
Originations
Goodwill [Roll Forward]
Goodwill at beginning of period	140,287,000
Adjustments	(356,810)
Goodwill at end of period	$ 139,930,190

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Acquired (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 32,900
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	32,900
Trade Name
Finite-Lived Intangible Assets [Line Items]
Fair Value	900
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	900
State Insurance Licenses
Finite-Lived Intangible Assets [Line Items]
Fair Value	2,700
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	2,700
Customer Relationships - Agents
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,600
Useful Life	5 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,600
Customer Relationships - Financial Relationships
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,000
Useful Life	8 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,000
Internally Developed and Used Technology—APA
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,600
Useful Life	2 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,600
Internally Developed and Used Technology—Market Place
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 100
Useful Life	3 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 100
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,000
Useful Life	2 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets and Accumulated Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Intangible Assets [Line Items]
Gross Value	$ 29,300,000		$ 29,300,000
Accumulated Amortization	(8,410,417)		(8,410,417)
Net Book Value	20,889,583		20,889,583
Intangible assets, net	24,653,141		24,653,141		$ 29,623,130
Amortization expense	1,682,083	$ 1,682,083	5,046,250	$ 1,682,083
Other intangible assets	163,558		163,558		$ 87,297
Trade Name
Schedule of Intangible Assets [Line Items]
Indefinite Lived Intangible Assets	900,000		900,000
State Insurance Licenses
Schedule of Intangible Assets [Line Items]
Indefinite Lived Intangible Assets	2,700,000		2,700,000
Finite-Lived Intangible Assets Excluding Other Insignificant Amount | Indefinite-Lived Intangible Assets Excluding Other Insignificant Amount
Schedule of Intangible Assets [Line Items]
Accumulated Amortization	(8,410,417)		(8,410,417)
Gross Value	32,900,000		32,900,000
Intangible assets, net	24,489,583		24,489,583
Customer Relationships - Agents
Schedule of Intangible Assets [Line Items]
Gross Value	12,600,000		12,600,000
Accumulated Amortization	(3,150,000)		(3,150,000)
Net Book Value	9,450,000		9,450,000
Customer Relationships - Financial Relationships
Schedule of Intangible Assets [Line Items]
Gross Value	11,000,000		11,000,000
Accumulated Amortization	(1,718,750)		(1,718,750)
Net Book Value	9,281,250		9,281,250
Internally Developed and Used Technology—APA
Schedule of Intangible Assets [Line Items]
Gross Value	1,600,000		1,600,000
Accumulated Amortization	(1,000,000)		(1,000,000)
Net Book Value	600,000		600,000
Internally Developed and Used Technology—Market Place
Schedule of Intangible Assets [Line Items]
Gross Value	100,000		100,000
Accumulated Amortization	(41,667)		(41,667)
Net Book Value	58,333		58,333
Non-Compete Agreements
Schedule of Intangible Assets [Line Items]
Gross Value	4,000,000		4,000,000
Accumulated Amortization	(2,500,000)		(2,500,000)
Net Book Value	$ 1,500,000		$ 1,500,000

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Annual Amortization (Details)	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 remaining	$ 1,682,083
2025	5,328,333
2026	3,911,667
2027	3,895,000
2028	2,635,000
Thereafter	3,437,500
Net Book Value	$ 20,889,583

AVAILABLE-FOR-SALE SECURITIES_2

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Convertible Promissory Note principal	$ 1,000,000		$ 1,000,000
Interest rate per annum	8%		8%
Available-for-sale securities, at fair value	$ 1,185,740		$ 1,185,740		$ 1,105,935
Accrued interest on available-for-sale securities	185,740		185,740		$ 105,935
Available-for-sale securities interest income	$ 20,165	$ 0	$ 79,805	$ 0

OTHER INVESTMENTS, EQUITY SEC_3

OTHER INVESTMENTS, EQUITY SECURITIES, AT FAIR VALUE, AND OTHER NONCURRENT ASSETS - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) entity	Sep. 30, 2024 USD ($) entity	Dec. 31, 2023 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Number of entities, convertible preferred stock ownership | entity	2	2
Equity securities without readily determinable fair value, amount	$ 1,850,000	$ 1,850,000	$ 1,650,000
Impairment of investments	0	0
Other assets	1,650,698	1,650,698	998,945
Equity securities, at fair value	$ 3,019,055	$ 3,019,055	$ 2,348,998

OTHER INVESTMENTS, EQUITY SEC_4

OTHER INVESTMENTS, EQUITY SECURITIES, AT FAIR VALUE, AND OTHER NONCURRENT ASSETS - Equity Securities, at Fair Value (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Equity securities, at fair value	$ 3,019,055	$ 2,252,891
Non-current assets:
Equity securities, at fair value	0	96,107
Total equity securities, at fair value	$ 3,019,055	$ 2,348,998

CONSOLIDATION OF VARIABLE INT_2

CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 477,309,168	$ 331,826,067
Liabilities	219,369,540	167,755,991
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	134,048,716	77,132,592
Liabilities	$ 111,218,655	$ 65,031,207

