{"success":true,"data":{"pressRelease":{"id":"35726","rtpr_id":"nGNX3WBWTp","ticker":"MLCI","exchange":"NASDAQ","all_tickers":["MLCI"],"title":"Mount Logan Capital Inc. Announces First Quarter 2026 Financial Results","author":"Globe Newswire","published_at":"2026-05-14T20:20:00.575Z","article_body":"FRE(1) of $1.2 million and SRE(1) of $2.0 million for the first quarter of\n2026, resulting in Segment Income of $3.3 million(1 )representing a 41%\nincrease, or $1.2 million, as compared to prior year. As compared to fourth\nquarter 2025, Segment Income increased by $2.9 million\n\nStrong quarter for Insurance Solutions with SRE of $2.0 million, up $2.0\nmillion year-over-year, and $3.1 million as compared to fourth quarter 2025\n\nAsset Management FRE declined to $1.2 million, but earnings quality improved\nsignificantly. FRE down $1.0 million year-over-year, and down $0.3 million as\ncompared to fourth quarter 2025\n\nDuring the first quarter, Mount Logan-managed Opportunistic Credit Interval\nFund (SOFIX) entered an agreement to acquire $100+ million of assets for\nYieldstreet Alternative Income Fund. Currently estimated to close during the\nthird quarter of 2026\n\nAdded $120 million of managed assets from an existing relationship effective\nMarch 2026, expected to increase FRE by approximately $0.5 million in 2026 and\nin excess of $1.0 million in 2027\n\nDeclared quarterly distribution of $0.03 per common share in the second\nquarter of 2026, the third consecutive shareholder distribution for Mount\nLogan as a US registrant\n\nMount Logan to host an earnings conference call and webcast on Friday, May 15,\n2026, at 1:00 PM ET\n\nNEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (Nasdaq:\nMLCI) (“Mount Logan” or the “Company”) announced today its financial\nresults for the first quarter ended March 31, 2026.\n\nManagement Commentary\n* Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated,\n“The first quarter of 2026 reflected the successful execution against our\nnear-term strategic priorities, as we continued to invest across our platform,\nstrengthen our leadership team, acquire and expand core recurring revenue\nstreams, and improve profitability. During the quarter, we saw Spread Related\nEarnings return to a positive contributor to segment income, while our Fee\nRelated Earnings quality increased significantly as compared to prior quarter.\nCollectively, Mount Logan's first quarter demonstrates the depth and dynamism\nof our team and platform, as well as our ability to simultaneously pursue\ngrowth, optimize our capital structure, and return capital to shareholders. We\nbelieve Mount Logan is well positioned to capture improved operating leverage,\nhigher profitability, and long-term shareholder value as these initiatives\ntake full effect over the balance of 2026.”\nFirst Quarter Highlights(2)\n* Total revenue for the Asset Management segment was $2.5 million for the\nquarter, a decrease of $1.4 million, or 36% compared to the first quarter of\n2025, primarily driven by non-recurring items including the termination of the\nLogan Ridge investment management agreement in July 2025(3) and one-time out\nof period SOFIX management fee reimbursements recorded in the first quarter of\n2025. Asset Management revenues exclude $1.8 million of intercompany\nmanagement fees earned from managing the assets of Ability Insurance Company\n(\"Ability\"), which increased $0.7 million, or approximately 7%, from $1.2\nmillion in 2025. Following the merger of Logan Ridge into Portman Ridge, Mount\nLogan introduced a new recurring revenue stream through a profit-sharing\nagreement with the majority owner of Sierra Crest Investment Management(3).\n* Fee-Related Earnings (“FRE”) for the Asset Management segment were $1.2\nmillion for the first quarter of 2026, down $1.0 million compared to $2.3\nmillion for the first quarter of 2025. This decrease primarily reflects the\ndecrease in management fees discussed above.\n* Total net investment income for the Insurance Solutions segment including\nnet investment income of consolidated variable interest entities (\"VIEs\") was\n$20.2 million for the first quarter of 2026, an increase of $1.4 million, or\n7%, compared to first quarter of 2025. Excluding the funds withheld assets\nunder reinsurance contracts and modified coinsurance (\"Modco\") arrangements,\nthe Insurance Solutions segment’s net investment income was $14.6 million,\nan increase of $0.3 million, or 2%, compared to the first quarter of 2025.\n* Achieved 6.8%(4) yield on the insurance investment portfolio for the first\nquarter of 2026. Excluding the funds withheld under reinsurance contracts and\nmodified coinsurance, the yield was 7.5%.\n* Spread-Related Earnings (“SRE”) for the Insurance Solutions segment was\n$2.0 million for the first quarter of 2026, compared to less than $0.1 million\nfor the first quarter of 2025.\n* Ability’s total assets managed by Mount Logan excluding the funds withheld\nassets under reinsurance contracts and Modco, were $699.4 million as of March\n31, 2026, an increase of $105.7 million from the first quarter of 2025. As of\nMarch 31, 2026, the Insurance Solutions segment held approximately $1.1\nbillion of total investment assets, an increase of $86.5 million from the\nfirst quarter of 2025. Including Modco assets, Mount Logan managed total\nassets of $891.2 million as of March 31, 2026, an increase of $249.0 million\ncompared to first quarter of 2025.\n* Book value of the insurance segment as of March 31, 2026 was $120.1 million,\na decrease of $2.0 million, compared to $122.1 million as of December 31,\n2025.\nStrategic Developments\nDuring the first quarter of 2026, the Company completed the following\nstrategic initiatives:\n* Completed Opportunistic Debt Re-financing: On January 26, 2026, Mount Logan\ncompleted a $40.0 million in aggregate principal amount senior unsecured notes\noffering where funds were used to partially repay outstanding indebtedness on\nthe Company's credit facility, with remaining funds available for general\ncorporate purposes.\n* Closed Tender Offer: On February 6, 2026, Mount Logan closed a $15.0 million\ntender offer to purchase approximately 12% of the Company's common stock\nissued and outstanding as of February 2, 2026.\n* Announced New Share Repurchase Program: On February 23, 2026, Mount Logan\nannounced that its Board of Directors authorized a $10.0 million share\nrepurchase program through December 31, 2027, where repurchases may be made\nfrom time to time using a variety of methods, which may include open market\npurchases, privately negotiated transactions, or by other means in accordance\nwith applicable securities laws and subject to market conditions and other\nfactors.\nYieldstreet Managed-Fund Transaction\n* As previously announced, Mount Logan–managed Opportunistic Credit Interval\nFund (“SOFIX”) signed a definitive agreement to acquire $100+ million of\nassets from Yieldstreet Alternative Income Fund Inc. (“YS AIF”) during the\nfirst quarter of 2026.\n* Mount Logan currently estimates, on a full-year basis, the transaction will\nincrease FRE by $2.8 million(5) or more.\n* Mount Logan’s total cost inclusive of its definitive transition services\nagreement with YS AIF’s advisor is expected to make the transaction\nimmediately accretive to Mount Logan.\n* YS AIF and SOFIX investors gain access to a larger investment vehicle with\ngreater scale, economic efficiency and increased portfolio diversification.\n* Transaction currently expected to close by third quarter 2026, subject to\nregulatory and YS AIF shareholder approvals.\nSubsequent Events\n* Declared a stockholder quarterly distribution in the amount of $0.03 per\nshare of common stock for the quarter ended March 31, 2026, payable on June\n10, 2026 to stockholders of record at the close of business on May 26, 2026.\nThis cash dividend marks the third consecutive quarter of the Company issuing\na $0.03 distribution to its stockholders following the closing of the Business\nCombination.\nSelected Financial Highlights\n* Total capital of the Company was $177.2 million at March 31, 2026, a\ndecrease of $8.1 million as compared to December 31, 2025. Total capital\nconsists of debt obligations and total shareholders’ equity.\n* Consolidated net loss before taxes was $6.0 million for the first quarter of\n2026, compared with a loss of $6.7 million for the first quarter of 2025. Net\nloss position improved as expenses declined.\n* Consolidated basic loss per share (“EPS”) was $0.51 for the first\nquarter of 2026, compared to $1.02 for the first quarter of 2025.\nConference Call and Webcast Details\nMount Logan will hold a conference call to discuss its quarterly results on\nFriday, May 15, 2026 at 1:00 p.m. ET. Participants may access the conference\ncall via webcast using this Webcast Link\n(https://www.globenewswire.com/Tracker?data=K5fNBoFkzh3MkCipsOGIjWlh4wfZ1ExSTnhQRr7j4bfbEPqthCQDB-JaMpajCB7R9JckvskHvlJqiI3Cy5RzG0HkzUv9uHUep8lDE7Ov81WhEyX8QTh66pdL6KEJGhXP).\nTo participate via telephone, please register in advance using this\nRegistration Link\n(https://www.globenewswire.com/Tracker?data=1YbbGIE7ly3zESe2if4ERZbmUsGzvO5JVpX1GkyVAfYtY9dxJUMdJjqKV9yagzoudDONy3DZ72vTIy2H-m9EcIrf8LbjMaVu0juxYjwlgh1c4hBABLBqE9eeRrujnF_f7IJiW4lRDcTgF1cX3ZQ0MetCK5eHWdDEIzfrMEWHImI=).\nUpon registration, all telephone participants will receive a one-time\nconfirmation email detailing how to join the conference call, including the\ndial-in number along with a unique PIN that can be used to access the call.\nAll participants are encouraged to dial in 10 minutes prior to the start time.\nA replay of the conference call and webcast will be available on-demand via\nthe Company’s investor relations webpage at https://ir.mountlogan.com/ for\n12 months.\n\nResults of Operations by Segment\n\n                                                                                                                                                                Three months ended March 31,                                                           \n                                                                                                                                                                     2026                   2025              Change ($)               Change (%)      \n                                                                                                                                                                                                                                                       \n REVENUES                                                                                                                                                                                                                                              \n Asset Management                                                                                                                                                                                                                                      \n Management fees                                                                                                                                                $    1,639             $    3,240             $     (1,601  )          -49     %       \n Incentive fees                                                                                                                                                      394                    299                     95                 32      %       \n Advisory and transaction fees, net                                                                                                                                  66                     —                       66                 NM              \n Equity investment earning                                                                                                                                           362                    282                     80                 28      %       \n                                                                                                                                                                     2,461                  3,821                   (1,360  )          -36     %       \n Insurance Solutions                                                                                                                                                                                                                                   \n Net Premiums                                                                                                                                                        (4,244  )              (4,013  )               (231    )          6       %       \n Product charges                                                                                                                                                     118                    860                     (742    )          -86     %       \n Net investment income                                                                                                                                               16,676                 14,951                  1,725              12      %       \n Net gains (losses) from investment activities                                                                                                                       (5,014  )              1,472                   (6,486  )          -441    %       \n Net revenues of consolidated variable interest entities                                                                                                             (133    )              3,633                   (3,766  )          -104    %       \n Net investment income (loss) on funds withheld                                                                                                                      614                    (5,750  )               6,364              -111    %       \n Other income                                                                                                                                                        169                    76                      93                 122     %       \n                                                                                                                                                                     8,186                  11,229                  (3,043  )          -27     %       \n Total revenues                                                                                                                                                 $    10,647            $    15,050            $     (4,403  )          -29     %       \n EXPENSES                                                                                                                                                                                                                                              \n Asset Management                                                                                                                                                                                                                                      \n Administration and servicing fees                                                                                                                                   3,639                  1,237                   2,402              194     %       \n Transaction costs                                                                                                                                                   82                     4,545                   (4,463  )          -98     %       \n Compensation and benefits                                                                                                                                           211                    2,380                   (2,169  )          -91     %       \n Amortization and impairment of intangible assets                                                                                                                    444                    910                     (466    )          -51     %       \n Interest and other credit facility expenses                                                                                                                         2,005                  1,946                   59                 3       %       \n General, administrative and other                                                                                                                                   3,008                  1,723                   1,285              75      %       \n                                                                                                                                                                     9,389                  12,741                  (3,352  )          -26     %       \n                                                                                                                                                                                                                                                       \n Insurance Solutions                                                                                                                                                                                                                                   \n Net policy benefit and claims (remeasurement gain on policy liabilities of $4,459 and $81 for the three months ended March 31, 2026 and 2025, respectively)         (2,635  )              1,793                   (4,428  )          -247    %       \n Interest sensitive contract benefits                                                                                                                                4,289                  3,818                   471                12      %       \n Amortization of deferred acquisition costs                                                                                                                          708                    555                     153                28      %       \n Compensation and benefits                                                                                                                                           —                      244                     (244    )          -100    %       \n Interest expense                                                                                                                                                    