Mount Logan Capital : First Quarter 2026 Presentation

Published: 2026-05-15 12:41:13 ET MLCI

Published on 05/15/2026 at 12:41 pm EDT

Mount Logan Capital InC■(Nasdaq:MLCI)

First Quarter 2026 Results

May 2026

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 not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The information contained on the website of Mount Logan or SOFIX is not incorporated by reference into this presentation. Neither Mount Logan nor SOFIX is responsible for the contents of third-party websites.

Estimates and Assumptions

This presentation includes unaudited financial and business projections. These projections, and their underlying assumptions, are inherently unpredictable and undue reliance should not be placed thereon.

These estimates reflect internal financial models that Mount Logan uses in connection with its strategic planning and are based on numerous variables and assumptions made by Mount Logan's management with respect to industry performance, general business, economic, regulatory and financial conditions and other future events, as well as matters specific to Mount Logan's businesses, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Mount Logan's management. As a result, these estimates constitute forward-looking statements and are subject to many risks and uncertainties that could cause actual results to differ materially from these projections. Please carefully consider "Cautionary Statement Regarding Forward-Looking Statements" above. There can be no assurance that these estimates will be realized or that actual results will not be significantly different than projected.

The inclusion of these estimates in this presentation should not be regarded as an indication that Mount Logan or any of its affiliates, advisors, officers, directors or representatives considered or considers such estimates to be necessarily predictive of actual future events, and these estimates should not be relied upon as such. The inclusion of these estimates herein should not be deemed an admission or representation by Mount Logan that its management views these estimates as material information.

Certain of the estimates and projections set forth herein may be considered non-GAAP financial measures, including fee-related earnings ("FRE"). There are limitations inherent in non-GAAP financial measures, because they exclude charges and credits that are required to be included by generally accepted accounting principles in the United States ("GAAP"). Non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures used by Mount Logan may not be comparable with similarly titled amounts used by other companies. No reconciliation of these non-GAAP measures was created or used in connection with preparing the estimates included herein.

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 to purchase any securities in MLCI, SOFIX, Yieldstreet Alternative Income Fund ("YS AIF") or in any fund or other investment vehicle in any jurisdiction pursuant to the proposed transactions or otherwise.

Additional information regarding the Asset Acquisition transaction will be presented in a proxy statement/prospectus that will be provided to YS AIF shareholders at a meeting of YS AIF shareholders.

The preliminary proxy statement/prospectus was filed with the SEC on April 20, 2026. After the proxy statement/prospectus is filed with when available and effective, as applicable, YS AIF shareholders are encouraged to review the proxy statement/prospectus on the SEC website at https://www.sec.gov.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME EFFICTIVE AND AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

SOFIX, MLCI, MLM and their respective directors and officers may be deemed to be participants in the solicitation of proxies from the shareholders of YS AIF in connection with the proposed asset acquisition. Information regarding the persons who may be deemed participants in such solicitation is set forth in the proxy statement/prospectus relating to the proposed asset acquisition which will become available after it is declared effective by with the SEC. Shareholders may obtain additional information regarding the interests of the participants in the solicitation of proxies in connection with the proposed asset acquisition by reading the proxy statement/prospectus after it is declared effective.

Mount Logan Capital, Inc. operates an integrated model combining private credit asset management via Mount Logan Management alongside a scalable insurance solutions platform in Ability Insurance Company. The synergistic model is designed to generate durable, recurring earnings and long-term shareholder value.

$40.1 million Market Cap

(at March 31, 2026)

Nasdaq: MLCI

g0.12 per share annualized dividend; representing a 3.4% annualized yield at March 31, 2026

$67.4 million

Total Book Value

(at March 31, 2026)

Asset Management

Alternative asset manager with $2.1 billion in AUM. Private credit franchise

Insurance Solutions

Focused on insuring and reinsuring low-risk, fixed cost annuities

Multi-Year Growth Strategy Focused on Organic and Inorganic Opportunities

Synergistic asset management and insurance business model

Strong leadership with management experience in asset management and insurance solutions businesses

Compelling combination of growth supported by stable, long-term capital base

Resilient business across dynamic macro-including credit and interest rate-environments

Evaluating direct liability origination capabilities

Disciplined M&A strategy, focused on expanding credit capabilities and accelerating growth and value creation - visible FRE growth pipeline

Attractive valuation relative to growth opportunity

$12.0

$10.0

$8.0

$6.0

$4.0

$2.0

$-

$2.4

$1.2

$4.3

$8.2

$9.9

$10.4

2021 2022 2023 2024 2025 Q1 2026

Mount Logan's asset management strategy is built on downside protected investments to benefit investors across managed vehicles, building durable, fee-based earnings. As we grow AUM, we expect to leverage our differentiated origination funnel to drive strong credit returns, which is expected to support higher fee-related earnings and strengthen the foundation that drives long-term shareholder value.

