Mount Logan Capital (MLCI) Registration Filing summary

Company overview and business model

• Operates as a diversified alternative asset management and insurance solutions platform with two main segments: Asset Management and Insurance Solutions.

• Asset Management focuses on private credit, structured and opportunistic credit, and specialty finance, serving institutional, retail, and insurance clients.

• Insurance Solutions, through Ability Insurance Company, specializes in reinsuring annuity products, particularly multi-year guaranteed annuities (MYGA), and manages a run-off book of long-term care policies.

• The business model integrates asset management and insurance, leveraging recurring fee streams (FRE) and spread-related earnings (SRE) for growth.

• Recent business combination with 180 Degree Capital expanded scale, access to capital, and public market presence.

Financial performance and metrics

• As of September 30, 2025, total assets under management (AUM) were $2.1 billion, with $1.4 billion in permanent or semi-permanent capital.

• For the nine months ended September 30, 2025, Asset Management segment revenues were $9.9 million, down from $11.1 million in the prior year period, with FRE flat at $7.0 million.

• Insurance Solutions segment revenues were $33.7 million for the same period, up from $29.7 million, but SRE declined to $1.1 million from $9.6 million due to lower investment income and higher cost of funds.

• Net loss for the nine months ended September 30, 2025 was $21.1 million, compared to a net loss of $2.4 million in the prior year period.

• As of September 30, 2025, cash and cash equivalents were $151.8 million, and total debt was $74.3 million.

Use of proceeds and capital allocation

• Net proceeds from the $40 million notes offering will be used to repay outstanding indebtedness under the Credit Facility, with any remainder for general corporate purposes.

• The Credit Facility bears interest at SOFR plus 7.5%, with $38 million outstanding as of September 30, 2025.

• Capital is allocated to support organic growth in asset management and insurance, as well as selective acquisitions and partnerships.