Mount Logan Capital Inc. Common Stock Q4 FY2025 earnings call

• 2025 was transformational with business combination, re-domiciliation to US, listing on NASDAQ. • Focused on scaling BDC ecosystem, including investments in Runway Growth Capital and mergers of BDCs. • Made significant investments in Ability Insurance Company to expand insurance capabilities. • Announced Yieldstreet transaction expected to drive AUM growth and increase FRE. • Completed bond offering, tender offer, and signed expanded managed account agreement.

Asset Management Segment: Fourth quarter 2025 revenue, including investment income, was $2.6 million vs $3.8 million prior year; full year revenue, including investment income, was $21.5 million, up 44% y-o-y. Management fees down 14% y-o-y, incentive fees down 50% y-o-y. Insurance Solutions: Fourth quarter 2025 net investment income was $14.8 million, down 21% from prior year; full year net investment income was $79 million, down 15% y-o-y. Recognized $25 million goodwill impairment related to legacy long-term care block.

• Expect FRE and SRE to improve in 2026. • The Yieldstreet deal is expected to lead to material FRE growth, with impact seen in second half of 2026. • Expect to be active on M&A front with inorganic growth opportunities. • Plan to see SRE benefit from insurance side in second half of 2026.

Q: FRE numbers have been lower, when will growth resume?

A: Expect growth this year with Vista Life mandate and Yieldstreet deal.

Q: How does Yieldstreet deal impact FRE?

A: Leads to nice bump in FRE on run rate basis, impact seen in second half of 2026.

Q: Thoughts on macro and competitive environment?

A: Portfolio in good shape, private lending still competitive.

Q: How much does Yieldstreet deal impact FRE?

A: Immediate 30% accretion to FRE on run rate basis.

Q: Capital contributed to Ability?

A: Injected capital from 180 degree deal, expect SRE benefit in second half of 2026.

Q: Credit quality and AI risk?

A: Diversified portfolios, underweight software, haven't seen weakness in portfolio yet.

Q: Timeline for insurance direct writing?

A: Expect to get rating in next four or six weeks, start direct writing in third quarter.

Q: Dividend policy?

A: Prioritize growing FRE vs returning capital, reassess dividend as FRE scales