Prudent and opportunistic deployment of capital on behalf of the investors across Mount Logan-managed vehicles, meant to drive solid returns across all market environments

Increase FRE by growing AUM organically and through M&A. Focused on our core vehicles across Ability, the Opportunistic Credit Interval Fund (SOFIX) and our Business Development Company (BDC) investments

20%

45%

$4 T

$13 T

Mount Logan will continue to benefit as (i) banks continue to play a smaller role as credit providers to the middle markets, (ii) private credit market remains relatively low on overall penetration within the global corporate debt market, and (iii) increasing alternatives allocations for platforms

1992 2024

2022 2032E

with diversified products and credit capabilities

$6.9

$417.0

$481.0

$545.0

Repositioned the insurance segment to be able to support the insurance and reinsurance of MYGA

$2.0

PRE-CLOSE (OCT-21) Q1'26

$208.7 $198.7

48

56

63

71

76

2016A 2020A 2025E 2030E 2035E

Annuity Sales People Age 65+ (M)

MYGA is a low-risk life and retirement solutions segments that does not take meaningful underwriting risk as compared to Property and Casualty, and other insurance lines

MYGA fixed crediting rate and duration that is largely managed by Mount Logan Management

Since the acquisition in Q4 2021, Mount Logan has grown Ability via reinsurance agreements for multi-year guaranteed annuities ("MYGA")

Ability provides permanent capital, incremental asset management fees, and a growth platform for future insurance business

As of Q1'26, Ability's investable assets totaled ~$1.1 billion, with a significant portion in IG securities

Mount Logan Management manages $891 million of invested assets (large portion of total insurance assets)

Entered into agreement in Q1'26 to manage an additional $120 million of assets within insurance management agreements, benefiting FRE

Significant correlation between population of individuals aged 65+ and annuity sales

Benefits to Mount Logan include (i) longer-term capital creating recurring fee-base, (ii) de-risked and runoff legacy business, and (iii) 42+ state licenses at Ability, which create real value floor with an esoteric, hard to replicate asset

Compelling Valuation & Upside Opportunity

Ability sources long-duration, predictable

liabilities through MYGA reinsurance. Capital is stable, contractual, and insulated from market volatility

Incremental capital supports Ability's expansion, growing reinsurance capacity, broadening distribution partnerships, and progressing towards a more direct model

- while maintaining strong capitalization

and policyholder protection

Combined cash flow from FRE and SRE strengthens Mount Logan's balance sheet, creating capacity to fund platform growth, new vehicles, and operational investment

Mount Logan actively manages Ability's investment portfolio alongside its broader credit platform, optimizing risk-adjusted returns within a disciplined, regulatory-compliant investment framework designed to meet policyholder obligations

Strong credit performance compounds Ability's invested asset base and NAV, expanding total AUM managed by Mount Logan and supporting fundraising across the broader platform

Expanding AUM generates higher management fees (FRE); disciplined liability-asset matching generates recurring spread income (SRE). Both accretive to consolidated shareholder earnings

AUM1

$21B

FRE

g7.4M

SRE

$2.OM

Market Cap2

g4O.JM

Book Value

$67.4M

Three Segments

Q4 2020 (LTMJ Q1 2026 (LTMJ

Asset Management

AUM

$1.2B

FRE

$0.1M

SRE

N/A

Market Cap

$37.7M

Book Value

$43.2M

Strong pipeline

targeting origination platforms

Announced Yieldstreet

Alternative Income Fund acquisition in Q1 2026

Runway Growth announced closing of SWK Holdings in April 2026

Closed strategic

combination with 180 Degree Capital in September 2025

Strategic Origination Platform Investments

$7 million + annual run-

rate management fees for AM

Evaluating direct

liability origination capabilities

Selectively evaluating new potential reinsurance partners and expanding insurance product diversification

