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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 001-42813

_________________________

MOUNT LOGAN CAPITAL INC.

(Exact name of registrant as specified in its charter)

_________________________


Delaware						33-2698952
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

650 Madison Ave, 3rd Floor New York, New York						10022
(Address of Principal Executive Offices)						(Zip Code)

(212) 891-2880

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	MLCI	The Nasdaq Stock Market LLC
8.00% Senior Notes Due 2031	MLCIL	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☒

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 14, 2026, the registrant had 11,188,768 shares of Common Stock outstanding.

Table of Contents


Cautionary Note Regarding Forward-Looking Statements			4
Part I - Financial Information			6
Item 1. Financial Statements			6
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)			7
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)			8
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)			9
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)			10
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)			11
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)			13
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			64
Item 3. Quantitative and Qualitative Disclosures about Market Risk			95
Item 4. Controls and Procedures			95
PART II - Other Information			96
Item 1. Legal Proceedings			96
Item 1A. Risk Factors			97
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			97
Item 3. Defaults Upon Senior Securities			97
Item 4. Mine Safety Disclosures			97
Item 5. Other Information			97
Item 6. Exhibits			98
SIGNATURES			99

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Forward-looking statements reflect the Company’s current views with respect to, among other things, capital resources, portfolio performance and results of operations. Likewise, the Company’s condensed consolidated financial statements and statements regarding anticipated growth in its operations, anticipated market conditions, demographics and results of operations are forward-looking statements. In some cases, you can identify these forward-looking statements by the use of terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from those in the forward-looking statements. Some factors that could cause the Company’s actual results to differ include:

•the risk that any synergies from the Business Combination (as defined herein) may not be fully realized or may take longer to realize than expected;

•the risk of litigation related to the Business Combination;

•variability in revenues, earnings, and cash flows and the resulting impact on quarterly earnings trends and stock price volatility;

•the intensity of competition in asset management and insurance markets and constraints on the ability to execute growth strategies and maintain or increase market share or margins;

•reliance on technology and information systems, including third party and systems provided by BC Partners Advisors L.P. (“BCPA”), and risks related to cybersecurity, data integrity, and operational resilience;

•dependence on management’s assumptions, estimates, models, and judgment, and the risk that actual outcomes diverge materially from those assumptions;

•illiquidity of certain assets under management and insurance investments, and the impact of limited liquidity on valuation, portfolio management, and capital allocation;

•dependence on access to financing markets and the availability, cost, and terms of capital and liquidity;

•risks associated with the use of hedging and other risk management instruments, including costs, basis risk, counterparty exposure, and potential ineffectiveness;

•adverse political, market, and economic conditions and their effects on investment performance, funding costs, client activity, and policyholder behavior;

•dependence on BCPA and key BCPA personnel;

•actual and potential conflicts of interest arising from the relationship with BCPA;

•concentration risk associated with managing a limited number of funds and investments;

•complexities and subjectivity in valuing illiquid assets, including model risk and sensitivity to assumptions;

•the heavily regulated nature of the insurance business; and

•the increased expenses and compliance requirements associated with being a U.S. public company.

These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the section entitled “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Unless the context otherwise requires, (i) all references in this Quarterly Report on Form 10-Q following the closing of the Business Combination on September 12, 2025 to “we,” “us,” “our,” the “Company,” and “Mount Logan” refer to

Mount Logan Capital Inc. (formerly, Yukon New Parent, Inc.), as the registrant, and its consolidated subsidiaries and (ii) all references prior to the closing refer to Legacy Mount Logan (as defined herein). The Mount Logan logo and our other registered or common law trademarks, service marks, or trade names appearing in this Quarterly Report on Form 10-Q are the property of Mount Logan Capital Inc. Other trade names, trademarks, and service marks used in this Quarterly Report on Form 10-Q are the property of their respective owners.

Part I - Financial Information

Item 1. Financial Statements

MOUNT LOGAN CAPITAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)


(in thousands, except per share data)	March 31, 2026		December 31, 2025
ASSETS
Asset Management
Cash and cash equivalents	$	9,348	$	14,999
Investments (including related party amounts of $25,292 and $25,423 at March 31, 2026 and December 31, 2025, respectively)	26,519		29,298
Intangible assets	10,517		10,961
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
	59,292		66,423
Insurance Solutions
Cash and cash equivalents	35,372		88,723
Restricted cash	10,975		9,973
Investments (including related party amounts of $19,030 and $20,867 at March 31, 2026 and December 31, 2025, respectively)	972,606		956,808
Derivatives	—		481
Assets of consolidated variable interest entities
Cash and cash equivalents	17,184		30,030
Investments	130,310		120,680
Other assets	924		955
Reinsurance recoverable	269,795		272,918
Intangible assets	2,444		2,444
Deferred acquisition costs	6,118		6,791
Goodwill	30,193		30,193
Other assets	23,692		14,299
	1,499,613		1,534,295
Total assets	$	1,558,905	$	1,600,718
LIABILITIES
Asset Management
Due to related parties	$	12,786	$	11,844
Debt obligations	92,194		76,250
Accrued expenses and other liabilities	7,011		9,515
	111,991		97,609
Insurance Solutions
Future policy benefits	762,910		781,881
Interest sensitive contract liabilities	360,462		363,981
Funds held under reinsurance contracts	230,987		237,143
Debt obligations	17,250		17,250
Derivatives	1,792		1,388
Accrued expenses and other liabilities	6,077		10,510
	1,379,478		1,412,153
Total liabilities	$	1,491,469	$	1,509,762

