Abacus Global Management

Positives: the firm initiated a $0.20 dividend for 2025 and has been active with multi‑tranche buyback authorizations that left about $4.2 million available at year‑end 2025, and it is consolidating distribution and asset‑management capability with acquisitions (Carlisle, FCF Advisors, AccuQuote) and a minority stake in Manning & Napier to broaden product and distribution.

Negatives: stock‑based compensation remains material; a 2026 equity plan seeks 17 million shares plus a three‑year evergreen of up to 5 percent per year, and executive RSU/bonus opportunities rose notably in March 2026. Related‑party elements in prior brokerage acquisition require ongoing governance scrutiny.

Net‑net, we see capable strategic moves mixed with dilution and complexity; discipline will need to be proven over time.