Closed Ability

acquisition in November 2021

Insurance

Robust pipeline of

strategic M&A opportunities

AUM of $2.1 billion1

focused on growing its recurring asset management fee streams largely from permanent and semi-permanent capital

Showcased ability to

grow both organically and inorganically

Scaling Private Credit Manager

AUM as of March 31, 2026

Market Cap as of March 31, 2026 10

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, most recently running the Bank Loan Distressed Investing Desk

Partner at BC Partners, joined as part of the creation of BC Partners Credit

Previously a Partner at Stonerise Capital Partners where he spent more than five years

Spent several years at Goldman Sachs in its Special Situations Group and Investment Banking Division

CFO of BC Partners Retail Credit Platform, joined BC Partners Credit in 2021

Prior experience includes VP at AQR Capital Management, LLC and controller at PennantPark Investment Advisors, LLC

Spent close to nine years at PriceWaterhouse Coopers LLP in their Asset Management Assurance practice

Certified Public Accountant (Colorado)

Director on the Investment Team at BC Partners Credit since 2022. Supporting Mount Logan Capital across corporate development, investor relations, and capital markets

Previously at Onex supporting the private credit investment team and corporate development initiatives, including acquisitions and strategy launches

Spent five years at Bank of America Merrill Lynch focused on debt capital markets, including leveraged finance and sponsor solutions

On April 1, 2026, Brandon Satoren assumed the role of Chief Financial Officer and Corporate Secretary.

On April 13, 2026, Jordan Mangum assumed the role as Executive Vice President and Chief Operating Officer.

Transformative Merger

Completed business combination with 180 Degree Capital Corp. in September 2025

Increased scale and strengthened balance sheet to support organic and strategic growth

Transitioned to US and Listed on Nasdaq

Began trading as Mount Logan Capital (Nasdaq: MLCI) on September 12, 2025

Expanded market visibility, investor access, and long-term capital raising flexibility

Broadened Asset Management Platform

In January 2025, Mount Logan completed its minority investment into Runway Growth Capital LLC.

In April 2026, Runway Growth Finance Corp. announced closing acquisition of SWK Holdings

In July 2025, Logan Ridge and Portman Ridge merger, creating BCP Investment Corp (Nasdaq: BCIC)

New Servicing Agreement with BC Partners Advisors L.P.

New agreement finalized in November 2025, moved Mount Logan to fully asset-light business model

Aligns BC Partner's contributions with Mount Logan's growth, AUM expansion

Strengthened Balance Sheet

Completed $40 million 8.00% senior unsecured notes financing

Reduced secured indebtedness and associated cash interest cost

Mount Logan Capital Inc. rated BBB- from Egan Jones

Returned Capital to Shareholders

Completed $15 million tender offer at $9.43 per share

Authorized $10 million share repurchase program through December 31, 2027

Mount Logan to remain opportunistic on share repurchases moving forward

Increase in AUM

Estimated Contribution to Annual FRE1

YS AIF and SOFIX investors gain access to a larger investment vehicle with greater scale, economic efficiency and increased portfolio diversification.

Mount Logan's total cost inclusive of its definitive transition services agreement with YS AIF's advisor is expected to make the transaction

Transaction expected to close by Q3 2026, subject to regulatory and YS AIF shareholder approvals.

Following closing, which is subject to regulatory and YS AIF shareholder approvals. 2. Estimated FRE contribution from acquired assets based on current management and incentive fee structure of SOFIX with $100 million in additional assets. Actual contribution of the incentive fee portion of this amount is dependent on performance and actual results may differ materially from these projections. See "Estimates and Assumptions" for additional information.

