East Resources Acquisition Company
ERES
NASDAQ Capital Market10.85
USD
+0.82
- -
CIK
0001814287
ISIN
US2746811056
CUSIP
274681105
Return %
Stock
S&P500
1Y
7.96
18.21
3Y
11.74
64.38
5Y
11.74
72.43
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Terrence M. Pegula
- Full Time Employees
- 82
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 7777 NW Beacon Square Boulevard Boca Raton FL United States of America 33487
- IPO Date
- Jul 3, 2023
- CIK
- 0001814287
- Website
- eastresources.com
- Similar Companies
- Business
- East Resources Acquisition Company (NASDAQ: ERES), formerly a blank check company targeting energy businesses in North America, completed a business combination with Abacus Life, Inc. in July 2023 and now operates as a leading provider of life settlement services; the company acquires, maintains, services, and sells life insurance policies from policyholders seeking liquidity, generating revenue primarily from active management fees, portfolio servicing, and policy originations. Core offerings include active management of life settlement portfolios with a fair value exceeding $273 million as of September 2024, comprising 532 policies with $977 million in face value; origination of policies for external parties, totaling 91 originations in the first nine months of 2024; and portfolio servicing for 1,210 policies valued at $2.3 billion. Headquartered in Boca Raton, Florida, and founded in 2020 under the sponsorship of East Resources affiliates, the company focuses on the U.S. life settlement market, reporting total revenue of $78.7 million for the nine months ended September 30, 2024, driven by 84% growth in active management revenue to $73.8 million. Recent developments include announced acquisitions of Carlisle Management Company for $200 million on July 18, 2024, to bolster investment management in life settlements, and FCF Advisors on August 7, 2024, to diversify asset management; a $15 million share repurchase program authorized in December 2023, with $12 million executed by September 2024 at an average price of $11.61; and long-term debt of $183 million as of September 2024, including market-indexed notes and secured borrowings to fund growth.