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details) - segment	3 Months Ended		6 Months Ended	9 Months Ended		15 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Segment Reporting Information [Line Items]
Number of reportable segments						3
Revenue Benchmark | Customer Concentration Risk | Active management | LUXEMBOURG
Segment Reporting Information [Line Items]
Concentration risk percentage	32%	6%		15%	6%
Abacus Settlements
Segment Reporting Information [Line Items]
Number of operating segments			1
Number of reportable segments			1
LMA
Segment Reporting Information [Line Items]
Number of operating segments			2
Number of reportable segments			2

SEGMENT REPORTING - Revenue by

SEGMENT REPORTING - Revenue by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Active management	$ 26,967,575	$ 18,926,144	$ 73,778,331	$ 39,921,061
Total revenues	28,148,491	21,120,930	78,711,777	42,705,904
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	34,588,071	29,365,202	92,512,128	50,950,176
Operating Segments | Portfolio servicing
Segment Reporting Information [Line Items]
Revenue	116,386	224,569	539,209	814,626
Operating Segments | Active management
Segment Reporting Information [Line Items]
Active management	26,967,575	18,926,144	73,778,331	39,921,061
Operating Segments | Originations
Segment Reporting Information [Line Items]
Revenue	7,504,110	10,214,489	18,194,588	10,214,489
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (6,439,580)	$ (8,244,272)	$ (13,800,351)	$ (8,244,272)

SEGMENT REPORTING - Cost of Rev

SEGMENT REPORTING - Cost of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total cost of revenue	$ 2,187,981	$ 3,364,957	$ 7,652,412	$ 4,827,907
Operating Segments
Segment Reporting Information [Line Items]
Total cost of revenue	6,258,881	7,908,303	15,890,604	9,371,253
Operating Segments | Portfolio servicing
Segment Reporting Information [Line Items]
Total cost of revenue	401,493	850,614	932,556	1,606,799
Operating Segments | Active management
Segment Reporting Information [Line Items]
Total cost of revenue	712,750	1,368,581	2,523,640	2,075,346
Operating Segments | Originations
Segment Reporting Information [Line Items]
Total cost of revenue	5,144,638	5,689,108	12,434,408	5,689,108
Intersegment eliminations
Segment Reporting Information [Line Items]
Total cost of revenue	$ (4,070,900)	$ (4,543,346)	$ (8,238,192)	$ (4,543,346)

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Net Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total gross profit	$ 25,960,510	$ 17,755,973	$ 71,059,365	$ 37,877,997
Sales and marketing	(2,169,197)	(1,704,154)	(6,651,942)	(3,116,999)
General and administrative (including stock-based compensation)	(15,489,503)	(9,838,951)	(41,396,346)	(11,113,382)
Depreciation and amortization expense	(1,745,279)	(1,694,853)	(5,177,785)	(1,696,994)
Other (expense) income	(9,832)	20,086	132,610	(1,565)
Loss on change in fair value of warrant liability	(8,766,500)	(943,400)	(8,487,040)	(943,400)
Interest expense	(4,218,314)	(2,679,237)	(12,417,946)	(3,620,695)
Interest income	609,496	63,826	1,670,828	71,283
Loss (gain) on change in fair value of debt	(124,237)	2,088,797	(4,036,327)	(309,865)
Unrealized (gain) loss on equity securities, at fair value	417,677	(306,800)	1,220,161	491,356
Realized gain on equity securities, at fair value	0	0	856,744	0
Income tax (benefit) expense	250,368	(1,710,315)	(2,680,855)	(2,238,419)
Less: Net loss attributable to non-controlling interests	159,756	(147,611)	204,716	339,692
Net (loss) income attributable to common stockholders	(5,125,055)	903,361	(5,703,817)	15,739,009
Operating Segments
Segment Reporting Information [Line Items]
Total gross profit	28,329,190	21,456,899	76,621,524	41,578,923
Operating Segments | Portfolio servicing
Segment Reporting Information [Line Items]
Total gross profit	(285,107)	(626,045)	(393,347)	(792,173)
Operating Segments | Active management
Segment Reporting Information [Line Items]
Total gross profit	26,254,825	17,557,563	71,254,691	37,845,715
Operating Segments | Originations
Segment Reporting Information [Line Items]
Total gross profit	2,359,472	4,525,381	5,760,180	4,525,381
Intersegment eliminations
Segment Reporting Information [Line Items]
Total gross profit	$ (2,368,680)	$ (3,700,926)	$ (5,562,159)	$ (3,700,926)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Commitments [Line Items]
Other (expense) income	$ 9,832	$ (20,086)	$ (132,610)	$ 1,565
Expense Support Agreement | Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Other (expense) income	$ 0	$ 0	$ 0	$ 29,721

