0001193125-23-268342 | S-1/A | XBRL Viewer

LIFE INSURANCE SETTLEMENT POLICIES

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

4.	LIFE INSURANCE SETTLEMENT POLICIES

As of June 30, 2023, the Company holds 167 life settlement policies, of which 122 are accounted for under the fair value method and 45 are accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value is $195,205,585 as of June 30, 2023, with a corresponding fair value of $56,685,617. Aggregate face value of policies accounted for using the investment method is $39,520,877 as of June 30, 2023, with a corresponding carrying value of $9,889,610.

As of December 31, 2022, the Company held 53 life settlement policies, of which 35 were accounted for under the fair value method and 18 were accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value was $40,092,154 as of December 31, 2022, with a corresponding fair value of $13,809,352. Aggregate face value of policies accounted for using the investment method was $42,330,000 as of December 31, 2022, with a corresponding carrying value of $8,716,111.

At June 30, 2023, 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. See Note 13, “Long-Term Debt.”

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 June 30, 2023:

Policies Carried at Fair Value

—


Remaining Life Expectancy (Years)	Policies		Face Value		Fair Value
0-1		0	$	—	$	—
1-2		10		12,314,000		6,855,769
2-3		11		16,886,778		10,530,949
3-4		10		33,631,467		9,174,200
4-5		13		18,755,193		7,564,469
Thereafter		78		113,618,147		22,560,230

		122	$	195,205,585	$	56,685,617

Policies accounted for using the investment method

—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Carrying Value
0-1		0	$	—	$	—
1-2		0		—		—
2-3		2		4,400,000		2,131,679
3-4		4		4,100,000		1,281,524
4-5		4		1,362,000		518,736
Thereafter		35		29,658,877		5,957,671

		45	$	39,520,877	$	9,889,610

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 June 30, 2023, are as follows:


2023 remaining	$	1,024,151
2024		1,243,423
2025		1,310,936
2026		1,044,640
Thereafter		3,288,619

Total	$	7,911,769

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.

For policies accounted for under the investment method, the Company has not been made aware of information causing a material change to assumptions relating to the timing of realization of life insurance settlement proceeds. We have also not been made aware of information indicating impairment to the carrying value of policies.

- Definition

The entire disclosure for life settlement contracts including the accounting policy for life settlement contracts and the classification of cash receipts and cash disbursements in the statement of cash flows and, as applicable, for (1) life settlement contracts accounted for under the investment method based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, and (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the life insurance premiums anticipated to be paid for each of the five succeeding fiscal years to keep the life settlement contracts in force as of the date of the most recent statement of financial position presented, (e) the nature of the information that causes the Entity to change its expectations on the timing of the realization of proceeds from the investments in life settlement contracts and the related effect on the timing of the realization of proceeds from the life settlement contracts and for (2) life settlement contracts accounted for under the fair value method, disclosure would include, based on remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the reasons for changes in the Entity's expectation of the timing of the realization of the investments in life settlement contracts, and (e) (i) the gains or losses recognized during the period on investments sold during the period and (ii) the unrealized gains or losses recognized during the period on investments that are still held at the date of the statement of financial position.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2023 USD ($) provider	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) provider	Jun. 30, 2022 USD ($)	Jan. 01, 2021 provider
Other Commitments [Line Items]
Option agreement, number of providers \| provider	2		2		2
Other income (expense)	$ 121,601	$ (127,455)	$ (21,651)	$ (242,247)
Expense Support Agreement \| Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Other income (expense)	$ 0		$ 29,721

LIFE INSURANCE SETTLEMENT POLICIES - Investment Method (Details)	Jun. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract
Number of Life Insurance Policies
0-1 \| insurance_contract	0
1-2 \| insurance_contract	0
2-3 \| insurance_contract	2
3-4 \| insurance_contract	4
4-5 \| insurance_contract	4
Thereafter \| insurance_contract	35
Number of Life Insurance Policies \| insurance_contract	45	18
Face Value
0-1	$ 0
1-2	0
2-3	4,400,000
3-4	4,100,000
4-5	1,362,000
Thereafter	29,658,877
Face Value	39,520,877	$ 42,330,000
Carrying Value
0-1	0
1-2	0
2-3	2,131,679
3-4	1,281,524
4-5	518,736
Thereafter	5,957,671
Carrying Value	$ 9,889,610	$ 8,716,111

DESCRIPTION OF BUSINESS (Details)	Jun. 30, 2023 $ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
LMA
Business Acquisition [Line Items]
Exchange ratio	0.8

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

6.	GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill of $140,287,000 was recognized as a result of the Business Combination, 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 estimates of fair value are based upon preliminary valuation assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Refer to footnote 3 for further details.

The changes in goodwill by reportable segments were as follows:


	Abacus Settlements, LLC
Goodwill at January 1, 2022	$	—
Additions		—

Goodwill at June 30, 2022	$	—

Goodwill at January 1, 2023	$	—
Additions		140,287,000

Goodwill at June 30, 2023	$	140,287,000

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

	$	32,900,000

SEGMENT REPORTING - Revenue by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Portfolio servicing	$ 354,366	$ 419,422	$ 590,057	$ 990,328
Total revenues	11,378,765	8,398,901	21,584,974	18,276,299
Portfolio servicing
Segment Reporting Information [Line Items]
Portfolio servicing	354,366	419,422	590,057	990,328
Active management
Segment Reporting Information [Line Items]
Active management	$ 11,024,399	$ 7,979,479	$ 20,994,917	$ 17,285,971

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

BUSINESS COMBINATION

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION

3.	BUSINESS COMBINATION

Merger consideration conveyed of $531.8 million was allocated

between

the Companies based on relative values derived through both the discounted cash flow method within the income approach and the guideline public company method within the market approach. Within the discounted cash flow method, the present values of cash flows reasonably expected to be produced by the Companies from their operations were summed to produce an estimate of the Companies’ business enterprise values on a controlling, marketable basis. The cash flows used in the discounted cash flow analysis were discounted at the weighted average cost of capital of 14.5% for LMA and 16.5% for Abacus. The discounted cash flow method resulted in a business enterprise value range of $380.0 million to $460.0 million for LMA and $180.0 million to $195.0 million for Abacus. Within the market approach, Company applied the guideline public company method, which employs market multiples derived from market prices of stocks of Companies that are engaged in the same or similar lines of business as the Companies and that are actively traded on a free and open market. The guideline public company method resulted in a business enterprise value range of $400.0 million to $440.0 million for LMA and $180.0 million to $190.0 million for Abacus. Management concluded on a business enterprise value of $165.4 million for Abacus and $366.4 million for LMA based upon the relative fair value of the Companies allocated to the consideration transferred.

The preliminary purchase price was allocated among the identified assets to be acquired. The primary area of the acquisition accounting that is not yet finalized is our estimate of the impact of acquisition accounting on deferred income taxes. An estimate of deferred income taxes has been recorded in the Company’s books based on information available as of June 30, 2023. As the initial acquisition accounting is based on our preliminary assessments, actual values may differ when final information becomes available. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary values of deferred taxes recorded. We will continue to evaluate this item until it is satisfactorily resolved and adjust our acquisition accounting accordingly, within the allowable measurement period, as defined by ASC 805,

Business Combinations

. Transaction costs incurred as a result of the Business Combination were recognized within retained earnings/(accumulated deficit) on the condensed consolidated balance sheet ending June 30, 2023.

All valuation procedures related to existing assets 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.


Net Assets Identified	Fair Value
Intangibles	$	32,900,000
Goodwill		140,287,000
Current Assets		1,280,100
Non-Current Assets		901,337
Deferred Tax Liabilities		(8,310,966	)
Accrued Expenses		(524,400	)
Other Liabilities		(1,171,739	)

Total Fair Value	$	165,361,332


Value Conveyed	Amount
Abacus Purchase Consideration	$	165,361,332
LMA Business Enterprise Value	$	366,388,668

Total Consideration	$	531,750,000

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.

The supplemental pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined as of January 1, 2022. The unaudited supplemental 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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Proforma revenue	$	18,263,455	$	14,090,817	$	34,769,650	$	31,290,963
Proforma net income		6,432,047		4,589,315		13,373,444		11,788,486

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Allowance for doubtful accounts	$ 0		$ 0		$ 0
Customer Concentration Risk \| Accounts Receivable \| Customer 1 \| Related Party
Concentration Risk [Line Items]
Concentration risk percentage			12.00%		75.00%
Customer Concentration Risk \| Accounts Receivable \| Customer 2 \| Related Party
Concentration Risk [Line Items]
Concentration risk percentage			13.00%		16.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 1 \| Related Party \| Portfolio servicing
Concentration Risk [Line Items]
Concentration risk percentage	20.00%		25.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 1 \| Nonrelated Party
Concentration Risk [Line Items]
Concentration risk percentage		26.00%		71.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 1 \| Nonrelated Party \| Active management
Concentration Risk [Line Items]
Concentration risk percentage	27.00%		29.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 2 \| Related Party \| Portfolio servicing
Concentration Risk [Line Items]
Concentration risk percentage	20.00%		27.00%
Customer Concentration Risk \| Investment Method Revenue Benchmark \| Customer 1 \| Nonrelated Party
Concentration Risk [Line Items]
Concentration risk percentage			16.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 6,723,549	$ 5,086,199	$ 14,348,345	$ 11,922,339
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		1,098	1,098	2,141	2,141
Unrealized (gain) loss on investments		(672,936)	1,039,022	(798,156)	1,054,975
Unrealized gain on policies				(3,319,588)	(3,305,505)
Loss on change in fair value of debt		1,445,229	333,879	2,398,662	375,513
Deferred income taxes				252,659	999,927
Non-cash lease expense				384	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets				(193,462)	(1,379,579)
Other noncurrent assets				(105,655)	0
Accounts payable				361,486	0
Accrued transaction costs				(725,685)	0
Other current liabilities				402,363	72,938
Life Settlement Policies purchased, at fair value				(39,556,677)	(7,211,509)
Life Settlement Policies purchased, at cost				(11,374,605)	(7,204,753)
Net cash used in operating activities				(38,364,171)	(4,751,170)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	$ (250,000)			(300,000)	(250,000)	$ (250,000)
Due from affiliates				(6,760,627)	0
Net cash used in investing activities				(7,060,627)	(250,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of debt certificates				35,206,351	9,463,779
Transaction costs				(10,841,551)	0
Capital distribution to members				(23,533,072)	(2,400,000)
Proceeds from receipt of SPV purchase and sale note				25,000,000	0
Due to members and affiliates				10,151,369	680,375
Net cash provided by financing activities				35,983,097	7,744,154
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(9,441,701)	2,742,984
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	$ 102,421			30,052,823	102,421
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		$ 20,611,122	$ 2,845,405	20,611,122	2,845,405	$ 102,421
Nonrelated Party
Changes in operating assets and liabilities:
Accounts receivable				(182,147)	0
Related Party
Changes in operating assets and liabilities:
Accounts receivable				$ 125,764	$ (77,657)

FAIR VALUE MEASUREMENTS - Assumptions (Details) - Private Placement Warrant	Jun. 30, 2023
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	11.5
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

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
SEGMENT REPORTING - Narrative (Details)	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

PROPERTY AND EQUIPMENT---NET

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT—NET

5.	PROPERTY AND EQUIPMENT—NET

Property and equipment—net composed of the following:


	June 30, 2023			December 31, 2022
Computer equipment	$	144,202		$	—
Furniture and fixtures		34,300			19,444
Leasehold improvements		8,299			5,902

Property and equipment—gross		186,801			25,346
Less: accumulated depreciation		(8,870	)		(6,729	)

Property and equipment—net	$	177,931		$	18,617

Depreciation expense for the three months ended June 30, 2023 and 2022, was $1,098 and $1,098, respectively and depreciation expense for the six months ended June 30, 2023, and 2022, was $2,141 and $2,141, respectively.

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

7.	AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

Convertible Promissory Note

—The Company holds a convertible promissory note in a separate unrelated insurance technology company. In November 2021, the Company purchased a $250,000 note and then purchased an additional note in January 2022 for $250,000 as part of the Tranche 5 offering (“Tranche 5 Promissory Note”). The Tranche 5 Promissory Note pays 6% interest per annum. The Tranche 5 Promissory Note matures on November 12, 2023 (“Maturity Date”) and will be paid in full as to outstanding principal and accrued interest on the Maturity Date unless the Tranche 5 Promissory Note converts prior to the 2023 Maturity Date. Conversion into preferred shares occurs if the technology company engages in an additional equity financing event that yields gross cash proceeds in excess of $1,000,000 (“Next Equity Financing”).

In October 2022, the Company purchased an additional convertible promissory note in the same unrelated insurance technology company for $500,000 as part of the Tranche 6

offering

(“Tranche 6 Promissory Note” and collectively, the “Convertible Promissory Notes”). The Tranche 6 Promissory Note pays eight percent (8)% interest per annum and matures September 30, 2024 (“2024 Maturity Date”) and will be paid in full as to outstanding principal and accrued interest on the 2024 Maturity Date unless the Tranche 6 Promissory Note converts prior to the 2024 Maturity Date. Conversion into preferred shares occurs if the technology company engages in an additional equity financing event that yields gross cash proceeds in excess of $5,000,000 (“Next Round Securities”).

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 December 31, 2022 and June 30, 2023, the Company evaluated the fair value of its investment and determined that the fair value approximates the carrying value of $1,000,000 and there was no unrealized gain or loss recorded.