400                    328                     72                 22      %       \n General, administrative and other (including related party amounts of $1,672 and $1,732 for the three months ended March 31, 2026 and 2025, respectively)           4,261                  3,686                   575                16      %       \n                                                                                                                                                                     7,023                  10,424                  (3,401  )          -33     %       \n Total expenses                                                                                                                                                 $    16,412            $    23,165            $     (6,753  )          -29     %       \n Investment and other income (Loss) - Asset Management                                                                                                                                                                                                 \n Net gains (losses) from investment activities                                                                                                                       (351    )              841                     (1,192  )          -142    %       \n Dividend income                                                                                                                                                     60                     38                      22                 58      %       \n Interest income                                                                                                                                                     384                    268                     116                43      %       \n Other income (loss), net                                                                                                                                            174                    299                     (125    )          -42     %       \n Loss on extinguishment of debt                                                                                                                                      (472    )              —                       (472    )          NM              \n Total investment and other income (loss)                                                                                                                            (205    )              1,446                   (1,651  )          -114    %       \n Income (loss) before taxes                                                                                                                                     $    (5,970  )         $    (6,669  )         $     699                -10     %       \n Income tax (expense) benefit — Asset Management                                                                                                                     —                      (36     )               36                 -100    %       \n Net income (loss)                                                                                                                                              $    (5,970  )         $    (6,705  )         $     735                -11     %       \n\nNote: “NM” denotes not meaningful.\n\nNon-GAAP Financial Measures\n\nIn this release, the Company includes FRE and SRE, which are non-GAAP\nperformance measures that the Company uses to supplement its results presented\nin accordance with U.S. generally accepted accounting principles (“GAAP”).\nAs required by the rules of the Securities and Exchange Commission\n(“SEC”), the Company has provided herein a reconciliation of the non-GAAP\nfinancial measures contained in this press release to the most directly\ncomparable measures under GAAP. The Company’s management believes FRE and\nSRE are useful in evaluating its operating performance and by providing these\nnon-GAAP measures, the Company’s management intends to provide investors,\nsecurities analysts and other interested parties with a meaningful, consistent\ncomparison of the Company’s profitability for the periods presented. These\nnon-GAAP measures are not intended to be a substitute for GAAP financial\nmeasure and, as calculated, may not be comparable to other similarly titled\nmeasures of performance of other companies in other industries or within the\nsame industry.\n\nAsset Management\n\nFee Related Earnings\n\nFRE is a non-GAAP financial measure used to assess the asset management\nsegment’s generation of profits from revenues that are measured and received\non a recurring basis and are not dependent on future realization events. The\nCompany calculates FRE as follows:\n\n($ in Thousands)\n\n                                       Three months ended March 31,                                                               \n                                              2026                         2025             Change ($)            Change (%)      \n Asset Management                                                                                                                 \n Management fees                       $      3,457                 $      4,407            $     (950    )       (22)%           \n Incentive fees                               394                          299                    95              32      %       \n Advisory and transaction fees, net           66                           —                      66              NM              \n Equity investment earnings                   362                          282                    80              28      %       \n Interest income¹                             268                          268                    —               —       %       \n Other fee-related income                     174                          —                      174             NM              \n Fee-related compensation                     (1,212  )                    (1,471  )              259             (18)%           \n Other operating expenses:                                                                                                        \n Administration and servicing fees            (1,359  )                    (733    )              (626    )       85      %       \n General, administrative and other            (914    )                    (772    )              (142    )       18      %       \n Fee related earnings                  $      1,236                 $      2,280            $     (1,044  )       (46) %          \n\nNote: “NM” denotes not meaningful.\n\n(1)   Represents interest income on a loan asset related to a fee\ngenerating vehicle\n\nInsurance\n\nSpread Related Earnings\n\nMount Logan uses SRE to assess the performance of the Insurance Solutions\nsegment. SRE is a component of Segment Income that is used to assess the\nperformance of the Insurance Solutions segment, excluding certain market\nvolatility, which consists of investment gains (losses), other income and\ncertain general, administrative & other expenses. For the Insurance Solutions\nsegment, SRE equals the sum of (i) the net investment earnings on Insurance\nSolutions segment’s net invested assets (excluding investment earnings on\nfunds held under reinsurance contracts and modified coinsurance agreement),\nless (ii) cost of funds (as described below), (iii) compensation and benefits,\n(iv) interest expense and (v) operating expenses.\n\nCost of funds includes liability costs associated with the crediting cost on\nmulti-year guaranteed annuity products (\"MYGA\") liabilities as well as other\nliability costs. Other liability costs include deferred acquisition cost\n(\"DAC\") amortization, the cost of liabilities associated with LTC, net of\nreinsurance, which includes change in reserves, premiums, actual claim\nexperience including related expenses and certain product charges related to\nMYGA.\n\nThe Company reconciles SRE to net income (loss) before tax from its insurance\nsegment activities, as follows:\n\n($ in Thousands)\n\n                                                        Three months ended March 31,                                                              \n                                                               2026                         2025             Change ($)           Change (%)      \n Insurance Solutions                                                                                                                              \n Net investment income and realized gain (loss), net    $      12,251                $      13,013           $     (762   )       (6)%            \n Cost of funds                                                 (6,488  )                    (9,319  )              2,831          (30)%           \n Compensation and benefits                                     —                            (244    )              244            (100)%          \n Interest expense                                              (400    )                    (328    )              (72    )       22      %       \n General, administrative and other                             (3,341  )                    (3,086  )              (255   )       8       %       \n Spread related earnings                                $      2,022                 $      36               $     1,986          5517    %       \n\nSRE was $2.0 million in the first quarter of 2026 compared to $36.0 thousand\nin 2025. The increase in SRE was primarily driven by lower cost of funds,\npartially offset by lower net investment income and realized gains (losses)\nand higher general, administrative and other expenses. Cost of funds decreased\nby $2.8 million, primarily driven by significant unfavorable experience\nadjustment in LTC business in 2025 compared to 2026, which was partially\noffset by increase in interest sensitive contract benefits and DAC\namortization from the assumption of the NSG MYGA block in the second quarter\nof 2025, Net investment income and realized gains (losses) decreased by $0.8\nmillion. Net investment income decreased due to lower treasury yields,\nincreased management fees and higher realized losses in 2026 compared to 2025.\nGeneral, administrative and other expenses increased by $0.3 million in 2026.\nThis increase was offset by decrease in compensation and benefits, as\ncompensation and benefit costs in 2026 were included within administrative\nfees under general, administrative and other expenses.\n\nNet Investment Spread\n\nThe following presents net investment spread for the insurance segment:\n\n                                                           Three months ended March 31,               \n                                                           2026             2025             Change   \n Net investment income and realized gain or (loss), net    1.56%            1.74%            (18)bps  \n Cost of funds¹                                            (1.39)%          (1.26)%          (13)bps  \n Net Investment spread                                     0.17 %           0.48 %           (31)bps  \n\n\n\n ((1))  (Excludes changes in future policy benefits liabilities of LTC line of business, to calculate net investment spread, which result from changes in actuarial assumptions and future cash flow projections.)  \n\nNet investment spread was 0.17% in the first quarter of 2026, a decrease of 31\nbasis points compared to 0.48% in the first quarter of 2025, primarily driven\nby a higher average net invested asset balance and lower net investment income\nand realized gain or (loss) and higher cost of funds in 2026 compared to 2025.\nNet investment income and realized gain or (loss) percent represents the\npercent of net investment income and realized gain (loss) over average net\ninvested assets. Net investment income and realized gain (loss) was 1.56% in\n2026, a decrease of 18 basis points compared to 1.74% in 2025, primarily\ndriven by higher average net invested assets (including cash on hand), lower\ntreasury yields, and higher realized losses on investment activities. Cost of\nfunds percent represents the percent of cost of funds over average net\ninvested assets. Cost of funds were higher in 2026 compared to 2025 primarily\ndriven by increase in interest sensitive contract benefits and DAC\namortization from the assumption of the NSG MYGA block in the second quarter\nof 2025.\n\nSegment Information\n\nSegment Income is a measure of profitability and has certain limitations in\nthat it does not take into account certain items included under U.S. GAAP.\nSegment Income is the sum of (i) Fee Related Earnings and (ii) Spread Related\nEarnings. The following presents a reconciliation of Net Income (loss)\nattributable to Mount Logan common shareholders to Segment Income:\n\n($ in Thousands)\n\n                                                             Three months ended March 31,                       \n                                                                    2026                         2025           \n Net income (loss)                                           $      (5,970  )             $      (6,705  )      \n Income tax (expense) benefit — Asset Management                    —                            (36     )      \n Income (loss) before taxes                                  $      (5,970  )             $      (6,669  )      \n Asset Management Adjustments:                                                                                  \n Intersegment management fee eliminations                           1,818                        1,167          \n Administration and servicing fees (1)                              1,067                        504            \n Transaction costs                                                  82                           4,545          \n Compensation and benefits (1)                                      31                           577            \n Equity-based compensation                                          180                          212            \n Amortization and impairment of intangible assets                   444                          910            \n Interest and other credit facility expenses                        2,005                        1,946          \n General, administrative and other (1)                              2,095                        951            \n Net gains (losses) from investment activities                      351                          (841    )      \n Dividend income                                                    (60     )                    (38     )      \n Interest income - bank interest                                    (116    )                    —              \n Other income (loss), net                                           —                            (299    )      \n Loss on extinguishment of debt                                     472                          —              \n Insurance Solutions Adjustments:                                                                               \n Equity-based compensation                                          —                            120            \n Net unrealized gains (losses) from investment activities           1,758                        (126    )      \n Other income                                                       (1      )                    (76     )      \n Intersegment management fee eliminations                           (1,818  )                    (1,167  )      \n General, administrative and other (2)                              920                          600            \n Segment Income                                              $      3,258                 $      2,316          \n\n\n\n ((1))  (Represents corporate overhead allocated to each segment.)                                                                                            \n ((2))  (Represents costs incurred by the insurance segment for purposes of U.S. GAAP reporting but not the day-to-day operations of the insurance company.)  \n\nLiquidity and Capital Resources\n\nAs of March 31, 2026, the Asset Management segment carried $90.8 million (par\nvalue) of borrowings outstanding, comprising $76.3 million at fixed rates and\n$14.5 million at floating rates. At the same date, the Asset Management\nsegment held $9.3 million of unrestricted cash and cash equivalents.\n\nAs of March 31, 2026, the Insurance Solutions segment reported $17.3 million\n(par value) of borrowings outstanding, including $14.3 million at fixed rates\nand $3.0 million at floating rates. Liquid assets, including high-quality\nassets that are marketable, can be pledged as security for borrowings, and can\nbe converted to cash in a time frame that meets liquidity and funding\nrequirements. As of March 31, 2026 and December 31, 2025, the total liquid\nassets of the Insurance Solutions segment were as follows:\n\n($ in Thousands)\n\n As of                                           March 31, 2026        December 31, 2025     \n Cash and cash equivalents (1)                   $         52,556      $          118,753    \n Restricted cash                                           10,975                 9,973      \n Investments                                               608,664                639,221    \n Receivable for investments sold                           8,193                  —          \n Accrued interest and dividend receivable (1)              13,797                 12,596     \n Total liquid assets                             $         694,185     $          780,543    \n\n\n\n ((1))  (Cash and cash equivalents and accrued interest & dividend receivable includes cash and cash equivalent and accrued interest of consolidated VIEs, respectively.)  \n\nInterest Rate Sensitivity\n\nThe Company owns debt assets that are exposed to interest rate sensitivity.\n\nThe following table summarizes the potential impact on net income of\nhypothetical base rate changes in interest rates within the Insurance\nSolutions segment assuming a parallel shift in the yield curve, with all other\nvariables remaining constant. The impact of interest rates sensitivity on the\nAsset Management segment is immaterial.