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets:
Life settlement policies, at fair value	$ 273,249,493	$ 122,296,559
Available-for-sale securities, at fair value	1,185,740	1,105,935
Equity securities, at fair value	3,019,055	2,348,998
Liabilities:
Private placement warrants	15,130,000	6,642,960
Fair Value, Recurring
Assets:
Life settlement policies, at fair value	273,249,493	122,296,559
Available-for-sale securities, at fair value	1,185,740	1,105,935
Equity securities, at fair value	3,019,055	2,348,998
Total assets held at fair value	277,454,288	125,751,492
Liabilities:
Current portion of long-term debt, at fair value	13,730,026	13,029,632
Long-term debt, at fair value	96,358,740	55,318,923
Private placement warrants	15,130,000	6,642,960
Total liabilities held at fair value:	125,218,766	74,991,515
Fair Value, Recurring | Level 1
Assets:
Life settlement policies, at fair value	0	0
Available-for-sale securities, at fair value	0	0
Equity securities, at fair value	3,019,055	2,348,998
Total assets held at fair value	3,019,055	2,348,998
Liabilities:
Current portion of long-term debt, at fair value	0	0
Long-term debt, at fair value	0	0
Private placement warrants	0	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring | Level 2
Assets:
Life settlement policies, at fair value	0	0
Available-for-sale securities, at fair value	0	0
Equity securities, at fair value	0	0
Total assets held at fair value	0	0
Liabilities:
Current portion of long-term debt, at fair value	0	0
Long-term debt, at fair value	0	0
Private placement warrants	0	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring | Level 3
Assets:
Life settlement policies, at fair value	273,249,493	122,296,559
Available-for-sale securities, at fair value	1,185,740	1,105,935
Equity securities, at fair value	0	0
Total assets held at fair value	274,435,233	123,402,494
Liabilities:
Current portion of long-term debt, at fair value	13,730,026	13,029,632
Long-term debt, at fair value	96,358,740	55,318,923
Private placement warrants	15,130,000	6,642,960
Total liabilities held at fair value:	$ 125,218,766	$ 74,991,515

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, at cost	$ 1,071,172		$ 1,071,172		$ 1,697,178
Total change in fair value of debt	(181,270)		(4,171,290)
Gain (loss) on change in fair value of debt, included within other comprehensive income	31,603		75,652
Gain (loss) on change in fair value of debt, included within equity of noncontrolling interests	10,974		25,104
Loss (gain) on change in fair value of debt	124,237	$ (2,088,797)	4,036,327	$ 309,865
Available-for-sale securities, at fair value	1,185,740		1,185,740		1,105,935
Private Placement Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding	$ 8,900,000		$ 8,900,000		$ 8,900,000
Number of securities called by each warrant (in shares)	1		1
Exercise price of warrants (in dollars per share)	$ 11.50		$ 11.50
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input	20%		20%
Discount rate | Discounted cash flow method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input	20%		20%		21%

FAIR VALUE MEASUREMENTS - Disco

FAIR VALUE MEASUREMENTS - Discount Rate Sensitivity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Life settlement policies, fair value, impact of +2% discount rate adjustment	$ 253,146,067
Life settlement policies, change in fair value, impact of +2% discount rate adjustment	(20,103,426)
Life settlement policies, at fair value	273,249,493	$ 122,296,559
Life settlement policies, fair value, impact of -2% discount rate adjustment	295,143,512
Life settlement policies, change in fair value, impact of -2% discount rate adjustment	$ 21,894,019

FAIR VALUE MEASUREMENTS - Credi

FAIR VALUE MEASUREMENTS - Credit Exposure to Insurance Companies (Details) - Life Insurance Carrier Concentration Risk	9 Months Ended
	Sep. 30, 2024
Life Insurance Contract, Face Value | John Hancock Life Insurance Company (U.S.A.)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	18%
Life Insurance Contract, Face Value | Lincoln National Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	13%
Life Insurance Contract, Fair Value | John Hancock Life Insurance Company (U.S.A.)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	14%
Life Insurance Contract, Fair Value | Lincoln National Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	11%

FAIR VALUE MEASUREMENTS - Life

FAIR VALUE MEASUREMENTS - Life Insurance Policies (Details) - Life Insurance Policies	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 122,296,559
Policies purchased	242,004,548
Matured/sold policies	(129,191,652)
Realized gain on matured/sold policies	38,431,102
Premiums paid	(10,329,203)
Unrealized gain on held policies	38,140,038
Change in estimated fair value	66,241,937
Realized gain on matured/sold policies	(38,431,102)
Premiums paid	10,329,203
Fair value at end of period	$ 273,249,493

FAIR VALUE MEASUREMENTS - Issue

FAIR VALUE MEASUREMENTS - Issued Notes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period			$ 68,348,556
Repayment of debt			(4,040,758)
Unrealized loss on change in fair value (risk-free)	$ 124,237	$ (2,088,797)	4,036,327	$ 309,865
Unrealized loss on change in fair value (credit-adjusted) included in OCI			101,337
Unrealized loss on change in fair value (credit-adjusted) included in equity of NCI			33,626
Change in estimated fair value of debt	181,270		4,171,290
Deferred issuance costs			(428,276)
Fair value at end of period	$ 110,088,766		110,088,766
Nonrelated Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt issued			41,685,108
Related Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt issued			$ 352,846

FAIR VALUE MEASUREMENTS - Assum

FAIR VALUE MEASUREMENTS - Assumptions (Details) - Private Placement Warrant	Sep. 30, 2024
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0409
Term to expiration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	5
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	11.50
Common Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	10.03
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0