Commitments and Contingencies (See Note 24)
EQUITY
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
Warrants	1,426		1,426
Additional paid-in-capital	161,663		177,099
Retained earnings (accumulated deficit)	(127,052)		(120,746)
Accumulated other comprehensive income (loss)	31,388		33,164
Total equity	67,436		90,956
Total liabilities and equity	$	1,558,905	$	1,600,718

See accompanying notes to the condensed consolidated financial statements (unaudited).

MOUNT LOGAN CAPITAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three months ended March 31,
(in thousands, except per share data)		2026		2025
REVENUES
Asset Management
Management fees		$	1,639	$	3,240
Incentive fees		394		299
Advisory and transaction fees, net		66		—
Equity investment earning		362		282
		2,461		3,821
Insurance Solutions
Net premiums		(4,244)		(4,013)
Product charges		118		860
Net investment income		16,676		14,951
Net gains (losses) from investment activities		(5,014)		1,472
Net revenues of consolidated variable interest entities		(133)		3,633
Net investment income (loss) on funds withheld		614		(5,750)
Other income		169		76
		8,186		11,229
Total revenues		10,647		15,050
EXPENSES
Asset Management
Administration and servicing fees		3,639		1,237
Transaction costs		82		4,545
Compensation and benefits		211		2,380
Amortization and impairment of intangible assets		444		910
Interest and other credit facility expenses		2,005		1,946
General, administrative and other		3,008		1,723
		9,389		12,741
Insurance Solutions
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
Interest sensitive contract benefits		4,289		3,818
Amortization of deferred acquisition costs		708		555
Compensation and benefits		—		244
Interest expense		400		328
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

		7,023		10,424
Total expenses		16,412		23,165
Investment and other income (loss) - Asset Management
Net gains (losses) from investment activities		(351)		841
Dividend income		60		38
Interest income		384		268
Other income (loss), net		174		299
Loss on extinguishment of debt		(472)		—

Total investment and other income (loss)		(205)		1,446
Income (loss) before taxes		(5,970)		(6,669)
Income tax (expense) benefit — Asset Management		—		(36)
Net income (loss)		$	(5,970)	$	(6,705)
Earnings per share
Net income (loss) attributable to common shareholders - Basic and Diluted		$	(0.51)	$	(1.02)

Weighted average shares outstanding – Basic and Diluted		11,795,911		6,575,165

MOUNT LOGAN CAPITAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three months ended March 31,
(in thousands, except per share data)		2026		2025

Net income (loss)		$	(5,970)	$	(6,705)
Other comprehensive income (loss), before tax:
Unrealized investment gains (losses) on available-for-sale securities		(4,224)		2,604
Unrealized gains (losses) on hedging instruments		(885)		3,328
Remeasurement gains (losses) on future policy benefits related to discount rate		3,333		(5,143)
Other comprehensive income (loss), before tax		(1,776)		789
Income tax expense (benefit) related to other comprehensive income (loss)		—		—
Other comprehensive income (loss)		(1,776)		789
Comprehensive income (loss)		$	(7,746)	$	(5,916)

See accompanying notes to the condensed consolidated financial statements (unaudited).

MOUNT LOGAN CAPITAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(in thousands, except for number of shares)


Three months ended March 31, 2026	Number of Voting Common Shares	Par Value of Common Shares		Warrants		Additional Paid in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (loss)		Total Equity










Balance at January 1, 2026	12,786,770	$	13	$	1,426	$	177,099	$	(120,746)	$	33,164	$	90,956


Equity based compensation	(7,401)	—		—		—		—		—		—

Common shares repurchased	(1,590,601)	(2)		—		(15,436)		—		—		(15,438)
Shareholder dividends ($0.03 per share)	—	—		—		—		(336)		—		(336)
Net income (loss)	—	—		—		—		(5,970)		—		(5,970)
Other comprehensive income (loss)	—	—		—		—		—		(1,776)		(1,776)
Balance at March 31, 2026	11,188,768	$	11	$	1,426	$	161,663	$	(127,052)	$	31,388	$	67,436


Three Months Ended March 31, 2025	Number of Voting Common Shares	Par Value of Common Shares		Warrants		Additional Paid in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Equity