\n\n As of                          March 31, 2026         December 31, 2025       \n 50 basis point increase (1)    $      704             $       653             \n 50 basis point decrease (1)    $      (704   )        $       (653    )       \n\n\n\n ((1))  (Losses are presented in brackets and gains are presented as positive numbers)  \n\nActual results may differ significantly from this sensitivity analysis. As\nsuch, the sensitivities should only be viewed as directional estimates of the\nunderlying sensitivities for the respective factors based on the assumptions\noutlined above.\n\nAbout Mount Logan Capital Inc.\n\nMount Logan Capital Inc. is an integrated alternative asset management and\ninsurance solutions firm focused on generating durable, fee-based revenue and\nlong-term value creation. The Company leverages differentiated investment\nstrategies alongside permanent insurance capital to deliver attractive,\nrisk-adjusted returns across market cycles.\n\nThrough its subsidiaries, Mount Logan Management LLC and Ability Insurance\nCompany, Mount Logan manages and invests across private and public credit\nmarkets in North America and operates an insurance platform that provides\nlong-duration liabilities to support its credit investment strategies. This\nintegrated platform is designed to provide stable earnings, downside\nprotection, and a low risk of principal impairment through the credit cycle.\n\nAs of March 31, 2026, Mount Logan Capital had over $2.1 billion in assets\nunder management.\n\nEstimates and Assumptions\n\nThis press release includes unaudited financial and business projections.\nThese projections, and their underlying assumptions, are inherently\nunpredictable and undue reliance should not be placed thereon.\n\nThese estimates reflect internal financial models that Mount Logan uses in\nconnection with its strategic planning and are based on numerous variables and\nassumptions made by Mount Logan’s management with respect to industry\nperformance, general business, economic, regulatory and financial conditions\nand other future events, as well as matters specific to Mount Logan’s\nbusinesses, all of which are difficult or impossible to predict accurately and\nmany of which are beyond the control of Mount Logan’s management. As a\nresult, these estimates constitute forward-looking statements and are subject\nto many risks and uncertainties that could cause actual results to differ\nmaterially from these projections. Please carefully consider “Cautionary\nStatement Regarding Forward-Looking Statements” below. There can be no\nassurance that these estimates will be realized or that actual results will\nnot be significantly different than projected.\n\nThe inclusion of these estimates in this press release should not be regarded\nas an indication that Mount Logan or any of its affiliates, advisors,\nofficers, directors or representatives considered or considers such estimates\nto be necessarily predictive of actual future events, and these estimates\nshould not be relied upon as such. The inclusion of these estimates herein\nshould not be deemed an admission or representation by Mount Logan that its\nmanagement views these estimates as material information.\n\nCertain of the estimates and projections set forth herein may be considered\nnon-GAAP financial measures, including FRE. There are limitations inherent in\nnon-GAAP financial measures, because they exclude charges and credits that are\nrequired to be included by generally accepted accounting principles in the\nUnited States (“GAAP”). Non-GAAP measures should not be considered in\nisolation from, or as a substitute for, financial information presented in\ncompliance with GAAP, and non-GAAP financial measures used by Mount Logan may\nnot be comparable with similarly titled amounts used by other companies. No\nreconciliation of these projected non-GAAP measures was created or used in\nconnection with preparing the estimates included herein. Reconciliations of\nhistorical non-GAAP measures to the most directly comparable GAAP measures are\nprovided elsewhere herein.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis press release, and oral statements made from time to time by\nrepresentatives of Mount Logan or SOFIX may contain statements of a\nforward-looking nature relating to future events within the meaning of\napplicable U.S. and Canadian securities laws. Forward-looking statements may\nbe identified by words such as “anticipates,” “believes,” “could,”\n“continue,” “estimate,” “expects,” “intends,” “will,”\n“should,” “may,” “plan,” “predict,” “project,”\n“would,” “forecasts,” “seeks,” “future,” “proposes,”\n“target,” “goal,” “objective,” “outlook” and variations of\nthese words or similar expressions (or the negative versions of such words or\nexpressions). Forward-looking statements are not statements of historical fact\nand reflect Mount Logan’s current views about future events. Such\nforward-looking statements include, without limitation, statements about the\nanticipated growth, profitability and scalability of the Company’s business;\nthe Company’s strategic objectives, model, approach and future activities;\nplanned capital raising and liquidity activities and the expected outcome of\nsuch activities; the expected timing and benefits of the transaction with\nYieldstreet Alternative Income Fund (“YS AIF”), the expected increase in\nFRE and accretive nature of the transaction with YS AIF, future financial and\noperating results, Mount Logan’s plans, objectives, expectations and\nintentions regarding our business strategy and plans, and other statements\nthat are not historical facts.\n\nThese forward-looking statements involve a number of risks, uncertainties\n(some of which are beyond the Company’s control) or other assumptions that\nmay cause actual results or performance to be materially different from those\nexpressed or implied by these forward-looking statements. These risks and\nuncertainties include, but are not limited to the inability to complete and\nrecognize the anticipated benefits of the transaction with YS AIF on the\nanticipated timeline or at all; purchase price adjustments, unexpected costs\nrelated to the transaction with YS AIF; the risk of litigation related to the\nBusiness Combination; variability in revenues, earnings, and cash flows and\nthe resulting impact on quarterly earnings trends and stock price volatility;\nthe intensity of competition in asset management and insurance markets and\nconstraints on the ability to execute growth strategies and maintain or\nincrease market share or margins; reliance on technology and information\nsystems, including third party and systems provided by BC Partners Advisors\nL.P. (“BCPA”), and risks related to cybersecurity, data integrity, and\noperational resilience; dependence on management’s assumptions, estimates,\nmodels, and judgment, and the risk that actual outcomes diverge materially\nfrom those assumptions; illiquidity of certain assets under management and\ninsurance investments, and the impact of limited liquidity on valuation,\nportfolio management, and capital allocation; dependence on access to\nfinancing markets and the availability, cost, and terms of capital and\nliquidity; risks associated with the use of hedging and other risk management\ninstruments, including costs, basis risk, counterparty exposure, and potential\nineffectiveness; adverse political, market, and economic conditions and their\neffects on investment performance, funding costs, client activity, and\npolicyholder behavior; dependence on BCPA and key BCPA personnel; actual and\npotential conflicts of interest arising from the relationship with BCPA;\nconcentration risk associated with managing a limited number of funds and\ninvestments; complexities and subjectivity in valuing illiquid assets,\nincluding model risk and sensitivity to assumptions; the heavily regulated\nnature of the insurance business; and the increased expenses and compliance\nrequirements associated with being a U.S. public company. No assurances can be\ngiven that the forward-looking statements contained in this press release will\noccur as projected, and actual results may differ materially from those\nprojected. Forward-looking statements are based on current expectations,\nestimates and assumptions that involve a number of risks and uncertainties,\nboth known and unknown, that could cause actual results to differ materially\nfrom those projected. Forward-looking statements are based on the estimates\nand opinions of management at the time the statements are made. Readers should\ncarefully review the statements set forth in the reports, which Mount Logan\nand SOFIX have filed or will file from time to time with the SEC or on SEDAR+\nand any risk factors contained in such reports, including the section titled\n“Risk Factors” in Mount Logan’s Annual Report on Form 10-K for the year\nended December 31, 2025, filed with the SEC on March 18, 2026. Should one or\nmore of these risks or uncertainties materialize, or should any of the\nassumptions prove incorrect, actual results may vary in material respects from\nthose projected in these forward-looking statements.\n\nMount Logan does not undertake any obligation, and expressly disclaims any\nobligation, to publicly update any forward-looking statement, whether as a\nresult of new information, future events or otherwise, except as required by\nlaw. Any discussion of past performance is not an indication of future\nresults. Investing in financial markets involves a substantial degree of risk.\nInvestors must be able to withstand a total loss of their investment. The\ninformation herein is believed to be reliable and has been obtained from\nsources believed to be reliable, but no representation or warranty is made,\nexpressed or implied, with respect to the fairness, correctness, accuracy,\nreasonableness or completeness of the information and opinions. The\ninformation contained on the website of Mount Logan is not incorporated by\nreference into this press release. Mount Logan is not responsible for the\ncontents of third-party websites.\n\nContacts:\nMount Logan Capital Inc.\n650 Madison Ave, Floor 3\nNew York City, NY 10022\nmlc.ir@mountlogan.com\n\nAndrew Berger\nSM Berger & Company\nandrew@smberger.com\n\n_____________________\n(1) FRE, SRE and Segment Income are a non-GAAP financial measures that the\nCompany believes provides valuable perspective on its business results. With\nrespect to FRE, SRE and Segment Income for completed periods, refer to tables\nelsewhere in this press release for a reconciliation to the comparable GAAP\nmeasure.\n(2) As discussed in Note 1 and Note 3 to our condensed consolidated financial\nstatements included in our Quarterly Report on Form 10-Q for the quarter ended\nMarch 31, 2026, on September 12, 2025, we completed a business combination\nwith 180 Degree Capital Corp. (the “Business Combination”). Therefore, our\nconsolidated financial results present the historical results of Mount Logan\nCapital Intermediate LLC (f/k/a Mount Logan Capital Inc) prior to September\n12, 2025, and those of the combined company on and subsequent to that date.\n(3) Sierra Crest Investment Management (\"SCIM\") is the manager of BCP\nInvestment Corporation (\"BCIC\"). SCIM previously served as the manager of\nPortman Ridge Finance Corporation, which during the third quarter of 2025\nmerged with Logan Ridge Finance Corporation and was renamed BCIC. Mount Logan\nowns a 24.99% stake in SCIM through a subsidiary.\n(4) The yield is calculated based on the net investment income less management\nfees paid to Mount Logan divided by the average of investments in financial\nassets for the current period and prior period. \n(5) Estimated FRE contribution from acquired assets based on current\nmanagement and incentive fee structure of SOFIX with $100 million in\nadditional assets. Actual contribution of the incentive fee portion of this\namount is dependent on performance and actual results may differ materially\nfrom these projections. See “Estimates and Assumptions” for additional\ninformation.\n\n                                                                                                                                                                                                                                           \n MOUNT LOGAN CAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                                                                                                                                                          \n                                                                                                                                                                                                                                           \n (in thousands, except per share data)                                                                                                                                               March 31, 2026             December 31, 2025          \n ASSETS                                                                                                                                                                                                                                    \n Asset Management                                                                                                                                                                                                                          \n Cash and cash equivalents                                                                                                                                                           $      9,348               $       14,999             \n Investments (including related party amounts of $25,292 and $25,423 at March 31, 2026 and December 31, 2025, respectively)                                                                 26,519                      29,298             \n Intangible assets                                                                                                                                                                          10,517                      10,961             \n Other assets (including related party amounts of $5,544 and $5,245 at March 31, 2026 and December 31, 2025, respectively)                                                                  12,908                      11,165             \n                                                                                                                                                                                            59,292                      66,423             \n Insurance Solutions                                                                                                                                                                                                                       \n Cash and cash equivalents                                                                                                                                                                  35,372                      88,723             \n Restricted cash                                                                                                                                                                            10,975                      9,973              \n Investments (including related party amounts of $19,030 and $20,867 at March 31, 2026 and December 31, 2025, respectively)                                                                 972,606                     956,808            \n Derivatives                                                                                                                                                                                —                           481                \n Assets of consolidated variable interest entities                                                                                                                                                                                         \n Cash and cash equivalents                                                                                                                                                                  17,184                      30,030             \n Investments                                                                                                                                                                                130,310                     120,680            \n Other assets                                                                                                                                                                               924                         955                \n Reinsurance recoverable                                                                                                                                                                    269,795                     272,918            \n Intangible assets                                                                                                                                                                          2,444                       2,444              \n Deferred acquisition costs                                                                                                                                                                 6,118                       6,791              \n Goodwill                                                                                                                                                                                   30,193                      30,193             \n Other assets                                                                                                                                                                               23,692                      14,299             \n                                                                                                                                                                                            1,499,613                   1,534,295          \n Total assets                                                                                                                                                                        $      1,558,905           $       1,600,718          \n LIABILITIES                                                                                                                                                                                                                               \n Asset