LONG-TERM DEBT - LMATT Series 2024, Inc. Market-Indexed Notes (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Assets		$ 277,334,437	$ 59,094,847
LMATT Series 2024, Inc. \| Market-indexed notes
Debt Instrument [Line Items]
Face amount	$ 10,166,900
Market downturn protection percentage	40.00%
Note reduction ratio for losses below threshold	1.00%
LMATT Series 2024, Inc. \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets		$ 11,195,701

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONDENSED CONSOLIDATE BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	62,961,688
Common stock, shares outstanding (in shares)	62,961,688
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)	62,961,688	50,369,350
Common stock, shares outstanding (in shares)	62,961,688	50,369,350

PROPERTY AND EQUIPMENT---NET (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment—net composed of the following:


	June 30, 2023			December 31, 2022
Computer equipment	$	144,202		$	—
Furniture and fixtures		34,300			19,444
Leasehold improvements		8,299			5,902

Property and equipment—gross		186,801			25,346
Less: accumulated depreciation		(8,870	)		(6,729	)

Property and equipment—net	$	177,931		$	18,617

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	56,685,617	$	56,685,617
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,600,000		1,600,000
S&P 500 options		1,794,640		—		—		1,794,640
Other assets		7,246		—		—		7,246

Total assets held at fair value	$	1,801,886	$	—	$	59,285,617	$	61,087,503

Liabilities:
Long-term debt	$	—	$	—	$	66,165,396	$	66,165,396
Private placement warrants		—		—		2,438,600		2,438,600

Total liabilities held at fair value:	$	—	$	—	$	68,603,996	$	68,603,996


	Fair Value Hierarchy
As of December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	13,809,352	$	13,809,352
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,300,000		1,300,000
S&P 500 options		890,829		—		—		890,829

Total assets held at fair value	$	890,829	$	—	$	16,109,352	$	17,000,181

Liabilities:
Long-term debt	$	—	$	—	$	28,249,653	$	28,249,653

Total liabilities held at fair value:	$	—	$	—	$	28,249,653	$	28,249,653

Fair Value Measurement Inputs and Valuation Techniques

If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of June 30, 2023, would be as follows:

As of June 30, 2023 Rate Adjustment	Fair Value		Change in Fair Value
As of June 30, 2023 Rate Adjustment	Fair Value		Change in Fair Value
+2%	$	53,987,508	$	(2,698,109	)
No change		56,685,617
-2%		59,857,879		3,172,262

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 June 30, 2023:


Carrier	Percentage of Face Value			Percentage of Fair Value			Carrier Rating
American General Life Insurance Company		14.0	%		11.0	%		A
ReliaStar Life Insurance Company		6.0	%		12.0	%		A
Lincoln National Life Insurance Company		14.0	%		12.0	%		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 six months-ended June 30, 2023:


Fair value at December 31, 2022	$	13,809,352

Policies purchased		58,543,580

Realized gain (loss) on matured/sold policies		1,898,958
Premiums paid		(879,462	)
Unrealized gain(loss) on held policies		3,319,588

Change in estimated fair value		4,339,084

Matured/sold policies		(20,885,861	)
Premiums paid		879,462

Fair value at June 30, 2023	$	56,685,617

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the fair value of the issued notes for the six months ended June 30, 2023:

Fair value at December 31, 2022	$	28,249,653

Debt issued to third parties		35,209,825

Unrealized loss on change in fair value (risk-free)		2,398,662
Unrealized gain on change in fair value (credit-adjusted)		307,256

Change in estimated fair value		2,705,918

Fair value at June 30, 2023	$	66,165,396

LONG-TERM DEBT - LMATT Series 2.2024, Inc. Market-Indexed Notes (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Sep. 16, 2022
Debt Instrument [Line Items]
Assets		$ 277,334,437	$ 59,094,847
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		66,165,396	28,249,653
LMATT Series 2.2024, Inc. \| Market-indexed notes
Debt Instrument [Line Items]
Face amount				$ 2,333,391
Upside performance participation cap				120.00%
Market downturn protection percentage				20.00%
Note reduction ratio for losses below threshold	1.00%
LMATT Series 2.2024, Inc. \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets		3,331,872
LMATT Series 2.2024, Inc. \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		$ 3,446,527	$ 2,354,013
LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Ownership percentage				100.00%

DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

1.	DESCRIPTION OF BUSINESS

Organization and Merger

Abacus Life, Inc. (“the Company”) was formerly known as East Resources Acquisition Company (“ERES”), a blank check company incorporated in Delaware on May 22, 2020. Abacus Life, Inc. conducts its business through its wholly-owned, consolidated subsidiaries, primarily Abacus Settlements LLC (“Abacus”) and Longevity Market Assets, LLC (“LMA”), which are incorporated in the state of Delaware (collectively, the “Companies”). On June 30, 2023, (the “Closing Date”), ERES, Longevity Market Assets, LLC and Abacus Settlements, LLC consummated the combining of the Companies as contemplated by the Merger Agreement dated as of August 30, 2022 (as amended on October 14, 2022 and April 20, 2023) with LMA Merger Sub, LLC, a wholly owned subsidiary of ERES (“LMA Merger Sub”), Abacus Merger Sub, LLC, a wholly owned subsidiary of ERES (“Abacus Merger Sub”), LMA and Abacus Settlements, LLC (“Legacy Abacus” and, together with LMA, the “Legacy Companies”). Pursuant to the Merger Agreement, on June 30, 2023, (i) LMA Merger Sub merged with and into LMA, with LMA surviving such merger (the “LMA Merger”) and (ii) Abacus Merger Sub merged with and into Legacy Abacus, with Legacy Abacus surviving such merger (the “Abacus Merger” and, together with the LMA Merger, the “Mergers” and, along with the other transactions contemplated by the Merger Agreement, the “Business Combination”) and the Legacy Companies became direct wholly owned subsidiaries of Abacus and ERES changed its name to Abacus Life, Inc.

The condensed consolidated assets, liabilities and statements of operations and comprehensive income prior to the Business Combination are those of legacy LMA. The stocks and corresponding capital amounts and income per stock, prior to the Business Combination, have been retroactively restated based on stocks reflecting the exchange ratio established in the Business Combination.

The equity structure has been recast in all comparative periods up to the Closing Date 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.

Business Activity

The Company, through its LMA subsidiary, is a provider of services pertaining to life insurance settlements and offers policy servicing to owners and purchasers of life settlement assets, as well as consulting, valuation, and actuarial services. The Company is also engaged in buying and selling of life settlement policies in which it uses its own capital, and purchases life settlement contracts with the intent to either hold to maturity to receive the associated death claim payout or to sell to another purchaser of life settlement contracts for a gain on the sale.

The Company, through its Abacus subsidiary, also is an originator of outstanding life insurance policies as a licensed life settlement provider on behalf of investors (“Financing Entities”). Abacus locates and screens policies for eligibility as a commercially desirable life settlement, including verifying that the policy is in force, obtaining consents and disclosures, and submitting cases for life expectancy estimates, also known, collectively, 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. The Company is not an insurance company, and therefore the Company does not underwrite insurable risks for its own account.

LEASES - Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 24,557	$ 23,842
ROU assets obtained in exchange for new lease liabilities	$ 0	$ 0

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

10.	SEGMENT REPORTING

Segment Information

—The Company organizes its business into two reportable segments (1) Portfolio Servicing and (2) Active Management, which generate revenue in different manners.

This segment structure reflects the financial information and reports used by the Company’s management, specifically its chief operating decision maker (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 CODM is the President and Chief Executive Officer.

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 Company’s reportable segments are not aggregated.

The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review asset information related to investments nor expenditures incurred for long-lived assets given the Company’s investments are recognized using the measurement alternative, and the Company’s long-lived assets are immaterial to the condensed consolidated financial statements.

Revenue related to the Company’s reporting segments for the three-month and

six-month

periods ended June 30, 2023, and June 30, 2022, is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Portfolio servicing	$	354,366	$	419,422	$	590,057	$	990,328
Active management		11,024,399		7,979,479		20,994,917		17,285,971

Total revenue	$	11,378,765	$	8,398,901	$	21,584,974	$	18,276,299

Information related to the Company’s reporting segments for the three-month and

six-month

periods ended June 30, 2023 and June 30, 2022 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Portfolio servicing	$	(76,705	)	$	280,303		$	(166,128	)	$	668,752
Active management		10,482,070			7,452,479			20,288,152			15,521,472

Total gross profit		10,405,365			7,732,782			20,122,024			16,190,224

Sales and marketing		(683,841	)		(1,019,498	)		(1,412,845	)		(1,649,498	)
General, administrative and other		(577,539	)		(5,499	)		(1,274,431	)		(646,705	)
Depreciation		(1,098	)		(1,098	)		(2,141	)		(2,141	)
Other (expense) income		121,601			(127,455	)		(21,651	)		(242,247	)
Interest expense		(584,075	)		—			(934,001	)		—
Loss on change in fair value of debt		(1,445,229	)		(333,879	)		(2,398,662	)		(375,513	)
Unrealized gain (loss) on investments		672,936			(1,039,022	)		798,156			(1,054,975	)
Provision for income taxes		(1,184,571	)		(120,132	)		(528,104	)		(296,806	)
Less: Net loss attributable to non-controlling interests		26,596			(406,641	)		487,303			(406,641	)

Net income attributable to Abacus Life, Inc.	$	6,750,145		$	4,679,558		$	14,835,648		$	11,515,698

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in goodwill by reportable segments were as follows:


	Abacus Settlements, LLC
Goodwill at January 1, 2022	$	—
Additions		—

Goodwill at June 30, 2022	$	—

Goodwill at January 1, 2023	$	—
Additions		140,287,000

Goodwill at June 30, 2023	$	140,287,000

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

	$	32,900,000

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

	$	32,900,000

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

LONG-TERM DEBT - LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes (Details) - USD ($)	Sep. 16, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Assets		$ 277,334,437	$ 59,094,847
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		66,165,396	28,249,653
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes
Debt Instrument [Line Items]
Face amount	$ 400,000
Upside performance participation cap	140.00%
Market downturn protection percentage	10.00%
Note reduction ratio for losses below threshold	1.00%
Dividend percentage	4.00%
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets		517,218
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		$ 459,553	$ 400,000
LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Ownership percentage	100.00%

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Long-term debt comprises of the following:


	Six Months Ended June 30, 2023				Year Ended December 31, 2022
	Cost		Fair value		Cost		Fair value
Market-indexed notes:
LMATT Series 2024, Inc.	$	9,866,900	$	9,621,141	$	9,866,900	$	8,067,291
LMATT Series 2.2024, Inc.		2,333,391		3,446,527		2,333,391		2,354,013
LMATT Growth & Income Series 1.2026, Inc		400,000		459,553		400,000		400,000
Secured borrowing:
LMATT Income Series, LP		21,889,444		22,124,676		17,428,349		17,428,349
LMATT Income Series II, LP		20,041,851		20,041,851		—		—
Unsecured borrowing:
Sponsor PIK Note		10,471,648		10,471,648		—		—

Total long-term debt	$	65,003,234	$	66,165,396	$	30,028,640	$	28,249,653

SPV purchase and sale note	$	25,000,000	$	25,000,000		—		—

COVER	6 Months Ended
COVER	Jun. 30, 2023
Document Information [Line Items]
Document Type	S-1/A
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
Entity Address, Address Line Two	Suite 170
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 Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001814287
Amendment Flag	false
Entity Primary SIC Number	6282
Business Contact
Document Information [Line Items]
Contact Personnel Name	Jay J. Jackson
Entity Address, Address Line One	2101 Park Center Drive
Entity Address, Address Line Two	Suite 170
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

RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

RELATED-PARTY TRANSACTIONS

17.	RELATED-PARTY TRANSACTIONS

As of June 30, 2023 and December 31, 2022, $10,415,154 and $263,785, respectively, were due to members and affiliates primarily for reimbursable transaction costs as well as distributions to owners of $717,429 as a part of the Business Combination as of June 30, 2023. As of June 30, 2023 and December 31, 2022, $10,473,748 and $2,904,646 was due from affiliates, respectively. The amount to be received as of June 30, 2023 is due from the Sponsor as part of the Sponsor PIK Note. Additionally, the SPV purchase and sale note for $25,000,000 as of June 30, 2023 was also recorded as a related party transaction given the transfer of cash and policies between the Company and the SPV. Refer to footnote 13 for more information.

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 also earns service revenue related to policy and administrative services on behalf of 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 $197,629 and $205,224, respectively, in service revenue related to Nova Funds for the three months ended June 30, 2023 and 2022 and earned $411,076 and $406,129, respectively, in service revenue related to Nova Funds for the six months ended June 30, 2023 and 2022.

Prior to the Merger, LMA used Abacus to originate life settlement policies that it accounts for under the investment method. For the three and six months ended June 30, 2023, the Company incurred $837,975 and $1,627,975, respectively in origination costs for life settlement policies that were originated by Abacus. These costs are capitalized on the condensed consolidated balance sheets as life settlement policies, at cost.

As of June 30, 2023, and December 31, 2022, there were $72,600 and $196,289, respectively owed from the Nova Funds, which are included as related-party receivables in the accompanying condensed consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation of Variable Interest Entities (Details)			3 Months Ended		6 Months Ended
	Mar. 03, 2022 USD ($)	Oct. 04, 2021 USD ($) investor	Jun. 30, 2023 USD ($) provider	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) provider	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2021 provider
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			$ 277,334,437		$ 277,334,437		$ 59,094,847
Liabilities			$ 116,835,522		$ 116,835,522		30,945,150
Option agreement, number of providers \| provider			2		2			2
Interest (expense)			$ 584,075	$ 0	$ 941,458	$ 0
Number of unaffiliated investors \| investor		3
RIS
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Consideration paid to acquire business	$ 60,000
Longevity Market Advisors \| RIS
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage			100.00%		100.00%
Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			$ 57,577,034		$ 57,577,034		30,073,972
Liabilities			52,474,820		52,474,820		27,116,762
Contribution amount		$ 100
Variable Interest Entity, Primary Beneficiary \| LMX
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		70.00%
Variable Interest Entity, Primary Beneficiary \| Longevity Market Advisors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	80.00%
Variable Interest Entity, Not Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			801,345		801,345		987,964
Liabilities			185,071		185,071		358,586
Variable Interest Entity, Not Primary Beneficiary \| Provider One
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			318,178		318,178		126,040
Liabilities			450		450		0
Variable Interest Entity, Not Primary Beneficiary \| Provider Two
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			483,167		483,167		861,924
Liabilities			184,621		184,621		$ 358,586
Variable Interest Entity, Not Primary Beneficiary \| Expense Support Agreement
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest (expense)			$ 0	$ 127,455	$ 29,721	$ 242,247

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,184,571	$ 120,132	$ 528,104	$ 296,806
Effective tax rate percentage	15.00%	12.00%	3.60%	18.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

LONG-TERM DEBT - Long-Term Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cost
Debt Instrument [Line Items]
Long-term debt, fair value	$ 65,003,234	$ 30,028,640
Cost \| Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	9,866,900	9,866,900
Cost \| Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	2,333,391	2,333,391
Cost \| Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, fair value	400,000	400,000
Cost \| Secured borrowing \| LMATT Income Series, LP
Debt Instrument [Line Items]
Long-term debt, fair value	21,889,444	17,428,349
Cost \| Secured borrowing \| LMATT Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, fair value	20,041,851	0
Cost \| Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, fair value	10,471,648	0
Cost \| Line of Credit \| SPV Investment Facility
Debt Instrument [Line Items]
Long-term debt, fair value	25,000,000	0
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	66,165,396	28,249,653
Fair value \| Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	9,621,141	8,067,291
Fair value \| Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	3,446,527	2,354,013
Fair value \| Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, fair value	459,553	400,000
Fair value \| Secured borrowing \| LMATT Income Series, LP
Debt Instrument [Line Items]
Long-term debt, fair value	22,124,676	17,428,349
Fair value \| Secured borrowing \| LMATT Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, fair value	20,041,851	0
Fair value \| Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, fair value	10,471,648	0
Fair value \| Line of Credit \| SPV Investment Facility
Debt Instrument [Line Items]
Long-term debt, fair value	$ 25,000,000	$ 0

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended	6 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Jun. 30, 2023 $ / shares shares	Jun. 30, 2023 $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	26,150,000
Private Placement Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5	$ 11.5
Private Placement Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		26,150,000

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

11.	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 (“Expense Support Agreement”) with two commonly owned full-service origination, servicing, and investment Providers in exchange for an option to purchase the outstanding equity ownership of the Providers. Pursuant to the Expense Support Agreement, Abacus Life, Inc. 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 Abacus Life, Inc. No later than December 1 of each calendar year, Abacus Life, Inc. provides a budget for the Providers, in which Abacus Life, Inc. 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 Institutional Life Holdings, LLC, which owns all the outstanding membership interests of the Providers if unrelated to the Providers settlement business.

