Mount Logan Capital (MLCI)
Market Price (9/21/2026): $3.18 | Market Cap: $35.6 MilSector: Financials | Industry: Asset Management & Custody Banks
Mount Logan Capital (MLCI)
Market Price (9/21/2026): $3.18Market Cap: $35.6 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 4.2% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -131% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -40 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -64% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 83% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -24%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -36% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -74% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -180% Key risksMLCI key risks include [1] challenges integrating its recent strategic business combination and realizing anticipated synergies, Show more. |
| Attractive yieldDividend Yield is 4.2% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -131% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -40 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -64% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 83% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -24%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -36% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -74% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -180% |
| Key risksMLCI key risks include [1] challenges integrating its recent strategic business combination and realizing anticipated synergies, Show more. |
Qualitative Assessment
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Mount Logan Capital (MLCI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mount Logan Capital reported a significant sequential improvement in its Segment Income for fiscal Q2 2026 (ended June 30, 2026), which increased to $4.3 million. This represents a $1.0 million improvement compared to fiscal Q1 2026, and a $2.1 million increase year-over-year, indicating operational progress despite a consolidated net loss before taxes of $4.2 million for the quarter.
2. The company's Insurance Solutions segment demonstrated strong performance and strategic advancements. Spread-Related Earnings (SRE) for this segment rose to $2.9 million in fiscal Q2 2026, a substantial increase from ($0.1) million in fiscal Q2 2025. Further bolstering this segment, its subsidiary, Ability Insurance Company, received a B+ investment-grade rating from AM Best in July 2026, which management described as a strategic step to enable direct annuity origination.
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Mount Logan Capital (MLCI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mount Logan Capital reported a significant sequential improvement in its Segment Income for fiscal Q2 2026 (ended June 30, 2026), which increased to $4.3 million. This represents a $1.0 million improvement compared to fiscal Q1 2026, and a $2.1 million increase year-over-year, indicating operational progress despite a consolidated net loss before taxes of $4.2 million for the quarter.
2. The company's Insurance Solutions segment demonstrated strong performance and strategic advancements. Spread-Related Earnings (SRE) for this segment rose to $2.9 million in fiscal Q2 2026, a substantial increase from ($0.1) million in fiscal Q2 2025. Further bolstering this segment, its subsidiary, Ability Insurance Company, received a B+ investment-grade rating from AM Best in July 2026, which management described as a strategic step to enable direct annuity origination.
3. Mount Logan Capital is progressing with a key strategic acquisition expected to boost Fee-Related Earnings (FRE). The pending transaction to acquire over $100 million of assets from the Yieldstreet Alternative Income Fund received shareholder approval and is anticipated to close in fiscal Q3 2026. This acquisition is projected to add at least $2.8 million in incremental annual FRE.
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Stock Movement Drivers
Fundamental Drivers
The 0.0% change in MLCI stock from 5/31/2026 to 9/20/2026 was primarily driven by a -5.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.15 | 3.15 | 0.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 67 | 63 | -5.7% |
| P/S Multiple | 0.6 | 0.6 | 0.6% |
| Shares Outstanding (Mil) | 12 | 11 | 5.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MLCI | -0.0% | |
| Market (SPY) | 0.9% | 1.4% |
| Sector (XLF) | 8.3% | 11.3% |
Fundamental Drivers
The -35.9% change in MLCI stock from 2/28/2026 to 9/20/2026 was primarily driven by a -26.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.92 | 3.15 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 78 | 63 | -19.1% |
| P/S Multiple | 0.5 | 0.6 | 8.5% |
| Shares Outstanding (Mil) | 8 | 11 | -26.9% |
| Cumulative Contribution | -35.9% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MLCI | -35.9% | |
| Market (SPY) | 11.6% | 15.7% |
| Sector (XLF) | 9.2% | 16.9% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MLCI | ||
| Market (SPY) | 19.4% | 15.7% |
| Sector (XLF) | 4.7% | 20.0% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MLCI | ||
| Market (SPY) | 75.6% | 15.7% |
| Sector (XLF) | 69.8% | 20.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLCI Return | - | - | - | - | 3% | -60% | -59% |
| Peers Return | 81% | -22% | 68% | 57% | -8% | -16% | 187% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| MLCI Win Rate | - | - | - | - | 50% | 33% | |
| Peers Win Rate | 71% | 33% | 72% | 77% | 47% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MLCI Max Drawdown | - | - | - | - | - | -68% | |
| Peers Max Drawdown | -16% | -40% | -20% | -15% | -37% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: APO, BX, KKR, ARES, BAM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
MLCI has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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MLCI has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Mount Logan Capital (MLCI)
Mount Logan Capital Inc. (MLCI) is a Canadian-based investment company primarily focused on managing and investing in alternative assets. The company's core strategy revolves around acquiring and overseeing a diverse portfolio of credit-oriented investments, which prominently feature broadly syndicated loans and other forms of debt instruments. MLCI seeks to deliver attractive risk-adjusted returns to its shareholders by strategically allocating capital across various segments of the credit market.