Balance at January 1, 2025	6,133,631	$	6	$	1,426	$	123,889	$	(58,279)	$	37,041	$	104,083
Issuance of warrants	637,880	1		—		4,999		—		—		5,000
Equity based compensation	4,101	—		—		378		—		—		378
Restricted Share Units release	14,231	—		—		(76)		—		—		(76)
Shareholder dividends ($0.06 per share)	—	—		—		—		(399)		—		(399)
Net income (loss)	—	—		—		—		(6,705)		—		(6,705)
Other comprehensive income (loss)	—	—		—		—		—		789		789
Balance at March 31, 2025	6,789,843	$	7	$	1,426	$	129,190	$	(65,383)	$	37,830	$	103,070

See accompanying notes to the condensed consolidated financial statements (unaudited).

MOUNT LOGAN CAPITAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three months ended March 31,
(in thousands)	2026		2025
Cash Flows from Operating Activities
Net income (loss)	$	(5,970)	$	(6,705)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net realized (gains) losses on investments	1,546		296

Net change in unrealized (gains) losses on investments	12,036		(1,332)
Net change in unrealized (gains) losses on foreign currency	—		(1)
Change in fair value of debt obligation	—		(968)
Payment in-kind interest	217		16
Equity investment earnings	(362)		(282)
Amortization of debt issuance costs	72		125
Amortization of deferred acquisition costs	708		555
Amortization of intangible assets	444		910

Net amortization of premiums and accretion of discounts on investments	(82)		18
Equity based compensation	—		302
Increase (decrease) in estimated credit losses	(4,540)		(42)
Write-off of unamortized debt issuance costs	472		—


(Increase) decrease in operating assets:

Reinsurance recoverable	(1,154)		1,869
Change in deferred acquisition costs	(35)		7
Distributions from equity method investments	652		475
Other assets	(2,942)		(496)
Other assets of consolidated VIEs	31		(41)
Purchases of investments by consolidated VIEs	(35,368)		(17,873)
Proceeds from sale of investments by consolidated VIEs	22,280		11,417
Increase (decrease) in operating liabilities:
Due to related parties	942		(1,476)
Future policy benefits	(11,361)		(5,715)
Interest sensitive contract liabilities	4,289		3,818
Funds held under reinsurance contracts	(6,156)		(1,547)
Accrued expenses and other liabilities	(121)		8,888
Net cash used in operating activities	$	(24,402)	$	(7,782)

Investing Activities
Purchases of investments	(141,741)		(38,757)

Proceeds from sales and repayments of investments	104,327		91,927
Net cash provided by (used in) investing activities	$	(37,414)	$	53,170

Financing Activities

Repurchase of common shares	(15,438)		—
Proceeds from borrowings of asset management business	40,000		—
Repayments of borrowings of asset management business	(23,500)		(500)
Financing costs paid and deferred	(2,284)		—
Proceeds from borrowings of insurance business	—		3,000

Withdrawals on investment-type policies and contracts	(7,808)		(11,259)
Net cash provided by (used in) financing activities	$	(9,030)	$	(8,759)


Net increase (decrease) in cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs	(70,846)		36,629
Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, beginning of the period	143,725		101,705
Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, end of period	$	72,879	$	138,334


	Three months ended March 31,
(in thousands)	2026		2025
Cash, cash equivalents, restricted cash and cash and cash equivalents of consolidated VIEs
Asset Management
Cash and cash equivalents	9,348		2,563
Total Asset Management	9,348		2,563
Insurance Solutions
Cash and cash equivalents	35,372		104,522
Restricted cash	10,975		12,526
Cash and cash equivalents of consolidated VIEs	17,184		18,723
Total Insurance Solutions	63,531		135,771
Total cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs	$	72,879	$	138,334

Supplemental disclosures of cash flow information
Interest received	20,548		20,810
Interest paid	2,203		2,836
Dividends received	246		404
Income taxes paid	19		37

Supplemental Disclosures of Non-Cash Investing and Financing Activities

Issuance of common shares for vested Restricted Share Units	—		209
Issuance of common shares for investment purchases	—		5,000
Issuance of common shares for share based compensation	—		45

See accompanying notes to the condensed consolidated financial statements (unaudited).

MOUNT LOGAN CAPITAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(All amounts in thousands, except share and per share data, and except where noted)

Note 1. Organization

Mount Logan, together with its consolidated subsidiaries (the “Company”) is a diversified alternative asset management and insurance solutions platform. Our mission is to provide our investors access to a diversified and differentiated set of private market investment solutions to address their capital needs. Mount Logan conducts its business primarily in the United States through its two business segments: Asset Management and Insurance Solutions. Our Asset Management segment is conducted by Mount Logan Management LLC (“ML Management”), our SEC-registered investment adviser, which manages a significant portion of our Assets Under Management (“AUM”) across our various managed funds supported by permanent and semi-permanent capital bases. ML Management also directly manages the capital of our wholly-owned insurance company, Ability Insurance Company (“Ability”), for the benefit of policyholders. The Company’s Insurance Solutions segment is conducted by Ability, a Nebraska domiciled insurer, which specializes in reinsuring annuity products for the increasing number of individuals seeking to fund retirement needs and represents all of our insurance solutions operations.