For the three months ended June 30, 2023, Abacus Life, Inc. did

incur expenses related to the Expense Support Agreement. For the six months ended June 30, 2023, Abacus Life, Inc. incurred $29,721 of expenses, related to the Expense Support Agreement, which is included in the Other (expense) line of the condensed consolidated statements of operations and comprehensive income and have not been reimbursed by the Providers.

FAIR VALUE MEASUREMENTS - Discount Rate Sensitivity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Life settlement policies, fair value, impact of +2% discount rate adjustment	$ 53,987,508
Life settlement policies, change in fair value, impact of +2% discount rate adjustment	(2,698,109)
Life settlement policies, at fair value	56,685,617	$ 13,809,352
Life settlement policies, fair value, impact of -2% discount rate adjustment	59,857,879
Life settlement policies, change in fair value, impact of -2% discount rate adjustment	$ 3,172,262

LONG-TERM DEBT - LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) option	Dec. 31, 2022 USD ($)
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 66,165,396	$ 28,249,653
LMATT 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	25.00%
Minimum internal rate of return threshold	6.50%
Internal rate of return cap	9.00%
Net internal rate of return at cap	15.00%
LMATT Income Series, LP \| Secured borrowing \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 22,124,676	$ 17,428,349
LMATT Income Series, LP \| Secured borrowing \| General Partner
Debt Instrument [Line Items]
Return rate in excess of minimum internal rate of return	75.00%
Minimum internal rate of return threshold	6.50%
LMATT Income Series, LP \| Secured borrowing \| Limited Partner
Debt Instrument [Line Items]
Internal rate of return cap	15.00%
Return Rate in excess of capped internal rate of return threshold	100.00%

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

13.	LONG-TERM DEBT

Long-term debt comprises of the following:


	Six Months Ended June 30, 2023				Year Ended December 31, 2022
	Cost		Fair value		Cost		Fair value
Market-indexed notes:
LMATT Series 2024, Inc.	$	9,866,900	$	9,621,141	$	9,866,900	$	8,067,291
LMATT Series 2.2024, Inc.		2,333,391		3,446,527		2,333,391		2,354,013
LMATT Growth & Income Series 1.2026, Inc		400,000		459,553		400,000		400,000
Secured borrowing:
LMATT Income Series, LP		21,889,444		22,124,676		17,428,349		17,428,349
LMATT Income Series II, LP		20,041,851		20,041,851		—		—
Unsecured borrowing:
Sponsor PIK Note		10,471,648		10,471,648		—		—

Total long-term debt	$	65,003,234	$	66,165,396	$	30,028,640	$	28,249,653

SPV purchase and sale note	$	25,000,000	$	25,000,000		—		—

Sponsor PIK Note

On the June 30, 2023, in connection with the consummation of the Business Combination and as contemplated by 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”). 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.

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 Series (LMATTS) 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 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%. Any subsequent losses below the 40% threshold will reduce the note on a

one-to-one

basis. As of June 30, 2023, $9,866,900 of the principal amount remained outstanding.

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 June 30, 2023, the fair value of the LMATT Series 2024, Inc. notes were $9,621,141.

The notes are secured by the assets of the issuing entities, which includes cash, S&P 500 options, and life settlement policies totaling $11,195,701 as of June 30, 2023. The notes’ agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing companies are considered as collateral. There are also no restrictive covenants associated with the notes with which the entities must comply.

LMATT Series 2.2024, Inc. Market-Indexed Notes:

On September 16, 2022, LMATTS 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. (“LMATTSTM 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 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 experiences a loss during the investment period. After the underlying index has decreased in value by more than 20%, the investment will experience all subsequent losses on a

one-to-one

basis. . As of June 30, 2023, the entire principal amount remained outstanding.

The notes are secured by the assets of the issuing entity, LMATT Series 2.2024, Inc., which includes cash, S&P 500 options, and life settlement policies totaling $3,331,872 as of June 30, 2023. The note agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing company are considered as collateral. There are also no restrictive covenants associated with the note with which the entity must comply.

LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes:

Additionally, 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 (“LMATTSTM 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 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 experiences a loss during the investment period. After the underlying index has decreased in value by more than 10%, the investment will experience all subsequent losses on a

one-to-one

basis. This note also includes 4% dividend feature that will be paid annually. As of June 30, 2023, the entire principal amount remained outstanding.

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 June 30, 2023, the fair value of the LMATT Growth and Income Series 1.2026, Inc., notes were $459,553.

The notes are secured by the assets of the issuing entity, LMATTS Growth and Income Series 1.2026, Inc., which includes cash, S&P 500 options, and life settlement policies totaling $517,218 as of June 30, 2023. The note agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing company are considered as collateral. There are also no restrictive covenants associated with the note with which the entity must comply.

See additional fair value considerations within Note 12. “Fair Value Measurements.”

LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing

LMA Income Series, GP, LLC, wholly owned and controlled by that LMA Series, LLC, formed a limited partnership, LMA Income Series, LP and issued partnership interests to limited partners in a private placement offering. The initial term of the offering is three years 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 six months ended June 30, 2023.

The private placement offerings proceeds will be used to acquire an actively managed 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.

LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC

810-10-30.

As of June 30, 2023, the fair value of the secured borrowing was $22,124,676.

LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing

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 issued partnership interests to limited partners in a private placement offering. The initial term of the offering is three years 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 will receive 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.

860-10.

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.

LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC

810-10-30.

As of June 30, 2023, the fair value of the secured borrowing was $20,041,851.

SPV Purchase and Sale

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 $10.0 million from Abacus Investment SPV, LLC, a Delaware limited liability company (“SPV”), in exchange for a payable obligation owing by the Company to the SPV (such acquisition transaction under the Policy APA, the “SPV Purchase and Sale”).

The payable obligation owing by the Company to the SPV in connection with the SPV Purchase and Sale is evidenced by a note issued by the Company under the SPV Investment Facility (the “SPV Purchase and Sale Note”) in an original principal amount equal to the aggregate fair market value of the acquired insurance policies. The SPV Purchase and Sale Note has the same material terms and conditions as the other credit extensions under the SPV Investment Facility (as defined below).

SPV Investment Facility

On July 5, 2023, the Company entered into that certain SPV Investment Facility (the “SPV Investment Facility”), between the Company, as borrower, and the SPV, as lender.

The SPV Investment Facility, among other things:

•

requires certain subsidiaries of the Company to guarantee the credit extensions provided under the SPV Investment Facility pursuant to separate documentation

•

is unsecured without collateral security provided in favor of the SPV and subordinated in right of payment to the Company’s obligations under the Owl Rock Credit Facility, subject to limited specified exceptions and circumstances for permitting early payment;

•

provides for certain credit extensions in an aggregate principal amount of $25.0 million, including: (i) an initial credit extension in an original principal amount of $15.0 million that was funded upon the closing of the SPV Investment Facility, and (ii) the SPV Purchase and Sale Note in favor of the SPV in an original principal amount of $10.0 million to finance the purchase of the insurance policies under the Policy APA;

•

provides proceeds from the SPV Investment Facility for payment of certain transaction expenses, general corporate purposes and any other purposes not prohibited by the agreement or applicable law;

•

matures on July 5, 2026, three years after the closing of the SPV Investment Facility, subject to two automatic extensions of one year each without any amendment of the relevant documentation, but also subject to applicable subordination restrictions in relation to the Owl Rock Credit Facility;

•

provides for interest to accrue on the SPV Investment Facility at a rate of 12.00% per annum, payable quarterly, all of which is to be paid

in-kind

by the Company by increasing the principal amount of the SPV Investment Facility owing to the SPV on each interest payment date;

•

provides a default rate that will accrue at 2.00% per annum (subject to applicable subordination restrictions) over the rate otherwise applicable. If cash payment is not permitted due to applicable subordination restrictions or otherwise, such default interest shall be paid

in-kind;

•

provides that no amortization payments shall be required prior to maturity;

•

contains financial and other covenants substantially similar and not materially worse than those contained in the Owl Rock Credit Facility from the perspective of the Company; and

•

provides for certain specified events of default (including certain events of default subject to grace or cure periods), with the occurrence and during the continuance of such events of default enabling the lender under the SPV Investment Facility to accelerate the obligations under the SPV Investment Facility, among other rights or remedies, subject to applicable subordination restrictions.

The SPV’s investment resulting from credit extensions under the SPV Investment Facility is treated by the Company as debt for U.S. GAAP accounting purposes. While the timing of the Policy APA and SPV Investment Facility occurred on July 5, 2023, such amounts are included within the condensed consolidated balance sheet as cash was received prior to June 30, 2023.

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Revenue by Segment

Revenue related to the Company’s reporting segments for the three-month and

six-month

periods ended June 30, 2023, and June 30, 2022, is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Portfolio servicing	$	354,366	$	419,422	$	590,057	$	990,328
Active management		11,024,399		7,979,479		20,994,917		17,285,971

Total revenue	$	11,378,765	$	8,398,901	$	21,584,974	$	18,276,299

Summary of Segment Information

Information related to the Company’s reporting segments for the three-month and

six-month

periods ended June 30, 2023 and June 30, 2022 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Portfolio servicing	$	(76,705	)	$	280,303		$	(166,128	)	$	668,752
Active management		10,482,070			7,452,479			20,288,152			15,521,472

Total gross profit		10,405,365			7,732,782			20,122,024			16,190,224

Sales and marketing		(683,841	)		(1,019,498	)		(1,412,845	)		(1,649,498	)
General, administrative and other		(577,539	)		(5,499	)		(1,274,431	)		(646,705	)
Depreciation		(1,098	)		(1,098	)		(2,141	)		(2,141	)
Other (expense) income		121,601			(127,455	)		(21,651	)		(242,247	)
Interest expense		(584,075	)		—			(934,001	)		—
Loss on change in fair value of debt		(1,445,229	)		(333,879	)		(2,398,662	)		(375,513	)
Unrealized gain (loss) on investments		672,936			(1,039,022	)		798,156			(1,054,975	)
Provision for income taxes		(1,184,571	)		(120,132	)		(528,104	)		(296,806	)
Less: Net loss attributable to non-controlling interests		26,596			(406,641	)		487,303			(406,641	)

Net income attributable to Abacus Life, Inc.	$	6,750,145		$	4,679,558		$	14,835,648		$	11,515,698

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

19.	EARNINGS PER SHARE

Basic earnings per share represents income available to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the reported period. Net income per ordinary share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the Public and Private Placement Warrants to purchase an aggregate of 26,150,000 shares in the calculation of diluted income per ordinary share, since the

average market price of the Company’s Class A common shares for the three and six months ended June 30, 2023 was below the warrants’ $11.50 exercise price. As a result, diluted income per share is the same as basic net income per share for the period presented.

Basic and diluted weighted average shares outstanding and earnings per share were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net income attributable to Longevity Market Assets	$	6,750,145	$	4,679,558	$	14,835,648	$	11,515,698
Weighted-average shares used in computing net income per share, basic and diluted		50,507,728		50,369,350		50,438,921		50,369,350
Basic and diluted earnings per share:	$	0.13	$	0.09	$	0.29	$	0.23

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

20.	SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions from the condensed consolidated balance sheet date through the date at which the condensed consolidated financial statements were issued.

Owl Rock Credit Facility

On July 5, 2023 (the “Owl Rock Closing Date”), the Company entered into that certain Credit Agreement (the “Owl Rock Credit Facility”), among the Company, as borrower, the several banks and other persons from time to time party thereto (the “Owl Rock Lenders”), and Owl Rock Capital Corporation, as administrative and collateral agent for the Owl Rock Lenders thereunder.

The Owl Rock Credit Facility, among other things:

•

requires the Company and certain subsidiaries of the Company to guarantee the loans provided under the Owl Rock Credit Facility pursuant to separate loan documentation;

•

provides credit extensions for (i) an initial term loan in an aggregate principal amount of $25.0 million upon the closing of the Owl Rock Credit Facility and (ii) optional delayed draw term loans (which can be drawn on multiple drawing dates) in an aggregate principal amount of up to $25.0 million available for one hundred eighty (180) days after the Owl Rock Closing Date (the “Delayed Draw Term Loan Availability Period”), subject to the requirement that on each delayed draw date, the liquid asset coverage ratio shall not be less than 1.80 to 1.00, together with other specified conditions to drawings, the proceeds of which may be used for working capital and the business requirements of the enterprise, and to fund acquisitions, investments and other transactions permitted by the loan documentation;

•

provides a delayed draw commitment fee rate of 0.50% per annum applicable to undrawn commitments during the Delayed Draw Term Loan Availability Period

•

matures on July 5, 2028, the date that is five years after the closing of the Owl Rock Credit Facility;

•

is secured by a first-priority security interest in substantially all of the assets of the Company and the subsidiary guarantors. No pledge of any equity interests in the Company is required by any holder of such equity interests;

•

provides for interest to accrue on the loans drawn under the Owl Rock Credit Facility at the election of the Company, by reference to either (i) an alternative base rate (such loans, “ABR Loans”) or (ii) an adjusted term SOFR rate (such loans, “SOFR Loans”) plus an applicable margin. The adjusted term SOFR rate is determined by the applicable term SOFR for a relevant interest period plus a credit spread adjustment of 0.10%, 0.15% and 0.25% per annum for interest periods of one, three and six months,

respectively. The applicable margin for each type of loan is (i)

6.25% per annum for any ABR Loans and (ii)

7.25% per annum for any SOFR Loans, with interest periods for SOFR Loans of

one,

three or

six months

(or other periods if agreed by all lenders);

•

provides a default rate that will accrue at

2.00

% per annum over the rate otherwise applicable;

•

provides for amortization payments based on the initial principal amount of the loans outstanding of

1.0% per year (

0.25

% due per quarter), with adjustments made to the overall amortization amount upon the incurrence of any delayed draw loans;

•

contains provisions requiring mandatory prepayment of the initial term loans and delayed draw term loans with