The company's main services and products encompass both direct investment activities and specialized investment management. A key component of MLCI's business is the sponsorship and management of collateralized loan obligations (CLOs), which are sophisticated financial vehicles that pool and manage a portfolio of corporate loans. In addition to CLO management, Mount Logan Capital actively invests in private credit opportunities and a range of other debt-related assets, leveraging its deep expertise in credit analysis and sophisticated asset management techniques.
Mount Logan Capital serves a primary market consisting of institutional investors, high-net-worth individuals, and other discerning investors who are keen on gaining exposure to the alternative credit market. Through its diversified approach to credit investing and robust asset management capabilities, MLCI positions itself as a provider of specialized investment solutions within the complex and often less liquid realm of alternative credit.
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- Alternative Asset Management: Provides investment management services for various funds and accounts, specializing in credit strategies.
- Credit Investment Products: Offers a range of investment products focused on corporate and structured credit opportunities for investors.
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Mount Logan Capital Inc. (symbol: MLCI) operates as an alternative asset manager and investor in credit opportunities.
The company primarily serves institutional investors by managing capital on their behalf. Due to the nature of asset management, the specific names of these major institutional clients are typically not publicly disclosed by the company.
These customers generally fall into categories of sophisticated entities, rather than individual consumers. The types of institutional investors that utilize Mount Logan Capital's asset management services include:
- Pension funds
- Endowments
- Foundations
- Family offices
- Other sophisticated institutional investment vehicles
Therefore, Mount Logan Capital's major "customers" are other financial entities and institutions.
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Edward Goldthorpe Chief Executive Officer and Chairman of the Board
Edward Goldthorpe is a Partner leading the Global Credit Business at BC Partners. He previously 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, where he managed the bank loan distressed investing desk and contributed to their Special Situations Group. He is also a co-founder of Mount Logan Capital, established in its current form in 2018. His roles at BC Partners and Apollo Investment Management indicate a pattern of managing companies backed by private equity firms.
Nikita Klassen Chief Financial Officer and Corporate Secretary (until March 31, 2026)
Nikita Klassen has served as the Chief Financial Officer and Corporate Secretary of Mount Logan Capital Inc. since April 1, 2024. In this role, she oversees the company's financial operations and governance. Prior to joining Mount Logan Capital, Ms. Klassen held various roles in the financial services industry, including positions at Silicon Valley Bank, Galaxy Digital, and American Express. Her experience includes corporate finance, accounting, and strategic advisory. She is a Chartered Professional Accountant (CPA, CA) and previously served as the Senior Controller of Mount Logan Capital. Ms. Klassen also provided audit and consulting services for six years at PricewaterhouseCoopers LLP.
Brandon Satoren Chief Financial Officer and Corporate Secretary (effective April 1, 2026)
Brandon Satoren will assume the role of Chief Financial Officer and Corporate Secretary of Mount Logan Capital Inc. effective April 1, 2026. He currently serves as CFO across Mount Logan's retail credit platform and holds finance roles, including CFO, Secretary, and Treasurer, for BCP Investment Corporation (Nasdaq: BCIC). Mr. Satoren joined Mount Logan's credit platform in May 2021. Prior to this, he was a Vice President and Controller on the Finance and Operations team at PennantPark. He also worked for AQR Capital Management, LLC, and spent nearly nine years at PricewaterhouseCoopers LLP in their Asset Management Assurance practice. Mr. Satoren is a Certified Public Accountant licensed in Colorado.
Henry Wang President
Henry Wang joined BC Partners Credit in New York in 2017 as part of the founding team. He was previously a Partner at Stonerise Capital Partners for over five years. Mr. Wang worked for more than seven years at Goldman Sachs, contributing to both the Special Situations Group and the Investment Banking Division, and gained experience at Vulcan Capital and Thomas Weisel Partners. He is also recognized as a co-founder of Mount Logan Capital in 2018.