On September 12, 2025 (the “Closing Date”), the Company completed a business combination pursuant to an Agreement and Plan of Merger, dated as of January 16, 2025 and amended as of July 6, 2025 and August 17, 2025 (the “Merger Agreement”) among the Company (formerly, Yukon New Parent, Inc.), Mount Logan Capital Inc., an insurance company and asset manager organized under the laws of the Province of Ontario (“Legacy Mount Logan”), and 180 Degree Capital Corp. (“TURN”), a New York corporation that was registered as a closed-end investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), Polar Merger Sub, Inc., a corporation organized under the laws of the State of New York and wholly owned subsidiary of the Company (“TURN Merger Sub”), and Moose Merger Sub, LLC, a limited liability company formed under the laws of the State of Delaware and a wholly owned subsidiary of the Company (“MLC Merger Sub”) wherein (i) TURN Merger Sub. merged with and into TURN, with TURN surviving as a wholly owned subsidiary of the Company, and (ii) MLC Merger Sub merged with and into Legacy Mount Logan, with Legacy Mount Logan surviving as a wholly owned subsidiary of the Company (collectively, the “Business Combination”). In connection with the Business Combination, Legacy Mount Logan was domesticated into a Delaware limited liability company and renamed “Mount Logan Capital Intermediate LLC.” Following the completion of the Business Combination, the Company changed its name to “Mount Logan Capital Inc.” and became a Nasdaq-traded public company. The Business Combination was accounted for as a reverse acquisition, with Legacy Mount Logan identified as the accounting acquirer, but the legal acquiree. Accordingly, our condensed consolidated financial statements present the historical results of Legacy Mount Logan prior to September 12, 2025, and those of the combined company subsequent to that date. Refer to Note 3. Business combinations for more information about the reverse acquisition and the financial reporting impacts.

Unless the context otherwise requires, all references to the “Company,” “Mount Logan,” or “we” refer to (i) the Company on or after the Closing Date, and (ii) Legacy Mount Logan prior to the Closing Date.

Note 2. Summary of significant accounting policies

Basis of presentation and Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements (“Condensed Consolidated Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain disclosures included in the annual audited Consolidated Financial Statements have been condensed or omitted as they are not required for interim Condensed Consolidated Financial Statements. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These Condensed Consolidated Financial Statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 19, 2026.

The Condensed Consolidated Financial Statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s Condensed Consolidated Financial Statements for the periods presented.

The results of the Company and its subsidiaries are presented on a consolidated basis. All intercompany transactions and balances are eliminated on consolidation.

The Company's Asset Management and Insurance Solutions segments possess distinct characteristics, and as a result are presented separately from each other. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial position and results of operations than an aggregated presentation and that reporting insurance solutions separately is appropriate given, among other factors, the relative significance of Ability's policy liabilities, which do not provide recourse to the remaining assets of Mount Logan.

For a summary of our significant accounting policies, see Note 2. Summary of significant accounting policies included in our Annual report on Form 10-K for the year ended December 31, 2025. During the three months ended March 31, 2026, there were no material updates to our significant accounting policies.

The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid per share and all references to share quantities of the Company have been retrospectively adjusted to reflect the Company’s existing capital structure post merger with TURN. Refer to Note 3. Business combinations for further detail.

Due to rounding, numbers presented throughout these Condensed Consolidated Financial Statements may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Recently issued accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures. This ASU requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU requires presentation in a tabular format of each pertinent expense category on the face of the income statement, such as employee compensation, depreciation, amortization of intangible assets, and other applicable expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Clarifying the Effective Date. ASU 2024-03 will be effective for public business entities for annual reporting periods beginning after December 15, 2026 (for all other entities - December 15, 2027) and interim reporting periods beginning after December 15, 2027 (for all other entities - December 15, 2028) with early adoption permitted, as clarified in ASU 2025-01. The Company is currently evaluating the impact of adopting ASU 2024-03 on its Condensed Consolidated Financial Statements.

In May 2025, the FASB issued ASU 2025–03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025–03”). This ASU requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business to consider factors to determine which entity is the accounting acquirer. When considering those factors, the reporting entity may determine that a transaction in which the legal acquiree is a VIE represents a reverse acquisition. The update will be effective for all entities for annual periods (and interim periods in annual reporting periods) beginning after December 15, 2026. The Company is currently evaluating the impact of adopting this ASU on its Condensed Consolidated Financial Statements.

