Mount Logan Capital Inc. · NASDAQ:MLCI
Mount Logan Capital — Q1 2026 Earnings Presentation
31 slides from Mount Logan Capital's earnings presentation, May 15, 2026
Slide 1: First Quarter 2026 Results
Mount Logan Capitz INC. (asdaa: First Quarter 2026 Results. __ May 2026
Slide 2: Important Information
Important Information This presentation, and oral statements made from time to time by representatives of Mount Logan Capital Inc. (“Mount Logan” or “MLCI”) and Opportunistic Credit Interval Fund (“SOFIX”) may contain statements of a forward-looking nature relating to future events within the meanin
Slide 3: Important Information
Important Information Neither Mount Logan nor SOFIX 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
Slide 4: Important Information
Important Information This presentation 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
Slide 5: Integrated Alternative Asset Management and Insurance Solutions Platform
Integrated Alternative Asset Management and Insurance Solutions Platform 5
Slide 6: Multi-Year Growth Strategy Focused on Organic and Inorganic Opportunities
Multi-Year Growth Strategy Focused on Organic and Inorganic Opportunities 6
Slide 7: Mount Logan Management
Mount Logan Management Mount Logan’s asset management strategy is built on $12.0 downside protected investments to benefit investors $10.0 across managed vehicles, building durable, fee-based $10.4 $9.9 earnings. As we grow AUM, we expect to leverage our $8.0 $8.2 differentiated origination funnel t
Slide 8: Ability Insurance Company
Ability Insurance Company $545.0 $481.0 Repositioned the insurance segment to $6.9 $417.0 76 be able to support the insurance and 71 reinsurance of MYGA $208.7 $198.7 63 MYGA is a low-risk life and retirement $2.0 solutions segments that does not take 48 56 meaningful underwriting risk as compar
Slide 9: Building a Scalable and Compounding Flywheel
Building a Scalable and Compounding Flywheel Ability sources long-duration, predictable liabilities through MYGA reinsurance. Mount Logan actively manages Ability's Capital is stable, contractual, and investment portfolio alongside its broader credit insulated from market volatility platform, optimi
Slide 10: Multi-Year Strategy on Expanding Asset Management & Insurance Platforms
Multi-Year Strategy on Expanding Asset Management & Insurance Platforms Closed strategic Showcased ability to Closed Ability combination with 180 grow both organically acquisition in Degree Capital in and inorganically November 2021 September 2025 Evaluating direct liability origination Announced Yi
Slide 11: Experienced Management Team
Experienced Management Team • Partner in charge of the Global Credit Business at BC Partners (launched credit platform in Feb 2017) • Previously President of Apollo Investment Corporation and the Chief Investment Officer of Apollo Investment Management • Previously at Goldman Sachs for 13 years, mos
Slide 12: 2025—2026 Actions Strengthened Mount Logan's Platform
2025—2026 Actions Strengthened Mount Logan’s Platform Transformative • Completed business combination with 180 Degree Capital Corp. in September 2025 Merger • Increased scale and strengthened balance sheet to support organic and strategic growth Transitioned to US and • Began trading as Mount Logan
Slide 13: Inorganic Growth – Mount Logan-Managed SOFIX to Acquire $100m+ in Assets
Inorganic Growth – Mount Logan-Managed SOFIX to Acquire $100m+ in Assets At least $2.8 Million, or $100 Million+ At least 30% of 2025 Expected To Be Increase in AUM FRE Immediately Accretive Estimated Contribution to MLCI1 to Annual FRE1 • YS AIF and SOFIX investors gain access to a larger investmen
Slide 14: Scaling Mount Logan's Platform Through Disciplined M&A
Scaling Mount Logan’s Platform Through Disciplined M&A • Demonstrated ability to source, acquire and integrate credit platforms Proven M&A • Since 2018, MLCI has completed 17 acquisitions and strategic investments Platform • Flexible structures including platform acquisitions, minority investments,
Slide 15: Ability Insurance Positioned for Profitable, Scalable Growth
Ability Insurance Positioned for Profitable, Scalable Growth Insurance business highly strategic to Mount Logan and represents key driver of future growth Significant investment into Ability at year-end 2025, to Expand offerings of solutions, tailored to retirement end- support the organic growth fl
