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Here are two analogies to describe Mount Logan Capital (MLCI):

• A publicly traded alternative asset manager focused purely on credit, like a specialized division of Apollo Global Management.
• A specialty finance company that invests in corporate loans and other debt, similar to a publicly traded, broadly focused Oaktree Capital Management.

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• Alternative Asset Management: Mount Logan Capital provides investment management services focused on public and private credit strategies and other alternative asset classes.
• Credit Investing & Lending: The company engages in direct investment in, and origination of, various corporate loans and other credit instruments, often in the middle market.
• Collateralized Loan Obligation (CLO) Management: Mount Logan Capital acts as an investment manager for CLOs, actively selecting and managing portfolios of leveraged loans for investors.

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Mount Logan Capital (MLCI) operates as a specialty finance company, primarily investing in credit opportunities and managing Collateralized Loan Obligation (CLO) vehicles. As such, it sells primarily to other companies and institutional entities rather than individuals.

Due to the proprietary and confidential nature of its diversified credit portfolio and investment management services, Mount Logan Capital does not publicly disclose a list of specific "major customer companies." Its business model involves numerous transactions and investments rather than reliance on a few large, identifiable customers.

However, the company's "customer" base, representing the entities it transacts with, can be understood through the following categories:

• Borrower Companies: These are primarily U.S. middle-market companies, often private, across various industries, to which Mount Logan Capital provides senior secured loans and other credit-oriented investments. These companies are the recipients of MLCI's capital. Specific names are not publicly listed by MLCI due to confidentiality and the diversified nature of its portfolio.
• Institutional Investors: These are entities such as pension funds, insurance companies, asset managers, and other institutional clients that invest in Mount Logan Capital's managed credit products, particularly tranches of its Collateralized Loan Obligations (CLOs). These institutional investors are also corporate entities. Specific names of these investors are not publicly listed by MLCI.

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Edward Goldthorpe, Chief Executive Officer and Chairman of the Board

Edward Goldthorpe is a Partner and Head of BC Partners Credit. He co-founded and leads BC Partners Credit, joining in 2017. Prior to this, he served as President of Apollo Investment Corporation and Chief Investment Officer of Apollo Investment Management, where he oversaw the U.S. Opportunistic Platform. Before joining Apollo, Mr. Goldthorpe spent 13 years at Goldman Sachs, managing the bank loan distressed investing desk and serving as a Managing Director in the Special Situations Group, where he ran both their Middle Market Private Equity business and the Canadian business (CSSG). He has a pattern of managing companies and strategies backed by private equity firms, evidenced by his leadership roles at BC Partners Credit and Apollo Investment Management, and his involvement in the Special Situations Group's private equity activities at Goldman Sachs. He also serves on several boards, including Crescent Point Energy, KITS Eyecare, and Portman Ridge Corporation.

Nikita Klassen, Chief Financial Officer and Corporate Secretary

Nikita Klassen assumed the role of Chief Financial Officer and Corporate Secretary at Mount Logan Capital Inc. on April 1, 2024. Her experience in the financial services industry includes various roles at Silicon Valley Bank, Galaxy Digital (TSX: GLXY), and American Express (NYSE: AXP), where her expertise spanned corporate finance, accounting, and strategic advisory. Ms. Klassen is a Chartered Professional Accountant (CPA, CA).

Henry Wang, President

Henry Wang joined BC Partners Credit in New York in 2017 as part of the founding team. Before that, he was a Partner at Stonerise Capital Partners for over five years. Mr. Wang also spent more than seven years at Goldman Sachs, contributing to both the Special Situations Group and the Investment Banking Division. He has also gained experience at Vulcan Capital and Thomas Weisel Partners.

David Held, Chief Compliance Officer

David Held serves as the Chief Compliance Officer (CCO) of Mount Logan Capital Inc. and has held the position of Chief Compliance Officer, Credit for BC Partners since 2021. Previously, Mr. Held was the Chief Compliance Officer with Lyxor Asset Management. His career also includes senior compliance positions at American Securities, AXA Investment Managers, and Bank of America.

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The key risks to Mount Logan Capital's business include:

1. Risks Associated with the Strategic Business Combination: Mount Logan Capital recently completed a strategic business combination. This carries risks such as potential delays in the commencement of trading of shares, challenges in successfully integrating the businesses, the possibility that anticipated synergies may not be fully realized or may take longer than expected, and the risk of adverse effects on the market price of MLCI's shares. There is also the potential for litigation related to the business combination.
2. Credit and Market Risks: As an alternative asset management and insurance solutions company focused on public and private debt securities, Mount Logan Capital is inherently exposed to credit risk. This involves the risk of potential credit losses on its loan, debt securities, and other credit-oriented instruments. Furthermore, the company faces market risk, particularly interest rate risk, which can lead to adverse changes in the fair value or future cash flows of its financial instruments, including fixed and variable interest rate debt investments and obligations to policyholders.
3. Goodwill Impairment Risk: Goodwill constitutes a significant portion of Mount Logan Capital's total assets and undergoes annual impairment testing. The valuation of goodwill is highly sensitive to changes in critical assumptions such as future cash flow projections, discount rates, and growth rates. Consequently, there is a risk that goodwill may be overstated if the assumptions used in the impairment testing are not reasonable.