Note 3. Business combinations

Acquisition of 180 Degree Capital

On the Closing Date, the Company consummated the Business Combination pursuant to the Merger Agreement, by and among the Company, Legacy Mount Logan, TURN, TURN Merger Sub, and MLC Merger Sub. In accordance with the Merger Agreement, the Company was formed as a holding company to effectuate the mergers. TURN Merger Sub merged with and into TURN (the “TURN Merger”), with TURN continuing as the surviving company and a wholly-owned subsidiary of the Company, and MLC Merger Sub merged with and into Legacy Mount Logan, (the “MLC Merger” and, together with the TURN Merger, the “Mergers”), with Legacy Mount Logan continuing as the surviving company and a wholly-owned subsidiary of the Company. As a result of the Business Combination, the Company changed its name from “Yukon New Parent Inc.” to “Mount Logan Capital Inc.” and its common stock commenced trading on Nasdaq Capital Market under the symbol “MLCI” on September 15, 2025.

Prior to the closing of the Business Combination, to facilitate the Mergers, Legacy Mount Logan completed a domestication process where it redomiciled from Canada to the United States. The domestication did not result in any interruption of business or change in ownership for Legacy Mount Logan’s shareholders.

Following the closing of the Business Combination, former Legacy Mount Logan shareholders and former TURN shareholders owned approximately 56% and 44%, respectively, of the combined company. All outstanding Legacy Mount

Logan and TURN shares were converted into the right to receive shares of the Company common stock at fixed exchange ratios, resulting in approximately 13.0 million shares of the Company’s common stock outstanding, of which approximately 7.3 million shares and 5.7 million shares were issued to former Legacy Mount Logan shareholders and former TURN shareholders, respectively. TURN’s common shares were delisted from Nasdaq Global Market and TURN deregistered under the Investment Company Act. Legacy Mount Logan’s common shares were delisted from Cboe Canada.

The Company amended its certificate of incorporation and bylaws to align with governance and regulatory standards applicable to a United States publicly traded corporation, reflecting its transition from a Canadian public entity. In addition, the Company adopted the Mount Logan Capital Inc. 2025 Omnibus Incentive Plan (as described in Note 20. Equity based compensation). Furthermore, all Legacy Mount Logan warrants outstanding as of the Closing Date were assumed by the Company and became exercisable for Company common stock.

The transaction was accounted for as a reverse acquisition with Legacy Mount Logan, a legal acquiree, as the accounting acquirer. This determination was based on the relative voting rights, board composition, and management of the combined company, as well as other relevant factors. Retained earnings, historical operations and accumulated other comprehensive income (loss) reflect those of Legacy Mount Logan for the period prior to the closing of the Business Combination. The Company’s historical common shares outstanding, shareholders’ equity and earnings per share, have been retrospectively adjusted based on the Company’s existing capital structure.

The purchase price of $46.8 million was calculated using Legacy Mount Logan’s share price and the number of shares Legacy Mount Logan would have had to issue in order to give TURN’s former shareholders the percentage ownership of Legacy Mount Logan that they had of the Company as of the Closing Date. The acquired net assets consisted of cash of $36.8 million, investments of $15.0 million, and liabilities of $0.6 million, all initially recorded at fair value. The investments were predominantly composed of equity securities which are recorded at fair value on a recurring basis with changes in fair value recognized in the consolidated statement of operations. As the fair value of TURN’s identifiable net assets exceeded the purchase price, the Company recognized a gain of $4.5 million in “Gain on acquisition” on the condensed consolidated statements of operations for the third quarter of 2025. The Company incurred $9.4 million in transaction-related costs, including legal, advisory, and other professional fees. All transaction costs were recognized as expenses within “Transaction costs” on the consolidated statement of operations in the period they were incurred. The assets and operations of TURN are included in the Company’s Asset Management segment.

The Company issued 5.7 million shares of its common stock to TURN shareholders in connection with the Business Combination, which represented 44.0% of the voting interests in the Company upon completion of the Business Combination. The purchase price in a reverse acquisition is determined based on the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition.

The table below summarizes the hypothetical number of shares as of September 12, 2025 that Legacy Mount Logan would have to issue to give TURN owners the same percentage ownerships in the combined company.


	Hypothetical Legacy Mount Logan Ownership
	Number of Legacy Mount Logan shares outstanding	Percentage Ownership
Legacy Mount Logan shareholders	30,960,503	56	%
TURN shareholders	23,886,447	44	%
Total	54,846,950	100	%

The purchase price is calculated based on the number of hypothetical shares of Legacy Mount Logan common stock issued to TURN shareholders multiplied by the share price as demonstrated in the table below (dollars in thousands except for the market price per share).


