Last Thursday, we reported our fourth quarter and full year 2025 results. It was our eleventh consecutive quarter beating consensus earnings expectations.

Eleven straight quarters.

That’s not a coincidence. That’s a track record.

Real Results, Not Aspirations

Here’s what we said we’d do in 2025: deliver consistent growth, expand margins, grow our asset base, and maintain disciplined capital allocation with ROE and ROIC above 20%.

• Asset base reached approximately $3.6 billion

• Revenue up 110% year-over-year to $235.2 million

• Adjusted EBITDA grew 115% to $132.6 million with 56% margins

• Beat average consensus by 20% in Q4

• Recurring revenue represents 16% of total revenue mix; on track to reach long-term growth target of 70% by 2030

Quarter after quarter, we not only hit our goal, we exceeded expectations and expanded margins. And we did it while executing disciplined capital allocation.

What This Track Record Means

When we lay out a five-year path to becoming a mid-cap company operating at approximately $450 million in Adjusted EBITDA at scale, that projection isn’t built on hope. It’s built on a demonstrated pattern of doing exactly what we said we would do.

That consistency matters. Not because we’re interested in checking boxes or hitting arbitrary targets, but because it signals something fundamental about how we run this business: we understand our capabilities, we plan realistically, and we execute each and every time.

The market is full of companies making bold promises about where they’ll be in five years. The difference is whether you have a track record that gives anyone reason to believe you. We would rather let eleven quarters of results speak for themselves.

The Flywheel Is Working

The results tell a story about how our business model is maturing. We just had a record quarter of capital deployment with an 82% increase for the quarter to $230.7 million, compared to $126.5 million in the prior-year period. Looking back at the whole year, our origination capital deployment increased 53% to $580.8 million. Policy originations grew 27% to 1,310 policies. The turnover ratio for Q4 was 2.6x, reflecting strong portfolio activity and exceeding our long-term target.

But here’s what matters more than any single metric: the integrated platform we’ve built is working exactly as designed.

Life Solutions continues to serve as our origination engine. Asset Management is packaging those assets into institutional-grade products. Abacus Intel is strengthening the entire platform through data-driven mortality verification services that now serve over 100 pension funds and institutional clients. Abacus Wealth Advisors is transforming the industry through lifespan-based financial planning.

These verticals reinforce each other. The data from one improves the outcomes in another. The relationships in one create opportunities in another. It’s a flywheel, and the momentum is real.

Capital Allocation With Discipline

We enhanced shareholder returns this quarter through our inaugural annual cash dividend of $0.20 per share, and in early 2026, authorized an additional $20 million share repurchase program. These aren’t reactive moves—they’re the natural evolution of a business that’s generating recurring earnings and operating from a position of capital strength.

We also completed the strategic acquisition of AccuQuote, which broadens our financial services capabilities and strengthens our ability to deliver integrated protection, wealth accumulation, and preservation solutions across the client lifecycle.

And we moved our listing to the New York Stock Exchange under the ticker ABX, enhancing our visibility among institutional investors and supporting long-term shareholder value creation.

Each of these decisions reflects the same principle: disciplined capital allocation. We’re not chasing growth for growth’s sake. We’re building sustainable infrastructure for a business that will compound value over decades.

A Strategic Investment in Manning & Napier

In addition to our earnings, we made another big announcement last week: we have made a minority strategic investment in Manning & Napier, a 55-year-old wealth and asset management firm with approximately $18 billion in AUM and roughly 3,400 clients. We’ve built the Life Solutions origination engine (generating ~10,000 customer leads per month), we’ve built the Asset Group, and now we’re adding a dedicated wealth management channel that can serve clients across the full longevity spectrum.

The real value is in the Strategic Alliance Agreement: Manning & Napier gets access to our Asset Group products (ETFs, longevity funds, asset-based finance strategies) for their client base. We get a natural referral channel for leads that don’t fit our core life settlement business but still need wealth planning. And together, we’re building longevity-focused financial planning products that combine our proprietary LifeARC data with their wealth planning infrastructure.

It’s the same philosophy we’ve applied everywhere else: build things that compound over time, connect the pieces that should be connected, and create value that wasn’t there before. The $53 million investment is supported by fee-related earnings and expected to close in Q2 2026.

Looking Forward

We’re initiating our full year 2026 outlook for adjusted net income between $96 million and $104 million. That implies growth of up to 22% compared to 2025.

But more important than any single year’s guidance is the long-term path we’ve outlined: becoming a mid-cap company operating at approximately $450 million in Adjusted EBITDA at scale, with 70% recurring revenue.

That’s a five-year target. And based on the last eleven quarters, you should take it seriously.

Because here’s what we’ve learned about building Abacus: consistency compounds. Delivering on your word quarter after quarter builds credibility. Credibility creates access to capital. Access to capital enables competitive advantages. Competitive advantages generate sustainable returns.

The Confidence to Execute

When you beat consensus for eleven straight quarters, you earn something that can’t be bought: confidence from stakeholders—shareholders, institutional partners, employees, clients—that you’ll do what you say you’re going to do.

The markets reward a lot of things—growth, innovation, disruption. But in the long run, they reward consistency most of all. Because consistency is what separates companies that last from companies that flame out.

And it should give anyone watching confidence that when we say we’re on a path to $450 million in Adjusted EBITDA at scale with 70% recurring revenue, we’re not speculating. We’re executing a plan that’s been delivering ahead of expectations for nearly three years straight.