LONG-TERM DEBT - Long-Term Debt

LONG-TERM DEBT - Long-Term Debt (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	$ (13,730,026)	$ (13,029,632)
Cost
Debt Instrument [Line Items]
Total debt	177,515,067	138,820,026
Less current portion of long-term debt, at fair value	(11,002,072)	(11,440,236)
Total long-term debt	166,512,995	127,379,790
Cost | Market-indexed notes | LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	11,002,072	9,124,944
Cost | Market-indexed notes | LMATT Growth Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	0	2,981,480
Cost | Market-indexed notes | LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, gross	0	492,582
Cost | Secured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(428,277)	0
Cost | Secured borrowing | LMA Income Series, LP
Debt Instrument [Line Items]
Long-term debt, gross	22,721,057	22,368,209
Cost | Secured borrowing | LMA Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, gross	74,065,960	32,380,852
Cost | Unsecured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(2,653,003)	(1,831,910)
Cost | Unsecured borrowing | Fixed Rate Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	60,650,000	35,650,000
Cost | Unsecured borrowing | SPV Purchase and Sale Note
Debt Instrument [Line Items]
Long-term debt, gross	0	26,538,004
Cost | Unsecured borrowing | Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, gross	12,157,258	11,115,865
Fair value
Debt Instrument [Line Items]
Long-term debt, gross	183,324,301
Total debt	180,243,021	139,820,514
Less current portion of long-term debt, at fair value	(13,730,026)	(13,029,632)
Total long-term debt	166,512,995	126,790,882
Fair value | Market-indexed notes | LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	13,730,026	9,477,780
Fair value | Market-indexed notes | LMATT Growth Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	0	3,551,852
Fair value | Market-indexed notes | LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, gross	0	569,862
Fair value | Secured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(428,277)	0
Fair value | Secured borrowing | LMA Income Series, LP
Debt Instrument [Line Items]
Long-term debt, gross	22,721,057	22,368,209
Fair value | Secured borrowing | LMA Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, gross	74,065,960	32,380,852
Fair value | Unsecured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(2,653,003)	(1,831,910)
Fair value | Unsecured borrowing | Fixed Rate Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	60,650,000	35,650,000
Fair value | Unsecured borrowing | SPV Purchase and Sale Note
Debt Instrument [Line Items]
Long-term debt, gross	0	26,538,004
Fair value | Unsecured borrowing | Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,157,258	$ 11,115,865

LONG-TERM DEBT - Fixed Rate Sen

LONG-TERM DEBT - Fixed Rate Senior Unsecured Notes (Details) - 9.875% Fixed Rate Senior Notes due 2028 - Unsecured borrowing - USD ($)	Nov. 10, 2023	Feb. 15, 2024
Debt Instrument [Line Items]
Face amount	$ 35,650,000	$ 25,000,000
Interest rate (as a percent)	9.875%	9.875%
Redemption percentage	100%

LONG-TERM DEBT - LMATT Series 2

LONG-TERM DEBT - LMATT Series 2024, Inc. Market-Indexed Notes (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Assets	$ 477,309,168	$ 331,826,067
Fair value
Debt Instrument [Line Items]
Long-term debt, gross	183,324,301
LMATT Series 2024, Inc. | Market-indexed notes
Debt Instrument [Line Items]
Face amount			$ 10,166,900
Market downturn protection percentage			40%
LMATT Series 2024, Inc. | Market-indexed notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets	13,201,217
LMATT Series 2024, Inc. | Market-indexed notes | Cost
Debt Instrument [Line Items]
Long-term debt, before market index return	8,816,900
Long-term debt, gross	11,002,072	9,124,944
LMATT Series 2024, Inc. | Market-indexed notes | Cost | LMA
Debt Instrument [Line Items]
Long-term debt, gross	200,000
LMATT Series 2024, Inc. | Market-indexed notes | Fair value
Debt Instrument [Line Items]
Long-term debt, gross	$ 13,730,026	$ 9,477,780

LONG-TERM DEBT - LMATT Series_2

LONG-TERM DEBT - LMATT Series 2.2024, Inc. Market-Indexed Notes (Details) - USD ($)	Jul. 07, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 16, 2022
Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 183,324,301
LMATT Growth Series 2.2024, Inc. | Market-indexed notes
Debt Instrument [Line Items]
Face amount				$ 2,333,391
Upside performance participation cap				120%
Market downturn protection percentage				20%
Repayments of notes	$ 3,480,758
LMATT Growth Series 2.2024, Inc. | Market-indexed notes | Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	$ 3,551,852
LMATT Growth Series 2.2024, Inc.
Debt Instrument [Line Items]
Ownership percentage				100%

LONG-TERM DEBT - LMATT Growth a

LONG-TERM DEBT - LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes (Details) - USD ($)	Jul. 07, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 16, 2022
Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 183,324,301
LMATT Growth & Income Series 1.2026, Inc | Market-indexed notes
Debt Instrument [Line Items]
Face amount				$ 400,000
Upside performance participation cap				140%
Market downturn protection percentage				10%
Dividend percentage				4%
Repayments of notes	$ 560,000
LMATT Growth & Income Series 1.2026, Inc | Market-indexed notes | Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	$ 569,862
LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Ownership percentage				100%

LONG-TERM DEBT - LMA Income Ser

LONG-TERM DEBT - LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing (Details)		9 Months Ended	12 Months Ended
	Sep. 02, 2022 option	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 183,324,301
LMA Income Series, LP | Secured borrowing
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt Instrument extension options | option	2
Debt instrument extension term	1 year
Dividend percentage	6.50%
Return rate in excess of minimum internal rate of return	25%
Minimum internal rate of return threshold	6.50%
Internal rate of return cap	9%
Net internal rate of return at cap	15%
Non-cash interest expense, related party		831,613	$ 478,765
LMA Income Series, LP | Secured borrowing | Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 22,721,057	$ 22,368,209
LMA Income Series, LP | Secured borrowing | General Partner
Debt Instrument [Line Items]
Return rate in excess of minimum internal rate of return	75%
Minimum internal rate of return threshold	6.50%
LMA Income Series, LP | Secured borrowing | Limited Partner
Debt Instrument [Line Items]
Internal rate of return cap	15%
Return rate in excess of capped internal rate of return threshold	100%