David Held Chief Compliance Officer (CCO)
David Held serves as the Chief Compliance Officer (CCO) of Mount Logan Capital Inc., a position he has held since 2021, and also as the Chief Compliance Officer, Credit for BC Partners. Prior to this, Mr. Held was the Chief Compliance Officer with Lyxor Asset Management. He has also held senior compliance positions at American Securities, AXA Investment Managers, and Bank of America. Mr. Held holds a J.D. from Georgetown University Law Center.
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- Challenges in Integrating Strategic Business Combinations and Realizing Synergies: Mount Logan Capital has recently undergone strategic business combinations, and there is a risk that these businesses may not be successfully integrated, or that the anticipated synergies may not be fully realized or may take longer to achieve than expected.
- Potential Impairment of Significant Goodwill Balance: A key financial risk for MLCI is the potential impairment of its significant goodwill balance.
- Variable Earnings Profile, Regulatory Exposure, and Financial Structure Risks: The company has a variable earnings profile and is exposed to regulatory risks through its insurance operations. Additionally, its financial structure includes higher leverage, and there is a risk of structural and effective subordination of its debt.
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Mount Logan Capital (symbol: MLCI) operates in two main areas: asset management, with a focus on private credit and public and private debt securities, particularly in North America, and insurance solutions, primarily through the reinsurance of annuity products and long-term care policies.
The addressable markets for these products and services are significant:
Asset Management (Alternative Investment Funds and Private Credit)
- The global alternative investment funds market was valued at over USD 13.81 trillion in 2024 and is projected to reach USD 23.69 trillion by 2032. Other estimates place the global alternatives industry to reach $29.2 trillion in assets under management (AUM) by 2029 and over $30 trillion by 2030, including private equity, private credit, infrastructure, real estate, hedge funds, and natural resources.
- The global private credit market was approximately US$1.6 trillion in 2025 and is estimated at over $3 trillion as of 2024. It is expected to rise from $1.5 trillion at the end of 2023 to $2.6 trillion by 2029 and is projected to double to more than $3 trillion in assets under management by 2028.
- For the U.S. private credit market, the addressable market could be more than $30 trillion. The U.S. private credit market alone was projected at US$1.34 trillion in 2025 and expanded from $500 billion to $1.3 trillion over the last five years, poised for continued growth in 2026. Mount Logan Capital's asset management segment focuses on the North American market.
Insurance Solutions (Long-Term Care Insurance and Annuities)
- The global long-term care insurance market was valued at USD 32.35 billion in 2024 and is expected to reach USD 45.89 billion by 2032. North America held the largest share of this market in 2024. Another estimate values the global long-term care insurance market at USD 24.17 billion in 2023, projected to reach USD 89.69 billion by 2033.
- The global annuity insurance market was valued at $1046.35 billion in 2025 and is expected to grow to $1105.91 billion in 2026, with projections to reach $1374.18 billion in 2030. North America was identified as the largest region in the annuity insurance market in 2025. In the U.S., annuity sales rose to $461.3 billion in 2025.
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Mount Logan Capital (MLCI) anticipates several key drivers to contribute to its future revenue growth over the next two to three years:
- Expansion of Asset Management Capabilities: The company is focused on growing its asset management segment, which has demonstrated strong increases in Fee Related Earnings (FRE). Mount Logan Capital aims to evolve into a fully diversified, one-stop credit solutions provider, broadening its offerings and client base in the credit market.
- Growth within the Insurance Segment: Mount Logan Capital is strategically leveraging its insurance operations, particularly through the reinsurance of annuity products. Future revenue growth is expected from improving the investment portfolio yield and further scaling the annuity business.
- Launch and Expansion of New Investment Products: The company has launched a new credit interval fund and plans to expand its opportunistic credit interval fund, which management views as a high-growth vehicle. This initiative is designed to attract additional capital and generate increased fees.
- Strategic Mergers and Acquisitions (M&A): Mount Logan Capital is actively building a pipeline for mergers and acquisitions to strengthen its market position and operational capabilities. Past mergers have aimed to create more streamlined and efficient investment platforms, which can lead to increased assets under management and expanded service offerings.