Management                                                                                                                                                                                                                          \n Due to related parties                                                                                                                                                              $      12,786              $       11,844             \n Debt obligations                                                                                                                                                                           92,194                      76,250             \n Accrued expenses and other liabilities                                                                                                                                                     7,011                       9,515              \n                                                                                                                                                                                            111,991                     97,609             \n Insurance Solutions                                                                                                                                                                                                                       \n Future policy benefits                                                                                                                                                                     762,910                     781,881            \n Interest sensitive contract liabilities                                                                                                                                                    360,462                     363,981            \n Funds held under reinsurance contracts                                                                                                                                                     230,987                     237,143            \n Debt obligations                                                                                                                                                                           17,250                      17,250             \n Derivatives                                                                                                                                                                                1,792                       1,388              \n Accrued expenses and other liabilities                                                                                                                                                     6,077                       10,510             \n                                                                                                                                                                                            1,379,478                   1,412,153          \n Total liabilities                                                                                                                                                                          1,491,469                   1,509,762          \n                                                                                                                                                                                                                                           \n Commitments and Contingencies                                                                                                                                                                                                             \n EQUITY                                                                                                                                                                                                                                    \n Common shares, $0.001 par value, 150,000,000 shares authorized, 11,188,768 and 12,786,770 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively           11                          13                 \n Warrants                                                                                                                                                                                   1,426                       1,426              \n Additional paid-in-capital                                                                                                                                                                 161,663                     177,099            \n Retained earnings (accumulated deficit)                                                                                                                                                    (127,052   )                (120,746   )       \n Accumulated other comprehensive income (loss)                                                                                                                                              31,388                      33,164             \n Total equity                                                                                                                                                                               67,436                      90,956             \n Total liabilities and equity                                                                                                                                                        $      1,558,905           $       1,600,718          \n\n\n\n                                                                                                                                        \n MOUNT LOGAN CAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                               \n                                                                                                                                        \n                                                                              Three months ended March 31,                              \n (in thousands, except per share data)                                               2026                             2025              \n REVENUES                                                                                                                               \n Asset Management                                                                                                                       \n Management fees                                                              $      1,639                     $      3,240             \n Incentive fees                                                                      394                              299               \n Advisory and transaction fees, net                                                  66                               —                 \n Equity investment earning                                                           362                              282               \n                                                                                     2,461                            3,821             \n Insurance Solutions                                                                                                                    \n Net premiums                                                                        (4,244      )                    (4,013     )      \n Product charges                                                                     118                              860               \n Net investment income                                                               16,676                           14,951            \n Net gains (losses) from investment activities                                       (5,014      )                    1,472             \n Net revenues of consolidated variable interest entities                             (133        )                    3,633             \n Net investment income (loss) on funds withheld                                      614                              (5,750     )      \n Other income                                                                        169                              76                \n                                                                                     8,186                            11,229            \n Total revenues                                                                      10,647                           15,050            \n EXPENSES                                                                                                                               \n Asset Management                                                                                                                       \n Administration and servicing fees                                                   3,639                            1,237             \n Transaction costs                                                                   82                               4,545             \n Compensation and benefits                                                           211                              2,380             \n Amortization and impairment of intangible assets                                    444                              910               \n Interest and other credit facility expenses                                         2,005                            1,946             \n General, administrative and other                                                   3,008                            1,723             \n                                                                                     9,389                            12,741            \n Insurance Solutions                                                                                                                    \n Net policy benefit and claims                                                       (2,635      )                    1,793             \n Interest sensitive contract benefits                                                4,289                            3,818             \n Amortization of deferred acquisition costs                                          708                              555               \n Compensation and benefits                                                           —                                244               \n Interest expense                                                                    400                              328               \n General, administrative and other                                                   4,261                            3,686             \n                                                                                     7,023                            10,424            \n Total expenses                                                                      16,412                           23,165            \n Investment and other income (loss) - Asset Management                                                                                  \n Net gains (losses) from investment activities                                       (351        )                    841               \n Dividend income                                                                     60                               38                \n Interest income                                                                     384                              268               \n Other income (loss), net                                                            174                              299               \n Loss on extinguishment of debt                                                      (472        )                    —                 \n Total investment and other income (loss)                                            (205        )                    1,446             \n Income (loss) before taxes                                                          (5,970      )                    (6,669     )      \n Income tax (expense) benefit — Asset Management                                     —                                (36        )      \n Net income (loss)                                                            $      (5,970      )             $      (6,705     )      \n Earnings per share                                                                                                                     \n Net income (loss) attributable to common shareholders - Basic and Diluted    $      (0.51       )             $      (1.02      )      \n Weighted average shares outstanding – Basic and Diluted                             11,795,911                       6,575,165         \n\n\n\n                                                                                                                                       \n MOUNT LOGAN CAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)                                             \n                                                                                                                                       \n                                                                                    Three months ended March 31,                       \n (in thousands, except per share data)                                                     2026                         2025           \n Net income (loss)                                                                  $      (5,970  )             $      (6,705  )      \n Other comprehensive income (loss), before tax:                                                                                        \n Unrealized investment gains (losses) on available-for-sale securities                     (4,224  )                    2,604          \n Unrealized gains (losses) on hedging instruments                                          (885    )                    3,328          \n Remeasurement gains (losses) on future policy benefits related to discount rate           3,333                        (5,143  )      \n Other comprehensive income (loss), before tax                                             (1,776  )                    789            \n Income tax expense (benefit) related to other comprehensive income (loss)                 —                            —              \n Other comprehensive income (loss)                                                         (1,776  )                    789            \n Comprehensive income (loss)                                                        $      (7,746  )             $      (5,916  )      \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6f922dad-c291-4451-9f03-da3df14cd53e)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3WBWTp","title":"Mount Logan Capital Inc. Announces First Quarter 2026 Financial Results","author":"Globe Newswire","ticker":"MLCI","created":"2026-05-14T20:20:00.575Z","tickers":["MLCI"],"exchange":"NASDAQ","article_body":"FRE(1) of $1.2 million and SRE(1) of $2.0 million for the first quarter of\n2026, resulting in Segment Income of $3.3 million(1 )representing a 41%\nincrease, or $1.2 million, as compared to prior year. As compared to fourth\nquarter 2025, Segment Income increased by $2.9 million\n\nStrong quarter for Insurance Solutions with SRE of $2.0 million, up $2.0\nmillion year-over-year, and $3.1 million as compared to fourth quarter 2025\n\nAsset Management FRE declined to $1.2 million, but earnings quality improved\nsignificantly. FRE down $1.0 million year-over-year, and down $0.3 million as\ncompared to fourth quarter 2025\n\nDuring the first quarter, Mount Logan-managed Opportunistic Credit Interval\nFund (SOFIX) entered an agreement to acquire $100+ million of assets for\nYieldstreet Alternative Income Fund. Currently estimated to close during the\nthird quarter of 2026\n\nAdded $120 million of managed assets from an existing relationship effective\nMarch 2026, expected to increase FRE by approximately $0.5 million in 2026 and\nin excess of $1.0 million in 2027\n\nDeclared quarterly distribution of $0.03 per common share in the second\nquarter of 2026, the third consecutive shareholder distribution for Mount\nLogan as a US registrant\n\nMount Logan to host an earnings conference call and webcast on Friday, May 15,\n2026, at 1:00 PM ET\n\nNEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (Nasdaq:\nMLCI) (“Mount Logan” or the “Company”) announced today its financial\nresults for the first quarter ended March 31, 2026.\n\nManagement Commentary\n* Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated,\n“The first quarter of 2026 reflected the successful execution against our\nnear-term strategic priorities, as we continued to invest across our platform,\nstrengthen our leadership team, acquire and expand core recurring revenue\nstreams, and improve profitability. During the quarter, we saw Spread Related\nEarnings return to a positive contributor to segment income, while our Fee\nRelated Earnings quality increased significantly as compared to prior quarter.\nCollectively, Mount Logan's first quarter demonstrates the depth and dynamism\nof our team and platform, as well as our ability to simultaneously pursue\ngrowth, optimize our capital structure, and return capital to shareholders. We\nbelieve Mount Logan is well positioned to capture improved operating leverage,\nhigher profitability, and long-term shareholder value as these initiatives\ntake full effect over the balance of 2026.”\nFirst Quarter Highlights(2)\n* Total revenue for the Asset Management segment was $2.5 million for the\nquarter, a decrease of $1.4 million, or 36% compared to the first quarter of\n2025, primarily driven by non-recurring items including the termination of the\nLogan Ridge investment management agreement in July 2025(3) and one-time out\nof period SOFIX management fee reimbursements recorded in the first quarter of\n2025. Asset Management revenues exclude $1.8 million of intercompany\nmanagement fees earned from managing the assets of Ability Insurance Company\n(\"Ability\"), which increased $0.7 million, or approximately 7%, from $1.2\nmillion in 2025. Following the merger of Logan Ridge into Portman Ridge, Mount\nLogan introduced a new recurring revenue stream through a profit-sharing\nagreement with the majority owner of Sierra Crest Investment Management(3).