LONG-TERM DEBT - LMA Income S_2

LONG-TERM DEBT - LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing (Details)	Jan. 31, 2023 USD ($) option	Sep. 30, 2024 USD ($)	Apr. 01, 2024	Dec. 31, 2023 USD ($)
Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 183,324,301
LMA Income Series II, LP | Secured borrowing
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt Instrument extension options | option	2
Debt instrument extension term	1 year
Preferred return amount increase			0.50%
LMA Income Series II, LP | Secured borrowing | Fair value
Debt Instrument [Line Items]
Long-term debt, gross		74,065,960		$ 32,380,852
LMA Income Series II, LP | Secured borrowing | Limited Partner
Debt Instrument [Line Items]
Face amount		$ 41,685,108
LMA Income Series II, LP | Secured borrowing | General Partner
Debt Instrument [Line Items]
Dividend percentage	100%
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold One | Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.50%
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold One | Maximum | Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 500,000
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold Two | Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.75%
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold Two | Maximum | Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 1,000,000
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold Two | Minimum | Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 500,000
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold Three | Limited Partner
Debt Instrument [Line Items]
Dividend percentage	8%
LMA Income Series II, LP | Secured borrowing | Capital Commitment Threshold Three | Minimum | Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 1,000,000

LONG-TERM DEBT - Sponsor PIK No

LONG-TERM DEBT - Sponsor PIK Note (Details) - Unsecured borrowing - Sponsor PIK Note - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Face amount			$ 10,471,648
Interest rate (as a percent)			12%
Non-cash interest expense, related party	$ 1,685,610	$ 644,217

LONG-TERM DEBT - SPV Purchase a

LONG-TERM DEBT - SPV Purchase and Sale and SPV Investment Facility (Details)			9 Months Ended	12 Months Ended
	Jul. 07, 2024 USD ($)	Jul. 05, 2023 USD ($) extension	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Policy APA
Debt Instrument [Line Items]
Insurance policies fair value		$ 10,000,000
SPV Investment Facility | Related Party
Debt Instrument [Line Items]
Repayments of lines of credit	$ 28,189,406
Interest expense on outstanding principal balance	$ 3,189,406
SPV Investment Facility | Line of Credit
Debt Instrument [Line Items]
Face amount		$ 25,000,000
Interest rate (as a percent)		12%
Debt instrument term		3 years
Number of extensions | extension		2
Debt instrument extension term		1 year
Interest expense on outstanding principal balance			$ 3,189,406	$ 1,538,004
SPV Investment Facility | Line of Credit | Secured borrowing
Debt Instrument [Line Items]
Face amount		$ 15,000,000

LONG-TERM DEBT - Principal Paym

LONG-TERM DEBT - Principal Payments by Year for Long-Term Debt (Details) - Fair value - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 remaining	$ 13,730,026
2025	22,721,057
2026	74,065,960
2027	0
2028	72,807,258
Thereafter	0
Total	183,324,301
Market-indexed notes | LMATT Series 2024, Inc.
Debt Instrument [Line Items]
2024 remaining	13,730,026
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	13,730,026	$ 9,477,780
Secured borrowing | LMA Income Series, LP
Debt Instrument [Line Items]
2024 remaining	0
2025	22,721,057
2026	0
2027	0
2028	0
Thereafter	0
Total	22,721,057	22,368,209
Secured borrowing | LMA Income Series II, LP
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	74,065,960
2027	0
2028	0
Thereafter	0
Total	74,065,960	32,380,852
Unsecured borrowing | Fixed Rate Senior Unsecured Notes
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	0
2027	0
2028	60,650,000
Thereafter	0
Total	60,650,000	35,650,000
Unsecured borrowing | Sponsor PIK Note
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	0
2027	0
2028	12,157,258
Thereafter	0
Total	$ 12,157,258	$ 11,115,865

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details)			9 Months Ended
	Jun. 24, 2024 USD ($)	Jun. 20, 2024 $ / shares shares	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares shares	Jun. 30, 2023 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			200,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001
Preferred stock, shares authorized (in shares)			1,000,000		1,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.0001		$ 0.0001
Preferred stock, shares issued (in shares)			0		0
Preferred stock, shares outstanding (in shares)			0		0
Number of votes per share | vote			1
Common stock, shares issued (in shares)			75,756,439		63,388,823	62,961,688
Common stock, shares outstanding (in shares)			74,708,213		63,242,173	62,961,688
Treasury stock (in shares)			1,048,226		146,650
Over-allotment option term		30 days
Payments of stock issuance costs | $			$ 7,213,627	$ 0
Underwriting Agreement
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001
Common stock issued (in shares)		10,000,000
Net proceeds from sale of common stock | $	$ 84,786,373
Payments of stock issuance costs | $	$ 7,213,627
Over-Allotment Option
Class of Stock [Line Items]
Common stock issued (in shares)		1,500,000
LMA
Class of Stock [Line Items]
Exchange ratio			0.8