- Enhanced Market Visibility via NASDAQ Listing: The planned NASDAQ listing is a strategic step intended to improve market access and investor relations. This increased visibility and conversion to US GAAP reporting are expected to broaden the investor base and potentially facilitate greater capital inflows into the company's funds.
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Share Repurchases
- Mount Logan Capital authorized a new share repurchase program of up to $10 million, effective through December 31, 2027.
- This program followed the completion in February 2026 of a $15 million tender offer, which reduced the company's outstanding common stock by approximately 12%.
Share Issuance
- In January 2026, Mount Logan Capital issued $40.0 million of 8.00% senior unsecured notes due 2031.
Peer Outperformance in Asset Management & Custody Banks
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 24.2% | 70.6% | 133.7% | SPNT 170% · RGA 154% · RNR 140% |
| Investment Banking & Brokerage | 13 | -1.7% | 105.1% | 116.5% | IBKR 527% · SNEX 257% · HOOD 183% |
| Diversified Banks | 12 | 27.5% | 129.8% | 116.3% | CM 161% · JPM 159% · RY 149% |
| Life & Health Insurance | 20 | 8.6% | 57.6% | 105.8% | JXN 534% · UNM 373% · FG 207% |
| Multi-Sector Holdings | 4 | 6.8% | 50.2% | 87.3% | JONE 361% · VOYA 88% · BRK-B 87% |
| Property & Casualty Insurance | 42 | 9.6% | 67.5% | 67.8% | ASIC 2760900% · HRTG 445% · UVE 331% |
| Regional Banks | 265 | 23.9% | 91.7% | 67.1% | ESQ 391% · GCBC 340% · VBNK 335% |
| Multi-line Insurance | 9 | 8.8% | 71.2% | 64.1% | GNW 201% · L 112% · SLF 104% |
| Financial Exchanges & Data | 15 | -0.1% | 17.4% | 32.7% | VIRT 184% · CBOE 135% · CME 83% |
| Diversified Financial Services | 4 | -7.3% | 22.1% | 32.6% | FRHC 168% · EQH 119% · TMS -54% |
| Consumer Finance | 30 | 1.7% | 89.6% | 26.9% | ENVA 447% · EZPW 319% · FCFS 168% |
| Insurance Brokers | 16 | -15.1% | -6.3% | 20.3% | LIFE 200% · ARX 87% · AJG 70% |
| Commercial & Residential Mortgage Finance | 14 | -50.2% | 32.8% | 13.9% | FNMA 454% · FMCC 436% · ACT 204% |
| Asset Management & Custody Banks ← | 84 | -11.7% | 17.6% | 12.0% | WT 348% · SII 279% · VCTR 274% |
| Specialized Finance | 3 | 14.0% | 42.2% | -2.8% | EFC 27% · CACC -3% · HASI -16% |
| Mortgage REITs | 33 | -13.0% | 7.4% | -16.5% | NREF 53% · RITM 42% · DX 34% |
| Transaction & Payment Processing Services | 15 | -1.0% | -5.9% | -42.9% | V 74% · MA 73% · CPAY 58% |
| Diversified Capital Markets | 20 | -36.3% | 20.7% | -48.1% | OPY 196% · LPLA 136% · GOLD 90% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 111.31 |
| Mkt Cap | 74.0 |
| Rev LTM | 9,800 |
| Op Inc LTM | 1,652 |
| FCF LTM | 2,337 |
| FCF 3Y Avg | 3,055 |
| CFO LTM | 2,412 |
| CFO 3Y Avg | 3,155 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.8% |
| Rev Chg 3Y Avg | 25.3% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 28.8% |
| Op Inc Chg 3Y Avg | 46.0% |
| Op Mgn LTM | 18.1% |
| Op Mgn 3Y Avg | 20.0% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 31.4% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 31.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance Solutions | 47 | 53 | 65 | -30 | 2 |
| Asset Management | 20 | 22 | 16 | 12 | 9 |
| Intersegment management fee eliminations | 6 | 6 | |||
| Net gains (losses) from investment activities | 2 | -10 | |||
| Product charges | 2 | 0 | |||
| Other income | 0 | 1 | |||
| Other fee-related income | -0 | 0 | |||
| Interest income | -1 | -1 | |||
| Asset Management Adjustments-Intersegment management fee eliminations | -6 | -6 | |||
| Net Premiums | -17 | -15 | |||
| Corporate | 0 | 0 | |||
| Intersegment Adjustments | 0 | 0 | 0 | ||
| Total | 54 | 50 | 81 | -18 | 12 |
| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Insurance Solutions | 20 | -5 | 50 | 33 |
| Intersegment Adjustments | 0 | 0 | 0 | 0 |
| Asset Management | -5 | -0 | 4 | -5 |
| Corporate | -9 | -11 | -6 | |
| Total | 6 | -16 | 48 | 29 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance Solutions | 1,534 | 1,497 | 1,626 | 1,486 | 1,317 |
