MLCI

This article first appeared on GuruFocus. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Segment income increased to $4.3 million in Q2 2026, up from $3.3 million in Q1, driven by growth in both fee-related earnings (FRE) and spread-related earnings (SRE). Ability Insurance Company received an investment-grade rating (B+ financial strength and BBB long-term issuer credit) from AM Best, a key catalyst for growth in the insurance segment. Launch of Ability's initial suite of multi-year guaranteed annuity products (MYGAs) marks entry into direct origination, which is expected to lower liability costs and enhance ROE. Yield Street transaction, adding over $100 million in assets to SOFIX, received overwhelming shareholder approval and is expected to close in Q3, unlocking at least $2.8 million in annual run-rate FRE. Insurance AUM grew to nearly $1 billion, up $126 million year-over-year, supported by a new $120 million asset management mandate and a portfolio yield of 6.6% (excluding funds withheld). The company reported a net loss of $4.2 million in Q2 2026, though improved from a $6 million loss in Q1, indicating ongoing profitability challenges. Asset management revenue declined sequentially to $2.3 million from $2.5 million, partly due to wind-down of non-core legacy vehicles like Ovation and managed CLOs. Net investment income decreased by 8% sequentially to $18.5 million, reflecting lower yields and portfolio adjustments. FRE remains low at $1.4 million, with management acknowledging the need for significant improvement and scaling to achieve an inflection. SRE benefited from a one-time favorable Guardian reserve assumption update, with a net $600,000 non-recurring benefit, raising questions about sustainability of the improvement. Warning! GuruFocus has detected 9 Warning Signs with MLCI. Is MLCI fairly valued? Test your thesis with our free DCF calculator. Q: How should we think about the outlook for the second half of this year and into next year, and once the Yield Street transaction closes, is M&A still a big priority? A: Ted Goldthorpe (Chairman and CEO) stated that FRE is expected to begin to inflect, with the Yield Street transaction closing in Q3 and adding earnings. The launch of Ability's direct annuity products will bring seeding commissions and AUM growth. He noted the last six to nine months were an investment phase, with results expected in Q4 and next year. On M&A, the pipeline has "never been larger," driven by large managers exiting smaller vehicles and smaller managers struggling to scale, so he expects to be "very active" over the next six to 12 months. Q: With the AM Best rating and regulatory approval to write direct business, can you elaborate on the opportunities this creates? A: Ted Goldthorpe (Chairman and CEO) explained that direct writing allows the company to control its destiny and flows, ramping up or down based on investment opportunities. It provides flexibility around pricing and enables new products like FIA and RILA. He emphasized that small savings in liabilities lead to big changes in ROE due to insurance leverage, so this should drive AUM and ROE growth. Q: Why is direct writing more economically beneficial than reinsurance? A: Ted Goldthorpe (Chairman and CEO) clarified that when reinsuring from another provider, Mount Logan pays a ceding commission. By originating directly, origination costs are lower, even with a third-party distribution partner. This makes direct writing more economical from a ceding perspective than pure reinsurance. Q: On fee-related earnings, what specifically needs to change to drive the inflectionis it fundraising, fee rate mix, or expense discipline? A: Brandon Suderen (CFO) said it's "all of the above." The company needs to grow fee-earning AUM, hydrate portfolios to optimize earnings, and maintain expense discipline, which he called a "huge catalyst." Q2 FRE increased to $1.4 million from $1.2 million in Q1, but more work is needed as strategic initiatives scale. Q: How much of the SRE improvement is sustainable versus driven by the favorable Guardian reserve adjustment? A: Brandon Suderen (CFO) noted a net $600,000 benefit to SRE this quarter from the Guardian assumption update, offset by other non-recurring items. He stressed that long-term, the goal is to grow the insurance business and decrease the attribution of SRE from the legacy long-term care book, which is the source of volatility. Q: Are there any other regulatory or other approvals required for the Yield Street transaction to close? A: Ted Goldthorpe (Chairman and CEO) confirmed that the SEC process and shareholder vote are complete, so it's "just a matter of getting it closed." The transaction is expected to close in Q3. Q: What is your process for sourcing new M&A opportunities? A: Ted Goldthorpe (Chairman and CEO) described a multifold approach: constant dialogue with peers, social/productive sourcing, and being the "big consolidator" in the lower-to-middle market. He noted that people often reach out first because Mount Logan is the biggest acquirer in its space, combined with proactive outreach. Q: As you ramp directly writing policies, is the intent to replace reinsured policies, and do you have plans to expand the product set beyond MYGAs? A: Ted Goldthorpe (Chairman and CEO) said direct writing provides better predictability and cheaper liabilities, but the company will continue reinsuring to diversify funding sources. On products, he expects to consider other offerings like FIA and RILA, but the goal remains taking risk on the asset side, not the liability side. Brandon Suderen (CFO) added that direct writing opens all those doors, allowing the sale of a full suite of insurance products. Q: Why do you think Mount Logan stock has lagged relative to other asset managers recently? A: Ted Goldthorpe (Chairman and CEO) attributed the lag to larger, more liquid asset managers rallying first after a sell-off. He reiterated that the stock doesn't reflect fair market value, noting he bought stock last quarter and will buy again this quarter until the price reflects fair value. Q: Is the current interest rate environment a positive or negative for you? A: Ted Goldthorpe (Chairman and CEO) said it's "definitively positive." Mount Logan is levered to short-term floating rates on assets, so higher rates are good, especially with a strong U.S. economy and benign credit conditions. He noted higher rates that cause credit issues would be less favorable, but "higher for longer is good." Q: Can you provide details on executive compensation and the number of employees? A: Ted Goldthorpe (Chairman and CEO) stated that all management team compensation is taken in stock, not cash. BC Partners provides support for a below-market basis point fee to cover costs. He confirmed no options or commissions, just stock grants with service-based vesting conditions. Q: Has the $10 million buyback calendar changed at all? A: Ted Goldthorpe (Chairman and CEO) said it's always under consideration, weighed against buying stock personally and in funds. He reaffirmed commitment to supporting the stock price at current levels. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the sequential increase in segment income to improved profitability in the base business and a favorable reserve assumption update within the insurance segment. The company achieved a significant milestone with AM Best assigning an investment-grade rating to its subsidiary, Ability Insurance, which serves as a catalyst for direct product distribution. Strategic focus has shifted toward direct origination of retirement solutions to gain greater control over product pricing, design, and the pace of liability generation. The Yieldstreet transaction is positioned as a key driver for scaling the asset management platform, expected to nearly double the net assets of the SOFIX fund. Management noted that software credit spreads have widened due to AI-related sentiment rather than fundamental deterioration, viewing this as an opportunity for disciplined deployment. Operational efficiency remains a priority as the company works to replace legacy, non-core fee streams with newer, more scalable recurring revenue models. The Yieldstreet transaction is expected to close in Q3 2026, with financial benefits beginning to accrue in Q4 and ramping up significantly into 2027. Management anticipates the Yieldstreet deal will unlock at least $2.8 million of annual run-rate fee-related earnings, representing approximately 30% growth over 2025 levels. The launch of multi-year guaranteed annuity products is expected to drive a meaningful step-up in long-term earnings power for both the insurance and asset management segments. The company expects to remain active in M&A over the next 6 to 12 months, citing a large pipeline of smaller managers struggling to reach scale. Guidance assumes that higher interest rates will remain a tailwind for earnings, provided the broader economy remains resilient and credit defaults stay benign. The quarter's spread-related earnings were positively impacted by a $600 thousand to $700 thousand net benefit from a Guardian block reserve assumption update. Management is actively working to reduce the P&L volatility associated with legacy long-term care insurance blocks by growing the newer annuity business. The company is winding down certain non-core legacy fee vehicles, including the Ovation alternative income fund and managed CLOs, which will partially offset near-term fee growth. A third-party distribution partner and expanded internal sales teams have been added to support the retail distribution of the SOFIX fund post-merger. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects to be very active in M&A over the next 6-12 months as large managers exit small vehicles and smaller firms struggle to raise capital. Sourcing is driven by the company's reputation as a primary consolidator in the lower-to-middle market and proactive dialogue with peers. Direct writing is considered more economic because it eliminates or reduces the ceding commissions typically paid to third-party originators in reinsurance deals. This shift allows for cheaper liabilities, which management noted can lead to significant improvements in return on equity due to embedded leverage. Management identified scale as the paramount catalyst for FRE improvement, requiring a combination of AUM growth, portfolio high-grading, and strict expense discipline. The company expects an inflection in FRE starting in Q4 2026 as recent investments in distribution and the Yieldstreet assets begin to contribute. The business is positively levered to higher short-term rates because most assets are floating-rate while liabilities are a mix of fixed and floating. Management stated 'higher for longer' is beneficial as long as it does not trigger broad credit deterioration, which has not yet been observed.