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Mount Logan Capital (symbol: MLCI) operates primarily in two main addressable markets: alternative asset management, focusing on public and private debt securities, and insurance solutions, particularly the reinsurance of annuity products.

For its alternative asset management and credit investment services:

• The global asset management industry reached a record-breaking $128 trillion in assets under management (AuM) in 2024.
• The global bond market, a significant component of debt securities, was estimated to be $119 trillion worldwide in 2021. The U.S. bond market alone accounted for approximately $46 trillion in 2021. Credit markets, which encompass bonds and bank loans, are considerably larger than the global equity market.

For its insurance solutions, specifically the reinsurance of annuity products, a distinct global or U.S. market size for annuity reinsurance was not readily available in the provided search results. However, Mount Logan Capital's insurance segment manages approximately $1.1 billion in total investment assets as of June 30, 2025, and aimed to reinsure $150 million of fixed annuities within six to twelve months following a November 2021 announcement.

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Mount Logan Capital (symbol: MLCI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Scaling Asset Management and Insurance Solutions Businesses: The company has expressed excitement about scaling its U.S. domiciled asset management and insurance solutions businesses, anticipating meaningful growth in 2026 and 2027. This organic growth will focus on building scale and stability, particularly through permanent capital vehicles in asset management and prudently managing policyholder obligations and assets to achieve positive spread earnings within the insurance solutions vertical. Management specifically expects strong Fee-Related Earnings (FRE) and Spread-Related Earnings (SRE) growth in 2026.
2. Strategic Mergers & Acquisitions (M&A) and Capital Deployment: Mount Logan Capital possesses a robust pipeline of acquisition opportunities aimed at scaling existing capital vehicles and enhancing retail product distribution capabilities. The company plans to deploy available cash and cash equivalents to fuel growth in its Asset Management and Insurance Solutions segments. Recent strategic moves, such as the re-domiciliation to the U.S. and NASDAQ listing, along with the integration of 180 Degree Capital, are intended to set the stage for this growth. The merger of Portman Ridge and Logan Ridge, creating BCP Investment Corporation, is also expected to improve earnings capacity.
3. Deployment of Capital into Higher-Yielding Assets: Within its insurance segment, Mount Logan Capital anticipates an increase in its net investment spread to an annualized range of 75 to 100 basis points. This will be achieved by deploying capital into higher-yielding assets compared to its legacy investment portfolio, optimizing returns and enhancing spread-related earnings.
4. Increased Retail Product Distribution Capabilities: A focus on increasing retail product distribution is a key part of the company's growth strategy, allowing it to reach a broader customer base for its financial products and services. This initiative is linked to its pipeline of acquisition opportunities.
5. Accretive Profit Sharing Interests and Monetization of Legacy Assets: The company expects profit sharing interests, such as those arising from the Logan Ridge and Portman Ridge merger, to continue to be accretive to Fee-Related Earnings (FRE). Additionally, Mount Logan is systematically monetizing legacy 180 Degree Capital portfolio assets, with the intention of deploying the proceeds to support further growth initiatives.

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Share Repurchases

• Mount Logan Capital Inc. announced a tender offer to repurchase up to $15 million of its common stock at $9.43 per share, with the launch expected in early January 2026.
• This $15 million repurchase is part of a larger authorized tender offer program totaling up to $25.0 million, with an additional $10.0 million expected to be executed periodically over 24 months following the Business Combination.
• The tender offer price of $9.43 per share represents a 22.5% premium to the closing price on December 10, 2025, and an 8% discount to the company's book equity value as of September 30, 2025.

Share Issuance

• Mount Logan Capital Inc. completed an all-stock strategic Business Combination with 180 Degree Capital Corp. on September 12, 2025.
• Following the merger, approximately 13 million shares of new common stock were outstanding, with former Mount Logan and 180 Degree Capital shareholders owning approximately 56.4% and 43.6% of the combined company, respectively.
• As part of the merger, 180 Degree Capital shareholders received 0.56666201 shares of Mount Logan Capital Inc. for each share held.

Inbound Investments

• The strategic business combination with 180 Degree Capital Corp. in September 2025 expanded Mount Logan's platform and strengthened its balance sheet.
• Mount Logan recognized a $4.5 million gain on the acquisition of 180 Degree Capital, as the shares issued were valued less than the fair market value of the net assets acquired.
• The company's total capital increased by $28.2 million to $222.8 million at September 30, 2025, compared to December 31, 2024.

Outbound Investments

• Mount Logan acquired Ability Insurance Company in the fourth quarter of fiscal year 2021.
• The company's strategy includes increasing Fee-Related Earnings by growing Assets Under Management (AUM) organically and through mergers and acquisitions, investing capital, and leveraging the contribution of Ability Insurance Company.
• Mount Logan actively sources, evaluates, underwrites, manages, monitors, and primarily invests in loans, debt securities, and other credit-oriented instruments in North American public and private credit markets.