STOCKHOLDERS' EQUITY - Public W

STOCKHOLDERS' EQUITY - Public Warrants (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Aug. 30, 2022 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Proceeds from warrant exercises | $	$ 6,852,207	$ 0
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares	16,654,140
Number of securities called by each warrant (in shares) | shares	1
Exercise price of warrants (in dollars per share)	$ 11.50
Warrants term	5 years
Redemption price per warrant (in dollars per share)	$ 0.01
Warrant redemption notice period	30 days
Common stock price threshold (in dollars per share)	$ 18
Trading days	20 days
Trading day period	30 days
Common stock price threshold for redemption for common stock (in dollars per share)	$ 10
Warrants outstanding | $			$ 4,730,000
Warrant outstanding fair value per share (in dollars per share)			$ 0.274
Proceeds from warrant exercises | $	$ 6,852,207
Number of exercised warrants (in shares) | shares	595,844
Public Warrants | Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants term	5 years
Public Warrants | Risk-free interest rate | Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	0.0409
Public Warrants | Exercise price | Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	11.50
Public Warrants | Common Stock Price | Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	10.03

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($)				1 Months Ended					3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 11, 2023	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Stock repurchase program authorized amount			$ 15,000,000
Stock repurchase program period			18 months
Amount remaining available for repurchase under stock repurchase program	$ 2,974,863
Stock Repurchase Program [Roll Forward]
Beginning balance, Treasury stock (in shares)								146,650		146,650
Total Number of Shares Purchased (in shares)				96,263	173,197	114,400	200,916	316,800
Ending balance, Treasury stock (in shares)	1,048,226	146,650
Cost of Shares Repurchased, Beginning of Period								$ 1,283,062		$ 1,283,062
Cost of Shares Repurchased				$ 1,135,824	$ 2,081,859	$ 1,379,457	$ 2,480,383	$ 3,664,552	$ 3,217,683	$ 7,524,392
Cost of Shares Repurchased, End of Period	$ 12,025,137	$ 1,283,062
Average Price Paid per Share (in dollars per share)	$ 11.61	$ 8.82		$ 11.81	$ 12.02	$ 12.06	$ 12.35	$ 11.61

STOCK-BASED COMPENSATION - Long

STOCK-BASED COMPENSATION - Long-term Incentive Plan (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2024	Oct. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Long-term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	13,164,991		10,215,756		10,215,756
Restricted Stock Units (RSUs) | Long-term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of restricted stock units (in shares)		2,468,500
Unamortized stock-based compensation expense weighted-average remaining contractual life		3 years
Additional shares authorized (in shares)	5,000,000
Restricted Stock Units (RSUs) | Long-term Incentive Plan | Pre-Merger Employees | Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		10%
Stock-based awards vesting period		9 months
Restricted Stock Units (RSUs) | Long-term Incentive Plan | Pre-Merger Employees | Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		90%
Stock-based awards vesting period		33 months
Restricted Stock Units (RSUs) | Long-term Incentive Plan | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period		1 year
Restricted Stock Units (RSUs) | Long-term Incentive Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period		3 years
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based awards vesting period					3 years
Stock-based awards expiration period					10 years
Stock Options | Long-term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares)	5,000,000
Stock-based awards vesting period		3 years
Stock-based awards expiration period		10 years
Restricted Stock Units (RSUs) And Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation expense weighted-average remaining contractual life					1 year 10 months 24 days
Stock-based compensation expense			$ 1,832,746	$ 0	$ 4,924,312	$ 0
Unamortized stock-based compensation expense for unvested stock			11,606,823		11,606,823
Restricted Stock Units (RSUs) And Stock Options | Cost of Sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			322,607		967,820
Restricted Stock Units (RSUs) And Stock Options | General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 1,510,139		$ 3,956,492

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding at beginning of period (in shares) | shares	2,429,500
Granted (in shares) | shares	136,972
Vested (in shares) | shares	(271,772)
Forfeited (in shares) | shares	(1,500)
Outstanding at end of period (in shares) | shares	2,293,200
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 6.16
Granted (in dollars per share) | $ / shares	12.37
Vested (in dollars per share) | $ / shares	8.77
Forfeited (in dollars per share) | $ / shares	6.16
Outstanding at end of period (in dollars per share) | $ / shares	$ 6.22
CEO Restricted Stock
Number of Shares
Outstanding at beginning of period (in shares) | shares	4,569,922
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Outstanding at end of period (in shares) | shares	4,569,922
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 10.03
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Outstanding at end of period (in dollars per share) | $ / shares	$ 10.03

STOCK-BASED COMPENSATION - Assu

STOCK-BASED COMPENSATION - Assumptions and Fair Value of Options (Details)	1 Months Ended
	Apr. 30, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Dividend yield	0%
Expected volatility	23%
Risk-free interest rate	3.98%
Expected option life	5 years 9 months 21 days
Weighted average fair value of options (in dollars per share)	$ 3.91