Number of hypothetical Legacy Mount Logan shares issued to TURN shareholders	23,886,447
Legacy Mount Logan market price per share as of September 12, 2025	$	1.95
Purchase price determination of hypothetical Legacy Mount Logan shares issued to TURN shareholders	$	46,579
Other deal adjustments for expenses incurred	233
Purchase price consideration	$	46,812

Note 4. Net gains (losses) from investment activities

The table below summarizes the net gains (losses) from investment activities:


For the three months ended March 31,	2026								2025
	Net realized gains (losses)		Net unrealized gains (losses)		Credit releases (losses)		Total		Net realized gains (losses)		Net unrealized gains (losses)		Credit releases (losses)		Total
Asset Management
Corporate loan	$	—	$	—	$	5	$	5	$	—	$	—	$	—	$	—
Equity securities	367		(719)		—		(352)		60		(187)		—		(127)
Derivatives	—		(2)		—		(2)		—		—		—		—
Other invested assets	—		(2)		—		(2)		—		—		—		—
Debt obligations	—		—		—		—		—		968		—		968
Net gains (losses) from investment activities — Asset Management	$	367	$	(723)	$	5	$	(351)	$	60	$	781	$	—	$	841

Insurance Solutions
Debt securities:
U.S. state, territories and municipalities	$	(5)	$	(15)	$	—	$	(20)	$	(4)	$	57	$	—	$	53
Other government and agency	—		(28)		—		(28)		—		(1)		—		(1)
Corporate	32		(2,404)		—		(2,372)		(10)		1,186		—		1,176
Asset and mortgage- backed securities	(210)		(2,179)		—		(2,389)		(158)		115		—		(43)
Corporate loans	—		(400)		—		(400)		2		789		—		791
Mortgage loans	(4,621)		—		4,404		(217)		—		—		12		12
Equity securities	3,597		(3,305)		—		292		(246)		90		—		(156)
Other invested assets	—		(11)		131		120		—		(390)		30		(360)
Net gains (losses) from investment activities — Insurance Solutions	$	(1,207)	$	(8,342)	$	4,535	$	(5,014)	$	(416)	$	1,846	$	42	$	1,472
Investments of consolidated VIEs	(706)		(2,971)		—		(3,677)		60		(326)		—		(266)
Net gains (losses) from investment activities — Insurance Solutions including consolidated VIEs	$	(1,913)	$	(11,313)	$	4,535	$	(8,691)	$	(356)	$	1,520	$	42	$	1,206

Note 5. Net investment income

Net investment income for the Insurance Solutions segment is comprised primarily of Interest income and Dividend income from common and preferred stock. The table below summarizes Net investment income:


	Three months ended March 31,
	2026		2025
Debt securities	$	10,984	$	13,034
Corporate loans	3,117		1,699
Derivative income (expense)	(58)		(436)
Mortgage loans	2,590		2,826
Equity securities	141		176
Other	881		460
Gross investment income:	$	17,655	$	17,759
Less:
Investment expenses	(979)		(2,808)
Net investment income	$	16,676	$	14,951

Investment income of consolidated VIEs	3,544		3,899
Net investment income — Insurance Solutions, including consolidated VIEs	$	20,220	$	18,850

Note 6. Investments

The following table outlines the carrying value of the Company’s investments:


As of	March 31, 2026		December 31, 2025
Asset Management
Corporate loans	$	13,291	$	13,287
Equity securities	7,929		10,409
Equity method	5,228		5,517
Derivatives	—		13
Other invested assets	71		72
Total investments - Asset Management	$	26,519	$	29,298

Insurance Solutions
Debt securities	$	616,479	$	632,038
Corporate loans	140,780		124,067
Mortgage loans	177,032		162,566
Equity securities	7,544		15,053
Other invested assets	30,771		23,084
Total investments - Insurance Solutions	$	972,606	$	956,808
Corporate loans of consolidated VIEs	129,170		119,731
Equity securities of consolidated VIEs	1,140		949
Total investments - Insurance Solutions, including consolidated VIEs	1,102,916		1,077,488
Total investments	$	1,129,435	$	1,106,786

Financial assets

The following tables summarize the measurement categories of financial assets held by the Company as of March 31, 2026, and December 31, 2025:


As of March 31, 2026	Fair value		Amortized cost		Fair value option		Total
Financial assets
Asset Management
Corporate loans	$	—	$	13,291	$	—	$	13,291
Equity securities	7,929		—		—		7,929
Derivatives	—		—		—		—
Other invested assets	71		—		—		71
Total financial assets — Asset Management¹	$	8,000	$	13,291	$	—	$	21,291

Insurance Solutions
Debt securities:
U.S. government and agency	$	10,281	$	—	$	—	$	10,281
U.S. state, territories and municipalities	3,336		—		1,894		5,230
Other government and agency	—		—		2,444		2,444
Corporate	158,528		—		101,861		260,389
Asset and mortgage-backed securities	222,116		—		116,019		338,135
Corporate loans	—		—		140,780		140,780
Mortgage loans	—		177,032		—		177,032
Equity securities	7,544		—		—		7,544
Other invested assets²	14,295		15,321		1,155		30,771
Total financial assets — Insurance Solutions	$	416,100	$	192,353	$	364,153	$	972,606
Corporate loans of consolidated VIEs	—		—		129,170		129,170
Equity securities of consolidated VIEs	1,140		—		—		1,140
Total financial assets — Insurance Solutions, including consolidated VIEs	417,240		192,353		493,323		1,102,916
Total financial assets	$	425,240	$	205,644	$	493,323	$	1,124,207

_______________

(1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $33.4 million as of March 31, 2026.