\n* Fee-Related Earnings (“FRE”) for the Asset Management segment were $1.2\nmillion for the first quarter of 2026, down $1.0 million compared to $2.3\nmillion for the first quarter of 2025. This decrease primarily reflects the\ndecrease in management fees discussed above.\n* Total net investment income for the Insurance Solutions segment including\nnet investment income of consolidated variable interest entities (\"VIEs\") was\n$20.2 million for the first quarter of 2026, an increase of $1.4 million, or\n7%, compared to first quarter of 2025. Excluding the funds withheld assets\nunder reinsurance contracts and modified coinsurance (\"Modco\") arrangements,\nthe Insurance Solutions segment’s net investment income was $14.6 million,\nan increase of $0.3 million, or 2%, compared to the first quarter of 2025.\n* Achieved 6.8%(4) yield on the insurance investment portfolio for the first\nquarter of 2026. Excluding the funds withheld under reinsurance contracts and\nmodified coinsurance, the yield was 7.5%.\n* Spread-Related Earnings (“SRE”) for the Insurance Solutions segment was\n$2.0 million for the first quarter of 2026, compared to less than $0.1 million\nfor the first quarter of 2025.\n* Ability’s total assets managed by Mount Logan excluding the funds withheld\nassets under reinsurance contracts and Modco, were $699.4 million as of March\n31, 2026, an increase of $105.7 million from the first quarter of 2025. As of\nMarch 31, 2026, the Insurance Solutions segment held approximately $1.1\nbillion of total investment assets, an increase of $86.5 million from the\nfirst quarter of 2025. Including Modco assets, Mount Logan managed total\nassets of $891.2 million as of March 31, 2026, an increase of $249.0 million\ncompared to first quarter of 2025.\n* Book value of the insurance segment as of March 31, 2026 was $120.1 million,\na decrease of $2.0 million, compared to $122.1 million as of December 31,\n2025.\nStrategic Developments\nDuring the first quarter of 2026, the Company completed the following\nstrategic initiatives:\n* Completed Opportunistic Debt Re-financing: On January 26, 2026, Mount Logan\ncompleted a $40.0 million in aggregate principal amount senior unsecured notes\noffering where funds were used to partially repay outstanding indebtedness on\nthe Company's credit facility, with remaining funds available for general\ncorporate purposes.\n* Closed Tender Offer: On February 6, 2026, Mount Logan closed a $15.0 million\ntender offer to purchase approximately 12% of the Company's common stock\nissued and outstanding as of February 2, 2026.\n* Announced New Share Repurchase Program: On February 23, 2026, Mount Logan\nannounced that its Board of Directors authorized a $10.0 million share\nrepurchase program through December 31, 2027, where repurchases may be made\nfrom time to time using a variety of methods, which may include open market\npurchases, privately negotiated transactions, or by other means in accordance\nwith applicable securities laws and subject to market conditions and other\nfactors.\nYieldstreet Managed-Fund Transaction\n* As previously announced, Mount Logan–managed Opportunistic Credit Interval\nFund (“SOFIX”) signed a definitive agreement to acquire $100+ million of\nassets from Yieldstreet Alternative Income Fund Inc. (“YS AIF”) during the\nfirst quarter of 2026.\n* Mount Logan currently estimates, on a full-year basis, the transaction will\nincrease FRE by $2.8 million(5) or more.\n* Mount Logan’s total cost inclusive of its definitive transition services\nagreement with YS AIF’s advisor is expected to make the transaction\nimmediately accretive to Mount Logan.\n* YS AIF and SOFIX investors gain access to a larger investment vehicle with\ngreater scale, economic efficiency and increased portfolio diversification.\n* Transaction currently expected to close by third quarter 2026, subject to\nregulatory and YS AIF shareholder approvals.\nSubsequent Events\n* Declared a stockholder quarterly distribution in the amount of $0.03 per\nshare of common stock for the quarter ended March 31, 2026, payable on June\n10, 2026 to stockholders of record at the close of business on May 26, 2026.\nThis cash dividend marks the third consecutive quarter of the Company issuing\na $0.03 distribution to its stockholders following the closing of the Business\nCombination.\nSelected Financial Highlights\n* Total capital of the Company was $177.2 million at March 31, 2026, a\ndecrease of $8.1 million as compared to December 31, 2025. Total capital\nconsists of debt obligations and total shareholders’ equity.\n* Consolidated net loss before taxes was $6.0 million for the first quarter of\n2026, compared with a loss of $6.7 million for the first quarter of 2025. Net\nloss position improved as expenses declined.\n* Consolidated basic loss per share (“EPS”) was $0.51 for the first\nquarter of 2026, compared to $1.02 for the first quarter of 2025.\nConference Call and Webcast Details\nMount Logan will hold a conference call to discuss its quarterly results on\nFriday, May 15, 2026 at 1:00 p.m. ET. Participants may access the conference\ncall via webcast using this Webcast Link\n(https://www.globenewswire.com/Tracker?data=K5fNBoFkzh3MkCipsOGIjWlh4wfZ1ExSTnhQRr7j4bfbEPqthCQDB-JaMpajCB7R9JckvskHvlJqiI3Cy5RzG0HkzUv9uHUep8lDE7Ov81WhEyX8QTh66pdL6KEJGhXP).\nTo participate via telephone, please register in advance using this\nRegistration Link\n(https://www.globenewswire.com/Tracker?data=1YbbGIE7ly3zESe2if4ERZbmUsGzvO5JVpX1GkyVAfYtY9dxJUMdJjqKV9yagzoudDONy3DZ72vTIy2H-m9EcIrf8LbjMaVu0juxYjwlgh1c4hBABLBqE9eeRrujnF_f7IJiW4lRDcTgF1cX3ZQ0MetCK5eHWdDEIzfrMEWHImI=).\nUpon registration, all telephone participants will receive a one-time\nconfirmation email detailing how to join the conference call, including the\ndial-in number along with a unique PIN that can be used to access the call.\nAll participants are encouraged to dial in 10 minutes prior to the start time.\nA replay of the conference call and webcast will be available on-demand via\nthe Company’s investor relations webpage at https://ir.mountlogan.com/ for\n12 months.\n\nResults of Operations by Segment\n\n                                                                                                                                                                Three months ended March 31,                                                           \n                                                                                                                                                                     2026                   2025              Change ($)               Change (%)      \n                                                                                                                                                                                                                                                       \n REVENUES                                                                                                                                                                                                                                              \n Asset Management                                                                                                                                                                                                                                      \n Management fees                                                                                                                                                $    1,639             $    3,240             $     (1,601  )          -49     %       \n Incentive fees                                                                                                                                                      394                    299                     95                 32      %       \n Advisory and transaction fees, net                                                                                                                                  66                     —                       66                 NM              \n Equity investment earning                                                                                                                                           362                    282                     80                 28      %       \n                                                                                                                                                                     2,461                  3,821                   (1,360  )          -36     %       \n Insurance Solutions                                                                                                                                                                                                                                   \n Net Premiums                                                                                                                                                        (4,244  )              (4,013  )               (231    )          6       %       \n Product charges                                                                                                                                                     118                    860                     (742    )          -86     %       \n Net investment income                                                                                                                                               16,676                 14,951                  1,725              12      %       \n Net gains (losses) from investment activities                                                                                                                       (5,014  )              1,472                   (6,486  )          -441    %       \n Net revenues of consolidated variable interest entities                                                                                                             (133    )              3,633                   (3,766  )          -104    %       \n Net investment income (loss) on funds withheld                                                                                                                      614                    (5,750  )               6,364              -111    %       \n Other income                                                                                                                                                        169                    76                      93                 122     %       \n                                                                                                                                                                     8,186                  11,229                  (3,043  )          -27     %       \n Total revenues                                                                                                                                                 $    10,647            $    15,050            $     (4,403  )          -29     %       \n EXPENSES                                                                                                                                                                                                                                              \n Asset Management                                                                                                                                                                                                                                      \n Administration and servicing fees                                                                                                                                   3,639                  1,237                   2,402              194     %       \n Transaction costs                                                                                                                                                   82                     4,545                   (4,463  )          -98     %       \n Compensation and benefits                                                                                                                                           211                    2,380                   (2,169  )          -91     %       \n Amortization and impairment of intangible assets                                                                                                                    444                    910                     (466    )          -51     %       \n Interest and other credit facility expenses                                                                                                                         2,005                  1,946                   59                 3       %       \n General, administrative and other                                                                                                                                   3,008                  1,723                   1,285              75      %       \n                                                                                                                                                                     9,389                  12,741                  (3,352  )          -26     %       \n                                                                                                                                                                                                                                                       \n Insurance Solutions                                                                                                                                                                                                                                   \n Net policy benefit and claims (remeasurement gain on policy liabilities of $4,459 and $81 for the three months ended March 31, 2026 and 2025, respectively)         (2,635  )              1,793                   (4,428  )          -247    %       \n Interest sensitive contract benefits                                                                                                                                4,289                  3,818                   471                12      %       \n Amortization of deferred acquisition costs                                                                                                                          708                    555                     153                28      %       \n Compensation and benefits                                                                                                                                           —                      244                     (244    )          -100    %       \n Interest expense                                                                                                                                                    400                    328                     72                 22      %       \n General, administrative and other (including related party amounts of $1,672 and $1,732 for the three months ended March 31, 2026 and 2025, respectively)           4,261                  3,686                   575                16      %       \n                                                                                                                                                                     7,023                  10,424                  (3,401  )          -33     %       \n Total expenses                                                                                                                                                 $    16,412            $    23,165            $     (6,753  )          -29     %       \n Investment and other income (Loss) - Asset Management                                                                                                                                                                                                 \n Net gains (losses) from investment activities                                                                                                                       (351    )              841                     (1,192  )          -142    %       \n Dividend income                                                                                                                                                     60                     38                      22                 58      %       \n Interest income                                                                                                                                                     384                    268                     116                43      %       \n Other income (loss), net                                                                                                                                            174                    299                     (125    )          -42     %       \n Loss on extinguishment of debt                                                                                                                                      (472    )              —                       (472    )          NM              \n Total investment and other income (loss)                                                                                                                            (205    )              1,446                   (1,651  )          -114    %       \n Income (loss) before taxes                                                                                                                                     $    (5,970  )         $    (6,669  )         $     699                -10     %       \n Income tax (expense) benefit — Asset Management                                                                                                                     —                      (36     )               36                 -100    %       \n Net income (loss)                                                                                                                                              $    (5,970  )         $    (6,705  )         $     735                -11     %       \n\nNote: “NM” denotes not meaningful.\n\nNon-GAAP Financial Measures\n\nIn this release, the Company includes FRE and SRE, which are non-GAAP\nperformance measures that the Company uses to supplement its results presented\nin accordance with U.S. generally accepted accounting principles (“GAAP”).