100

% of the proceeds of (a) indebtedness not permitted by the Owl Rock Credit Facility and (b) certain specified asset dispositions and payments (including in respect of settlements) in respect of property, casualty insurance claims or condemnation proceedings, with the proceeds received under this clause (b) subject to certain specified reinvestment rights and procedures set forth in the Owl Rock Credit Facility. The Owl Rock Credit Facility permits voluntary prepayments of outstanding loans at any time;

•

provides for a prepayment premium equal to (a)

4.00% of the principal amount of such loans prepaid on or prior to the first anniversary of the closing of the Owl Rock Credit Facility, (b)

3.00% of the principal amount of such loans prepaid after the first anniversary of the closing of the Owl Rock Credit Facility but on or prior to the second anniversary of the closing of the Owl Rock Credit Facility and (c)

2.00

% of the principal amount of such loans prepaid after the second anniversary of the closing of the Owl Rock Credit Facility but on or prior to the third anniversary of the closing of the Owl Rock Credit Facility. No prepayment premium will be applicable for any such prepayment made after the third anniversary of the closing of the Owl Rock Credit Facility. The prepayment premium is applicable to voluntary prepayments and certain specified mandatory prepayment during such applicable periods;

•

provides for financial covenants such that (i) a consolidated net leverage ratio cannot exceed

2.50 to 1.00 as of the last day of any fiscal quarter and (ii) a liquid asset coverage ratio cannot be less than

1.80

to 1.00;

•

contains affirmative covenants related to, among other things, delivery of certain financial reports and compliance certificates, maintenance of existence, compliance with laws, material contracts, payment of taxes, property and insurance matters, inspection of property, books and records, notices, collateral matters and future subsidiaries, in each case, subject to specified limitations and exceptions;

•

contains an affirmative representation and corresponding covenant that the Company and certain subsidiaries of the Company do not, and will not during the term of the Owl Rock Facility (or if the term of the Owl Rock Credit Facility continues for longer than a year, during the Company’s and certain subsidiaries of the Company’s most recent fiscal year), derive more than fifteen percent (

%) of their aggregate gross revenues from securities related activities;

•

contains negative covenants related to, among other things, incurrence of debt, creation of liens, mergers, acquisitions and certain other fundamental changes, conditions concerning the creation of new subsidiaries, conditions concerning opening of new accounts, disposition of assets, dividends and other restricted payments, prepayment of certain indebtedness, transactions with affiliates, investments and limitations on lines of business, in each case, subject to specified limitations and exceptions; and

•

provides for certain specified events of default upon the occurrence and during the continuation of certain events or conditions (subject to specified exceptions, grace periods or cure rights, as applicable) each as set forth in the Owl Rock Credit Facility, which includes among other things, defaults with respect to nonpayment, breaches of representations and warranties, failure to comply with covenants, cross-default to other material indebtedness, bankruptcy and insolvency matters, ERISA matters, material judgments, collateral and perfection matters, the occurrence of a change of control and subordination matters with respect to certain specified indebtedness. The occurrence and continuance of an event of default that is not cured or waived will enable the agent and/or the lenders, as applicable, to accelerate the loans or take other remedial steps as provided in the Owl Rock Credit Facility and the other loan documents.

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

9.	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 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. During the six months ended June 30, 2023, the Company’s consolidated VIEs, LMA Income Series II LP, LMX Series LLC (LMATT Series 2024, Inc.), Longevity Market Advisors, Regional Investment Services and LMA Income Series, LP, had total assets of $57,577,034 and liabilities of $52,474,820. For the year ended December 31, 2022, the Company’s consolidated VIEs, LMATT Series 2024, Inc., Longevity Market Advisors, Regional Investment Services and LMA Income Series, LP, had total assets and liabilities of $30,073,972 and $27,116,762, respectively. The Company did not deconsolidate any entities during the period ended June 30, 2023, or during the year ended December 31, 2022.

As of June 30, 2023, the Company held total assets of $801,345 and liabilities of $185,071, in unconsolidated VIEs. As of December 31, 2022, the Company held total assets of $987,964 and liabilities of $358,586 in unconsolidated VIEs.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

—In connection with the Business Combination, the Merger is accounted for as a reverse recapitalization with ERES in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under U.S. GAAP, ERES has been treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the LMA shareholders having a relative majority of the voting power of the Company, the LMA shareholders having the authority to appoint a majority of directors on the Board of Directors, and senior management of LMA comprising the majority of the senior management of the post-combination Company. LMA was then determined to be the “acquirer” for financial reporting purposes based on the relative size of LMA as compared to Abacus, represented by their revenue, equity, gross profit and net income. Accordingly, for accounting purposes, the financial statements of the combined entity will represent a continuation of the financial statements of LMA with the LMA Merger being treated as the equivalent of LMA issuing stock for the net assets of ERES, accompanied by a recapitalization. The net assets of ERES will be stated at historical cost, with no goodwill or other intangible assets recorded.

The Abacus Merger will be accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of Abacus will be recorded at estimated fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net assets acquired, if applicable, will be recognized as goodwill.

As a result of the Business Combination, the Company evaluated if ERES, Abacus, or LMA is the predecessor for accounting purposes.

In considering the foregoing principles of predecessor determination and in light of the Company’s specific facts and circumstances, management determined that LMA and Abacus are dual predecessors for accounting purposes. The financial statement presentation for Abacus Life, Inc. includes the purchase accounting effects of the Abacus Merger as of the Closing Date with the financial statements of LMA as the comparative period. The predecessor financial statements for Abacus are included separately within this report.

The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and are prepared in accordance with U.S. GAAP.

Unaudited Condensed Consolidated Financial Statements

—The condensed consolidated 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 the Company’s financial position as of June 30, 2023, and the condensed consolidated statements of operations and comprehensive income for the three months and six months ended June 30, 2023 and 2022, respectively, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, respectively. The condensed consolidated statements of operations and comprehensive income for the three months and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for Abacus for the year ended December 31, 2022, and the financial statements and notes for LMA for the year ended December 31, 2022. All references to financial information as of and for the periods ended June 30, 2023, and 2022 in the notes to condensed consolidated financial statements are unaudited.

Refer to this note in the LMA annual financial statements for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed below and as a result of normal adjustments in the interim periods.

Consolidation of Variable Interest Entities

—For entities in which the Company has variable interests, the

Company

first evaluates whether the entity meets the definition of a variable interest entity (“VIE”) or a

voting interest entity (“VOE”). If the entity is a VIE, the Company focuses on identifying whether it has the power to direct the activities that most significantly impact the VIE’s economic performance and whether it has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE will be included in the Company’s condensed consolidated financial statements. The proportionate share not owned by the Company is recognized as noncontrolling interest and net income attributable to noncontrolling interest on the condensed consolidated balance sheets and condensed consolidated statements of operations and comprehensive income, respectively. If the entity is a VOE, the Company evaluates whether it has the power to control the VOE through a majority voting interest or through other arrangements.

Accounting Standards Codification (“ASC”) Topic 810,

Consolidations

, requires the Company to separately disclose on its condensed consolidated balance sheets the assets of consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of June 30, 2023, total assets and liabilities of consolidated VIEs were $57,577,034 and $52,474,820, respectively. As of December 31, 2022, total assets and liabilities of consolidated VIEs were $30,073,972 and $27,116,762, respectively.

On January 1, 2021, the Company entered into an option agreement with two commonly owned full-service origination, servicing, and investment providers (the “Providers”), in which the Company agreed to fund certain capital needs with an option to purchase the outstanding equity ownership of the Providers (the “Option Agreement”).

The Company accounted for its investment in the call options under the Option Agreement as an equity security, pursuant to ASC 321. In arriving at this accounting conclusion, the Company first considered whether the call options met the definition of a derivative pursuant to ASC 815 and concluded that the options do not provide for net settlement and accordingly are not a derivative. The Company also concluded that the call options do not provide the Company with a controlling financial interest in the legal entity pursuant to ASC 810. The call options include material contingencies prior to exercisability that the Company does not anticipate will be resolved; additionally, the call options are in a legal entity for which the share price has no readily determinable fair value. The Company’s basis in the call options, pursuant to ASC 321, is zero and accordingly the call options are not reflected in the statement of financial position.

The Company provided $0 and $127,455 of funding for the three months ended June 30, 2023 and June 30, 2022, respectively and provided $29,721 and $242,247 of funding for the six months ended June 30, 2023 and June 30, 2022, respectively which is included in other (expense) income on the condensed consolidated statements of operations and comprehensive income. See Note 11, Commitments and Contingencies.

For the period ended June 30, 2023, and for the year ended December 31, 2022, the Providers were considered to be VIEs, but were not consolidated in the Company’s condensed consolidated financial statements due to a lack of the power criterion or the losses/benefits criterion. As of June 30, 2023, the unaudited financial information for the unconsolidated VIEs are as follows: held assets of $318,178 and liabilities of $450 and held assets of $483,167 and liabilities of $184,621, respectively. As of December 31, 2022, the unaudited financial information for the unconsolidated VIEs are as follows: held assets of $126,040 and liabilities of $0 and held assets of $861,924 and liabilities of $358,586, respectively.

On October 4, 2021, the Company entered into an operating agreement with LMX Series, LLC (“LMX”) and three other unaffiliated investors to obtain a 70% ownership interest in LMX, which was newly formed in August 2021. LMX had no operating activity prior to the operating agreement being signed. LMX has a wholly owned subsidiary, LMATT Series 2024, Inc., a Delaware C corporation. While the Company and three other investors each contributed $100 to LMX, the Company directs the most significant activities by managing the investment offerings, and sponsoring and creating structured investment grade insurance liabilities, and thus was provided a 70% ownership interest. LMX is a VIE and the Company is the primary beneficiary of LMX. The Company has included the results of LMX and its subsidiaries in its condensed consolidated financial statements for the period ended June 30, 2023.

On March 3, 2022, the Company obtained an 80% ownership interest in Longevity Market Advisors, LLC (“Longevity Market Advisors”). The Longevity Market Advisors legal entity was established primarily for

the purpose of acquiring the assets of a broker/dealer, Regional Investment Services, Inc. (“RIS”), an Ohio corporation. Longevity Market Advisors is a VIE and the Company is the primary beneficiary of Longevity Market Advisors. The purchase price payable in exchange for RIS was $60,000. The Company evaluated whether this represented a business combination or an asset acquisition under ASC 805. While the purchase of the RIS represents a business, it was further determined that as RIS was purchased for the primary reason of being registered by the Financial Industry Regulatory Authority (“FINRA”). As there are no tangible or intangible assets of value from the RIS that would meet the capitalization criteria that have standalone value, the Company has expensed the purchase in general and administrative costs. Upon closing of the transaction, Longevity Market Advisors will comprise 100% of the ownership structure of RIS, and RIS will be a wholly owned subsidiary. The Company has included the results of Longevity Market Advisors in its condensed consolidated financial statements for the period ended June 30, 2023.

On November 30, 2022, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created general partnership, LMA Income Series, GP, LLC. Subsequent to that, LMA Income Series, GP, LLC formed a limited partnership, LMA Income Series, LP and issued partnership interests to limited partners in a private placement offering. 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 condensed consolidated financial statements for the six months ended June 30, 2023.

On January 31, 2023, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created general partnership, LMA Income Series II, GP, LLC. Subsequent to that, LMA Income Series II, GP, LLC formed a limited partnership, LMA Income Series II, LP and issued partnership interests to limited partners in a private placement offering. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series II, LP and thus has fully consolidated the limited partnership in its condensed consolidated financial statements for the six months ended June 30, 2023.

Noncontrolling Interest

—Noncontrolling interest represents the share of consolidated entities owned by third parties. At the date of formation or upon acquisition, the Company recognizes noncontrolling interest on the condensed consolidated balance sheets at an amount equal to the noncontrolling interest’s proportionate share of the relative fair value of any assets and liabilities acquired. Noncontrolling interest is subsequently adjusted for the noncontrolling shareholder’s additional contributions, distributions, and the shareholder’s share of the net earnings or losses of each respective consolidated entity.

Net income of a consolidated entity is allocated to noncontrolling interests based on the noncontrolling shareholder’s ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in net income (loss) attributable to noncontrolling interests in the condensed consolidated statements of operations and comprehensive income.

Use of Estimates

—The preparation of U.S. GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, disclosure of contingent assets and liabilities at the date of financial statements, and the reports amounts of revenue and expenses during the reporting periods. Company’s 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, purchase price allocation, the selection of useful lives of property and equipment, valuation of other receivables, valuation of life settlement policies, valuation of other investments and

available-for-sale

securities, valuation of long-term debt, impairment testing, income taxes, and legal reserves.

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with

ASC 325-30,

Investments in Insurance Contracts

. The Company accounts for life settlement policies purchased that we intend to hold to maturity at fair value and life settlement policies that we intend to trade in the near term at cost plus premiums paid.

The Company follows ASC 820,

Fair Value Measurements and Disclosures

, in estimating the fair value of its life insurance policies held at fair value. ASC 820 defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level, fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s valuation of life settlements is considered to be Level 3, as there is currently no active market where we are able to observe quoted prices for identical assets. The Company’s valuation model incorporates significant inputs that are not observable. See Note 10, “Fair Value Measurements.” For policies held at fair value, changes in fair value are reflected in operations in the period the change is calculated.

For policies held under the investment method, the Company tests the impairment if we become aware of information indicating that the carrying value plus undiscounted future premiums of a policy may not be recoverable. This information is gathered initially through extensive underwriting procedures at purchase of the settlement contract, as well as through periodic underwriting review that include medical reports and life expectancy evaluations. The policies held by the Company using the investment method are expected to be owned for a shorter-term, and are actively marketed to potential buyers. The market feedback received through these interactions provides the Company with information related to a potential impairment. If a policy is determined to be impaired, the Company will adjust the carrying value to the fair value determined through the impairment analysis.

The Company accounts for cash proceeds from sale and maturity of life insurance settlement policies, as well as cash outflows for premium payments, as operating activities within the condensed consolidated statements of cash flows.

Cost of Revenues

—Cost of revenue represents the direct costs associated with fulfilling the Company’s obligations to its customers, primarily policy servicing and consulting expense.

Income Taxes

—The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and the Company’s experience with similar operations. Existing favorable contracts are additional positive evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. Existing valuation allowances are

re-examined

under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released.

Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes and the granting and lapse of tax holidays.

Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized.

Concentrations

—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and

available-for-sale

securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying condensed consolidated balance sheets. The Company extends different levels of credit to its customers and maintains allowance for doubtful accounts based upon the expected collectability of accounts receivable. The Company’s procedures for determining this allowance includes evaluating individual customer receivables, considering a customer’s financial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts.

Two related party customers accounted for 12% and 13% of the total balance of accounts receivable and related party receivables as of June 30, 2023, and two related party customers accounted for 75% and 16% of the total accounts receivable as of December 31, 2022, respectively. The largest receivables balances are from related parties where exposed credit risk is low. As such, there is no allowance for doubtful accounts as of June 30, 2023, and December 31, 2022.

