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180 Degree Capital (TURN) investor relations material
180 Degree Capital Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary15 Jul, 2025
Strategic transformation and business combination rationale
Transitioned from illiquid venture investments to a liquid, value-focused public company strategy, achieving a 253% gross total return and 16% IRR since 2017, outperforming benchmarks.
Reduced expenses by over half, exited costly offices, and converted to a closed-end fund, prioritizing shareholder value.
Completed transformation to 99% liquid assets and cash, positioning for scale and strategic growth.
Proposed all-stock merger with Mount Logan Capital Inc. creates a Nasdaq-listed company with two business segments, a pro forma equity value of $113.6M at close, and aims to shift valuation from NAV-based to operating metrics.
Shareholders to receive full NAV value in the combined company, with no forced liquidation of assets.
Mount Logan Capital Inc. platform and merger benefits
Mount Logan manages $2.4 billion AUM, focusing on private credit and insurance, with a strong management team and operational leverage via BC Partners.
The combined entity will benefit from predictable fee revenue, a robust balance sheet, and a pipeline of growth opportunities.
Merger enables expansion into private solutions for public companies, leveraging both teams' relationships and expertise.
Mount Logan’s BDC merger (Logan Ridge and Portman Ridge) creates economies of scale and increased fee income for the platform.
Combined company expected to pay quarterly dividends, a first for 180 Degree shareholders since 2001, with a policy of 23 consecutive quarters of dividends since 2019.
Financial impact and valuation
As of June 30, 2025, combined book value estimated at $150 million, with 180 Degree shareholders’ stake worth about $60 million or $6 per share.
Combined platform will have $2.4B+ in AUM, $24.5M in annual cash fees, and a regulated insurance business with $1.05B in investment assets.
Illustrative guidance shows potential for the merged company to trade at 1x book value, with significant upside compared to industry peers trading at higher multiples.
Pro forma FRE estimated at $13.5M for FY25 and SRE at $8.3M for TTM Q1 2025, supporting potential value re-rating.
Mount Logan’s Q1 2025 book value increase to $103 million attributed to reversal of IFRS 17 adoption loss under U.S. GAAP, aligning with U.S. asset manager peers.
What are the key inaccuracies 180 plans to address?
Assess the risks to realizing merger synergies.
Detail the strategic drivers for Mount Logan's growth.
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Frequently asked questions
180 Degree Capital Corp. is a publicly traded investment firm focused on investing in and providing strategic support to small, publicly traded companies. The company operates as a business development company (BDC) and specializes in identifying undervalued companies with potential for growth. 180 Degree Capital works closely with its portfolio companies, offering advisory services to help enhance business performance and shareholder value. The firm's investments span various sectors, including technology, life sciences, and consumer products. The company is headquartered in Montclair, United States, and its shares are listed on the NASDAQ.
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