\nAs required by the rules of the Securities and Exchange Commission\n(“SEC”), the Company has provided herein a reconciliation of the non-GAAP\nfinancial measures contained in this press release to the most directly\ncomparable measures under GAAP. The Company’s management believes FRE and\nSRE are useful in evaluating its operating performance and by providing these\nnon-GAAP measures, the Company’s management intends to provide investors,\nsecurities analysts and other interested parties with a meaningful, consistent\ncomparison of the Company’s profitability for the periods presented. These\nnon-GAAP measures are not intended to be a substitute for GAAP financial\nmeasure and, as calculated, may not be comparable to other similarly titled\nmeasures of performance of other companies in other industries or within the\nsame industry.\n\nAsset Management\n\nFee Related Earnings\n\nFRE is a non-GAAP financial measure used to assess the asset management\nsegment’s generation of profits from revenues that are measured and received\non a recurring basis and are not dependent on future realization events. The\nCompany calculates FRE as follows:\n\n($ in Thousands)\n\n                                       Three months ended March 31,                                                               \n                                              2026                         2025             Change ($)            Change (%)      \n Asset Management                                                                                                                 \n Management fees                       $      3,457                 $      4,407            $     (950    )       (22)%           \n Incentive fees                               394                          299                    95              32      %       \n Advisory and transaction fees, net           66                           —                      66              NM              \n Equity investment earnings                   362                          282                    80              28      %       \n Interest income¹                             268                          268                    —               —       %       \n Other fee-related income                     174                          —                      174             NM              \n Fee-related compensation                     (1,212  )                    (1,471  )              259             (18)%           \n Other operating expenses:                                                                                                        \n Administration and servicing fees            (1,359  )                    (733    )              (626    )       85      %       \n General, administrative and other            (914    )                    (772    )              (142    )       18      %       \n Fee related earnings                  $      1,236                 $      2,280            $     (1,044  )       (46) %          \n\nNote: “NM” denotes not meaningful.\n\n(1)   Represents interest income on a loan asset related to a fee\ngenerating vehicle\n\nInsurance\n\nSpread Related Earnings\n\nMount Logan uses SRE to assess the performance of the Insurance Solutions\nsegment. SRE is a component of Segment Income that is used to assess the\nperformance of the Insurance Solutions segment, excluding certain market\nvolatility, which consists of investment gains (losses), other income and\ncertain general, administrative & other expenses. For the Insurance Solutions\nsegment, SRE equals the sum of (i) the net investment earnings on Insurance\nSolutions segment’s net invested assets (excluding investment earnings on\nfunds held under reinsurance contracts and modified coinsurance agreement),\nless (ii) cost of funds (as described below), (iii) compensation and benefits,\n(iv) interest expense and (v) operating expenses.\n\nCost of funds includes liability costs associated with the crediting cost on\nmulti-year guaranteed annuity products (\"MYGA\") liabilities as well as other\nliability costs. Other liability costs include deferred acquisition cost\n(\"DAC\") amortization, the cost of liabilities associated with LTC, net of\nreinsurance, which includes change in reserves, premiums, actual claim\nexperience including related expenses and certain product charges related to\nMYGA.\n\nThe Company reconciles SRE to net income (loss) before tax from its insurance\nsegment activities, as follows:\n\n($ in Thousands)\n\n                                                        Three months ended March 31,                                                              \n                                                               2026                         2025             Change ($)           Change (%)      \n Insurance Solutions                                                                                                                              \n Net investment income and realized gain (loss), net    $      12,251                $      13,013           $     (762   )       (6)%            \n Cost of funds                                                 (6,488  )                    (9,319  )              2,831          (30)%           \n Compensation and benefits                                     —                            (244    )              244            (100)%          \n Interest expense                                              (400    )                    (328    )              (72    )       22      %       \n General, administrative and other                             (3,341  )                    (3,086  )              (255   )       8       %       \n Spread related earnings                                $      2,022                 $      36               $     1,986          5517    %       \n\nSRE was $2.0 million in the first quarter of 2026 compared to $36.0 thousand\nin 2025. The increase in SRE was primarily driven by lower cost of funds,\npartially offset by lower net investment income and realized gains (losses)\nand higher general, administrative and other expenses. Cost of funds decreased\nby $2.8 million, primarily driven by significant unfavorable experience\nadjustment in LTC business in 2025 compared to 2026, which was partially\noffset by increase in interest sensitive contract benefits and DAC\namortization from the assumption of the NSG MYGA block in the second quarter\nof 2025, Net investment income and realized gains (losses) decreased by $0.8\nmillion. Net investment income decreased due to lower treasury yields,\nincreased management fees and higher realized losses in 2026 compared to 2025.\nGeneral, administrative and other expenses increased by $0.3 million in 2026.\nThis increase was offset by decrease in compensation and benefits, as\ncompensation and benefit costs in 2026 were included within administrative\nfees under general, administrative and other expenses.\n\nNet Investment Spread\n\nThe following presents net investment spread for the insurance segment:\n\n                                                           Three months ended March 31,               \n                                                           2026             2025             Change   \n Net investment income and realized gain or (loss), net    1.56%            1.74%            (18)bps  \n Cost of funds¹                                            (1.39)%          (1.26)%          (13)bps  \n Net Investment spread                                     0.17 %           0.48 %           (31)bps  \n\n\n\n ((1))  (Excludes changes in future policy benefits liabilities of LTC line of business, to calculate net investment spread, which result from changes in actuarial assumptions and future cash flow projections.)  \n\nNet investment spread was 0.17% in the first quarter of 2026, a decrease of 31\nbasis points compared to 0.48% in the first quarter of 2025, primarily driven\nby a higher average net invested asset balance and lower net investment income\nand realized gain or (loss) and higher cost of funds in 2026 compared to 2025.\nNet investment income and realized gain or (loss) percent represents the\npercent of net investment income and realized gain (loss) over average net\ninvested assets. Net investment income and realized gain (loss) was 1.56% in\n2026, a decrease of 18 basis points compared to 1.74% in 2025, primarily\ndriven by higher average net invested assets (including cash on hand), lower\ntreasury yields, and higher realized losses on investment activities. Cost of\nfunds percent represents the percent of cost of funds over average net\ninvested assets. Cost of funds were higher in 2026 compared to 2025 primarily\ndriven by increase in interest sensitive contract benefits and DAC\namortization from the assumption of the NSG MYGA block in the second quarter\nof 2025.\n\nSegment Information\n\nSegment Income is a measure of profitability and has certain limitations in\nthat it does not take into account certain items included under U.S. GAAP.\nSegment Income is the sum of (i) Fee Related Earnings and (ii) Spread Related\nEarnings. The following presents a reconciliation of Net Income (loss)\nattributable to Mount Logan common shareholders to Segment Income:\n\n($ in Thousands)\n\n                                                             Three months ended March 31,                       \n                                                                    2026                         2025           \n Net income (loss)                                           $      (5,970  )             $      (6,705  )      \n Income tax (expense) benefit — Asset Management                    —                            (36     )      \n Income (loss) before taxes                                  $      (5,970  )             $      (6,669  )      \n Asset Management Adjustments:                                                                                  \n Intersegment management fee eliminations                           1,818                        1,167          \n Administration and servicing fees (1)                              1,067                        504            \n Transaction costs                                                  82                           4,545          \n Compensation and benefits (1)                                      31                           577            \n Equity-based compensation                                          180                          212            \n Amortization and impairment of intangible assets                   444                          910            \n Interest and other credit facility expenses                        2,005                        1,946          \n General, administrative and other (1)                              2,095                        951            \n Net gains (losses) from investment activities                      351                          (841    )      \n Dividend income                                                    (60     )                    (38     )      \n Interest income - bank interest                                    (116    )                    —              \n Other income (loss), net                                           —                            (299    )      \n Loss on extinguishment of debt                                     472                          —              \n Insurance Solutions Adjustments:                                                                               \n Equity-based compensation                                          —                            120            \n Net unrealized gains (losses) from investment activities           1,758                        (126    )      \n Other income                                                       (1      )                    (76     )      \n Intersegment management fee eliminations                           (1,818  )                    (1,167  )      \n General, administrative and other (2)                              920                          600            \n Segment Income                                              $      3,258                 $      2,316          \n\n\n\n ((1))  (Represents corporate overhead allocated to each segment.)                                                                                            \n ((2))  (Represents costs incurred by the insurance segment for purposes of U.S. GAAP reporting but not the day-to-day operations of the insurance company.)  \n\nLiquidity and Capital Resources\n\nAs of March 31, 2026, the Asset Management segment carried $90.8 million (par\nvalue) of borrowings outstanding, comprising $76.3 million at fixed rates and\n$14.5 million at floating rates. At the same date, the Asset Management\nsegment held $9.3 million of unrestricted cash and cash equivalents.\n\nAs of March 31, 2026, the Insurance Solutions segment reported $17.3 million\n(par value) of borrowings outstanding, including $14.3 million at fixed rates\nand $3.0 million at floating rates. Liquid assets, including high-quality\nassets that are marketable, can be pledged as security for borrowings, and can\nbe converted to cash in a time frame that meets liquidity and funding\nrequirements. As of March 31, 2026 and December 31, 2025, the total liquid\nassets of the Insurance Solutions segment were as follows:\n\n($ in Thousands)\n\n As of                                           March 31, 2026        December 31, 2025     \n Cash and cash equivalents (1)                   $         52,556      $          118,753    \n Restricted cash                                           10,975                 9,973      \n Investments                                               608,664                639,221    \n Receivable for investments sold                           8,193                  —          \n Accrued interest and dividend receivable (1)              13,797                 12,596     \n Total liquid assets                             $         694,185     $          780,543    \n\n\n\n ((1))  (Cash and cash equivalents and accrued interest & dividend receivable includes cash and cash equivalent and accrued interest of consolidated VIEs, respectively.)  \n\nInterest Rate Sensitivity\n\nThe Company owns debt assets that are exposed to interest rate sensitivity.\n\nThe following table summarizes the potential impact on net income of\nhypothetical base rate changes in interest rates within the Insurance\nSolutions segment assuming a parallel shift in the yield curve, with all other\nvariables remaining constant. The impact of interest rates sensitivity on the\nAsset Management segment is immaterial.\n\n As of                          March 31, 2026         December 31, 2025       \n 50 basis point increase (1)    $      704             $       653             \n 50 basis point decrease (1)    $      (704   )        $       (653    )       \n\n\n\n ((1))  (Losses are presented in brackets and gains are presented as positive numbers)  \n\nActual results may differ significantly from this sensitivity analysis. As\nsuch, the sensitivities should only be viewed as directional estimates of the\nunderlying sensitivities for the respective factors based on the assumptions\noutlined above.\n\nAbout Mount Logan Capital Inc.\n\nMount Logan Capital Inc. is an integrated alternative asset management and\ninsurance solutions firm focused on generating durable, fee-based revenue and\nlong-term value creation. The Company leverages differentiated investment\nstrategies alongside permanent insurance capital to deliver attractive,\nrisk-adjusted returns across market cycles.\n\nThrough its subsidiaries, Mount Logan Management LLC and Ability Insurance\nCompany, Mount Logan manages and invests across private and public credit\nmarkets in North America and operates an insurance platform that provides\nlong-duration liabilities to support its credit investment strategies. This\nintegrated platform is designed to provide stable earnings, downside\nprotection, and a low risk of principal impairment through the credit cycle.\n\nAs of March 31, 2026, Mount Logan Capital had over $2.1 billion in assets\nunder management.\n\nEstimates and Assumptions\n\nThis press release includes unaudited financial and business projections.\nThese projections, and their underlying assumptions, are inherently\nunpredictable and undue reliance should not be placed thereon.\n\nThese estimates reflect internal financial models that Mount Logan uses in\nconnection with its strategic planning and are based on numerous variables and\nassumptions made by Mount Logan’s management with respect to industry\nperformance, general business, economic, regulatory and financial conditions\nand other future events, as well as matters specific to Mount Logan’s\nbusinesses, all of which are difficult or impossible to predict accurately and\nmany of which are beyond the control of Mount Logan’s management. As a\nresult, these estimates constitute forward-looking statements and are subject\nto many risks and uncertainties that could cause actual results to differ\nmaterially from these projections. Please carefully consider “Cautionary\nStatement Regarding Forward-Looking Statements” below. There can be no\nassurance that these estimates will be realized or that actual results will\nnot be significantly different than projected.\n\nThe inclusion of these estimates in this press release should not be regarded\nas an indication that Mount Logan or any of its affiliates, advisors,\nofficers, directors or representatives considered or considers such estimates\nto be necessarily predictive of actual future events, and these estimates\nshould not be relied upon as such. The inclusion of these estimates herein\nshould not be deemed an admission or representation by Mount Logan that its\nmanagement views these estimates as material information.\n\nCertain of the estimates and projections set forth herein may be considered\nnon-GAAP financial measures, including FRE. There are limitations inherent in\nnon-GAAP financial measures, because they exclude charges and credits that are\nrequired to be included by generally accepted accounting principles in the\nUnited States (“GAAP”). Non-GAAP measures should not be considered in\nisolation from, or as a substitute for, financial information presented in\ncompliance with GAAP, and non-GAAP financial measures used by Mount Logan may\nnot be comparable with similarly titled amounts used by other companies. No\nreconciliation of these projected non-GAAP measures was created or used in\nconnection with preparing the estimates included herein. Reconciliations of\nhistorical non-GAAP measures to the most directly comparable GAAP measures are\nprovided elsewhere herein.