One customer accounted for 27% of active management revenue for the three months ended June 30, 2023. Two related party customers each accounted for 20% and 20% of the portfolio servicing revenue for the three months ended June 30, 2023. One customer accounted for 26% of the total revenues for the three months ended June 30, 2022.

One customer accounted for 29% of active management revenue, while 16% of revenue related to 2 policies that matured that were accounted for under the investment method and 1 policy that matured that was accounted for under the fair-value method for the six months ended June 30, 2023. Two related party customers each accounted for 25% and 27% of the portfolio servicing revenue for the six months ended June 30, 2023. One customer accounted for 71% of the total revenues for the six months ended June 30, 2022.

Warrants

—The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480

Distinguishing Liabilities from Equity

(“ASC 480”) and ASC 815,

Derivatives and Hedging

(“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants

that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a

non-cash

gain or loss on the condensed consolidated statements of operations and comprehensive income.

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Acquired (Details)	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 32,900,000
Trade Name
Finite-Lived Intangible Assets [Line Items]
Fair Value	900,000
State Insurance Licenses
Finite-Lived Intangible Assets [Line Items]
Fair Value	2,700,000
Customer Relationships - Agents
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,600,000
Useful Life	5 years
Customer Relationships - Financial Relationships
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,000,000
Useful Life	8 years
Internally Developed and Used Technology—APA
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,600,000
Useful Life	2 years
Internally Developed and Used Technology—Market Place
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 100,000
Useful Life	3 years
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,000,000
Useful Life	2 years

BUSINESS COMBINATION - Intangible Assets Acquired (Details)	Jun. 30, 2023 USD ($)
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
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 - Narrative (Details)	Jun. 30, 2023 USD ($)
LMA and Abacus
Business Acquisition [Line Items]
Consideration	$ 531,750,000
LMA and Abacus \| Customer Relationships - Agents
Business Acquisition [Line Items]
Useful Life	5 years
LMA and Abacus \| Customer Relationships - Financial Relationships
Business Acquisition [Line Items]
Useful Life	8 years
LMA
Business Acquisition [Line Items]
Consideration	$ 366,388,668
Enterprise value	366,400,000
LMA \| Minimum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	380,000,000
LMA \| Minimum \| Market approach
Business Acquisition [Line Items]
Enterprise value	400,000,000
LMA \| Maximum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	460,000,000
LMA \| Maximum \| Market approach
Business Acquisition [Line Items]
Enterprise value	$ 440,000,000
LMA \| Discount rate
Business Acquisition [Line Items]
Measurement input	0.145
Abacus
Business Acquisition [Line Items]
Consideration	$ 165,361,332
Enterprise value	165,400,000
Abacus \| Minimum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	180,000,000
Abacus \| Minimum \| Market approach
Business Acquisition [Line Items]
Enterprise value	180,000,000
Abacus \| Maximum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	195,000,000
Abacus \| Maximum \| Market approach
Business Acquisition [Line Items]
Enterprise value	$ 190,000,000
Abacus \| Discount rate
Business Acquisition [Line Items]
Measurement input	0.165

LIFE INSURANCE SETTLEMENT POLICIES - Estimated Premiums (Details)	Jun. 30, 2023 USD ($)
Investments, All Other Investments [Abstract]
2023 remaining	$ 1,024,151
2024	1,243,423
2025	1,310,936
2026	1,044,640
Thereafter	3,288,619
Total	$ 7,911,769

LEASES - Future Minimum Noncancellable Lease Payments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remaining of 2023	$ 130,176
2024	118,057
2025	0
2026	0
2027	0
Thereafter	0
Total operating lease payments (undiscounted)	248,233
Less: Imputed interest	(3,808)
Lease liability as of June 30, 2023	$ 244,425	$ 77,395

PROPERTY AND EQUIPMENT---NET (Details) - USD ($)	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT---NET (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 186,801		$ 186,801		$ 25,346
Less: accumulated depreciation	(8,870)		(8,870)		(6,729)
Property and equipment—net	177,931		177,931		18,617
Depreciation expense	1,098	$ 1,098	2,141	$ 2,141
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment—gross	144,202		144,202		0
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment—gross	34,300		34,300		19,444
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 8,299		$ 8,299		$ 5,902

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2023

Dec. 31, 2022

CURRENT ASSETS:

Cash and cash equivalents

$ 20,611,122

$ 30,052,823

Prepaid expenses and other current assets

829,595

116,646

Total current assets

32,206,622

33,282,927

Property and equipment, net

177,931

18,617

Intangible assets, net

32,900,000

Goodwill

140,287,000

Operating right-of-use assets

240,816

77,011

Life settlement policies, at cost

9,889,610

8,716,111

Life settlement policies, at fair value

56,685,617

13,809,352

Available for sale securities, at fair value

1,000,000

Other investments

1,600,000

1,300,000

Due from members and affiliates

75,582

State security deposit

206,873

Certificate of deposit

262,500

Other assets, at fair value

1,801,886

890,829

TOTAL ASSETS

277,334,437

59,094,847

CURRENT LIABILITIES:

Accrued expenses

524,400

Accounts payable

401,500

40,014

Operating lease liabilities—current portion

227,561

48,127

Accrued transaction costs

182,571

908,256

Contract liabilities—deposits on pending settlements

981,217

Income taxes payable

185,831

Total current liabilities

13,894,422

1,302,409

SPV purchase and sale note

25,000,000

Long-term debt, at fair value

66,165,396

28,249,653

Operating lease liabilities—noncurrent portion

16,864

29,268

Deferred tax liability

9,320,240

1,363,820

Warrant liability

2,438,600

TOTAL LIABILITIES

116,835,522

30,945,150

COMMITMENTS AND CONTINGENCIES (11)

SHAREHOLDERS' EQUITY (DEFICIT)

Additional paid-in capital

188,641,886

704,963

Retained earnings/(accumulated deficit)

(29,382,362)

25,487,323

Accumulated other comprehensive income

877,306

1,052,836

Non-controlling interest

355,789

899,538

Total shareholders' equity (deficit)

160,498,915

28,149,697

^[1]

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

277,334,437

59,094,847

Class A Common Stock

SHAREHOLDERS' EQUITY (DEFICIT)

Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 62,961,688 and 50,369,350 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

6,296

5,037

Nonrelated Party

CURRENT ASSETS:

Accounts receivable

192,595

10,448

Other receivables

21,252

CURRENT LIABILITIES:

Other current liabilities

258,759

42,227

Affiliated Entity

CURRENT ASSETS:

Other receivables

10,473,748

2,904,646

CURRENT LIABILITIES:

Other current liabilities

10,415,154

263,785

Related Party

CURRENT ASSETS:

Accounts receivable

78,310

198,364

Owners

CURRENT LIABILITIES:

Other current liabilities

$ 717,429

$ 0

[1]	Both the 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 the Abacus Life Inc. as a result of the successful Business Combination.

BUSINESS COMBINATION - Value Conveyed (Details)	Jun. 30, 2023 USD ($)
Abacus
Business Acquisition [Line Items]
Consideration	$ 165,361,332
LMA
Business Acquisition [Line Items]
Consideration	366,388,668
LMA and Abacus
Business Acquisition [Line Items]
Consideration	$ 531,750,000

EMPLOYEE BENEFIT PLAN

6 Months Ended

Jun. 30, 2023

Postemployment Benefits [Abstract]

EMPLOYEE BENEFIT PLAN

15.	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. For the year ended December 31, 2022, the Company elected to match 50% of employee contributions up to a maximum of 4% of eligible employee compensation. For the three months ended June 30, 2023 and 2022, the Company recognized expenses related to the 401(k) Plan amounting to $13,075 and $2,577, respectively and for the six months ended June 30, 2023 and 2022, the Company recognized expenses related to the 401(k) Plan amounting to $25,315 and $8,048, respectively.

FAIR VALUE MEASUREMENTS - Life Insurance Policies (Details) - Life Insurance Policies	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 13,809,352
Policies purchased	58,543,580
Realized gain (loss) on matured/sold policies	1,898,958
Premiums paid	879,462
Unrealized gain(loss) on held policies	3,319,588
Change in estimated fair value	4,339,084
Matured/sold policies	(20,885,861)
Fair value at end of period	$ 56,685,617

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)

Total

Class A Common Stock

Common Stock

Class A Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Accumulated Other Comprehensive Income

Non- Controlling Interests

Beginning balance (in shares) at Dec. 31, 2021

50,369,350

^[1]

Beginning balance at Dec. 31, 2021

^[1]

$ 766,893

$ 5,037

$ 704,963

$ 205,048

$ 0

$ (148,155)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(2,400,000)

Other Comprehensive Income

2,017,559

1,412,291

605,268

Net Income

11,922,339

11,515,698

406,641

Ending balance (in shares) at Jun. 30, 2022

^[1]

50,369,350

Ending balance at Jun. 30, 2022

^[1]

12,306,791

$ 5,037

704,963

9,320,746

1,412,291

863,754

Beginning balance (in shares) at Mar. 31, 2022

^[1]

50,369,350

Beginning balance at Mar. 31, 2022

^[1]

5,513,033

$ 5,037

704,963

4,951,188

(148,155)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(310,000)

Other Comprehensive Income

2,017,559

1,412,291

605,268

Net Income

5,086,199

4,679,558

406,641

Ending balance (in shares) at Jun. 30, 2022

^[1]

50,369,350

Ending balance at Jun. 30, 2022

^[1]

12,306,791

$ 5,037

704,963

9,320,746

1,412,291

863,754

Beginning balance (in shares) at Dec. 31, 2022

50,369,350

^[1]

Beginning balance at Dec. 31, 2022

^[1]

28,149,697

$ 5,037

704,963

25,487,323

1,052,836

899,538

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(34,451,607)

Deferred transaction costs

(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

Other Comprehensive Income

(231,976)

(175,530)

(56,446)

Net Income

$ 14,348,345

14,835,648

(487,303)

Ending balance (in shares) at Jun. 30, 2023

62,961,688

Ending balance at Jun. 30, 2023

$ 160,498,915

$ 6,296

188,641,886

(29,382,362)

877,306

355,789

Beginning balance (in shares) at Mar. 31, 2023

^[1]

50,369,350

Beginning balance at Mar. 31, 2023

^[1]

35,662,180

$ 5,037

704,963

33,572,826

967,454

411,900

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(34,451,607)

Deferred transaction costs

(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

Other Comprehensive Income

(119,663)

(90,148)

(29,515)

Net Income

$ 6,723,549

6,750,145

(26,596)

Ending balance (in shares) at Jun. 30, 2023

62,961,688

Ending balance at Jun. 30, 2023

$ 160,498,915

$ 6,296

$ 188,641,886

$ (29,382,362)

$ 877,306

$ 355,789

[1]	Both the 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 the Abacus Life Inc. as a result of the successful Business Combination.

SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

SHAREHOLDERS' EQUITY

14.	SHAREHOLDERS’ 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 June 30, 2023, there were 62,961,688 shares of common stock issued and outstanding. 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 shareholders after payment of all liabilities.

Public Warrants

As of June 30, 2023, the Company has 17,250,000 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. The 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 become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Proposed Offering. The Public Warrants will expire five years from the completion of a Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a share of Class A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

Redemption of Warrants for Cash—Once the warrants become exercisable, 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.

If and when the Public warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, the Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the

30-day

redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act.

Redemption of Warrants for Shares of Class A Common Stock—Once the Public warrants become exercisable, 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 share splits, share 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.

In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the Company’s initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by our board of directors), (y) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Price”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of Market Price and the newly issued price. Further, the $10.00 and $18.00 per share redemption trigger prices will be adjusted to be equal to 100% and 180%, respectively, of the higher of the market value and the newly issued price.

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.

Upon the Business Combination, the Company accounted for the Public Warrants issued with the IPO as equity instruments. The Company accounted for the warrant as an expense of the IPO resulting in a charge directly to stockholders’ equity. The Company estimates that the fair value of the warrants upon the Business Combination is approximately $4.73 million, or $0.274 per Public Warrant, using the binomial lattice model. The fair value of the warrants is estimated as of the date of grant using the following assumptions: (1) risk-free interest rate of 4.09%, (2) term to expiration of 5.0 years, (3) exercise price of $11.50 and (4) stock price of $10.03.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 16
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

FAIR VALUE MEASUREMENTS - Credit Exposure to Insurance Companies (Details) - Life Insurance Carrier Concentration Risk	6 Months Ended
	Jun. 30, 2023
Life Insurance Contract, Face Value \| American General Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	14.00%
Life Insurance Contract, Face Value \| ReliaStar Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	6.00%
Life Insurance Contract, Face Value \| Lincoln National Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	14.00%
Life Insurance Contract, Fair Value \| American General Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	11.00%
Life Insurance Contract, Fair Value \| ReliaStar Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	12.00%
Life Insurance Contract, Fair Value \| Lincoln National Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	12.00%

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill by Reportable Segments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 0
Goodwill at end of period	140,287,000
Abacus Settlements, LLC
Goodwill [Roll Forward]
Goodwill at beginning of period	0	$ 0
Additions	140,287,000	0
Goodwill at end of period	140,287,000	$ 0
LMA and Abacus
Goodwill [Roll Forward]
Goodwill at beginning of period	140,287,000
Goodwill at end of period	$ 140,287,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

16.	INCOME TAXES

Before June 30, 2023, the Company elected to file as an S corporation for Federal and state income tax purposes, the Company incurred no Federal or state income taxes, except for income taxes recorded related to some of their consolidated variable interest entities and subsidiaries which are taxable C corporations. These VIE’s 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 LMATT Growth Series, Inc., and LMATTS Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMATT Growth and Income Series, Inc., 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, Inc. and LMATT Growth and Income Series, Inc.

For the three months ended June 30, 2023 and 2022, the Company recorded provision for income taxes of $1,184,571 and $120,132, respectively. The effective tax rate is 15.0% for the three months ended June 30, 2023. The effective rate for the three months ended June 30, 2022 was 12.0% due to the impact of state income taxes and the release of the Company’s valuation allowance, as there was sufficient evidence of the Company’s ability to generate future taxable income at June 30, 2022.

For the six months ended June 30, 2023 and 2022, the Company recorded provision for income taxes of $528,104 and $296,806, respectively. The effective tax rate is 3.6% for the six months ended June 30, 2023. The existence of

non-taxable

flow-through entities within the Company as well as a change in tax status of certain entities upon the Business Combination caused the effective tax rate to be significantly lower than

the statutory rate. The effective rate for the six months ended June 30, 2022 was 18% due to the impact of state income taxes and the release of the Company’s valuation allowance, as there was sufficient evidence of the Company’s ability to generate future taxable income at June 30, 2022.