(2)Other invested assets primarily include structured securities and loan receivables.


As of December 31, 2025	Fair value		Amortized cost		Fair value option		Total
Financial assets
Asset Management
Corporate loans	$	—	$	13,287	$	—	$	13,287
Equity securities	10,409		—		—		10,409
Derivatives	13		—		—		13
Other invested assets	72		—		—		72
Total financial assets — Asset Management¹	$	10,494	$	13,287	$	—	$	23,781
Insurance Solutions
Debt securities:
U.S. government and agency	$	10,348	$	—	$	—	$	10,348
U.S. state, territories and municipalities	3,440		—		1,914		5,354
Other government and agency	—		—		2,475		2,475
Corporate	166,693		—		104,495		271,188
Asset and mortgage-backed securities	221,524		—		121,149		342,673
Corporate loans	—		—		124,067		124,067
Mortgage loans	—		162,566		—		162,566
Equity securities	15,053		—		—		15,053
Other invested assets²	4,878		17,097		1,109		23,084
Total financial assets — Insurance Solutions	$	421,936	$	179,663	$	355,209	$	956,808
Corporate loans of consolidated VIEs	—		—		119,731		119,731
Equity securities of consolidated VIEs	949		—		—		949
Total financial assets — Insurance Solutions, including consolidated VIEs	422,885		179,663		474,940		1,077,488
Total financial assets	$	433,379	$	192,950	$	474,940	$	1,101,269

_______________

(1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $34.8 million as of December 31, 2025.

(2)Other invested assets primarily include structured securities and loan receivables.

Available-for-sale – Insurance Solutions

The following table represents the cost or amortized cost, gross unrealized gains, gross unrealized losses, and fair value of available-for-sale (“AFS”) investments by asset type:


As of March 31, 2026	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value1

Insurance Solutions
Debt securities:
U.S. government and agency	$	10,642	$	21	$	(382)	$	10,281
U.S. state, territories and municipalities	4,086		—		(750)		3,336
Corporate	172,432		1,025		(14,929)		158,528
Asset and mortgage-backed securities	224,283		3,862		(6,029)		222,116
Other invested assets	5,441		—		(2,400)		3,041
Total AFS — Insurance Solutions	$	416,884	$	4,908	$	(24,490)	$	397,302


As of December 31, 2025	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value1
Financial assets
Insurance Solutions
Debt securities:
U.S. government and agency	$	10,623	$	75	$	(350)	$	10,348
U.S. state, territories and municipalities	4,154		—		(714)		3,440
Corporate	177,997		1,429		(12,733)		166,693
Asset and mortgage-backed securities	222,766		3,130		(4,372)		221,524
Other invested assets	5,439		1		(1,824)		3,616
Total AFS — Insurance Solutions	$	420,979	$	4,635	$	(19,993)	$	405,621

_______________

(1)There is no allowance for credit losses for AFS investments as of March 31, 2026 and December 31, 2025.

The maturity distribution for AFS securities is as follows:


	As of March 31, 2026
	Cost or amortized cost		Fair value
Due in one year or less	$	7,943	$	8,030
Due after one year through five years	111,700		110,040
Due after five years through ten years	128,269		123,706
Due after ten years	168,972		155,526
Total AFS securities	$	416,884	$	397,302

Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The following table provides information about AFS securities for which an allowance for credit losses has not been recorded aggregated by category and length of time that securities have been continuously in an unrealized loss position:


	Less than 12 months				12 months or more				Total
As of March 31, 2026	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Insurance Solutions
Debt securities:
U.S. government and agency	$	2,769	$	(60)	$	5,163	$	(322)	$	7,932	$	(382)
U.S. state, territories and municipalities	—		—		3,336		(750)		3,336		(750)
Corporate	64,688		(2,347)		45,083		(12,583)		109,771		(14,930)
Asset and mortgage-backed securities	88,225		(1,510)		41,424		(4,519)		129,649		(6,029)
Other invested assets	—		—		2,990		(2,399)		2,990		(2,399)
Total AFS securities in a continuous loss position	$	155,682	$	(3,917)	$	97,996	$	(20,573)	$	253,678	$	(24,490)