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis press release, and oral statements made from time to time by\nrepresentatives of Mount Logan or SOFIX may contain statements of a\nforward-looking nature relating to future events within the meaning of\napplicable U.S. and Canadian securities laws. Forward-looking statements may\nbe identified by words such as “anticipates,” “believes,” “could,”\n“continue,” “estimate,” “expects,” “intends,” “will,”\n“should,” “may,” “plan,” “predict,” “project,”\n“would,” “forecasts,” “seeks,” “future,” “proposes,”\n“target,” “goal,” “objective,” “outlook” and variations of\nthese words or similar expressions (or the negative versions of such words or\nexpressions). Forward-looking statements are not statements of historical fact\nand reflect Mount Logan’s current views about future events. Such\nforward-looking statements include, without limitation, statements about the\nanticipated growth, profitability and scalability of the Company’s business;\nthe Company’s strategic objectives, model, approach and future activities;\nplanned capital raising and liquidity activities and the expected outcome of\nsuch activities; the expected timing and benefits of the transaction with\nYieldstreet Alternative Income Fund (“YS AIF”), the expected increase in\nFRE and accretive nature of the transaction with YS AIF, future financial and\noperating results, Mount Logan’s plans, objectives, expectations and\nintentions regarding our business strategy and plans, and other statements\nthat are not historical facts.\n\nThese forward-looking statements involve a number of risks, uncertainties\n(some of which are beyond the Company’s control) or other assumptions that\nmay cause actual results or performance to be materially different from those\nexpressed or implied by these forward-looking statements. These risks and\nuncertainties include, but are not limited to the inability to complete and\nrecognize the anticipated benefits of the transaction with YS AIF on the\nanticipated timeline or at all; purchase price adjustments, unexpected costs\nrelated to the transaction with YS AIF; the risk of litigation related to the\nBusiness Combination; variability in revenues, earnings, and cash flows and\nthe resulting impact on quarterly earnings trends and stock price volatility;\nthe intensity of competition in asset management and insurance markets and\nconstraints on the ability to execute growth strategies and maintain or\nincrease market share or margins; reliance on technology and information\nsystems, including third party and systems provided by BC Partners Advisors\nL.P. (“BCPA”), and risks related to cybersecurity, data integrity, and\noperational resilience; dependence on management’s assumptions, estimates,\nmodels, and judgment, and the risk that actual outcomes diverge materially\nfrom those assumptions; illiquidity of certain assets under management and\ninsurance investments, and the impact of limited liquidity on valuation,\nportfolio management, and capital allocation; dependence on access to\nfinancing markets and the availability, cost, and terms of capital and\nliquidity; risks associated with the use of hedging and other risk management\ninstruments, including costs, basis risk, counterparty exposure, and potential\nineffectiveness; adverse political, market, and economic conditions and their\neffects on investment performance, funding costs, client activity, and\npolicyholder behavior; dependence on BCPA and key BCPA personnel; actual and\npotential conflicts of interest arising from the relationship with BCPA;\nconcentration risk associated with managing a limited number of funds and\ninvestments; complexities and subjectivity in valuing illiquid assets,\nincluding model risk and sensitivity to assumptions; the heavily regulated\nnature of the insurance business; and the increased expenses and compliance\nrequirements associated with being a U.S. public company. No assurances can be\ngiven that the forward-looking statements contained in this press release will\noccur as projected, and actual results may differ materially from those\nprojected. Forward-looking statements are based on current expectations,\nestimates and assumptions that involve a number of risks and uncertainties,\nboth known and unknown, that could cause actual results to differ materially\nfrom those projected. Forward-looking statements are based on the estimates\nand opinions of management at the time the statements are made. Readers should\ncarefully review the statements set forth in the reports, which Mount Logan\nand SOFIX have filed or will file from time to time with the SEC or on SEDAR+\nand any risk factors contained in such reports, including the section titled\n“Risk Factors” in Mount Logan’s Annual Report on Form 10-K for the year\nended December 31, 2025, filed with the SEC on March 18, 2026. Should one or\nmore of these risks or uncertainties materialize, or should any of the\nassumptions prove incorrect, actual results may vary in material respects from\nthose projected in these forward-looking statements.\n\nMount Logan does not undertake any obligation, and expressly disclaims any\nobligation, to publicly update any forward-looking statement, whether as a\nresult of new information, future events or otherwise, except as required by\nlaw. Any discussion of past performance is not an indication of future\nresults. Investing in financial markets involves a substantial degree of risk.\nInvestors must be able to withstand a total loss of their investment. The\ninformation herein is believed to be reliable and has been obtained from\nsources believed to be reliable, but no representation or warranty is made,\nexpressed or implied, with respect to the fairness, correctness, accuracy,\nreasonableness or completeness of the information and opinions. The\ninformation contained on the website of Mount Logan is not incorporated by\nreference into this press release. Mount Logan is not responsible for the\ncontents of third-party websites.\n\nContacts:\nMount Logan Capital Inc.\n650 Madison Ave, Floor 3\nNew York City, NY 10022\nmlc.ir@mountlogan.com\n\nAndrew Berger\nSM Berger & Company\nandrew@smberger.com\n\n_____________________\n(1) FRE, SRE and Segment Income are a non-GAAP financial measures that the\nCompany believes provides valuable perspective on its business results. With\nrespect to FRE, SRE and Segment Income for completed periods, refer to tables\nelsewhere in this press release for a reconciliation to the comparable GAAP\nmeasure.\n(2) As discussed in Note 1 and Note 3 to our condensed consolidated financial\nstatements included in our Quarterly Report on Form 10-Q for the quarter ended\nMarch 31, 2026, on September 12, 2025, we completed a business combination\nwith 180 Degree Capital Corp. (the “Business Combination”). Therefore, our\nconsolidated financial results present the historical results of Mount Logan\nCapital Intermediate LLC (f/k/a Mount Logan Capital Inc) prior to September\n12, 2025, and those of the combined company on and subsequent to that date.\n(3) Sierra Crest Investment Management (\"SCIM\") is the manager of BCP\nInvestment Corporation (\"BCIC\"). SCIM previously served as the manager of\nPortman Ridge Finance Corporation, which during the third quarter of 2025\nmerged with Logan Ridge Finance Corporation and was renamed BCIC. Mount Logan\nowns a 24.99% stake in SCIM through a subsidiary.\n(4) The yield is calculated based on the net investment income less management\nfees paid to Mount Logan divided by the average of investments in financial\nassets for the current period and prior period. \n(5) Estimated FRE contribution from acquired assets based on current\nmanagement and incentive fee structure of SOFIX with $100 million in\nadditional assets. Actual contribution of the incentive fee portion of this\namount is dependent on performance and actual results may differ materially\nfrom these projections. See “Estimates and Assumptions” for additional\ninformation.\n\n                                                                                                                                                                                                                                           \n MOUNT LOGAN CAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                                                                                                                                                          \n                                                                                                                                                                                                                                           \n (in thousands, except per share data)                                                                                                                                               March 31, 2026             December 31, 2025          \n ASSETS                                                                                                                                                                                                                                    \n Asset Management                                                                                                                                                                                                                          \n Cash and cash equivalents                                                                                                                                                           $      9,348               $       14,999             \n Investments (including related party amounts of $25,292 and $25,423 at March 31, 2026 and December 31, 2025, respectively)                                                                 26,519                      29,298             \n Intangible assets                                                                                                                                                                          10,517                      10,961             \n Other assets (including related party amounts of $5,544 and $5,245 at March 31, 2026 and December 31, 2025, respectively)                                                                  12,908                      11,165             \n                                                                                                                                                                                            59,292                      66,423             \n Insurance Solutions                                                                                                                                                                                                                       \n Cash and cash equivalents                                                                                                                                                                  35,372                      88,723             \n Restricted cash                                                                                                                                                                            10,975                      9,973              \n Investments (including related party amounts of $19,030 and $20,867 at March 31, 2026 and December 31, 2025, respectively)                                                                 972,606                     956,808            \n Derivatives                                                                                                                                                                                —                           481                \n Assets of consolidated variable interest entities                                                                                                                                                                                         \n Cash and cash equivalents                                                                                                                                                                  17,184                      30,030             \n Investments                                                                                                                                                                                130,310                     120,680            \n Other assets                                                                                                                                                                               924                         955                \n Reinsurance recoverable                                                                                                                                                                    269,795                     272,918            \n Intangible assets                                                                                                                                                                          2,444                       2,444              \n Deferred acquisition costs                                                                                                                                                                 6,118                       6,791              \n Goodwill                                                                                                                                                                                   30,193                      30,193             \n Other assets                                                                                                                                                                               23,692                      14,299             \n                                                                                                                                                                                            1,499,613                   1,534,295          \n Total assets                                                                                                                                                                        $      1,558,905           $       1,600,718          \n LIABILITIES                                                                                                                                                                                                                               \n Asset Management                                                                                                                                                                                                                          \n Due to related parties                                                                                                                                                              $      12,786              $       11,844             \n Debt obligations                                                                                                                                                                           92,194                      76,250             \n Accrued expenses and other liabilities                                                                                                                                                     7,011                       9,515              \n                                                                                                                                                                                            111,991                     97,609             \n Insurance Solutions                                                                                                                                                                                                                       \n Future policy benefits                                                                                                                                                                     762,910                     781,881            \n Interest sensitive contract liabilities                                                                                                                                                    360,462                     363,981            \n Funds held under reinsurance contracts                                                                                                                                                     230,987                     237,143            \n Debt obligations                                                                                                                                                                           17,250                      17,250             \n Derivatives                                                                                                                                                                                1,792                       1,388              \n Accrued expenses and other liabilities                                                                                                                                                     6,077                       10,510             \n                                                                                                                                                                                            1,379,478                   1,412,153          \n Total liabilities                                                                                                                                                                          1,491,469                   1,509,762          \n                                                                                                                                                                                                                                           \n Commitments and Contingencies                                                                                                                                                                                                             \n