Slide 16: Direct Writing of MYGA Business
Direct Writing of MYGA Business 01 02 Platform Control Better Economics Strategic and Business Capture full spread instead of sharing with cedant Rational Full control over product design, pricing, Permanent capital feeds Mount Logan's asset distribution strategy, and liability origination manager t
Slide 17: Initiatives Underway to Drive FRE & SRE Growth
Initiatives Underway to Drive FRE & SRE Growth Strategic actions positioning Mount Logan for accelerating earnings power in 2H 2026 and into 2027 01 02 03 04 05 Asset Yieldstreet Expand Existing Optimize Cost Direct Insurance Growth Transaction Relationships Structure Writing Disciplined expense Dir
Slide 18: Capital Allocation Strategy Focused on Growth
Capital Allocation Strategy Focused on Growth - Strategy focused on acquiring sub-scale managers, contracts, or origination platforms - Pipeline to continue scaling our permanent and semi-permanent capital asset base - Since 2018, MLC’s management team has completed 17 acquisitions and strategic inv
Slide 19: First Quarter 2026 Financial Results
oP» FIRST QUARTER 2026 MOUNT LOGAN Financial Results CAPITAL
Slide 20: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights • FRE of $1.2 million reflects the wind-down of non-core • SRE of $2.0 million increased $2.0 million versus Q1 2025, management agreements, principally the termination of the driven by a materially lower cost of funds, reflecting both Logan Ridge IMA in July 2025 and a
Slide 21: Asset Management
Asset Management Logan Ridge and Portman Ridge merged and was rebranded as BCP Investment Corporation (Nasdaq: BCIC), resulting in the loss of the Logan Ridge fee stream, partially offset by a new profit-sharing arrangement with Sierra Crest Investment Management, the manager of BCIC. $2.3 Managemen
Slide 22: Insurance Solutions
Insurance Solutions The increase in SRE was primarily driven by lower cost of funds, partially offset by lower net investment income and realized gain (losses), and higher general, administrative and other expenses. Cost of funds decreased by $2.8 million, mainly driven by significant unfavorable ex
Slide 23: Mount Logan Investment Vehicles
Mount Logan Investment Vehicles • Asset base growth and active deployment of capital as Ability increases reinsurance annuity • Diversified investment portfolio across investment grade, private credit, real estate debt, and other alternative investments • Closed-end, registered BDC with permanent fe
Slide 24: Appendix
MOUNT LOGAN Appendix
Slide 25: Consolidated Statements of Financial Position- Assets
Consolidated Statements of Financial Position- Assets (in thousands, except per share data) March 31, 2026 December 31, 2025 ASSETS Asset Management Cash and cash equivalents $ 9,348 $ 14,999 Investments (including related party amounts of $25,292 and $25,423 at March 31, 2026 and December 31, 2025,
Slide 26: Consolidated Statements of Financial Position – Liabilities and Equity
Consolidated Statements of Financial Position – Liabilities and Equity (in thousands, except per share data) March 31, 2026 December 31, 2025 LIABILITIES Asset Management Due to related parties $ 12,786 $ 11,844 Debt obligations 92,194 76,250 Accrued expenses and other liabilities 7,011 9,515 111,99
Slide 27: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended March 31, (in thousands, except per share data) 2026 2025 REVENUES Asset Management Management fees $ 1,639 $ 3,240 Incentive fees 394 299 Advisory and transaction fees, net 66 — Equity investment earning 362 282 2,461 3,821 Insurance Solution
Slide 28: Consolidated Statements of Operations continued
Consolidated Statements of Operations continued Three months ended March 31, (in thousands, except per share data) 2026 2025 EXPENSES Asset Management Administration and servicing fees 3,639 1,237 Transaction costs 82 4,545 Compensation and benefits 211 2,380 Amortization and impairment of intangibl
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Three months ended March 31, 2026 2025 Net income (loss) $ (5,970) $ (6,705) Income tax (expense) benefit — Asset Management — (36) Income (loss) before taxes $ (5,970) $ (6,669) Asset Management Adjustments: Intersegment management fee eliminati
Slide 30: Endnotes & Definitions
Endnotes & Definitions Non-GAAP Financial Measures 30
Slide 31: Contact
650 Madison Avenue, 3rd Floor New York, New York 10022 ir.mountlogan.com