Segment Income for the quarter improved to $4.3 million, an increase of $2.1 million year-over-year, and $1.0 million as compared to first quarter 2026 Strong quarter for Insurance Solutions with SRE1 of $2.9 million, up $3.0 million year-over-year, and $0.9 million as compared to the first quarter of 2026. Asset Management FRE1 decreased to $1.4 million from $2.2 million in the prior year quarter, but increased $0.2 million from first quarter 2026 FRE of $2.6 million and SRE of $4.9 million for the first half of 2026, resulting in Segment Income of $7.5 million1 representing a 69% increase, or $3.1 million, as compared to the prior year period Mount Logan continues to make progress on key strategic and operational initiatives including its insurance growth strategy, whereby Ability received its B+ AM Best Rating after quarter-end After quarter-end, the pending Yieldstreet Alternative Income Fund transaction received the requisite approvals and is expected to close in the third quarter of 2026 NEW YORK, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (Nasdaq: MLCI) (“Mount Logan” or the “Company”) announced today its financial results for the second quarter ended June 30, 2026. Management Commentary Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated, “Sequential improvement in Segment Income reflects the progress we are making as we increase scale, control costs, and execute against our growth initiatives. Ability's investment-grade rating from AM Best, together with the pending Yieldstreet transaction, marks meaningful progress in unlocking the earnings potential of our integrated asset management and insurance platform. We believe Mount Logan is well positioned to generate durable earnings growth and long-term shareholder value in the quarters ahead.” Second Quarter Financial and Business Highlights2 Total revenue for the Asset Management segment was $2.3 million for the quarter, a decrease of $1.1 million, or 32% compared to the second quarter of 2025. Asset Management revenues exclude $1.6 million of intercompany management fees earned from managing the assets of Ability Insurance Company ("Ability"), which remained flat from the same 2025 period. Fee-Related Earnings (“FRE”) for the Asset Management segment were $1.4 million for the second quarter of 2026, down $0.9 million compared to $2.2 million for the second quarter of 2025. Total net investment income for the Insurance Solutions segment including net investment income of consolidated variable interest entities ("VIEs") was $18.5 million for the second quarter of 2026, a decrease of $2.0 million, or 10%, compared to second quarter of 2025. Excluding the funds withheld assets under reinsurance contracts and modified coinsurance ("Modco") arrangements, the Insurance Solutions segment’s net investment income was $13.0 million, a decrease of $0.1 million, or 1%, compared to the second quarter of 2025. Achieved a 6.2%3 yield on the insurance investment portfolio for the second quarter of 2026. Excluding the funds withheld under reinsurance contracts and modified coinsurance, the yield was 6.6%. Spread-Related Earnings (“SRE”) for the Insurance Solutions segment was $2.9 million for the second quarter of 2026, compared to ($0.1) million for the second quarter of 2025. Mount Logan's total assets under management ("AUM") was $2.0 billion as of June 30, 2026 and is inclusive of Ability’s assets managed by Mount Logan. Ability's assets excluding intangible assets and the funds withheld assets under reinsurance contracts and Modco, were $784.5 million as of June 30, 2026, a decrease of $6.7 million from the second quarter of 2025. As of June 30, 2026, the Insurance Solutions segment held approximately $1.0 billion of total investment assets, an increase of $28.5 million from the second quarter of 2025. Including Modco assets, Ability's total assets managed by Mount Logan is $953.0 million, an increase of $126.0 million compared to second quarter of 2025. Subsequent Events and Strategic Updates AM Best, a leading, global credit rating agency specializing in the insurance industry, assigned a Financial Strength Rating of B+ “(Good)” and a Long-Term Issuer Credit Rating of bbb- “(Good)” to the Company's wholly-owned life and annuity insurance subsidiary, Ability. As previously announced, Mount Logan–managed Opportunistic Credit Interval Fund (“SOFIX”) signed a definitive agreement to acquire $100+ million of assets from Yieldstreet Alternative Income Fund Inc. (“YS AIF”), which is expected to close in the third quarter of 2026, subject to regulatory approvals, and is estimated to increase FRE by $2.8 million4 or more on a full year basis. On July 31, 2026, Yieldstreet's shareholders voted in favor of the transaction. Declared a stockholder quarterly distribution in the amount of $0.03 per share of common stock for the quarter ended June 30, 2026, payable on August 31, 2026 to stockholders of record at the close of business on August 21, 2026. This cash dividend marks the fourth consecutive quarter of the Company issuing a $0.03 distribution to its stockholders following the closing of the Business Combination. Selected Financial Highlights Total capital of the Company was $171.1 million at June 30, 2026, a decrease of $14.2 million as compared to December 31, 2025. Total capital consists of debt obligations and total shareholders’ equity. Consolidated net loss before taxes was $4.2 million for the second quarter of 2026, compared with a loss of $0.9 million for the second quarter of 2025. Net loss position widened primarily due to net realized and change in unrealized losses from investments in Insurance Solutions. Consolidated basic loss per share (“EPS”) was $0.37 for the second quarter of 2026, compared to $0.14 for the second quarter of 2025. Conference Call and Webcast DetailsMount Logan will hold a conference call to discuss its quarterly results on Wednesday, August 12, 2026 at 10:00 a.m. ET. Participants may access the conference call via webcast using this Webcast Link. To participate via telephone, please register in advance using this Registration Link. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial in 10 minutes prior to the start time. A replay of the conference call and webcast will be available on-demand via the Company’s investor relations webpage at https://ir.mountlogan.com/ for 12 months. Results of Operations by Segment Note: “NM” denotes not meaningful. Non-GAAP Financial Measures In this release, the Company includes FRE and SRE, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measures contained in this press release to the most directly comparable measures under GAAP. The Company’s management believes FRE and SRE are useful in evaluating its operating performance and by providing these non-GAAP measures, the Company’s management intends to provide investors, securities analysts and other interested parties with a meaningful, consistent comparison of the Company’s profitability for the periods presented. These non-GAAP measures are not intended to be a substitute for GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Asset Management Fee Related Earnings FRE is a non-GAAP financial measure used to assess the asset management segment’s generation of profits from revenues that are measured and received on a recurring basis and are not dependent on future realization events. The Company calculates FRE as follows: ($ in Thousands) Note: “NM” denotes not meaningful. (1) Represents interest income on a loan asset related to a fee generating vehicle Insurance Spread Related Earnings SRE is a non-GAAP financial measure used to assess the insurance solution segment’s generation of profits from revenues that are measured and received on a recurring basis, excluding certain market volatility. The Company calculates SRE as follows: ($ in Thousands) Segment Information Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings and (ii) Spread Related Earnings. The following presents a reconciliation of Net Income (loss) attributable to Mount Logan common shareholders to Segment Income: ($ in Thousands) About Mount Logan Capital Inc. Mount Logan Capital Inc. is an integrated alternative asset management and insurance solutions firm focused on generating durable, fee-based revenue and long-term value creation. The Company leverages differentiated investment strategies alongside permanent insurance capital to deliver attractive, risk-adjusted returns across market cycles. Through its subsidiaries, Mount Logan Management LLC and Ability Insurance Company, Mount Logan manages and invests across private and public credit markets in North America and operates an insurance platform that provides long-duration liabilities to support its credit investment strategies. This integrated platform is designed to provide stable earnings, downside protection, and a low risk of principal impairment through the credit cycle. As of June 30, 2026, Mount Logan Capital had over $2.0 billion in assets under management. Estimates and Assumptions This press release includes unaudited financial and business projections. These projections, and their underlying assumptions, are inherently unpredictable and undue reliance should not be placed thereon. These estimates reflect internal financial models that Mount Logan uses in connection with its strategic planning and are based on numerous variables and assumptions made by Mount Logan’s management with respect to industry performance, general business, economic, regulatory and financial conditions and other future events, as well as matters specific to Mount Logan’s businesses, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Mount Logan’s management. As a result, these estimates constitute forward-looking statements and are subject to many risks and uncertainties that could cause actual results to differ materially from these projections. Please carefully consider “Cautionary Statement Regarding Forward-Looking Statements” below. There can be no assurance that these estimates will be realized or that actual results will not be significantly different than projected. The inclusion of these estimates in this press release should not be regarded as an indication that Mount Logan or any of its affiliates, advisors, officers, directors or representatives considered or considers such estimates to be necessarily predictive of actual future events, and these estimates should not be relied upon as such. The inclusion of these estimates herein should not be deemed an admission or representation by Mount Logan that its management views these estimates as material information. Certain of the estimates and projections set forth herein may be considered non-GAAP financial measures, including FRE. There are limitations inherent in non-GAAP financial measures, because they exclude charges and credits that are required to be included by generally accepted accounting principles in the United States (“GAAP”). Non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures used by Mount Logan may not be comparable with similarly titled amounts used by other companies. No reconciliation of these projected non-GAAP measures was created or used in connection with preparing the estimates included herein. Reconciliations of historical non-GAAP measures to the most directly comparable GAAP measures are provided elsewhere herein. Cautionary Statement Regarding Forward-Looking Statements This press release, and oral statements made from time to time by representatives of Mount Logan may contain statements of a forward-looking nature relating to future events within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s current views about future events. Such forward-looking statements include, without limitation, statements about the anticipated growth, profitability and scalability of the Company’s business; the Company’s strategic objectives, model, approach and future activities; planned capital raising and liquidity activities and the expected outcome of such activities; the expected benefits of Ability's AM Best rating; the expected timing and benefits of the transaction with YS AIF; the expected increase in FRE and accretive nature of the transaction with YS AIF; future financial and operating results; Mount Logan’s plans, objectives, expectations and intentions regarding our business strategy and plans; and other statements that are not historical facts. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that Ability may not maintain its AM Best ratings or that such ratings may not result in the anticipated business benefits; the inability to complete and recognize the anticipated benefits of the transaction with YS AIF on the anticipated timeline or at all; purchase price adjustments, unexpected costs related to the transaction with YS AIF; the risk of litigation related to the Business Combination; variability in revenues, earnings, and cash flows and the resulting impact on quarterly earnings trends and stock price volatility; the intensity of competition in asset management and insurance markets and constraints on the ability to execute growth strategies and maintain or increase market share or margins; reliance on technology and information systems, including third party systems and systems provided by BC Partners Advisors L.P. (“BCPA”), and risks related to cybersecurity, data integrity, and operational resilience; dependence on management’s assumptions, estimates, models, and judgment, and the risk that actual outcomes diverge materially from those assumptions; illiquidity of certain assets under management and insurance investments, and the impact of limited liquidity on valuation, portfolio management, and capital allocation; dependence on access to financing markets and the availability, cost, and terms of capital and liquidity; risks associated with the use of hedging and other risk management instruments, including costs, basis risk, counterparty exposure, and potential ineffectiveness; adverse political, market, and economic conditions and their effects on investment performance, funding costs, client activity, and policyholder behavior; dependence on BCPA and key BCPA personnel; actual and potential conflicts of interest arising from the relationship with BCPA; concentration risk associated with managing a limited number of funds and investments; complexities and subjectivity in valuing illiquid assets, including model risk and sensitivity to assumptions; the heavily regulated nature of the insurance business; and the increased expenses and compliance requirements associated with being a U.S. public company. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those projected. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which Mount Logan has filed or will file from time to time with the SEC or on SEDAR+ and any risk factors contained in such reports, including the section titled “Risk Factors” in Mount Logan’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 19, 2026. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Mount Logan does not undertake any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The information contained on the website of Mount Logan is not incorporated by reference into this press release. Mount Logan is not responsible for the contents of third-party websites. Contacts:Mount Logan Capital Inc.650 Madison Ave, Floor 3New York City, NY [email protected] Andrew BergerSM Berger & [email protected] MOUNT LOGAN CAPITAL INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 1 FRE, SRE and Segment Income are non-GAAP financial measures that the Company believes provide valuable perspective on its business results. With respect to FRE, SRE and Segment Income for completed periods, refer to tables elsewhere in this press release for a reconciliation to the comparable GAAP measure.2 As discussed in Note 1 and Note 3 to our condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, on September 12, 2025, we completed a business combination with 180 Degree Capital Corp. (the “Business Combination”). Therefore, our consolidated financial results present the historical results of Mount Logan Capital Intermediate LLC (f/k/a Mount Logan Capital Inc) prior to September 12, 2025, and those of the combined company on and subsequent to that date.3 The yield is calculated based on the net investment income less management fees paid to Mount Logan divided by the average of investments in financial assets for the current period and prior period. 4 Estimated FRE contribution from acquired assets based on current management and incentive fee structure of SOFIX with $100 million in additional assets. Actual contribution of the incentive fee portion of this amount is dependent on performance and actual results may differ materially from these projections. See “Estimates and Assumptions” for additional information.

FRE1 of $1.2 million and SRE1 of $2.0 million for the first quarter of 2026, resulting in Segment Income of $3.3 million1 representing a 41% increase, or $1.2 million, as compared to prior year. As compared to fourth quarter 2025, Segment Income increased by $2.9 million Strong quarter for Insurance Solutions with SRE of $2.0 million, up $2.0 million year-over-year, and $3.1 million as compared to fourth quarter 2025 Asset Management FRE declined to $1.2 million, but earnings quality improved significantly. FRE down $1.0 million year-over-year, and down $0.3 million as compared to fourth quarter 2025 During the first quarter, Mount Logan-managed Opportunistic Credit Interval Fund (SOFIX) entered an agreement to acquire $100+ million of assets for Yieldstreet Alternative Income Fund. Currently estimated to close during the third quarter of 2026 Added $120 million of managed assets from an existing relationship effective March 2026, expected to increase FRE by approximately $0.5 million in 2026 and in excess of $1.0 million in 2027 Declared quarterly distribution of $0.03 per common share in the second quarter of 2026, the third consecutive shareholder distribution for Mount Logan as a US registrant Mount Logan to host an earnings conference call and webcast on Friday, May 15, 2026, at 1:00 PM ET NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (Nasdaq: MLCI) (“Mount Logan” or the “Company”) announced today its financial results for the first quarter ended March 31, 2026. Management Commentary Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated, “The first quarter of 2026 reflected the successful execution against our near-term strategic priorities, as we continued to invest across our platform, strengthen our leadership team, acquire and expand core recurring revenue streams, and improve profitability. During the quarter, we saw Spread Related Earnings return to a positive contributor to segment income, while our Fee Related Earnings quality increased significantly as compared to prior quarter. Collectively, Mount Logan's first quarter demonstrates the depth and dynamism of our team and platform, as well as our ability to simultaneously pursue growth, optimize our capital structure, and return capital to shareholders. We believe Mount Logan is well positioned to capture improved operating leverage, higher profitability, and long-term shareholder value as these initiatives take full effect over the balance of 2026.” First Quarter Highlights2 Total revenue for the Asset Management segment was $2.5 million for the quarter, a decrease of $1.4 million, or 36% compared to the first quarter of 2025, primarily driven by non-recurring items including the termination of the Logan Ridge investment management agreement in July 20253 and one-time out of period SOFIX management fee reimbursements recorded in the first quarter of 2025. Asset Management revenues exclude $1.8 million of intercompany management fees earned from managing the assets of Ability Insurance Company ("Ability"), which increased $0.7 million, or approximately 7%, from $1.2 million in 2025. Following the merger of Logan Ridge into Portman Ridge, Mount Logan introduced a new recurring revenue stream through a profit-sharing agreement with the majority owner of Sierra Crest Investment Management3. Fee-Related Earnings (“FRE”) for the Asset Management segment were $1.2 million for the first quarter of 2026, down $1.0 million compared to $2.3 million for the first quarter of 2025. This decrease primarily reflects the decrease in management fees discussed above. Total net investment income for the Insurance Solutions segment including net investment income of consolidated variable interest entities ("VIEs") was $20.2 million for the first quarter of 2026, an increase of $1.4 million, or 7%, compared to first quarter of 2025. Excluding the funds withheld assets under reinsurance contracts and modified coinsurance ("Modco") arrangements, the Insurance Solutions segment’s net investment income was $14.6 million, an increase of $0.3 million, or 2%, compared to the first quarter of 2025. Achieved 6.8%4 yield on the insurance investment portfolio for the first quarter of 2026. Excluding the funds withheld under reinsurance contracts and modified coinsurance, the yield was 7.5%. Spread-Related Earnings (“SRE”) for the Insurance Solutions segment was $2.0 million for the first quarter of 2026, compared to less than $0.1 million for the first quarter of 2025. Ability’s total assets managed by Mount Logan excluding the funds withheld assets under reinsurance contracts and Modco, were $699.4 million as of March 31, 2026, an increase of $105.7 million from the first quarter of 2025. As of March 31, 2026, the Insurance Solutions segment held approximately $1.1 billion of total investment assets, an increase of $86.5 million from the first quarter of 2025. Including Modco assets, Mount Logan managed total assets of $891.2 million as of March 31, 2026, an increase of $249.0 million compared to first quarter of 2025. Book value of the insurance segment as of March 31, 2026 was $120.1 million, a decrease of $2.0 million, compared to $122.1 million as of December 31, 2025. Strategic Developments During the first quarter of 2026, the Company completed the following strategic initiatives: Completed Opportunistic Debt Re-financing: On January 26, 2026, Mount Logan completed a $40.0 million in aggregate principal amount senior unsecured notes offering where funds were used to partially repay outstanding indebtedness on the Company's credit facility, with remaining funds available for general corporate purposes. Closed Tender Offer: On February 6, 2026, Mount Logan closed a $15.0 million tender offer to purchase approximately 12% of the Company's common stock issued and outstanding as of February 2, 2026. Announced New Share Repurchase Program: On February 23, 2026, Mount Logan announced that its Board of Directors authorized a $10.0 million share repurchase program through December 31, 2027, where repurchases may be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or by other means in accordance with applicable securities laws and subject to market conditions and other factors. Yieldstreet Managed-Fund Transaction As previously announced, Mount Logan–managed Opportunistic Credit Interval Fund (“SOFIX”) signed a definitive agreement to acquire $100+ million of assets from Yieldstreet Alternative Income Fund Inc. (“YS AIF”) during the first quarter of 2026. Mount Logan currently estimates, on a full-year basis, the transaction will increase FRE by $2.8 million5 or more. Mount Logan’s total cost inclusive of its definitive transition services agreement with YS AIF’s advisor is expected to make the transaction immediately accretive to Mount Logan. YS AIF and SOFIX investors gain access to a larger investment vehicle with greater scale, economic efficiency and increased portfolio diversification. Transaction currently expected to close by third quarter 2026, subject to regulatory and YS AIF shareholder approvals. Subsequent Events Declared a stockholder quarterly distribution in the amount of $0.03 per share of common stock for the quarter ended March 31, 2026, payable on June 10, 2026 to stockholders of record at the close of business on May 26, 2026. This cash dividend marks the third consecutive quarter of the Company issuing a $0.03 distribution to its stockholders following the closing of the Business Combination. Selected Financial Highlights Total capital of the Company was $177.2 million at March 31, 2026, a decrease of $8.1 million as compared to December 31, 2025. Total capital consists of debt obligations and total shareholders’ equity. Consolidated net loss before taxes was $6.0 million for the first quarter of 2026, compared with a loss of $6.7 million for the first quarter of 2025. Net loss position improved as expenses declined. Consolidated basic loss per share (“EPS”) was $0.51 for the first quarter of 2026, compared to $1.02 for the first quarter of 2025. Conference Call and Webcast Details Mount Logan will hold a conference call to discuss its quarterly results on Friday, May 15, 2026 at 1:00 p.m. ET. Participants may access the conference call via webcast using this Webcast Link. To participate via telephone, please register in advance using this Registration Link. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial in 10 minutes prior to the start time. A replay of the conference call and webcast will be available on-demand via the Company’s investor relations webpage at https://ir.mountlogan.com/ for 12 months. Results of Operations by Segment Note: “NM” denotes not meaningful. Non-GAAP Financial Measures In this release, the Company includes FRE and SRE, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measures contained in this press release to the most directly comparable measures under GAAP. The Company’s management believes FRE and SRE are useful in evaluating its operating performance and by providing these non-GAAP measures, the Company’s management intends to provide investors, securities analysts and other interested parties with a meaningful, consistent comparison of the Company’s profitability for the periods presented. These non-GAAP measures are not intended to be a substitute for GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Asset Management Fee Related Earnings FRE is a non-GAAP financial measure used to assess the asset management segment’s generation of profits from revenues that are measured and received on a recurring basis and are not dependent on future realization events. The Company calculates FRE as follows: ($ in Thousands) Note: “NM” denotes not meaningful. (1) Represents interest income on a loan asset related to a fee generating vehicle Insurance Spread Related Earnings Mount Logan uses SRE to assess the performance of the Insurance Solutions segment. SRE is a component of Segment Income that is used to assess the performance of the Insurance Solutions segment, excluding certain market volatility, which consists of investment gains (losses), other income and certain general, administrative & other expenses. For the Insurance Solutions segment, SRE equals the sum of (i) the net investment earnings on Insurance Solutions segment’s net invested assets (excluding investment earnings on funds held under reinsurance contracts and modified coinsurance agreement), less (ii) cost of funds (as described below), (iii) compensation and benefits, (iv) interest expense and (v) operating expenses. Cost of funds includes liability costs associated with the crediting cost on multi-year guaranteed annuity products ("MYGA") liabilities as well as other liability costs. Other liability costs include deferred acquisition cost ("DAC") amortization, the cost of liabilities associated with LTC, net of reinsurance, which includes change in reserves, premiums, actual claim experience including related expenses and certain product charges related to MYGA. The Company reconciles SRE to net income (loss) before tax from its insurance segment activities, as follows: ($ in Thousands) SRE was $2.0 million in the first quarter of 2026 compared to $36.0 thousand in 2025. The increase in SRE was primarily driven by lower cost of funds, partially offset by lower net investment income and realized gains (losses) and higher general, administrative and other expenses. Cost of funds decreased by $2.8 million, primarily driven by significant unfavorable experience adjustment in LTC business in 2025 compared to 2026, which was partially offset by increase in interest sensitive contract benefits and DAC amortization from the assumption of the NSG MYGA block in the second quarter of 2025, Net investment income and realized gains (losses) decreased by $0.8 million. Net investment income decreased due to lower treasury yields, increased management fees and higher realized losses in 2026 compared to 2025. General, administrative and other expenses increased by $0.3 million in 2026. This increase was offset by decrease in compensation and benefits, as compensation and benefit costs in 2026 were included within administrative fees under general, administrative and other expenses. Net Investment Spread The following presents net investment spread for the insurance segment: Net investment spread was 0.17% in the first quarter of 2026, a decrease of 31 basis points compared to 0.48% in the first quarter of 2025, primarily driven by a higher average net invested asset balance and lower net investment income and realized gain or (loss) and higher cost of funds in 2026 compared to 2025. Net investment income and realized gain or (loss) percent represents the percent of net investment income and realized gain (loss) over average net invested assets. Net investment income and realized gain (loss) was 1.56% in 2026, a decrease of 18 basis points compared to 1.74% in 2025, primarily driven by higher average net invested assets (including cash on hand), lower treasury yields, and higher realized losses on investment activities. Cost of funds percent represents the percent of cost of funds over average net invested assets. Cost of funds were higher in 2026 compared to 2025 primarily driven by increase in interest sensitive contract benefits and DAC amortization from the assumption of the NSG MYGA block in the second quarter of 2025. Segment Information Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings and (ii) Spread Related Earnings. The following presents a reconciliation of Net Income (loss) attributable to Mount Logan common shareholders to Segment Income: ($ in Thousands) Liquidity and Capital Resources As of March 31, 2026, the Asset Management segment carried $90.8 million (par value) of borrowings outstanding, comprising $76.3 million at fixed rates and $14.5 million at floating rates. At the same date, the Asset Management segment held $9.3 million of unrestricted cash and cash equivalents. As of March 31, 2026, the Insurance Solutions segment reported $17.3 million (par value) of borrowings outstanding, including $14.3 million at fixed rates and $3.0 million at floating rates. Liquid assets, including high-quality assets that are marketable, can be pledged as security for borrowings, and can be converted to cash in a time frame that meets liquidity and funding requirements. As of March 31, 2026 and December 31, 2025, the total liquid assets of the Insurance Solutions segment were as follows: ($ in Thousands) Interest Rate Sensitivity The Company owns debt assets that are exposed to interest rate sensitivity. The following table summarizes the potential impact on net income of hypothetical base rate changes in interest rates within the Insurance Solutions segment assuming a parallel shift in the yield curve, with all other variables remaining constant. The impact of interest rates sensitivity on the Asset Management segment is immaterial. Actual results may differ significantly from this sensitivity analysis. As such, the sensitivities should only be viewed as directional estimates of the underlying sensitivities for the respective factors based on the assumptions outlined above. About Mount Logan Capital Inc. Mount Logan Capital Inc. is an integrated alternative asset management and insurance solutions firm focused on generating durable, fee-based revenue and long-term value creation. The Company leverages differentiated investment strategies alongside permanent insurance capital to deliver attractive, risk-adjusted returns across market cycles. Through its subsidiaries, Mount Logan Management LLC and Ability Insurance Company, Mount Logan manages and invests across private and public credit markets in North America and operates an insurance platform that provides long-duration liabilities to support its credit investment strategies. This integrated platform is designed to provide stable earnings, downside protection, and a low risk of principal impairment through the credit cycle. As of March 31, 2026, Mount Logan Capital had over $2.1 billion in assets under management. Estimates and Assumptions This press release includes unaudited financial and business projections. These projections, and their underlying assumptions, are inherently unpredictable and undue reliance should not be placed thereon. These estimates reflect internal financial models that Mount Logan uses in connection with its strategic planning and are based on numerous variables and assumptions made by Mount Logan’s management with respect to industry performance, general business, economic, regulatory and financial conditions and other future events, as well as matters specific to Mount Logan’s businesses, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Mount Logan’s management. As a result, these estimates constitute forward-looking statements and are subject to many risks and uncertainties that could cause actual results to