STOCK-BASED COMPENSATION - Comm

STOCK-BASED COMPENSATION - Common Stock Options (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Options
Options outstanding at beginning of period (in shares) | shares	0
Granted (in shares) | shares	345,263
Exercised (in shares) | shares	0
Expired or cancelled (in shares) | shares	0
Options exercisable at end of period (in shares) | shares	345,263
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	3.91
Exercised (in dollars per share) | $ / shares	0
Expired or cancelled (in dollars per share) | $ / shares	0
Options exercisable at end of period (in dollars per share) | $ / shares	$ 3.91

STOCK-BASED COMPENSATION - CEO

STOCK-BASED COMPENSATION - CEO Restriction Agreement (Details) - CEO Restricted Stock - USD ($)		9 Months Ended
	Apr. 21, 2023	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	4,569,922
Unamortized stock-based compensation expense for unvested stock		$ 22,918,159
Unamortized stock-based compensation expense weighted-average remaining contractual life		1 year 3 months 18 days
Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	50%
Stock-based awards vesting period	25 months
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	50%
Stock-based awards vesting period	30 months

STOCK-BASED COMPENSATION - CE_2

STOCK-BASED COMPENSATION - CEO Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CEO Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,583,632	$ 4,583,632	$ 13,750,896	$ 4,583,632

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Postemployment Benefits [Abstract]
Maximum annual contributions (as a percent)			100%
Employer match (as a percent)			4%
Benefit plan expense	$ 102,947	$ 61,586	$ 302,479	$ 86,901

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (250,368)	$ 1,710,315	$ 2,680,855	$ 2,238,419
Effective tax rate percentage	4.50%	61.90%	(83.10%)	12.70%

RELATED-PARTY TRANSACTIONS - Na

RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2023
Related Party Transaction [Line Items]
Total cost of revenue	$ 2,187,981	$ 3,364,957	$ 7,652,412	$ 4,827,907
Origination fee revenue
Related Party Transaction [Line Items]
Revenue	1,064,530	1,970,217	4,394,237	1,970,217
Purchase Of Policies | Nova Funds
Related Party Transaction [Line Items]
Related party transaction, purchases from related party			65,900,029
Sponsor PIK Note | Unsecured borrowing
Related Party Transaction [Line Items]
Face amount						$ 10,471,648
Affiliated Entity
Related Party Transaction [Line Items]
Other current liabilities	0		0		$ 5,236
Due from affiliates	1,279,099		1,279,099		1,007,528
Related Party
Related Party Transaction [Line Items]
Total cost of revenue	430	7,981	2,568	7,981
Accounts receivable	83,498		83,498		79,509
Related Party | Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 56,539	168,899	$ 362,394	711,975
Origination revenue percent	2%		2%
Origination revenue			$ 20,000
Total cost of revenue	$ 430	7,981
Origination expenses for life settlement policies			2,568	7,981
Related Party | Origination fee revenue
Related Party Transaction [Line Items]
Revenue	0	254,517	0	254,517
Related Party | Origination fee revenue | Nova Funds
Related Party Transaction [Line Items]
Revenue	0	$ 254,517	$ 0	$ 254,517
Related Party | Service Fee Agreement
Related Party Transaction [Line Items]
Related party transaction rate			0.50%
Related Party | Transaction reimbursement revenue | Nova Funds
Related Party Transaction [Line Items]
Accounts receivable	$ 83,498		$ 83,498		$ 79,509
Related Party | Sponsor PIK Note | Unsecured borrowing
Related Party Transaction [Line Items]
Face amount						$ 12,157,258

LEASES - ROU Assets and Lease L

LEASES - ROU Assets and Lease Liabilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
ROU assets obtained in exchange for new lease liabilities	$ 359,352	$ 0
Assets:
Operating lease right-of-use assets	2,033,538		$ 1,893,659
Liabilities:
Current operating lease liability	413,071		118,058
Non-current operating lease liability	1,860,736		1,796,727
Total lease liability	$ 2,273,807		$ 1,914,785

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 128,607	$ 69,904	$ 379,047	$ 94,846
Variable lease cost	310,231	20,540	456,477	29,465
Total lease cost	$ 438,838	$ 90,444	$ 835,524	$ 124,311

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 501,994	$ 96,891
ROU assets obtained in exchange for new lease liabilities	$ 359,352	$ 0

LEASES - Lease Terms and Discou

LEASES - Lease Terms and Discount Rates (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 3 months	9 months 18 days
Weighted-average discount rate	9.67%	3.42%

LEASES - Future Minimum Noncanc

LEASES - Future Minimum Noncancellable Lease Payments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining of 2024	$ 0
2025	553,953
2026	570,602
2027	587,694
2028	605,268
Thereafter	623,490
Total operating lease payments (undiscounted)	2,941,007
Less: Imputed interest	(667,200)
Lease liability as of September 30, 2024	$ 2,273,807	$ 1,914,785

EARNINGS (LOSS) PER SHARE - Bas

EARNINGS (LOSS) PER SHARE - Basic and Diluted (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders for basic earnings (loss) per share		$ (5,125,055)	$ 903,361	$ (5,703,817)	$ 15,739,009
Weighted average shares outstanding for basic earnings (loss) per share (in shares)	[1]	74,694,319	63,349,823	66,984,401	54,632,826
Basic earnings (loss) per share (in dollars per share)	[1]	$ (0.07)	$ 0.01	$ (0.09)	$ 0.29
Numerator used to calculate diluted earnings (loss) per share		$ (5,125,055)	$ 903,361	$ (5,703,817)	$ 15,739,009
Weighted average shares for diluted earnings (loss) per share (in shares)	[1]	74,694,319	63,349,823	66,984,401	54,632,826
Diluted earnings (loss) per share (in dollars per share)	[1]	$ (0.07)	$ 0.01	$ (0.09)	$ 0.29
[1]The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.

