Consistent Outperformance and Track Record
Eleven consecutive quarters beating consensus; tripled adjusted net income and adjusted EBITDA over the multi-quarter span; expanded margins cited from 48% to 60%; ROE and ROIC consistently at or above 20%.
Strong Top-Line Growth
Full year 2025 revenue increased 110% to $235.2 million (from $111.9 million in 2024); Q4 revenue grew 116% year-over-year to $71.9 million (from $33.2 million).
Rapid Profitability Expansion (Adjusted)
Full year 2025 adjusted net income rose 84% to $85.7 million (from $46.5 million); full year adjusted EBITDA increased 115% to $132.6 million (from $61.6 million); adjusted EBITDA margin ~56% for 2025 (vs 55% prior year).
Record Origination and Capital Deployment
Q4 2025 capital deployed of $230.7 million (record for a quarter) and full year deployment of $580.8 million, an 82% year-over-year increase compared to prior year.
Growing Fee-Paying AUM and Management Fees
Fee-paying AUM approximately $3.3 billion; asset management generated nearly $33.8 million in management fees in 2025; longevity funds attracted $630 million in inflows and company targets >$5 billion fee-paying AUM by year-end 2026.
Commercializing Proprietary Data and Technology
Abacus Intel / mVerify achieved 4x growth, now tracking nearly 3 million lives (over 300% YoY increase); product claims ~97% coverage with <1% error and identifies mortality events in ~48 hours — enabling new SaaS-like recurring revenue opportunities and government/pension use cases.
Strong Origination Economics and Realized Gains
Average realized gain of 27% in Q4 and 32% for the full year (exceeding a 20% target); portfolio annualized turnover of 2.6x (above target 1.5-2.0x), reflecting disciplined origination and monetization cadence.
Capital Allocation and Shareholder Returns
Authorized additional $20 million share repurchase program on top of a prior $10 million program and paying a dividend from recurring net income; inaugural securitization completed and management targeting larger repeat securitizations.