Proven M&A Platform

Demonstrated ability to source, acquire and integrate credit platforms

Since 2018, MLCI has completed 17 acquisitions and strategic investments

Flexible structures including platform acquisitions, minority investments, and partnerships

Positive Long-Term Industry Fundamentals

Structural growth in private credit as banks retrench from middle-market lending

Increasing institutional allocations to private credit and specialty finance

Industry consolidation favoring scaled asset managers

Near-Term Dislocation Creates Opportunity

Market volatility creating valuation dislocations across BDCs and private credit platforms

Opportunities to acquire platforms, contracts, and portfolios at attractive valuations

Targeting transactions that enhance scale, distribution and product breadth

Capital and Strategic Access

Flexible access to capital through institutional partners and public markets

Strategic alignment with BC Partners enhances deal flow and relationships

Capital flexibility supports disciplined and opportunistic M&A execution

Significant investment into Ability at year-end 2025, to support the organic growth flywheel

Expand offerings of solutions, tailored to retirement end-markets

Benefits of investment to materialize later in 2026

Continue to scale insurance investment capabilities to generate recurring spread earnings

Expand insurance capabilities and distribution partnerships, which may include direct writing of liabilities

Increase insurance and reinsurance counterparty relationships managed in-house by Mount Logan

Improve efficiency and margins of spread-related earnings

Grow earnings and improve return on equity

Strategic and Business Rational

01

Platform Control

Full control over product design, pricing, distribution strategy, and liability origination timeline

02

Better Economics

Capture full spread instead of sharing with cedant Permanent capital feeds Mount Logan's asset manager

Compounds fee-related and spread-related

earnings

Grow the Insurance + Asset Management "flywheel"

Asset Growth

Flywheel Effect

Permanent capital flows to Mount Logan's asset management platform, generating recurring management fees

Higher SRE

Recurring and Stable

Increasing stable investable assets, lowering funding costs and improving spread capture enhances SRE profile

05

Direct Insurance Writing

Direct writing of MYGA business remains a key strategic priority, subject to receipt of applicable regulatory approvals and rating agency determinations.

04

Optimize Cost Structure

Disciplined expense management to drive operating leverage and improve FRE margin.

03

Expand Existing Relationships

$120 million of managed assets added from existing relationship in March 2026, expected to increase FRE by ~$0.5 million in 2026 and

$1.0+ million in 2027.

02

Yieldstreet Transaction

Mount Logan currently expects the transaction to contribute an incremental $2.8 million to FRE annually.

01

Asset Growth

Scale AUM across core strategies to expand the management fee base and capture operating leverage.

Line of Sight to Improved Profitability and Accelerating Earnings Growth

Increase consistent recurring revenue streams across a permanent and semi-permanent capital base

Leverage dedicated sales force for launch and sale of best-in-class public and private credit products

Significant investment into Ability

Mount Logan has historically paid a dividend for 27 consecutive quarters

Current annualized dividend of $0.12 per share, representing yield of 3.4% at March 31, 2026

Completed a $15 million tender offer in February 2026 at $9.43 per share

No insiders participating, reinforcing confidence in the long-term outlook for Mount Logan

Efficiently reducing the Company's common stock issued and outstanding by approximately 12%

In February 2026, announced $10 million share repurchase program through December 31, 2027

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 investments

Q1 2026 Financial Highlights

FRE of $1.2 million reflects the wind-down of non-core

management agreements, principally the termination of the Logan Ridge IMA in July 2025 and a one-time SOFIX fee reimbursement recorded in Q1 2025, partially offset by growth in core vehicle fee streams, including Ability and SOFIX, which increased year-over-year.

The SOFIX and Yieldstreet transaction, expected to close in

Q3 2026, is estimated to contribute $2.8 million or more of incremental annualized FRE.

Combined with the $120 million managed asset addition in

March 2026 (~$0.5 million of FRE in 2026, $1.0 million+ in 2027), the embedded FRE pipeline is now quantifiable and near-term.

SRE of $2.0 million increased $2.0 million versus Q1 2025, driven by a materially lower cost of funds, reflecting both improved LTC experience relative to the prior year period and the cumulative benefit of disciplined liability management. SRE margin was 1.04% (annualized).

The significant capital investment into Ability at year-end 2025 is expected to support further SRE expansion as new reinsurance capacity is deployed in 2026. Benefits are expected to accrue progressively through the second half of the year.

Total Insurance Solutions assets of $1.5 billion were stable sequentially, with strong credit quality and ample liquidity. Mount Logan-managed assets within Ability reached $891 million as of March 31, 2026, up $249 million year-over-year.

Disclaimer

Mount Logan Capital Inc. published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 16:40 UTC.