The Company did not have any unrecognized tax benefits relating to uncertain tax positions as of June 30, 2023, and December 31, 2022, and did not recognize any interest or penalties related to uncertain tax positions as of June 30, 2023, and December 31, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

LIFE INSURANCE SETTLEMENT POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Life Settlement Contracts, Fair Value Method

Policies Carried at Fair Value

—


Remaining Life Expectancy (Years)	Policies		Face Value		Fair Value
0-1		0	$	—	$	—
1-2		10		12,314,000		6,855,769
2-3		11		16,886,778		10,530,949
3-4		10		33,631,467		9,174,200
4-5		13		18,755,193		7,564,469
Thereafter		78		113,618,147		22,560,230

		122	$	195,205,585	$	56,685,617

Schedule of Life Settlement Contracts, Investment Method

Policies accounted for using the investment method

—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Carrying Value
0-1		0	$	—	$	—
1-2		0		—		—
2-3		2		4,400,000		2,131,679
3-4		4		4,100,000		1,281,524
4-5		4		1,362,000		518,736
Thereafter		35		29,658,877		5,957,671

		45	$	39,520,877	$	9,889,610


2023 remaining	$	1,024,151
2024		1,243,423
2025		1,310,936
2026		1,044,640
Thereafter		3,288,619

Total	$	7,911,769

LONG-TERM DEBT - SPV Purchase and Sale and SPV Investment Facility (Details) - Subsequent Event $ in Millions	Jul. 05, 2023 USD ($) extension
Policy APA
Debt Instrument [Line Items]
Insurance policies fair value	$ 10.0
SPV Investment Facility \| Line of Credit
Debt Instrument [Line Items]
Face amount	$ 25.0
Debt instrument term	3 years
Number of extensions \| extension	2
Debt instrument extension term	1 year
Interest rate (as a percent)	12.00%
Default rate	2.00%
SPV Investment Facility \| Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Face amount	$ 10.0
SPV Investment Facility \| Line of Credit \| Secured borrowing
Debt Instrument [Line Items]
Face amount	$ 15.0

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets:
Life settlement policies	$ 56,685,617	$ 13,809,352
Available-for-sale securities, at fair value	1,000,000	1,000,000
Other investments	1,600,000	1,300,000
Liabilities:
Private placement warrants	2,438,600	0
Fair Value, Recurring
Assets:
Life settlement policies	56,685,617	13,809,352
Available-for-sale securities, at fair value	1,000,000	1,000,000
Other investments	1,600,000	1,300,000
S&P 500 options	1,794,640	890,829
Other assets	7,246
Total assets held at fair value	61,087,503	17,000,181
Liabilities:
Long-term debt	66,165,396	28,249,653
Private placement warrants	2,438,600
Total liabilities held at fair value:	68,603,996	28,249,653
Fair Value, Recurring \| Level 1
Assets:
Life settlement policies	0	0
Available-for-sale securities, at fair value	0	0
Other investments	0	0
S&P 500 options	1,794,640	890,829
Other assets	7,246
Total assets held at fair value	1,801,886	890,829
Liabilities:
Long-term debt	0	0
Private placement warrants	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring \| Level 2
Assets:
Life settlement policies	0	0
Available-for-sale securities, at fair value	0	0
Other investments	0	0
S&P 500 options	0	0
Other assets	0
Total assets held at fair value	0	0
Liabilities:
Long-term debt	0	0
Private placement warrants	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring \| Level 3
Assets:
Life settlement policies	56,685,617	13,809,352
Available-for-sale securities, at fair value	1,000,000	1,000,000
Other investments	1,600,000	1,300,000
S&P 500 options	0	0
Other assets	0
Total assets held at fair value	59,285,617	16,109,352
Liabilities:
Long-term debt	66,165,396	28,249,653
Private placement warrants	2,438,600
Total liabilities held at fair value:	$ 68,603,996	$ 28,249,653

SUBSEQUENT EVENTS (Details) - Subsequent Event - Line of Credit - Owl Rock Credit Facility $ in Millions	Jul. 05, 2023 USD ($)
Subsequent Event [Line Items]
Additional borrowing capacity availability period	180 days
Liquid asset minimum coverage ratio	1.8
Commitment fee	0.50%
Debt instrument term	5 years
Default rate	2.00%
Amortization payment percentage	1.00%
Amortization payment per quarter	0.25%
Mandatory prepayment percentage	100.00%
Prepayment premium prior to first anniversary	4.00%
Prepayment premium prior to second anniversary	3.00%
Prepayment premium after second anniversary	2.00%
Maximum leverage ratio	2.5
Maximum securities related activities percentage of aggregate gross revenues	15.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Interest rate (as a percent)	7.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component One
Subsequent Event [Line Items]
Basis spread on variable rate	0.10%
Basis spread on variable rate, term	1 month
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component Two
Subsequent Event [Line Items]
Basis spread on variable rate	0.15%
Basis spread on variable rate, term	3 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component Three
Subsequent Event [Line Items]
Basis spread on variable rate	0.25%
Basis spread on variable rate, term	6 months
Base Rate
Subsequent Event [Line Items]
Interest rate (as a percent)	6.25%
Secured borrowing
Subsequent Event [Line Items]
Face amount	$ 25.0
Additional borrowing capacity	$ 25.0

SEGMENT REPORTING - Reconciliation of Net Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total gross profit	$ 10,405,365	$ 7,732,782	$ 20,122,024	$ 16,190,224
Sales and marketing	(683,841)	(1,019,498)	(1,412,845)	(1,649,498)
General, administrative and other	(577,539)	(5,499)	(1,274,431)	(646,705)
Depreciation	(1,098)	(1,098)	(2,141)	(2,141)
Other (expense) income	121,601	(127,455)	(21,651)	(242,247)
Interest expense	(584,075)	0	(934,001)	0
Loss on change in fair value of debt	(1,445,229)	(333,879)	(2,398,662)	(375,513)
Unrealized gain (loss) on investments	672,936	(1,039,022)	798,156	(1,054,975)
Provision for income taxes	(1,184,571)	(120,132)	(528,104)	(296,806)
Less: Net loss attributable to non-controlling interests	26,596	(406,641)	487,303	(406,641)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS	6,750,145	4,679,558	14,835,648	11,515,698
Portfolio servicing
Segment Reporting Information [Line Items]
Total gross profit	(76,705)	280,303	(166,128)	668,752
Active management
Segment Reporting Information [Line Items]
Total gross profit	$ 10,482,070	$ 7,452,479	$ 20,288,152	$ 15,521,472

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12.	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 June 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	56,685,617	$	56,685,617
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,600,000		1,600,000
S&P 500 options		1,794,640		—		—		1,794,640
Other assets		7,246		—		—		7,246

Total assets held at fair value	$	1,801,886	$	—	$	59,285,617	$	61,087,503

Liabilities:
Long-term debt	$	—	$	—	$	66,165,396	$	66,165,396
Private placement warrants		—		—		2,438,600		2,438,600

Total liabilities held at fair value:	$	—	$	—	$	68,603,996	$	68,603,996


	Fair Value Hierarchy
As of December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	13,809,352	$	13,809,352
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,300,000		1,300,000
S&P 500 options		890,829		—		—		890,829

Total assets held at fair value	$	890,829	$	—	$	16,109,352	$	17,000,181

Liabilities:
Long-term debt	$	—	$	—	$	28,249,653	$	28,249,653

Total liabilities held at fair value:	$	—	$	—	$	28,249,653	$	28,249,653

Life Settlement Policies

—

The Company separately accounts for each owned life settlement policy using either the fair value method, or investment method (cost, plus premiums paid). The valuation method is chosen upon contract acquisition and is irrevocable.

For policies carried at fair value, the Company utilizes valuation services of a third-party actuarial firm, who values the contracts using Level 3 unobservable inputs, including actuarial assumptions, such as life expectancies and cash flow discount rates. 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 discount rate of 16% at June 30, 2023 and 12% at December 31, 2022, respectively, for policy valuation, which is based on economic and company-specific factors.

Subsequent to the reporting date, the Company sold 3 policies carried at fair value. As of June 30, 2023, the Company valued these 3 policies using the price at the time of sale. Valuing these 3 policies using the takeout price resulted in a decrease in valuation of $231,775 compared to the third-party valuation.

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 $9,889,610 at June 30, 2023 and $8,716,111 at December 31, 2022, respectively.

Discount Rate Sensitivity

—Changes in the 16% discount rate on the death benefit and premiums used to estimate the policies issued under LMATT Series 2024 Inc., LMATT Growth Series 2.2024 Inc., LMATT Growth and Income Series 1.2026, Inc., LMA Income Series, LP and LMA Income Series II, LP (“LMATT Policies”) fair value has been analyzed. If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of June 30, 2023, would be as follows:

As of June 30, 2023 Rate Adjustment	Fair Value		Change in Fair Value
As of June 30, 2023 Rate Adjustment	Fair Value		Change in Fair Value
+2%	$	53,987,508	$	(2,698,109	)
No change		56,685,617
-2%		59,857,879		3,172,262

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 June 30, 2023:


Carrier	Percentage of Face Value			Percentage of Fair Value			Carrier Rating
American General Life Insurance Company		14.0	%		11.0	%		A
ReliaStar Life Insurance Company		6.0	%		12.0	%		A
Lincoln National Life Insurance Company		14.0	%		12.0	%		A

The following table provides a roll forward of the fair value of life insurance policies for the six months-ended June 30, 2023:


Fair value at December 31, 2022	$	13,809,352

Policies purchased		58,543,580

Realized gain (loss) on matured/sold policies		1,898,958
Premiums paid		(879,462	)
Unrealized gain(loss) on held policies		3,319,588

Change in estimated fair value		4,339,084

Matured/sold policies		(20,885,861	)
Premiums paid		879,462

Fair value at June 30, 2023	$	56,685,617

Long-Term Debt

—See Note 13

“Long-Term Debt” for background information on the market-indexed debt. The Company has elected the fair value option in accounting for the instruments. Fair value is determined using Level 3 inputs. The valuation methodology 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 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 gain of $1,602,042. This gain is comprised of $90,148, net of tax, which is included within accumulated other comprehensive income and $29,515 net of tax, which is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios. The Company recognized a loss of $1,445,229 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within Change in fair value of debt within the condensed consolidated statement of operations and comprehensive income for the three months ended June 30, 2023.

The total change in fair value of the debt resulted in a gain of $2,705,918. This gain is comprised of $175,530, net of tax, which is included within accumulated other comprehensive income and $56,446 net of tax, which is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios. The Company recognized a loss of $2,398,662 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within Change in fair value of debt within the condensed consolidated statement of operations and comprehensive income for the six months ended June 30, 2023.

The following table provides a roll forward of the fair value of the issued notes for the six months ended June 30, 2023:

Fair value at December 31, 2022	$	28,249,653

Debt issued to third parties		35,209,825

Unrealized loss on change in fair value (risk-free)		2,398,662
Unrealized gain on change in fair value (credit-adjusted)		307,256

Change in estimated fair value		2,705,918

Fair value at June 30, 2023	$	66,165,396

Private Placement Warrants

—Simultaneously with the closing of the Initial Public Offering, ERES consummated the sale of 8,900,000 warrants (the “Private Placement Warrants”) to East Sponsor, LLC (the

“Sponsor”), which included the sale of an additional 900,000 Private Placement Warrants in connection with the full exercise by the underwriters of their over-allotment option on August 25, 2020, at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $8,900,000. 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 and the shares of Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (y) 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 condensed consolidated statements of operations.

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 reporting 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		—	%

Other Noncurrent Assets: S&P 500 Options

—In February 2022, LMATT Series 2024, Inc., which the Company consolidates for financial reporting, purchased and sold S&P 500 call and put options through a broker. The Company purchased and sold additional S&P 500 call options through a broker in June 2022 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 condensed consolidated balance sheets dates. Changes in fair value are classified as unrealized (gain)/loss on investments within the condensed consolidated statements of operations and comprehensive income.

Financial Instruments Measured at Fair Value on a Nonrecurring Basis

—The following financial assets, composed of equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified, or an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs.

Available-for-Sale

Investment

—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. The Company initially purchased a $250,000 convertible promissory note from the issuer in 2021 and then on January 7, 2022, the Company purchased an additional $250,000 convertible promissory note from the same issuer and then an additional $500,000 in October 2022. As of June 30, 2023 and December 31, 2022, the Company evaluated the fair value of its Promissory Note and determined that the fair value approximates the carrying value of $1,000,000 and $1,000,000, respectively.

Other Investments

—The Company determines fair value using Level 3 inputs under the measurement alternative. These investments are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is assessed qualitatively. As of June 30, 2023, and December 31, 2022, the Company did not identify any impairment indicators and determined that the carrying value of $1,600,000 and $1,300,000 is the fair value for these equity investments in privately held companies, given that there have been no observable price changes.

