Abacus Global Management Inc-A 2025年度报告

SECURITIES AND EXCHANGE COMMISSION FORM 10-K xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For thefiscal year ended December 31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commissionfile number 001-39403 Abacus Global Management, Inc. (Exact name of registrant as specified in its charter) 85-1210472 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 2101 Park Center Drive, Suite 200Orlando Florida (800) 561-4148Registrant's telephone number, including area code__________________ Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to section 12(g) of the Act: None Yes☐Nox Indicate by check mark if the registrant is not required tofile reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐Nox Indicate by check mark whether the registrant: (1) hasfiled all reports required to befiled by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports); and (2) has beensubject to suchfiling requirements for the past 90 days.Yesx Noo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yesx Noo Indicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, a smaller reportingcompany, or an emerging growth company. See the definitions of “large acceleratedfiler”, “acceleratedfiler”, “smaller reporting company”,and "emerging growth company" in Rule 12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant hasfiled a report on and attestation to its management’s assessment of the effectiveness of itsinternal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrantincluded in thefiling reflect the correction of an error to previously issuedfinancial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes o Nox The aggregate market value of voting and non-voting common stock held by non-affiliates as of June30, 2025, the last business day of theregistrant’s most recently completed secondfiscal quarter, was $142,281,625. The registrant had 96,542,155 shares of common stock, $0.0001 par value per share, outstanding as of March10, 2026. DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III ofthis Form 10-K. ABACUS GLOBAL MANAGEMENT, INC. PagePART IItem 1.Business1Item 1A.Risk Factors13Item 1B.Unresolved StaffComments30Item 1C.Cybersecurity31Item 2.Properties31Item 3.Legal Proceedings31Item 4.Mine Safety Disclosures32PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities32Item 6.[Reserved]32Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations32Item 7A.Quantitative and Qualitative Disclosures about Market Risk51Item 8.Financial Statements and Supplementary Data51Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure114Item 9A.Controls and Procedures114Item 9B.Other Information115Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections115PART IIIItem 10.Directors, Executive Officers and Corporate Governance116Item 11.Executive Compensation116Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters116Item 13.Certain Relationships and Related Transactions, and Director Independence116Item 14.Principal Accountant Fees and Services116PART IVItem 15.Exhibit and Financial Statement Schedules117Item 16.Form 10-K Summary120Signatures121 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements contained in this Annual Report on F