| Asset Management | 145 | 124 | 120 | 108 | 107 |
| Intersegment receivables | -7 | -5 | |||
| Intersegment investments | -72 | -54 | |||
| Corporate | 0 | 0 | |||
| Intersegment Adjustments | -57 | -49 | -31 | ||
| Total | 1,601 | 1,562 | 1,689 | 1,544 | 1,393 |
Price Behavior
| Market Price | $3.15 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/15/2025 | |
| Distance from 52W High | -62.6% | |
| 50 Days | 200 Days | |
| DMA Price | $7.34 | $7.68 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -57.1% | -59.0% |
| 3M | 1YR | |
| Volatility | 71.5% | 58.3% |
| Downside Capture | 105.69 | 171.68 |
| Upside Capture | 166.18 | 36.61 |
| Correlation (SPY) | 4.9% | 15.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.07 | 1.80 | 0.11 | 0.83 | 0.53 | -0.06 |
| Up Beta | -0.81 | -0.16 | -1.99 | -0.31 | 0.79 | -0.27 |
| Down Beta | 0.27 | 2.05 | -0.20 | 0.29 | 0.55 | 0.39 |
| Up Capture | 225% | 214% | 95% | 75% | 31% | 3% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 15 | 23 | 46 | 98 | 98 |
| Down Capture | 204% | 281% | 93% | 180% | 144% | 80% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 26 | 38 | 76 | 136 | 136 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLCI | |
|---|---|---|---|---|
| MLCI | -58.5% | 58.0% | -1.29 | - |
| Sector ETF (XLF) | 4.5% | 14.6% | 0.08 | 20.3% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 15.7% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 9.3% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -1.6% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 18.2% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLCI | |
|---|---|---|---|---|
| MLCI | -16.5% | 57.8% | -1.33 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 20.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 15.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 9.4% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -1.4% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 18.2% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLCI | |
|---|---|---|---|---|
| MLCI | -8.6% | 57.8% | -1.33 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 20.0% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 15.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 9.4% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -1.4% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 18.2% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Fee-Related Earnings | Reported | 2.80 Mil | 0 | Affirmed | Guidance: 2.80 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | Reported | 0.03 | ||||||
| 2026 FRE Increase | Reported | 2.80 Mil | 0 | Affirmed | Guidance: 2.80 Mil for 2026 | |||
| 2027 FRE Increase | Reported | 1.00 Mil | 0 | Affirmed | Guidance: 1.00 Mil for 2027 | |||
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 9032026 | 3.24 | 1,000 | 3,240 | 69,057 | Form |
| 2 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 8202026 | 3.20 | 500 | 1,600 | 65,005 | Form |
| 3 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 8182026 | 3.02 | 1,000 | 3,020 | 59,838 | Form |
| 4 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 8182026 | 3.13 | 1,000 | 3,130 | 58,888 | Form |
| 5 | Goldthorpe, Edward J | Chief Executive Officer | Direct | Buy | 6232026 | 2.77 | 7,970 | 22,077 | 823,629 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 9032026 | 3.24 | 1,000 | 3,240 | 69,057 | Form |
| 2 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 8202026 | 3.20 | 500 | 1,600 | 65,005 | Form |
| 3 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 8182026 | 3.02 | 1,000 | 3,020 | 59,838 | Form |
| 4 | Satoren, Brandon | Chief Financial Officer | Direct | Buy | 8182026 | 3.13 | 1,000 | 3,130 | 58,888 | Form |
| 5 | Goldthorpe, Edward J | Chief Executive Officer | Direct | Buy | 6232026 | 2.77 | 7,970 | 22,077 | 823,629 | Form |
| 6 | Mangum, Jordan | Chief Operating Officer | Direct | Buy | 5272026 | 3.43 | 2,115 | 7,250 | 34,281 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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