Abacus Settlements LLC - SUMM_2

Abacus Settlements LLC - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Abacus Settlements, LLC - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Concentration Risk [Line Items]
Advertising expense	$ 367,418	$ 741,789
Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		23%
Life Settlement Commission Expense Benchmark | Broker Concentration Risk | Two Brokers
Concentration Risk [Line Items]
Concentration risk percentage		10%

Abacus Settlements LLC - SEGM_2

Abacus Settlements LLC - SEGMENT REPORTING (Details)	6 Months Ended
	Jun. 30, 2023 segment
Abacus Settlements, LLC
Segment Reporting Information [Line Items]
Number of operating segments	1

Abacus Settlements LLC - REVE_3

Abacus Settlements LLC - REVENUE (Details) - Abacus Settlements, LLC - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 6,884,690	$ 13,184,676
Agent
Disaggregation of Revenue [Line Items]
Revenue	3,334,402	7,143,016
Broker
Disaggregation of Revenue [Line Items]
Revenue	2,809,499	4,675,973
Client direct
Disaggregation of Revenue [Line Items]
Revenue	$ 740,789	$ 1,365,687

Abacus Settlements LLC - INCO_2

Abacus Settlements LLC - INCOME TAXES (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Income tax (benefit) expense	$ (250,368)	$ 1,710,315			$ 2,680,855	$ 2,238,419
Effective tax rate percentage	4.50%	61.90%			(83.10%)	12.70%
Abacus Settlements, LLC
Income Tax Contingency [Line Items]
Income tax (benefit) expense			$ 0	$ 2,289
Effective tax rate percentage			0%	(0.24%)

Abacus Settlements LLC - RETI_2

Abacus Settlements LLC - RETIREMENT PLAN (Details)	6 Months Ended
	Jun. 30, 2023
Abacus Settlements, LLC
Defined Contribution Plan Disclosure [Line Items]
Percent of employees gross pay (as a percent)	4%

Abacus Settlements LLC - RELA_3

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS - Narrative (Details)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) insurance_contract	Jun. 30, 2023 USD ($) insurance_contract	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Total cost of revenue	$ 2,187,981	$ 3,364,957			$ 7,652,412	$ 4,827,907
Related Party
Related Party Transaction [Line Items]
Total cost of revenue	$ 430	7,981			$ 2,568	7,981
Related Party | Nova Funds
Related Party Transaction [Line Items]
Origination revenue percent	2%				2%
Origination revenue					$ 20,000
Revenue	$ 56,539	168,899			$ 362,394	$ 711,975
Total cost of revenue	$ 430	$ 7,981
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue			$ 6,884,690	$ 13,184,676
Total cost of revenue			4,897,980	9,293,303
Abacus Settlements, LLC | Related Party
Related Party Transaction [Line Items]
Revenue			5,195,602	9,931,938
Total cost of revenue			$ 3,392,647	$ 6,558,354
Abacus Settlements, LLC | Related Party | Nova Funds
Related Party Transaction [Line Items]
Total policies | insurance_contract			38	72
Face value			$ 56,688,680	$ 96,674,080
Origination revenue percent			2%	2%
Origination revenue				$ 20,000
Revenue			$ 1,579,864	3,093,797
Abacus Settlements, LLC | Related Party | LMA
Related Party Transaction [Line Items]
Other assets			19,246	19,246
Abacus Settlements, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Revenue			3,615,738	6,838,141
Total cost of revenue			2,623,201	5,020,603
Abacus Settlements, LLC | Affiliated Entity | LMA
Related Party Transaction [Line Items]
Revenue			3,615,738	6,794,641
Total cost of revenue			$ 2,623,201	$ 5,012,103
Abacus Settlements, LLC | Nova Funds
Related Party Transaction [Line Items]
Ownership percentage			11%	11%

Abacus Settlements LLC - RELA_4

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS - Revenue Earned and Contracts Originated (Details)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) insurance_contract	Jun. 30, 2023 USD ($) insurance_contract	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Related Party | Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 56,539	$ 168,899			$ 362,394	$ 711,975
Cost					$ 2,568	$ 7,981
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue			$ 6,884,690	$ 13,184,676
Abacus Settlements, LLC | Related Party
Related Party Transaction [Line Items]
Revenue			5,195,602	9,931,938
Abacus Settlements, LLC | Related Party | Nova Funds
Related Party Transaction [Line Items]
Revenue			1,579,864	3,093,797
Cost			5,290,504	11,656,637
Face value			$ 56,688,680	$ 96,674,080
Total policies | insurance_contract			38	72
Average Age			76 years	75 years
Abacus Settlements, LLC | Related Party | Origination fee revenue | Nova Funds
Related Party Transaction [Line Items]
Revenue			$ 1,504,532	$ 2,952,837
Abacus Settlements, LLC | Related Party | Transaction reimbursement revenue | Nova Funds
Related Party Transaction [Line Items]
Revenue			$ 75,332	$ 140,960