Financial Instruments Where Carrying Value Approximates Fair Value

—The carrying value of cash, cash equivalents, accounts receivables, and due to affiliates approximates fair value due to the short-term nature of their maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT - LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) option	Dec. 31, 2022 USD ($)
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 66,165,396	$ 28,249,653
LMATT 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
LMATT Income Series II, LP \| Secured borrowing \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 20,041,851	$ 0
LMATT Income Series II, LP \| Secured borrowing \| General Partner
Debt Instrument [Line Items]
Dividend percentage	100.00%
LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold One \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.50%
LMATT 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
LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Two \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.75%
LMATT 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
LMATT 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
LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Three \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	8.00%
LMATT 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

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Total portfolio servicing revenue	$ 354,366	$ 419,422	$ 590,057	$ 990,328
Affiliated Entity
Related Party Transaction [Line Items]
Other current liabilities	10,415,154		10,415,154		$ 263,785
Other receivables	10,473,748		10,473,748		2,904,646
Origination expenses for life settlement policies	837,975		1,627,975
Affiliated Entity \| Nova Funds
Related Party Transaction [Line Items]
Total portfolio servicing revenue	197,629	205,224	411,076	406,129
Affiliated Entity \| Expense Reimbursements \| Nova Funds
Related Party Transaction [Line Items]
Accounts receivable	72,600		72,600		196,289
Owners
Related Party Transaction [Line Items]
Other current liabilities	717,429		717,429		0
Related Party
Related Party Transaction [Line Items]
Total portfolio servicing revenue	329,629	$ 419,253	543,076	$ 620,159
Accounts receivable	$ 78,310		78,310		$ 198,364
Related Party \| Service Fee Agreement
Related Party Transaction [Line Items]
Related party transaction rate	50.00%
Related Party \| Service Fee Agreement \| Previously Reported
Related Party Transaction [Line Items]
Related party transaction rate	0.50%
Related Party \| SPV Investment Facility \| Line of Credit
Related Party Transaction [Line Items]
Face amount	$ 25,000,000		$ 25,000,000

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Postemployment Benefits [Abstract]
Maximum annual contributions (as a percent)			100.00%
Employer match (as a percent)					50.00%
Percent of employees gross pay (as a percent)					4.00%
Benefit plan expense	$ 13,075	$ 2,577	$ 25,315	$ 8,048

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis of Presentation and Unaudited Condensed Consolidated Financial Statements	Basis of Presentation —In connection with the Business Combination, the Merger is accounted for as a reverse recapitalization with ERES in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under U.S. GAAP, ERES has been treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the LMA shareholders having a relative majority of the voting power of the Company, the LMA shareholders having the authority to appoint a majority of directors on the Board of Directors, and senior management of LMA comprising the majority of the senior management of the post-combination Company. LMA was then determined to be the “acquirer” for financial reporting purposes based on the relative size of LMA as compared to Abacus, represented by their revenue, equity, gross profit and net income. Accordingly, for accounting purposes, the financial statements of the combined entity will represent a continuation of the financial statements of LMA with the LMA Merger being treated as the equivalent of LMA issuing stock for the net assets of ERES, accompanied by a recapitalization. The net assets of ERES will be stated at historical cost, with no goodwill or other intangible assets recorded. The Abacus Merger will be accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of Abacus will be recorded at estimated fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net assets acquired, if applicable, will be recognized as goodwill. As a result of the Business Combination, the Company evaluated if ERES, Abacus, or LMA is the predecessor for accounting purposes. In considering the foregoing principles of predecessor determination and in light of the Company’s specific facts and circumstances, management determined that LMA and Abacus are dual predecessors for accounting purposes. The financial statement presentation for Abacus Life, Inc. includes the purchase accounting effects of the Abacus Merger as of the Closing Date with the financial statements of LMA as the comparative period. The predecessor financial statements for Abacus are included separately within this report. The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and are prepared in accordance with U.S. GAAP.
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements —The condensed consolidated 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 the Company’s financial position as of June 30, 2023, and the condensed consolidated statements of operations and comprehensive income for the three months and six months ended June 30, 2023 and 2022, respectively, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, respectively. The condensed consolidated statements of operations and comprehensive income for the three months and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for Abacus for the year ended December 31, 2022, and the financial statements and notes for LMA for the year ended December 31, 2022. All references to financial information as of and for the periods ended June 30, 2023, and 2022 in the notes to condensed consolidated financial statements are unaudited. Refer to this note in the LMA annual financial statements for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed below and as a result of normal adjustments in the interim periods.
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities —For entities in which the Company has variable interests, the Company first evaluates whether the entity meets the definition of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, the Company focuses on identifying whether it has the power to direct the activities that most significantly impact the VIE’s economic performance and whether it has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE will be included in the Company’s condensed consolidated financial statements. The proportionate share not owned by the Company is recognized as noncontrolling interest and net income attributable to noncontrolling interest on the condensed consolidated balance sheets and condensed consolidated statements of operations and comprehensive income, respectively. If the entity is a VOE, the Company evaluates whether it has the power to control the VOE through a majority voting interest or through other arrangements. Accounting Standards Codification (“ASC”) Topic 810, Consolidations , requires the Company to separately disclose on its condensed consolidated balance sheets the assets of consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of June 30, 2023, total assets and liabilities of consolidated VIEs were $57,577,034 and $52,474,820, respectively. As of December 31, 2022, total assets and liabilities of consolidated VIEs were $30,073,972 and $27,116,762, respectively. On January 1, 2021, the Company entered into an option agreement with two commonly owned full-service origination, servicing, and investment providers (the “Providers”), in which the Company agreed to fund certain capital needs with an option to purchase the outstanding equity ownership of the Providers (the “Option Agreement”). The Company accounted for its investment in the call options under the Option Agreement as an equity security, pursuant to ASC 321. In arriving at this accounting conclusion, the Company first considered whether the call options met the definition of a derivative pursuant to ASC 815 and concluded that the options do not provide for net settlement and accordingly are not a derivative. The Company also concluded that the call options do not provide the Company with a controlling financial interest in the legal entity pursuant to ASC 810. The call options include material contingencies prior to exercisability that the Company does not anticipate will be resolved; additionally, the call options are in a legal entity for which the share price has no readily determinable fair value. The Company’s basis in the call options, pursuant to ASC 321, is zero and accordingly the call options are not reflected in the statement of financial position. The Company provided $0 and $127,455 of funding for the three months ended June 30, 2023 and June 30, 2022, respectively and provided $29,721 and $242,247 of funding for the six months ended June 30, 2023 and June 30, 2022, respectively which is included in other (expense) income on the condensed consolidated statements of operations and comprehensive income. See Note 11, Commitments and Contingencies. For the period ended June 30, 2023, and for the year ended December 31, 2022, the Providers were considered to be VIEs, but were not consolidated in the Company’s condensed consolidated financial statements due to a lack of the power criterion or the losses/benefits criterion. As of June 30, 2023, the unaudited financial information for the unconsolidated VIEs are as follows: held assets of $318,178 and liabilities of $450 and held assets of $483,167 and liabilities of $184,621, respectively. As of December 31, 2022, the unaudited financial information for the unconsolidated VIEs are as follows: held assets of $126,040 and liabilities of $0 and held assets of $861,924 and liabilities of $358,586, respectively. On October 4, 2021, the Company entered into an operating agreement with LMX Series, LLC (“LMX”) and three other unaffiliated investors to obtain a 70% ownership interest in LMX, which was newly formed in August 2021. LMX had no operating activity prior to the operating agreement being signed. LMX has a wholly owned subsidiary, LMATT Series 2024, Inc., a Delaware C corporation. While the Company and three other investors each contributed $100 to LMX, the Company directs the most significant activities by managing the investment offerings, and sponsoring and creating structured investment grade insurance liabilities, and thus was provided a 70% ownership interest. LMX is a VIE and the Company is the primary beneficiary of LMX. The Company has included the results of LMX and its subsidiaries in its condensed consolidated financial statements for the period ended June 30, 2023. On March 3, 2022, the Company obtained an 80% ownership interest in Longevity Market Advisors, LLC (“Longevity Market Advisors”). The Longevity Market Advisors legal entity was established primarily for the purpose of acquiring the assets of a broker/dealer, Regional Investment Services, Inc. (“RIS”), an Ohio corporation. Longevity Market Advisors is a VIE and the Company is the primary beneficiary of Longevity Market Advisors. The purchase price payable in exchange for RIS was $60,000. The Company evaluated whether this represented a business combination or an asset acquisition under ASC 805. While the purchase of the RIS represents a business, it was further determined that as RIS was purchased for the primary reason of being registered by the Financial Industry Regulatory Authority (“FINRA”). As there are no tangible or intangible assets of value from the RIS that would meet the capitalization criteria that have standalone value, the Company has expensed the purchase in general and administrative costs. Upon closing of the transaction, Longevity Market Advisors will comprise 100% of the ownership structure of RIS, and RIS will be a wholly owned subsidiary. The Company has included the results of Longevity Market Advisors in its condensed consolidated financial statements for the period ended June 30, 2023. On November 30, 2022, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created general partnership, LMA Income Series, GP, LLC. Subsequent to that, LMA Income Series, GP, LLC formed a limited partnership, LMA Income Series, LP and issued partnership interests to limited partners in a private placement offering. 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 condensed consolidated financial statements for the six months ended June 30, 2023. On January 31, 2023, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created general partnership, LMA Income Series II, GP, LLC. Subsequent to that, LMA Income Series II, GP, LLC formed a limited partnership, LMA Income Series II, LP and issued partnership interests to limited partners in a private placement offering. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series II, LP and thus has fully consolidated the limited partnership in its condensed consolidated financial statements for the six months ended June 30, 2023.
Noncontrolling Interest	Noncontrolling Interest —Noncontrolling interest represents the share of consolidated entities owned by third parties. At the date of formation or upon acquisition, the Company recognizes noncontrolling interest on the condensed consolidated balance sheets at an amount equal to the noncontrolling interest’s proportionate share of the relative fair value of any assets and liabilities acquired. Noncontrolling interest is subsequently adjusted for the noncontrolling shareholder’s additional contributions, distributions, and the shareholder’s share of the net earnings or losses of each respective consolidated entity. Net income of a consolidated entity is allocated to noncontrolling interests based on the noncontrolling shareholder’s ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in net income (loss) attributable to noncontrolling interests in the condensed consolidated statements of operations and comprehensive income.
Use of Estimates	Use of Estimates —The preparation of U.S. GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, disclosure of contingent assets and liabilities at the date of financial statements, and the reports amounts of revenue and expenses during the reporting periods. Company’s 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, purchase price allocation, the selection of useful lives of property and equipment, valuation of other receivables, valuation of life settlement policies, valuation of other investments and available-for-sale securities, valuation of long-term debt, impairment testing, income taxes, and legal reserves.
Life Insurance Settlement Policies	Life Insurance Settlement Policies —The Company accounts for its holdings of life insurance settlement policies in accordance with ASC 325-30, Investments in Insurance Contracts . The Company accounts for life settlement policies purchased that we intend to hold to maturity at fair value and life settlement policies that we intend to trade in the near term at cost plus premiums paid. The Company follows ASC 820, Fair Value Measurements and Disclosures , in estimating the fair value of its life insurance policies held at fair value. ASC 820 defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level, fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s valuation of life settlements is considered to be Level 3, as there is currently no active market where we are able to observe quoted prices for identical assets. The Company’s valuation model incorporates significant inputs that are not observable. See Note 10, “Fair Value Measurements.” For policies held at fair value, changes in fair value are reflected in operations in the period the change is calculated. For policies held under the investment method, the Company tests the impairment if we become aware of information indicating that the carrying value plus undiscounted future premiums of a policy may not be recoverable. This information is gathered initially through extensive underwriting procedures at purchase of the settlement contract, as well as through periodic underwriting review that include medical reports and life expectancy evaluations. The policies held by the Company using the investment method are expected to be owned for a shorter-term, and are actively marketed to potential buyers. The market feedback received through these interactions provides the Company with information related to a potential impairment. If a policy is determined to be impaired, the Company will adjust the carrying value to the fair value determined through the impairment analysis. The Company accounts for cash proceeds from sale and maturity of life insurance settlement policies, as well as cash outflows for premium payments, as operating activities within the condensed consolidated statements of cash flows.
Cost of Revenues	Cost of Revenues —Cost of revenue represents the direct costs associated with fulfilling the Company’s obligations to its customers, primarily policy servicing and consulting expense.
Income Taxes	Income Taxes —The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and the Company’s experience with similar operations. Existing favorable contracts are additional positive evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released. Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes and the granting and lapse of tax holidays. Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized.
Concentrations	Concentrations —Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and available-for-sale securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying condensed consolidated balance sheets. The Company extends different levels of credit to its customers and maintains allowance for doubtful accounts based upon the expected collectability of accounts receivable. The Company’s procedures for determining this allowance includes evaluating individual customer receivables, considering a customer’s financial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts. Two related party customers accounted for 12% and 13% of the total balance of accounts receivable and related party receivables as of June 30, 2023, and two related party customers accounted for 75% and 16% of the total accounts receivable as of December 31, 2022, respectively. The largest receivables balances are from related parties where exposed credit risk is low. As such, there is no allowance for doubtful accounts as of June 30, 2023, and December 31, 2022. One customer accounted for 27% of active management revenue for the three months ended June 30, 2023. Two related party customers each accounted for 20% and 20% of the portfolio servicing revenue for the three months ended June 30, 2023. One customer accounted for 26% of the total revenues for the three months ended June 30, 2022. One customer accounted for 29% of active management revenue, while 16% of revenue related to 2 policies that matured that were accounted for under the investment method and 1 policy that matured that was accounted for under the fair-value method for the six months ended June 30, 2023. Two related party customers each accounted for 25% and 27% of the portfolio servicing revenue for the six months ended June 30, 2023. One customer accounted for 71% of the total revenues for the six months ended June 30, 2022.
Warrants	Warrants —The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the condensed consolidated statements of operations and comprehensive income.

LIFE INSURANCE SETTLEMENT POLICIES - Narrative (Details)	Jun. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract
Investments, All Other Investments [Abstract]
Number of life settlement policies \| insurance_contract	167	53
Number of life settlement policies accounted for under fair value method \| insurance_contract	122	35
Number of life settlement policies accounted for under investment method \| insurance_contract	45	18
Face value of policies held at fair value	$ 195,205,585	$ 40,092,154
Life settlement policies, at fair value	56,685,617	13,809,352
Face value of policies accounted for using investment method	39,520,877	42,330,000
Life settlement policies, at cost	$ 9,889,610	$ 8,716,111

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Purchase price allocation


Net Assets Identified	Fair Value
Intangibles	$	32,900,000
Goodwill		140,287,000
Current Assets		1,280,100
Non-Current Assets		901,337
Deferred Tax Liabilities		(8,310,966	)
Accrued Expenses		(524,400	)
Other Liabilities		(1,171,739	)

Total Fair Value	$	165,361,332

Value conveyed


Value Conveyed	Amount
Abacus Purchase Consideration	$	165,361,332
LMA Business Enterprise Value	$	366,388,668

Total Consideration	$	531,750,000

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Proforma revenue	$	18,263,455	$	14,090,817	$	34,769,650	$	31,290,963
Proforma net income		6,432,047		4,589,315		13,373,444		11,788,486

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS (Details)			1 Months Ended	6 Months Ended
OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS (Details)	Dec. 21, 2020 USD ($) shares	Jul. 22, 2020 USD ($) shares	Dec. 31, 2022 USD ($) payment shares	Jun. 30, 2023 USD ($) entity	Mar. 31, 2023 USD ($)
Conversion of Stock [Line Items]
Number of entities, convertible preferred stock ownership \| entity				2
Equity securities without readily determinable fair value, amount			$ 1,300,000	$ 1,600,000
Impairment of investments				0
Series Seed Preferred Units
Conversion of Stock [Line Items]
Units purchased (in shares) \| shares		224,551	119,760
Equity securities without readily determinable fair value, amount		$ 750,000	$ 400,000	$ 1,100,000	$ 950,000
Number of monthly payments \| payment			8
Monthly payment amount			$ 50,000
Equity ownership percentage				8.60%
Series B-1 Preferred Stock
Conversion of Stock [Line Items]
Units purchased (in shares) \| shares	207,476
Equity securities without readily determinable fair value, amount	$ 500,000
Equity ownership percentage	1.00%

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted weighted average shares outstanding and earnings per share were as follows:


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net income attributable to Longevity Market Assets	$	6,750,145	$	4,679,558	$	14,835,648	$	11,515,698
Weighted-average shares used in computing net income per share, basic and diluted		50,507,728		50,369,350		50,438,921		50,369,350
Basic and diluted earnings per share:	$	0.13	$	0.09	$	0.29	$	0.23