EQUITY                                                                                                                                                                                                                                    \n Common shares, $0.001 par value, 150,000,000 shares authorized, 11,188,768 and 12,786,770 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively           11                          13                 \n Warrants                                                                                                                                                                                   1,426                       1,426              \n Additional paid-in-capital                                                                                                                                                                 161,663                     177,099            \n Retained earnings (accumulated deficit)                                                                                                                                                    (127,052   )                (120,746   )       \n Accumulated other comprehensive income (loss)                                                                                                                                              31,388                      33,164             \n Total equity                                                                                                                                                                               67,436                      90,956             \n Total liabilities and equity                                                                                                                                                        $      1,558,905           $       1,600,718          \n\n\n\n                                                                                                                                        \n MOUNT LOGAN CAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                               \n                                                                                                                                        \n                                                                              Three months ended March 31,                              \n (in thousands, except per share data)                                               2026                             2025              \n REVENUES                                                                                                                               \n Asset Management                                                                                                                       \n Management fees                                                              $      1,639                     $      3,240             \n Incentive fees                                                                      394                              299               \n Advisory and transaction fees, net                                                  66                               —                 \n Equity investment earning                                                           362                              282               \n                                                                                     2,461                            3,821             \n Insurance Solutions                                                                                                                    \n Net premiums                                                                        (4,244      )                    (4,013     )      \n Product charges                                                                     118                              860               \n Net investment income                                                               16,676                           14,951            \n Net gains (losses) from investment activities                                       (5,014      )                    1,472             \n Net revenues of consolidated variable interest entities                             (133        )                    3,633             \n Net investment income (loss) on funds withheld                                      614                              (5,750     )      \n Other income                                                                        169                              76                \n                                                                                     8,186                            11,229            \n Total revenues                                                                      10,647                           15,050            \n EXPENSES                                                                                                                               \n Asset Management                                                                                                                       \n Administration and servicing fees                                                   3,639                            1,237             \n Transaction costs                                                                   82                               4,545             \n Compensation and benefits                                                           211                              2,380             \n Amortization and impairment of intangible assets                                    444                              910               \n Interest and other credit facility expenses                                         2,005                            1,946             \n General, administrative and other                                                   3,008                            1,723             \n                                                                                     9,389                            12,741            \n Insurance Solutions                                                                                                                    \n Net policy benefit and claims                                                       (2,635      )                    1,793             \n Interest sensitive contract benefits                                                4,289                            3,818             \n Amortization of deferred acquisition costs                                          708                              555               \n Compensation and benefits                                                           —                                244               \n Interest expense                                                                    400                              328               \n General, administrative and other                                                   4,261                            3,686             \n                                                                                     7,023                            10,424            \n Total expenses                                                                      16,412                           23,165            \n Investment and other income (loss) - Asset Management                                                                                  \n Net gains (losses) from investment activities                                       (351        )                    841               \n Dividend income                                                                     60                               38                \n Interest income                                                                     384                              268               \n Other income (loss), net                                                            174                              299               \n Loss on extinguishment of debt                                                      (472        )                    —                 \n Total investment and other income (loss)                                            (205        )                    1,446             \n Income (loss) before taxes                                                          (5,970      )                    (6,669     )      \n Income tax (expense) benefit — Asset Management                                     —                                (36        )      \n Net income (loss)                                                            $      (5,970      )             $      (6,705     )      \n Earnings per share                                                                                                                     \n Net income (loss) attributable to common shareholders - Basic and Diluted    $      (0.51       )             $      (1.02      )      \n Weighted average shares outstanding – Basic and Diluted                             11,795,911                       6,575,165         \n\n\n\n                                                                                                                                       \n MOUNT LOGAN CAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)                                             \n                                                                                                                                       \n                                                                                    Three months ended March 31,                       \n (in thousands, except per share data)                                                     2026                         2025           \n Net income (loss)                                                                  $      (5,970  )             $      (6,705  )      \n Other comprehensive income (loss), before tax:                                                                                        \n Unrealized investment gains (losses) on available-for-sale securities                     (4,224  )                    2,604          \n Unrealized gains (losses) on hedging instruments                                          (885    )                    3,328          \n Remeasurement gains (losses) on future policy benefits related to discount rate           3,333                        (5,143  )      \n Other comprehensive income (loss), before tax                                             (1,776  )                    789            \n Income tax expense (benefit) related to other comprehensive income (loss)                 —                            —              \n Other comprehensive income (loss)                                                         (1,776  )                    789            \n Comprehensive income (loss)                                                        $      (7,746  )             $      (5,916  )      \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6f922dad-c291-4451-9f03-da3df14cd53e)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-14T20:20:00.656501022Z","server_sent_at_ms":1778790000656},"received_at":"2026-05-14T20:20:00.721Z","source_url":"https://www.globenewswire.com/news-release/2026/05/14/3295410/10573/en/Mount-Logan-Capital-Inc-Announces-First-Quarter-2026-Financial-Results.html"},"analysis":{"id":"25173","press_release_id":"35726","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":["GAAP revenue declined 29% YoY, driven by termination of Logan Ridge agreement and one-time items","Fee-Related Earnings (FRE) declined 46% YoY, indicating weakness in the asset management segment","Net investment spread narrowed by 31 basis points to 0.17%, pressuring insurance margins"],"eventType":"earnings","narrative":"Mount Logan Capital reported Q1 2026 GAAP net loss of $0.51 per share, an improvement from $1.02 in the prior year, driven by lower expenses and improved insurance segment performance.\n\nNon-GAAP Segment Income rose 41% year-over-year to $3.3 million, highlighting the strength of the insurance book (SRE up to $2.0M) despite a 46% decline in Asset Management Fee-Related Earnings.\n\nThe company executed significant capital management actions: completing a $40M debt refinancing, closing a $15M tender offer, authorizing a new $10M buyback program, and declaring a $0.03 quarterly dividend.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"MLCI Q1: GAAP loss narrows significantly while Segment Income surges 41%; company returns capital via buyback and dividend despite asset management headwinds."},"keyFigures":{"revenue":10647000,"guidance":"None explicitly stated for full year; Q2 distribution declared at $0.03/share.","revenueYoy":"-29%","customDimensions":{"aum":2100000000,"fre":1236000,"sre":2022000,"fre_yoy":"-46%","sre_yoy":"5517%","total_capital":177200000,"segment_income":3258000,"debt_refinancing":40000000,"dividend_per_share":0.03,"segment_income_yoy":"41%","buyback_authorization":10000000,"tender_offer_completed":15000000}},"quotedText":"The first quarter of 2026 reflected the successful execution against our near-term strategic priorities, as we continued to invest across our platform, strengthen our leadership team, acquire and expand core recurring revenue streams, and improve profitability.","namedEntities":{"people":[{"name":"Ted Goldthorpe","role":"CEO and Chairman"}],"products":["Opportunistic Credit Interval Fund (SOFIX)","Yieldstreet Alternative Income Fund"],"companies":[{"name":"Mount Logan Capital Inc.","ticker":"MLCI"},{"name":"Ability Insurance Company","relationship":"subsidiary"},{"name":"Yieldstreet Alternative Income Fund Inc.","ticker":"YS AIF","relationship":"transaction partner"},{"name":"Sierra Crest Investment Management","relationship":"partner"},{"name":"BC Partners Advisors L.P.","relationship":"advisor"}],"dollarAmounts":[{"amount":"$1.2 million","context":"Q1 2026 Fee-Related Earnings (FRE)"},{"amount":"$2.0 million","context":"Q1 2026 Spread-Related Earnings (SRE)"},{"amount":"$3.3 million","context":"Q1 2026 Segment Income"},{"amount":"$100+ million","context":"Assets acquired from Yieldstreet Alternative Income Fund"},{"amount":"$120 million","context":"New managed assets added in March 2026"},{"amount":"$0.03","context":"Quarterly distribution per share"},{"amount":"$40.0 million","context":"Senior unsecured notes offering"},{"amount":"$15.0 million","context":"Tender offer to purchase common stock"},{"amount":"$10.0 million","context":"New share repurchase program authorization"},{"amount":"$2.1 billion","context":"Total assets under management"},{"amount":"$177.2 million","context":"Total capital"},{"amount":"$6.0 million","context":"Consolidated net loss before taxes"},{"amount":"$0.51","context":"Basic loss per share"}]},"materialImpact":{"score":3,"reasoning":"Q1 results show improved profitability via non-GAAP Segment Income (+41% YoY) and GAAP net loss narrowing ($0.51 vs $1.02 EPS loss). However, GAAP revenue declined 29% YoY due to one-time items and fee reductions. The release includes significant strategic updates: a $40M debt refinancing, a $15M tender offer completion, a new $10M buyback authorization, and a $0.03 dividend declaration. The mix of operational improvement and capital return actions warrants a moderate score."},"tickerRelevance":{"others":[],"primary":"MLCI"},"globalImportance":25,"audienceRelevance":15,"eventTypeSecondary":["dividend","buyback","debt_offering"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"earnings_beat_mixed","sectorWeight":"financials","householdBrandBoost":0,"marketCapAdjustment":"low","retailFavoriteBoost":0}},"event_type":"earnings","event_type_secondary":["dividend","buyback","debt_offering"],"sentiment":"bullish","material_impact_score":3,"narrative":"Mount Logan Capital reported Q1 2026 GAAP net loss of $0.51 per share, an improvement from $1.02 in the prior year, driven by lower expenses and improved insurance segment performance.\n\nNon-GAAP Segment Income rose 41% year-over-year to $3.3 million, highlighting the strength of the insurance book (SRE up to $2.0M) despite a 46% decline in Asset Management Fee-Related Earnings.\n\nThe company executed significant capital management actions: completing a $40M debt refinancing, closing a $15M tender offer, authorizing a new $10M buyback program, and declaring a $0.03 quarterly dividend.","key_figures":{"revenue":10647000,"guidance":"None explicitly stated for full year; Q2 distribution declared at $0.03/share.","revenueYoy":"-29%","customDimensions":{"aum":2100000000,"fre":1236000,"sre":2022000,"fre_yoy":"-46%","sre_yoy":"5517%","total_capital":177200000,"segment_income":3258000,"debt_refinancing":40000000,"dividend_per_share":0.03,"segment_income_yoy":"41%","buyback_authorization":10000000,"tender_offer_completed":15000000}},"named_entities":{"people":[{"name":"Ted Goldthorpe","role":"CEO and Chairman"}],"products":["Opportunistic Credit Interval Fund (SOFIX)","Yieldstreet Alternative Income Fund"],"companies":[{"name":"Mount Logan Capital Inc.","ticker":"MLCI"},{"name":"Ability Insurance Company","relationship":"subsidiary"},{"name":"Yieldstreet Alternative Income Fund Inc.","ticker":"YS AIF","relationship":"transaction partner"},{"name":"Sierra Crest Investment Management","relationship":"partner"},{"name":"BC Partners Advisors L.P.","relationship":"advisor"}],"dollarAmounts":[{"amount":"$1.2 million","context":"Q1 2026 Fee-Related Earnings (FRE)"},{"amount":"$2.0 million","context":"Q1 2026 Spread-Related Earnings (SRE)"},{"amount":"$3.3 million","context":"Q1 2026 Segment Income"},{"amount":"$100+ million","context":"Assets acquired from Yieldstreet Alternative Income Fund"},{"amount":"$120 million","context":"New managed assets added in March 2026"},{"amount":"$0.03","context":"Quarterly distribution per share"},{"amount":"$40.0 million","context":"Senior unsecured notes offering"},{"amount":"$15.0 million","context":"Tender offer to purchase common stock"},{"amount":"$10.0 million","context":"New share repurchase program authorization"},{"amount":"$2.1 billion","context":"Total assets under management"},{"amount":"$177.2 million","context":"Total capital"},{"amount":"$6.0 million","context":"Consolidated net loss before taxes"},{"amount":"$0.51","context":"Basic loss per share"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-14T20:41:13.032Z","global_importance":25,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"earnings_beat_mixed","sectorWeight":"financials","householdBrandBoost":0,"marketCapAdjustment":"low","retailFavoriteBoost":0}},"durationMs":78071,"modelName":"george-droid-qwen-72b"}}