differ materially from these projections. Please carefully consider “Cautionary Statement Regarding Forward-Looking Statements” below. There can be no assurance that these estimates will be realized or that actual results will not be significantly different than projected. The inclusion of these estimates in this press release should not be regarded as an indication that Mount Logan or any of its affiliates, advisors, officers, directors or representatives considered or considers such estimates to be necessarily predictive of actual future events, and these estimates should not be relied upon as such. The inclusion of these estimates herein should not be deemed an admission or representation by Mount Logan that its management views these estimates as material information. Certain of the estimates and projections set forth herein may be considered non-GAAP financial measures, including FRE. There are limitations inherent in non-GAAP financial measures, because they exclude charges and credits that are required to be included by generally accepted accounting principles in the United States (“GAAP”). Non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures used by Mount Logan may not be comparable with similarly titled amounts used by other companies. No reconciliation of these projected non-GAAP measures was created or used in connection with preparing the estimates included herein. Reconciliations of historical non-GAAP measures to the most directly comparable GAAP measures are provided elsewhere herein. Cautionary Statement Regarding Forward-Looking Statements This press release, and oral statements made from time to time by representatives of Mount Logan or SOFIX may contain statements of a forward-looking nature relating to future events within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s current views about future events. Such forward-looking statements include, without limitation, statements about the anticipated growth, profitability and scalability of the Company’s business; the Company’s strategic objectives, model, approach and future activities; planned capital raising and liquidity activities and the expected outcome of such activities; the expected timing and benefits of the transaction with Yieldstreet Alternative Income Fund (“YS AIF”), the expected increase in FRE and accretive nature of the transaction with YS AIF, future financial and operating results, Mount Logan’s plans, objectives, expectations and intentions regarding our business strategy and plans, and other statements that are not historical facts. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to the inability to complete and recognize the anticipated benefits of the transaction with YS AIF on the anticipated timeline or at all; purchase price adjustments, unexpected costs related to the transaction with YS AIF; the risk of litigation related to the Business Combination; variability in revenues, earnings, and cash flows and the resulting impact on quarterly earnings trends and stock price volatility; the intensity of competition in asset management and insurance markets and constraints on the ability to execute growth strategies and maintain or increase market share or margins; reliance on technology and information systems, including third party and systems provided by BC Partners Advisors L.P. (“BCPA”), and risks related to cybersecurity, data integrity, and operational resilience; dependence on management’s assumptions, estimates, models, and judgment, and the risk that actual outcomes diverge materially from those assumptions; illiquidity of certain assets under management and insurance investments, and the impact of limited liquidity on valuation, portfolio management, and capital allocation; dependence on access to financing markets and the availability, cost, and terms of capital and liquidity; risks associated with the use of hedging and other risk management instruments, including costs, basis risk, counterparty exposure, and potential ineffectiveness; adverse political, market, and economic conditions and their effects on investment performance, funding costs, client activity, and policyholder behavior; dependence on BCPA and key BCPA personnel; actual and potential conflicts of interest arising from the relationship with BCPA; concentration risk associated with managing a limited number of funds and investments; complexities and subjectivity in valuing illiquid assets, including model risk and sensitivity to assumptions; the heavily regulated nature of the insurance business; and the increased expenses and compliance requirements associated with being a U.S. public company. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those projected. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which Mount Logan and SOFIX have filed or will file from time to time with the SEC or on SEDAR+ and any risk factors contained in such reports, including the section titled “Risk Factors” in Mount Logan’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 18, 2026. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Mount Logan does not undertake any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The information contained on the website of Mount Logan is not incorporated by reference into this press release. Mount Logan is not responsible for the contents of third-party websites. Contacts: Mount Logan Capital Inc. 650 Madison Ave, Floor 3 New York City, NY 10022 [email protected] Andrew Berger SM Berger & Company [email protected] _____________________ 1 FRE, SRE and Segment Income are a non-GAAP financial measures that the Company believes provides valuable perspective on its business results. With respect to FRE, SRE and Segment Income for completed periods, refer to tables elsewhere in this press release for a reconciliation to the comparable GAAP measure. 2 As discussed in Note 1 and Note 3 to our condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, on September 12, 2025, we completed a business combination with 180 Degree Capital Corp. (the “Business Combination”). Therefore, our consolidated financial results present the historical results of Mount Logan Capital Intermediate LLC (f/k/a Mount Logan Capital Inc) prior to September 12, 2025, and those of the combined company on and subsequent to that date. 3 Sierra Crest Investment Management ("SCIM") is the manager of BCP Investment Corporation ("BCIC"). SCIM previously served as the manager of Portman Ridge Finance Corporation, which during the third quarter of 2025 merged with Logan Ridge Finance Corporation and was renamed BCIC. Mount Logan owns a 24.99% stake in SCIM through a subsidiary. 4 The yield is calculated based on the net investment income less management fees paid to Mount Logan divided by the average of investments in financial assets for the current period and prior period. 5 Estimated FRE contribution from acquired assets based on current management and incentive fee structure of SOFIX with $100 million in additional assets. Actual contribution of the incentive fee portion of this amount is dependent on performance and actual results may differ materially from these projections. See “Estimates and Assumptions” for additional information.

This article first appeared on GuruFocus. Total Revenue: $53.6 million for the full year 2025, up approximately 8% year over year. Net Loss: $60.8 million post-tax for the full year 2025, primarily driven by non-recurring and non-cash items. Assets Under Management (AUM): $2.1 billion. Fee-Related Earnings (FRE): $8.5 million for the full year 2025, down modestly year over year. Spread Related Earnings (SRE): Approximately breakeven compared to $13.7 million in 2024. Net Investment Income (Insurance): $14.8 million in Q4 2025, down 21% from Q4 2024. Investment Portfolio Yield: 6.3% for Q4 2025, or 7.3% excluding funds withheld. Goodwill Impairment: $25 million related to the legacy long-term care block. Dividend: $0.03 per share for the quarter. Cash and Cash Equivalents: $15 million at year-end 2025. Total Debt: $93.5 million. Warning! GuruFocus has detected 7 Warning Signs with MLCI. Is MLCI fairly valued? Test your thesis with our free DCF calculator. Release Date: March 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Mount Logan Capital Inc (NASDAQ:MLCI) successfully transitioned from a Canadian domiciled IFRS reporting company to a US domiciled NASDAQ listed GAAP reporting entity, enhancing its market presence. The company announced a strategic acquisition of Yield Street Alternative Income Fund, expected to nearly double the assets of its Opportunistic Credit Interval Fund, adding over $100 million. Mount Logan Capital Inc (NASDAQ:MLCI) completed a $40 million bond offering, extending its maturity profile at an attractive rate and reducing secured indebtedness. The company has a strong pipeline of both organic and inorganic growth opportunities, with plans to announce more acquisitions in the near future. Mount Logan Capital Inc (NASDAQ:MLCI) has authorized a $10 million share repurchase program, providing flexibility to opportunistically repurchase shares, benefiting shareholders. The company reported a post-tax net loss of $60.8 million for 2025, primarily driven by non-recurring and mostly non-cash items. Fourth quarter 2025 revenue in the asset management segment declined due to decreases in management and incentive fees in non-core vehicles. Net investment income in the insurance solutions segment decreased by 21% in the fourth quarter of 2025 compared to the previous year. The company recognized a $25 million goodwill impairment related to the legacy long-term care block, impacting the insurance segment's financials. Fee-related earnings (FRE) were down modestly year over year, reflecting fee waivers and changes in revenue mix as the company transitions its business model. Q: FRE numbers have been running lower than prior year levels. When do we expect growth on the FRE and AUM sides? A: Edward Goldthorpe, CEO: Last year was a transition year with several changes, including management contract conversions and fee waivers. We expect growth this year with new initiatives like the Vista Life mandate and the recent deal announcement, which should lead to additional FRE growth. Q: Can you elaborate on the structure of the recent deal and its impact on distributions or redemptions? A: Edward Goldthorpe, CEO: The acquisition is synergistic, focusing on asset-based finance. The fund allows up to 5% redemptions quarterly, making it quasi-permanent capital. We aim to grow the vehicle and provide liquidity options for investors. Q: How are you positioning for the macro and competitive environment in private credit insurance in 2026? A: Edward Goldthorpe, CEO: Despite negative press, our portfolio is in good shape with no elevated defaults. We focus on non-sponsor specialty finance, and private lending remains competitive. We believe private credit is well-positioned despite headlines. Q: How does the Yield Street deal impact Mount Logan's FRE, and when will we see the effects? A: Edward Goldthorpe, CEO: The deal is expected to be accretive, with a significant impact on FRE in the second half of the year. It will close in 3-4 months, leading to a material FRE increase. Q: Can you provide more details on the capital contributed to Ability and future contributions? A: Edward Goldthorpe, CEO: We've injected capital into Ability to support direct annuity writing, reducing reliance on third-party reinsurance. Benefits should be seen in the second half of the year. Nikita Klassen, CFO: The $37 million includes $19 million contributed this past year, positioning us well for strategic initiatives. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Completed a strategic growth investment in the fourth quarter into Ability Insurance Company, significantly improving capital ratios and enabling expansion of its business Mount Logan-managed fund signed a definitive agreement during first quarter 2026 to acquire $100+ million of assets from Yieldstreet Alternative Income Fund, which is expected to increase annual FRE1 by at least $2.8 million2 Entered an agreement during the first quarter 2026 to manage $125 million of additional assets, which is expected to increase FRE by approximately $0.5 million in 2026 and in excess of $1.0 million in 2027 Declared quarterly distribution of $0.03 per common share in the first quarter of 2026, the second shareholder distribution for Mount Logan as a US registrant Mount Logan to host a conference call on Thursday, March 19, 2026, at 12:00 PM Eastern Time to discuss full year and fourth quarter 2025 results, and first quarter 2026 updates NEW YORK, March 19, 2026 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (Nasdaq: MLCI) (“Mount Logan” or the “Company”) announced today its financial results for the fourth quarter and full year ended December 31, 2025. Management Commentary Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated, “2025 was a transformational year for Mount Logan following the completion of our business combination with 180 Degree Capital. The transaction strengthened our capital base and positioned the Company to invest in the continued development of our platform. For the full year, our asset management business generated a stable base of fee-related earnings, which we expect to strengthen further through recently announced initiatives, including the Yieldstreet asset acquisition by Mount Logan's managed fund SOFIX, and continued growth in our managed strategies. Within our insurance platform, spread-related earnings were breakeven for the year as we continued to invest in the team and capabilities needed to support future growth, while rotating out of legacy, underperforming insurance assets. Subsequent to year-end, we have taken several steps to enhance shareholder value and increase financial flexibility, including completion of a $15 million tender offer, the issuance of $40 million senior notes, and executing strategic AUM growth initiatives, both organically and inorganically. We believe Mount Logan is well positioned to remain opportunistic in deploying capital across diverse credit strategies as we seek to grow recurring earnings over time." Full Year Milestones3 Total revenue for the Asset Management segment, including investment and other income, was $21.5 million for the year, an increase of $6.5 million, or 44% compared to 2024. The increase was driven primarily by the $4.5 million gain recognized on the acquisition of 180 Degree Capital, as well as a $1.4 million unrealized gain on the minority stake position Mount Logan has in Runway Growth Capital LLC. Asset Management revenues exclude $6.0 million of intercompany management fees earned from managing the assets of Ability Insurance Company ("Ability"), which increased $0.4 million, or approximately 7%, from $5.6 million in 2024. Fee-Related Earnings (“FRE”) for the Asset Management segment were $8.5 million for the year, down $0.6 million compared to $9.1 million in 2024. This decrease primarily reflects voluntary fee waivers of $0.5 million. Additionally, Mount Logan underwent a shift in key fee streams as certain funds continued their wind down during 2025, including the Ovation funds and Mount Logan’s managed CLOs. Following the merger of Logan Ridge into Portman Ridge, Mount Logan introduced a new recurring revenue stream from a profit-sharing agreement with the majority owner of Sierra Crest Investment Management4, which management anticipates will be fully reflected in 2026 financial performance. For the full-year, Mount Logan earned $0.8 million of transaction and advisory fees, reflecting a new organic initiative within the asset management segment. Total net investment income for the Insurance Solutions segment including net investment income of consolidated variable interest entities ("VIEs") was $79.0 million for the year, a decrease of $13.8 million, or 15%, compared to 2024. The decrease was primarily driven by a lower interest rate environment, higher management and incentive fees associated with funds withheld assets under modified coinsurance (“Modco”) arrangement with Vista Life and Casualty Reinsurance Company ("Vista"), and the write off of accrued interest on certain defaulted mortgages amounting to $2.3 million. Excluding the funds withheld assets under reinsurance contracts and Modco arrangements, the Insurance Solutions segment’s net investment income was $55.0 million, a decrease of $4.3 million, or 7%, compared to 2024. Achieved 6.9%5 yield on the insurance investment portfolio for 2025. Excluding the funds withheld under reinsurance contracts and modified coinsurance, the yield was 7.7%. Spread-Related Earnings (“SRE”)6 for the Insurance Solutions segment was $0.0 million in 2025, compared to $13.7 million in 2024. The decline year-over-year was primarily attributable to the decline in net investment income for the Insurance Solutions segment including VIEs, while general, administrative and other expenses were lower due to lower MYGA-related expenses and cost reductions following continued expense efficiency initiatives, which remain ongoing. Ability’s total assets managed by Mount Logan excluding the funds withheld assets under reinsurance contracts and Modco, were $660.7 million as of December 31, 2025, an increase of $40.6 million from the fourth quarter of 2024. As of December 31, 2025, the Insurance Solutions segment included approximately $1.1 billion in total investment assets, an increase of $36.0 million from the comparative prior year period. During the first quarter of 2025, Mount Logan began managing a portion of Ability’s Modco assets with Vista totaling $71.9 million as of December 31, 2025. Book value of the insurance segment as of December 31, 2025 was $122.1 million, a decrease of $7.7 million, compared to $129.8 million as of December 31, 2024. As of year-end, Mount Logan made a significant investment into Ability to support the flywheel effect of the business. Fourth Quarter 2025 Highlights Total revenue for the Asset Management segment including investment and other income was $2.6 million, a decrease of $1.2 million, compared to $3.8 million for the fourth quarter of 2024. The decrease was primarily driven by the termination of the Logan Ridge investment management agreement and wind-down of the Ovation funds. While the Company anticipated the decrease in management fees from these events, Mount Logan entered into new agreements and transactions resulting in new profit-sharing revenue and advisory and transaction fees earned this quarter compared to the comparative period. The new profit-sharing revenue is expected to scale with the growth of BCIC. FRE for the Asset Management segment were $1.5 million for the quarter, down $0.7 million compared to $2.2 million in fourth quarter 2024. Total net investment income for the Insurance Solutions segment including net investment income of consolidated VIEs was $18.5 million, a decrease of $5.0 million, or 21%, compared to fourth quarter of 2024. The decrease was primarily driven by a lower interest rate environment and the write off of accrued interest on certain defaulted mortgages. Excluding the funds withheld assets under reinsurance contracts and Modco arrangements, the Insurance Solutions segment’s net investment income was $13.5 million, a decrease of $1.5 million, or 10%, compared to fourth quarter of 2024. SRE for the Insurance Solutions segment was $(1.1) million in fourth quarter 2025, compared to $4.2 million in 2024. Managed-fund Transaction Mount Logan–managed Opportunistic Credit Interval Fund (“SOFIX”) signed a definitive agreement to acquire $100+ million of assets from Yieldstreet Alternative Income Fund Inc. (“YS AIF”) during the first quarter of 2026. Mount Logan currently estimates, on a full-year basis, the transaction will increase FRE by $2.8 million2 or more, representing a more than 30% increase in Mount Logan's 2025 trailing twelve-month FRE as of December 31, 2025. Mount Logan’s total cost inclusive of its definitive transition services agreement with YS AIF’s advisor is expected to make the transaction immediately accretive to Mount Logan. YS AIF and SOFIX investors gain access to a larger investment vehicle with greater scale, economic efficiency and increased portfolio diversification. Transaction expected to close in late Q2 or Q3 2026, subject to regulatory and YS AIF shareholder approvals. Other Subsequent Events Declared a stockholder quarterly distribution in the amount of $0.03 per share of common stock for the quarter ended December 31, 2025, payable on April 15, 2026 to stockholders of record at the close of business on March 30, 2026. This cash dividend marks the second consecutive quarter of the Company issuing a $0.03 distribution to its stockholders following the closing of the Business Combination. Closed $40.0 million in aggregate principal amount of senior unsecured notes offering where funds were used to partially repay outstanding indebtedness on the Company's credit facility, with remaining funds available for general corporate purposes. Closed $15.0 million tender offer to purchase approximately 12% of the Company's common stock issued and outstanding as of February 2, 2026. Approved a $10.0 million share repurchase program through December 31, 2027, where repurchases may be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or by other means in accordance with applicable securities laws and subject to market conditions and other factors. Selected Financial Highlights Total capital of the Company was $185.3 million at December 31, 2025, a decrease of $11.9 million as compared to December 31, 2024. Total capital consists of debt obligations and total shareholders’ equity. Consolidated net loss before taxes was $58.5 million for 2025, compared with a loss of $9.8 million for 2024. The year-over-year change primarily reflects one-time costs related to the Business Combination with 180 Degree Capital, the impairment of the Logan Ridge investment management agreement intangible asset, certain legal and consulting fees associated with the previously announced investigation of misconduct by a former employee of ML Management, as well as reimbursements to AIF and its portfolio company in relation to such misconduct, and the goodwill impairment of the legacy LTC product within Insurance Solutions. Basic earnings (loss) per share (“EPS”) was ($7.08) for 2025, an increase in loss per share of $5.38 from ($1.70) for 2024. Conference Call Details Mount Logan will hold a conference call to discuss its quarterly results on Thursday, March 19, 2026 at 12:00 p.m. ET. Participants may access the conference call via webcast using this Webcast Link. To participate via telephone, please register in advance using this Registration Link. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial in 10 minutes prior to the start time. A replay of the conference call and webcast will be available on-demand via the Company’s investor relations webpage at https://ir.mountlogan.com/ for 12 months. Results of Operations by Segment Note: “NM” denotes not meaningful. Non-GAAP Financial Measures In this release, the Company includes FRE and SRE, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measures contained in this press release to the most directly comparable measures under GAAP. The Company’s management believes FRE and SRE are useful in evaluating its operating performance and by providing these non-GAAP measures, the Company’s management intends to provide investors, securities analysts and other interested parties with a meaningful, consistent comparison of the Company’s profitability for the periods presented. These non-GAAP measures are not intended to be a substitute for GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Asset Management Fee Related Earnings FRE is a non-GAAP financial measure used to assess the asset management segment’s generation of profits from revenues that are measured and received on a recurring basis and are not dependent on future realization events. The Company calculates FRE as follows: ($ in Thousands) Note: “NM” denotes not meaningful. (1) Represents interest income on a loan asset related to a fee generating vehicle Insurance Spread Related Earnings Mount Logan uses SRE to assess the performance of the Insurance Solutions segment. SRE is a component of Segment Income that is used to assess the performance of the Insurance Solutions segment, excluding certain market volatility, which consists of investment gains (losses), other income and certain general, administrative & other expenses. For the Insurance Solutions segment, SRE equals the sum of (i) the net investment earnings on Insurance Solutions segment’s net invested assets (excluding investment earnings on funds held under reinsurance contracts and modified coinsurance agreement), less (ii) cost of funds (as described below), (iii) compensation and benefits, (iv) interest expense and (v) operating expenses. Cost of funds includes liability costs associated with the crediting cost on MYGA liabilities as well as other liability costs. Other liability costs include DAC amortization, the cost of liabilities associated with LTC, net of reinsurance, which includes change in reserves, premiums, actual claim experience including related expenses and certain product charges related to MYGA. The Company reconciles SRE to net income (loss) before tax from its insurance segment activities, as follows: ($ in Thousands) SRE was $0.0 million in 2025, a decrease of $13.7 million, or 100%, compared to $13.7 million in 2024. The decrease in SRE was primarily driven by lower investment income and realized gains (losses) and higher cost of funds, partially offset by lower general, administrative & other expenses. Net investment income and realized gains (losses) decreased by $6.3 million. Net investment income decreased due to lower treasury yields and higher realized losses in 2025 compared to 2024. Cost of funds increased by $10.0 million, primarily driven by unfavorable in-force update to the LTC business in 2025 which had a favorable impact in 2024. Also, there was an increased DAC amortization from the assumption of the NSG MYGA block in the second quarter of 2025, as well as lower premium volume experienced in the LTC business in 2025. General, administrative and other expenses decreased by $2.0 million in 2025 due to a reduction in new MYGA business in 2025 compared to 2024, which reduced MYGA related costs. Additionally, consulting and legal expenses declined and valuation costs were reduced in 2025 following the transition to a new valuation service provider in the fourth quarter of 2024. Net Investment Spread The following presents net investment spread for the insurance segment: (1) Excludes changes in future policy benefits liabilities of LTC line of business, to calculate net investment spread, which result from changes in actuarial assumptions and future cash flow projections. Net investment spread was 0.65% in 2025, a decrease of 143 basis points compared to 2.08% in 2024, primarily driven by lower net investment income and realized gain or (loss) and higher cost of funds in 2025 compared to 2024. Net investment income and realized gain or (loss) percent represents the percent of net investment income and realized gain (loss) over average net invested assets. Net investment income and realized gain (loss) was 6.13% in 2025, a decrease of 130 basis points compared to 7.43% in 2024, primarily driven by higher average net invested assets (including cash on hand), lower treasury yields, and higher realized losses. Cost of funds percent represents the percent of cost of funds over average net invested assets. Cost of funds were higher in 2025 compared to 2024 primarily due to the unfavorable in-force update and claims experience in the LTC business, increased DAC amortization due to the assumption of the NSG MYGA block and increased surrenders of existing MYGA policies. Segment Information Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings and (ii) Spread Related Earnings. The following presents a reconciliation of Net Income (loss) attributable to Mount Logan common shareholders to Segment Income: ($ in Thousands) (1) Represents corporate overhead allocated to each segment. (2) Represents costs incurred by the insurance segment for purposes of U.S. GAAP reporting but not the day-to-day operations of the insurance company. Liquidity and Capital Resources As of December 31, 2025, the Asset Management segment carried $76.3 million (par value) of borrowings outstanding, comprising $36.3 million at fixed rates and $40.0 million at floating rates. At the same date, the Asset Management segment held $15.0 million of unrestricted cash and cash equivalents. As of December 31, 2025, the Insurance Solutions segment reported $17.3 million (par value) of borrowings outstanding, including $14.3 million at fixed rates and $3.0 million at floating rates. Liquid assets, including high-quality assets that are marketable, can be pledged as security for borrowings, and can be converted to cash in a time frame that meets liquidity and funding requirements. As of December 31, 2025 and December 31, 2024, the total liquid assets of the Insurance Solutions segment were as follows: ($ in Thousands) (1) Cash and cash equivalents and accrued interest & dividend receivable includes cash and cash equivalent and accrued interest of consolidated VIEs, respectively. Interest Rate Sensitivity The Company owns debt assets that are exposed to interest rate sensitivity. The following table summarizes the potential impact on net income of hypothetical base rate changes in interest rates within the Insurance Solutions segment assuming a parallel shift in the yield curve, with all other variables remaining constant. The impact of interest rates sensitivity on the Asset Management segment is immaterial. (1) Losses are presented in brackets and gains are presented as positive numbers Actual results may differ significantly from this sensitivity analysis. As such, the sensitivities should only be viewed as directional estimates of the underlying sensitivities for the respective factors based on the assumptions outlined above. About Mount Logan Capital Inc. Mount Logan Capital Inc. is an integrated alternative asset management and insurance solutions firm focused on generating durable, fee-based revenue and long-term value creation. The Company leverages differentiated investment strategies alongside permanent insurance capital to deliver attractive, risk-adjusted returns across market cycles. Through its subsidiaries, Mount Logan Management LLC and Ability Insurance Company, Mount Logan manages and invests across private and public credit markets in North America and operates an insurance platform that provides long-duration liabilities to support its credit investment strategies. This integrated platform is designed to provide stable earnings, downside protection, and a low risk of principal impairment through the credit cycle. As of December 31, 2025, Mount Logan Capital had over $2.1 billion in assets under management. Estimates and Assumptions This press release includes unaudited financial and business projections. These projections, and their underlying assumptions, are inherently unpredictable and undue reliance should not be placed thereon. These estimates reflect internal financial models that Mount Logan uses in connection with its strategic planning and are based on numerous variables and assumptions made by Mount Logan’s management with respect to industry performance, general business, economic, regulatory and financial conditions and other future events, as well as matters specific to Mount Logan’s businesses, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Mount Logan’s management. As a result, these estimates constitute forward-looking statements and are subject to many risks and uncertainties that could cause actual results to differ materially from these projections. Please carefully consider “Cautionary Statement Regarding Forward-Looking Statements” below. There can be no assurance that these estimates will be realized or that actual results will not be significantly different than projected. The inclusion of these estimates in this press release should not be regarded as an indication that Mount Logan or any of its affiliates, advisors, officers, directors or representatives considered or considers such estimates to be necessarily predictive of actual future events, and these estimates should not be relied upon as such. The inclusion of these estimates herein should not be deemed an admission or representation by Mount Logan that its management views these estimates as material information. Certain of the estimates and projections set forth herein may be considered non-GAAP financial measures, including FRE. There are limitations inherent in non-GAAP financial measures, because they exclude charges and credits that are required to be included by generally accepted accounting principles in the United States (“GAAP”). Non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures used by Mount Logan may not be comparable with similarly titled amounts used by other companies. No reconciliation of these non-GAAP measures was created or used in connection with preparing the estimates included herein. Cautionary Statement Regarding Forward-Looking Statements This press release, and oral statements made from time to time by representatives of Mount Logan or SOFIX may contain statements of a forward-looking nature relating to future events within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s or SOFIX’s current views about future events. Such forward-looking statements include, without limitation, statements about the anticipated growth, profitability and scalability of the Company’s business; the Company’s strategic objectives, model, approach and future activities; planned capital raising and liquidity activities and the expected outcome of such activities; the expected timing and benefits of the transaction with Yieldstreet Alternative Income Fund (“YS AIF”), the expected increase in FRE and accretive nature of the transaction with YS AIF, future financial and operating results, Mount Logan’s or SOFIX’s plans, objectives, expectations and intentions regarding our business strategy and plans, and other statements that are not historical facts. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to the inability to complete and recognize the anticipated benefits of the transaction with YS AIF on the anticipated timeline or at all; purchase price adjustments, unexpected costs related to the transaction with YS AIF; the risk of litigation related to the Business Combination; variability in revenues, earnings, and cash flows and the resulting impact on quarterly earnings trends and stock price volatility; the intensity of competition in asset management and insurance markets and constraints on the ability to execute growth strategies and maintain or increase market share or margins; reliance on technology and information systems, including third party and systems provided by BC Partners Advisors L.P. (“BCPA”), and risks related to cybersecurity, data integrity, and operational resilience; dependence on management’s assumptions, estimates, models, and judgment, and the risk that actual outcomes diverge materially from those assumptions; illiquidity of certain assets under management and insurance investments, and the impact of limited liquidity on valuation, portfolio management, and capital allocation; dependence on access to financing markets and the availability, cost, and terms of capital and liquidity; risks associated with the use of hedging and other risk management instruments, including costs, basis risk, counterparty exposure, and potential ineffectiveness; adverse political, market, and economic conditions and their effects on investment performance, funding costs, client activity, and policyholder behavior; dependence on BCPA and key BCPA personnel; actual and potential conflicts of interest arising from the relationship with BCPA; concentration risk associated with managing a limited number of funds and investments; complexities and subjectivity in valuing illiquid assets, including model risk and sensitivity to assumptions; the heavily regulated nature of the insurance business; and the increased expenses and compliance requirements associated with being a U.S. public company. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those projected. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which Mount Logan and SOFIX have filed or will file from time to time with the SEC or on SEDAR+ and any risk factors contained in such reports, including the section titled “Risk Factors” in Mount Logan’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 18, 2026. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Each of Mount Logan and SOFIX do not undertake any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The information contained on the website of Mount Logan or SOFIX is not incorporated by reference into this press release. Neither Mount Logan nor SOFIX is responsible for the contents of third-party websites. No Offer or Solicitation This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it intended to be and does not constitute an offer to sell or the solicitation of an offer to purchase any securities in the MLCI, SOFIX, YS AIF or in any fund or other investment vehicle in any jurisdiction pursuant to the proposed transactions or otherwise. Additional Information and Where to Find It Additional information regarding the Asset Acquisition transaction will be presented in a proxy statement/prospectus that will be provided to YS AIF shareholders at a meeting of YS AIF shareholders. The proxy statement/prospectus has yet to be filed with the SEC. When available and effective, as applicable, YS AIF shareholders are encouraged to review the proxy statement/prospectus on the SEC website at www.sec.gov. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Participants in the Solicitation SOFIX, MLCI, MLM, and their respective directors and officers may be deemed to be participants in the solicitation of proxies from the shareholders of YS AIF in connection with the proposed asset acquisition. Information regarding the persons who may be deemed participants in such solicitation will be set forth in the proxy statement/prospectus relating to the proposed asset acquisition when it is filed with the SEC. Shareholders may obtain additional information regarding the interests of the participants in the solicitation of proxies in connection with the proposed asset acquisition by reading the proxy statement/prospectus when it becomes available. Contacts: Mount Logan Capital Inc. 650 Madison Ave, Floor 3 New York City, NY 10022 [email protected] Andrew Berger SM Berger & Company [email protected] ________________________________ 1 FRE is a non-GAAP financial measure that the Company believes provides valuable perspectives on its business results. With respect to FRE for completed periods, refer to tables elsewhere in this press release for a reconciliation to the comparable GAAP measure. 2 Estimated FRE contribution from acquired assets based on current management and incentive fee structure of SOFIX with $100 million in additional assets. Actual contribution of the incentive fee portion of this amount is dependent on performance and actual results may differ materially from these projections. No reconciliation of this non-GAAP measure was created or used in connection with preparing the estimates included herein. See “Estimates and Assumptions” for additional information. 3 As discussed in Note 1 and Note 3 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, on September 12, 2025, we completed a business combination with 180 Degree Capital Corp. (the “Business Combination”). Therefore, our consolidated financial results present the historical results of Mount Logan Capital Intermediate LLC (f/k/a Mount Logan Capital Inc) prior to September 12, 2025, and those of the combined company on and subsequent to that date. 4 Sierra Crest Investment Management ("SCIM") is the manager of BCP Investment Corporation ("BCIC"). SCIM previously served as the manager of Portman Ridge Finance Corporation, which during the third quarter of 2025 merged with Logan Ridge Finance Corporation and was renamed BCIC. Mount Logan owns a 24.99% stake in SCIM through a subsidiary. 5 The yield is calculated based on the net investment income less management fees paid to Mount Logan divided by the average of investments in financial assets for the current year and prior year. 6 SRE is a non-GAAP financial measure that the Company believes provides valuable perspectives on its business results. With respect to SRE for completed periods, refer to tables elsewhere in this press release for a reconciliation to the comparable GAAP measure.

NEW YORK, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (Nasdaq: MLCI) (“Mount Logan” or the “Company”) announced today the final results of its offer to purchase for cash up to $15 million of its shares of common stock, $0.001 par value, at a fixed price of $9.43 per share (the “Tender Offer”). The Tender Offer expired at 5:00 p.m., New York City time, on February 2, 2026 (the “Expiration Time”). The Tender Offer was oversubscribed. In accordance with the terms and conditions of the Tender Offer and based on the final count by Odyssey Transfer and Trust Company, the Depositary for the Offer, the Company accepted for payment an aggregate 1,590,601 shares of the Company’s common stock, adjusted to avoid the purchase of fractional shares and in accordance with the conditional tender procedures, properly tendered and not properly withdrawn before the Expiration Time, at a purchase price of $9.43 per share, for an aggregate cost of approximately $15 million, excluding fees and expenses relating to the Tender Offer. The Company accepted the shares on a pro rata basis. The shares purchased represent approximately 12% of the Company’s common stock issued and outstanding as of February 2, 2026. Payment for the shares accepted for purchase pursuant to the Tender Offer, and the return of all other shares tendered and not purchased, will occur promptly (less applicable withholding taxes and without interest). Ladenburg Thalmann & Co. Inc. served as the Dealer Manager for the Tender Offer. Alliance Advisors, LLC served as Information Agent for the Tender Offer. Odyssey Transfer and Trust Company served as the Depositary for the Tender Offer. The Tender Offer was conducted pursuant to the Tender Offer materials previously distributed to shareholders and filed with the SEC. Shareholders who have questions or would like additional information about the Tender Offer may contact the information agent for the Tender Offer, Alliance Advisors, LLC, at (855) 206-1845, Email: [email protected]. About Mount Logan Capital Inc. Mount Logan Capital Inc. is an integrated alternative asset management and insurance solutions firm focused on generating durable, fee-based revenue and long-term value creation. The Company leverages differentiated investment strategies alongside permanent insurance capital to deliver attractive, risk-adjusted returns across market cycles. Through its subsidiaries, Mount Logan Management and Ability, Mount Logan manages and invests across private and public credit markets in North America and the reinsurance of annuity products. This integrated platform is designed to provide stable earnings, downside protection, and a low risk of principal impairment through the credit cycle. As of September 30, 2025, Mount Logan Capital had over $2.1 billion in assets under management. To learn more, visit https://ir.mountlogan.com. Cautionary Statement Regarding Forward-Looking Statements This press release, and oral statements made from time to time by representatives of Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s current views about future events. Such forward-looking statements include, without limitation, statements about the timing and promptness of payment for the shares accepted for purchase pursuant to the Tender Offer, and other statements that are not historical facts. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which Mount Logan has filed or will file from time to time on with the SEC or on SEDAR+ and any risk factors contained in such reports, which may cause results to differ. Mount Logan does not undertake any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The information contained on the website of Mount Logan is not incorporated by reference into this press release. Mount Logan is not responsible for the contents of third-party websites. Contacts: Mount Logan Capital Inc. 650 Madison Avenue, 3rd Floor New York, New York 10022 [email protected] Andrew Berger SM Berger & Company Investor Relations [email protected]