FAIR VALUE MEASUREMENTS - Narrative (Details)		1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details)	Jan. 07, 2022 USD ($)	Aug. 14, 2023 USD ($) insurance_contract	Oct. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Aug. 25, 2020 shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Decrease in valuation compared to third-party valuation						$ (2,760,900)	$ (2,014,013)	$ (4,339,084)	$ (3,305,505)
Life settlement policies, at cost						9,889,610		9,889,610			$ 8,716,111
Total change in fair value of debt						1,602,042		(2,705,918)
Gain on change in fair value of debt, included within other comprehensive income						90,148		175,530
Gain on change in fair value of debt, included within equity of noncontrolling interests						29,515		56,446
Loss on change in fair value of debt						1,445,229	$ 333,879	2,398,662	375,513
Purchase of convertible promissory note	$ 250,000		$ 500,000	$ 250,000	$ 250,000			300,000	$ 250,000	$ 250,000
Available-for-sale securities, at fair value						1,000,000		1,000,000			1,000,000
Equity securities without readily determinable fair value, amount						$ 1,600,000		$ 1,600,000			$ 1,300,000
Private Placement Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding (in shares) \| shares						8,900,000		8,900,000				900,000
Price per warrant (in dollars per share) \| $ / shares						$ 1		$ 1
Warrants outstanding						$ 8,900,000		$ 8,900,000
Number of securities called by each warrant (in shares) \| shares						1		1
Exercise price of warrants (in dollars per share) \| $ / shares						$ 11.5		$ 11.5
Warrants term						30 days		30 days
Subsequent Event
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies sold \| insurance_contract		3
Decrease in valuation compared to third-party valuation		$ 231,775
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input						16.00%		16.00%			12.00%

CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 277,334,437	$ 59,094,847
Liabilities	116,835,522	30,945,150
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	57,577,034	30,073,972
Liabilities	52,474,820	27,116,762
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	801,345	987,964
Liabilities	$ 185,071	$ 358,586

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 30
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SHAREHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 vote $ / shares shares	Aug. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 shares
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares) \| shares	200,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares	1,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares issued (in shares) \| shares	0
Preferred stock, shares outstanding (in shares) \| shares	0
Number of votes per share \| vote	1
Common stock, shares issued (in shares) \| shares	62,961,688
Common stock, shares outstanding (in shares) \| shares	62,961,688		50,369,350
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	17,250,000
Number of securities called by each warrant (in shares) \| shares	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5
Warrants, business combination exercisable term	30 days
Warrants, proposed offering exercisable term	12 months
Warrants term	5 years
Redemption price per warrant (in dollars per share) \| $ / shares	$ 0.01
Warrant redemption notice period	30 days
Common stock price threshold (in dollars per share) \| $ / shares	$ 18
Trading days	20 days
Trading day period	30 days
Common stock price threshold for redemption for common stock (in dollars per share) \| $ / shares	$ 10
Warrants, common stock issuance threshold price (in dollars per share) \| $ / shares	$ 9.2
Warrants, common stock issuance trading day period	20 days
Warrant price adjustment percentage	115.00%
Redemption trigger price adjustment percentage	100.00%
Redemption for common stock trigger price adjustment percentage	180.00%
Warrants outstanding \| $		$ 4,730
Warrant outstanding fair value per share (in dollars per share) \| $ / shares		$ 0.274
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	11.5
Public Warrants \| Common Stock Price \| Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	10.03
LMA
Class of Warrant or Right [Line Items]
Exchange ratio	0.8

LEASES - ROU Assets and Lease Liabilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 240,816	$ 77,011
Liabilities:
Operating lease liability, current	227,561	48,127
Operating lease liability, non-current	16,864	29,268
Total lease liability	$ 244,425	$ 77,395

BUSINESS COMBINATION - Pro Forma Financial Information (Details) - LMA and Abacus - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Proforma revenue	$ 18,263,455	$ 14,090,817	$ 34,769,650	$ 31,290,963
Proforma net income	$ 6,432,047	$ 4,589,315	$ 13,373,444	$ 11,788,486

LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

18.

LEASES

The Company’s

right-of-use

assets and lease liabilities for its operating lease consisted of the following amounts as of June 30, 2023 and December 31, 2022:


	Six Months Ended June 30, 2023		Year Ended December 31, 2022
Assets:
Operating lease right-of-use assets	$	240,816	$	77,011
Liabilities:
Operating lease liability, current		227,561		48,127
Operating lease liability, non-current		16,864		29,268

Total lease liability	$	244,425	$	77,395

The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s condensed consolidated statements of operations and comprehensive income.

The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	12,471	$	11,921	$	24,942	$	23,842
Variable lease cost		7,704		612		8,925		1,223

Total lease cost	$	20,175	$	12,533	$	33,867	$	25,065

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	24,557	$	23,842
ROU assets obtained in exchange for new lease liabilities		—		—

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Six Months Ended June 30, 2023			Year Ended December 31, 2022
Weighted-average remaining lease term (in years)		1.00			1.58
Weighted-average discount rate		3.54	%		3.36	%

Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at June 30, 2023 are as follows:


	Operating leases
Remaining of 2023	$	130,176
2024		118,057
2025		—
2026		—
2027		—
Thereafter		—
Total operating lease payments (undiscounted)		248,233
Less: Imputed interest		(3,808	)

Lease liability as of June 30, 2023	$	244,425

LIFE INSURANCE SETTLEMENT POLICIES - Fair Value (Details)	Jun. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract
Policies
0-1 \| insurance_contract	0
1-2 \| insurance_contract	10
2-3 \| insurance_contract	11
3-4 \| insurance_contract	10
4-5 \| insurance_contract	13
Thereafter \| insurance_contract	78
Policies \| insurance_contract	122	35
Face Value
0-1	$ 0
1-2	12,314,000
2-3	16,886,778
3-4	33,631,467
4-5	18,755,193
Thereafter	113,618,147
Face Value	195,205,585	$ 40,092,154
Fair Value
0-1	0
1-2	6,855,769
2-3	10,530,949
3-4	9,174,200
4-5	7,564,469
Thereafter	22,560,230
Fair Value	$ 56,685,617	$ 13,809,352

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

REVENUES:

Total portfolio servicing revenue

$ 354,366

$ 419,422

$ 590,057

$ 990,328

Investment Income from life insurance policies held using investment method

8,263,499

5,965,466

16,655,833

13,980,466

Change in fair value of life insurance policies (policies held using fair value method)

2,760,900

2,014,013

4,339,084

3,305,505

Total active management revenue

11,024,399

7,979,479

20,994,917

17,285,971

Total revenues

11,378,765

8,398,901

21,584,974

18,276,299

COST OF REVENUES (excluding depreciation stated below)

Total cost of revenue

973,400

666,119

1,462,950

2,086,075

Gross Profit

10,405,365

7,732,782

20,122,024

16,190,224

OPERATING EXPENSES:

Sales and marketing

683,841

1,019,498

1,412,845

1,649,498

General and administrative expenses

577,539

5,499

1,274,431

646,705

Loss on change in fair value of debt

1,445,229

333,879

2,398,662

375,513

Unrealized loss (gain) on investments

(672,936)

1,039,022

(798,156)

1,054,975

Depreciation

1,098

2,141

Total operating expenses

2,034,771

2,398,996

4,289,923

3,728,832

Operating Income

8,370,594

5,333,786

15,832,101

12,461,392

OTHER INCOME (EXPENSE)

Interest (expense)

(584,075)

(941,458)

Interest income

7,457

Other income (expense)

121,601

(127,455)

(21,651)

(242,247)

Total other income (expense)

(462,474)

(127,455)

(955,652)

(242,247)

Net income before provision for income taxes

7,908,120

5,206,331

14,876,449

12,219,145

Provision for income taxes

(1,184,571)

(120,132)

(528,104)

(296,806)

NET INCOME

6,723,549

5,086,199

14,348,345

11,922,339

LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST

(26,596)

406,641

(487,303)

406,641

NET INCOME ATTRIBUTABLE TO SHAREHOLDERS

$ 6,750,145

$ 4,679,558

$ 14,835,648

$ 11,515,698

EARNINGS PER SHARE:

Basic weighted average shares outstanding (in shares)

^[1]

50,507,728

50,369,350

50,438,921

50,369,350

Diluted weighted average shares outstanding (in shares)

^[1]

50,507,728

50,369,350

50,438,921

50,369,350

Basic net income per share (in dollars per share)

$ 0.13

$ 0.09

$ 0.29

$ 0.23

Diluted net income per share (in dollars per share)

$ 0.13

$ 0.09

$ 0.29

$ 0.23

NET INCOME

$ 6,723,549

$ 5,086,199

$ 14,348,345

$ 11,922,339

Other comprehensive income, net of tax:

Change in fair value of debt

(119,663)

2,017,559

(231,976)

2,017,559

Comprehensive income

6,603,886

7,103,758

14,116,369

13,939,898

Comprehensive income (loss) attributable to non-controlling interests

56,111

(1,011,909)

543,749

(1,011,909)

Comprehensive income attributable to Abacus Life Inc.

6,659,997

6,091,849

14,660,118

12,927,989

Related Party

REVENUES:

Total portfolio servicing revenue

329,629

419,253

543,076

620,159

Nonrelated Party

REVENUES:

Total portfolio servicing revenue

$ 24,737

$ 169

$ 46,981

$ 370,169

[1]	Both the 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 the Abacus Life Inc. as a result of Business Combination.

BUSINESS COMBINATION - Purchase Price Allocation (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Intangibles	$ 32,900,000
Goodwill	140,287,000	$ 0
LMA and Abacus
Business Acquisition [Line Items]
Intangibles	32,900,000
Goodwill	140,287,000	$ 140,287,000
Current Assets	1,280,100
Non-Current Assets	901,337
Deferred Tax Liabilities	(8,310,966)
Accrued Expenses	(524,400)
Other Liabilities	(1,171,739)
Total Fair Value	$ 165,361,332

LEASES - Lease Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
LEASES - Lease Expense (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 12,471	$ 11,921	$ 24,942	$ 23,842
Variable lease cost	7,704	612	8,925	1,223
Total lease cost	$ 20,175	$ 12,533	$ 33,867	$ 25,065

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

8.	OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

Other Investments:

Convertible Preferred Stock Ownership

—The Company owns convertible preferred stock in two entities, further described below.

On July 22, 2020, the Company purchased 224,551 units of an unrelated insurance technology company’s Series Seed Preferred units for $750,000 (“Seed Units”). During December 2022, the Company agreed to purchase 119,760 Series Seed Preferred Units for $400,000 in cash consideration by way of eight monthly payments of $50,000 starting December 15, 2022, resulting in a total of $950,000 investment as of March 31, 2023 and $1,100,000 investment as of June 30, 2023. Upon conversion, the Seed Units held by the Company would represent 8.6% control in the technology company.

On December 21, 2020, the Company purchased 207,476 shares of a separate unrelated insurance technology company’s Series

B-1

preferred stock for $500,000 (“Preferred Shares”). The Preferred Shares are convertible into voting common stock of insured consent at the option of the Company. Upon conversion, the Preferred Shares would represent less than 1% control in the technology company.

The Company applies the measurement alternative for its investments in the Seed Units and Preferred Shares 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 Shares. 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 condensed

consolidated statements of operations and comprehensive income. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. No impairment of investments occurred for the three and six months ended June 30, 2023 and 2022.

Other Noncurrent Assets- at fair value:

S&P Options

—

The Company is long S&P 500 call options and short S&P 500 put options which were purchased and sold through a broker as an economic hedge related to the market-indexed debt instruments included in the long-term debt note. The value is based on shares owned and quoted market prices in active markets. Changes in fair value are recorded in the Unrealized Loss on Investments line item on the condensed consolidated statements of operations and comprehensive income.

LEASES - Lease Terms and Discount Rates (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	1 year	1 year 6 months 29 days
Weighted-average discount rate	3.54%	3.36%

LEASES (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022:


	Six Months Ended June 30, 2023		Year Ended December 31, 2022
Assets:
Operating lease right-of-use assets	$	240,816	$	77,011
Liabilities:
Operating lease liability, current		227,561		48,127
Operating lease liability, non-current		16,864		29,268

Total lease liability	$	244,425	$	77,395

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Six Months Ended June 30, 2023			Year Ended December 31, 2022
Weighted-average remaining lease term (in years)		1.00			1.58
Weighted-average discount rate		3.54	%		3.36	%

Lease Expense

The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	12,471	$	11,921	$	24,942	$	23,842
Variable lease cost		7,704		612		8,925		1,223

Total lease cost	$	20,175	$	12,533	$	33,867	$	25,065

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	24,557	$	23,842
ROU assets obtained in exchange for new lease liabilities		—		—

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 June 30, 2023 are as follows:


	Operating leases
Remaining of 2023	$	130,176
2024		118,057
2025		—
2026		—
2027		—
Thereafter		—
Total operating lease payments (undiscounted)		248,233
Less: Imputed interest		(3,808	)

Lease liability as of June 30, 2023	$	244,425

FAIR VALUE MEASUREMENTS - Issued Notes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period			$ 28,249,653
Debt issued to third parties			35,209,825
Unrealized loss on change in fair value (risk-free)	$ 1,445,229	$ 333,879	2,398,662	$ 375,513
Unrealized gain on change in fair value (credit-adjusted)			307,256
Change in estimated fair value	1,602,042		(2,705,918)
Fair value at end of period	$ 66,165,396		$ 66,165,396

LONG-TERM DEBT - Sponsor PIK Note (Details)	Jun. 30, 2023 USD ($)
Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Face amount	$ 10,471,648

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE (Details) - USD ($)		1 Months Ended			6 Months Ended		12 Months Ended
	Jan. 07, 2022	Oct. 31, 2022	Jan. 31, 2022	Nov. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Purchase of convertible promissory note	$ 250,000	$ 500,000	$ 250,000	$ 250,000	$ 300,000	$ 250,000	$ 250,000
Interest rate per annum		8.00%		6.00%
Equity financing threshold		$ 5,000,000		$ 1,000,000				$ 1,000,000

EARNINGS PER SHARE - Basic and Diluted (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

Net income attributable to Longevity Market Assets

$ 6,750,145

$ 4,679,558

$ 14,835,648

$ 11,515,698

Weighted-average shares used in computing net income per share, basic (in shares)

^[1]

50,507,728

50,369,350

50,438,921

50,369,350

Weighted-average shares used in computing net income per share, diluted (in shares)

^[1]

50,507,728

50,369,350

50,438,921

50,369,350

Basic net income per share (in dollars per share)

$ 0.13

$ 0.09

$ 0.29

$ 0.23

Diluted net income per share (in dollars per share)

$ 0.13

$ 0.09

$ 0.29

$ 0.23

[1]	Both the 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 the Abacus Life Inc. as a result of Business Combination.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
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