	Less than 12 months				12 months or more				Total
As of December 31, 2025	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Insurance Solutions
Debt securities:
U.S. government and agency	$	778	$	(40)	$	5,172	$	(310)	$	5,950	$	(350)
U.S. state, territories and municipalities	—		—		3,440		(714)		3,440		(714)
Corporate	36,752		(370)		48,113		(12,362)		84,865		(12,732)
Asset and mortgage-backed securities	23,755		(240)		53,666		(4,133)		77,421		(4,373)
Other invested assets	—		—		3,565		(1,824)		3,565		(1,824)
Total AFS securities in a continuous loss position	$	61,285	$	(650)	$	113,956	$	(19,343)	$	175,241	$	(19,993)

Unrealized gains and losses can arise from changes in interest rates or other factors, including changes in credit spreads. The Company had gross unrealized losses on below investment grade AFS securities of $4.6 million and $4.0 million as of March 31, 2026 and December 31, 2025, respectively. The single largest unrealized loss on AFS securities was $1.6 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively. The Company had 370 and 313 positions in an unrealized loss position as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, AFS securities in an unrealized loss position for 12 months or more consisted of 191 and 207 debt securities, respectively. These debt securities primarily relate to Corporate and U.S. state, municipal and political subdivisions securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these debt securities since the Company neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry analyst reports.

Mortgage and corporate loans carried at amortized cost

Mortgage and corporate loans consist of the following:


	March 31, 2026		December 31, 2025
Asset Management
Corporate loans	$	13,586	$	13,586
Total corporate loans	13,586		13,586
Allowance for credit losses	(295)		(299)
Total corporate loans, net of allowance for credit losses	$	13,291	$	13,287

Insurance Solutions
Commercial real estate mortgage loans	$	70,425	$	65,070
Multi-family mortgage loans	112,236		107,532
Other invested assets - corporate loans	16,136		18,043
Total mortgage and corporate loans	$	198,797	$	190,645
Allowance for credit losses	(6,444)		(10,982)
Total mortgage and other invested assets - corporate loans, net of allowance for credit losses	$	192,353	$	179,663

The maturity distribution for commercial real estate, multi-family mortgage loans and corporate loans were as follows as of March 31, 2026:


Asset Management	Corporate loans
Remainder of 2026	$	—
2027	—
2028	—
2029	—
2030	—
2031 and thereafter	13,586
Total	$	13,586


Insurance Solutions	Commercial real estate mortgage loans		Multi-family mortgage loans		Other invested assets - corporate loans		Total loans
Remainder of 2026	$	26,655	$	35,994	$	—	$	62,649
2027	38,957		38,059		—		77,016
2028	4,813		38,183		—		42,996
2029	—		—		—		—
2030	—		—		—		—
2031 and thereafter	—		—		16,136		16,136
Total	$	70,425	$	112,236	$	16,136	$	198,797

Actual maturities could differ from contractual maturities, because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced.

The carrying value by credit risk and loan type were as follows:


Asset Management
Loans – carrying value by credit risk	March 31, 2026				December 31, 2025
Level 1	$	13,586	100	%	$	13,586	100	%
Level 2	—		—	%	—		—	%
Level 3	—		—	%	—		—	%
Level 4	—		—	%	—		—	%
Level 5	—		—	%	—		—	%
Total by credit risk	$	13,586	100	%	$	13,586	100	%


Asset Management
Loans – carrying value by loan type	March 31, 2026				December 31, 2025
Corporate loans	$	13,586	100	%	$	13,586	100	%
Total by loan type	$	13,586	100	%	$	13,586	100	%


Insurance Solutions
Loans – carrying value by credit risk	March 31, 2026				December 31, 2025
Level 1	$	16,136	8.1	%	$	18,043	9.5	%
Level 2	148,127		74.5	%	107,259		56.3	%
Level 3	8,371		4.2	%	8,120		4.3	%
Level 4	—		—	%	—		—	%
Level 5	26,163		13.2	%	57,223		30.0	%
Total by credit risk	$	198,797	100	%	$	190,645	100	%


Insurance Solutions
Loans – carrying value by loan type	March 31, 2026				December 31, 2025
Commercial real estate mortgage loans	$	70,425	35.4	%	$	65,070	34.1	%
Multi-family mortgage loans	112,236		56.4	%	107,532		56.4	%
Other invested assets - corporate loans	16,136		8.1	%	18,043		9.5	%
Total by loan type	$	198,797	100	%	$	190,645	100	%

The following tables summarizes the activity related to the allowance for credit losses for the three months ended March 31, 2026 and 2025:


Asset Management	Corporate loans		Total loans
Balance, December 31, 2025	$	299	$	299
Charge-offs	—		—
Recoveries	—		—
Provision for credit losses	(4)		(4)
Balance, March 31, 2026	$	295	$	295


Insurance Solutions	Commercial real estate mortgage loans		Multi-family mortgage loans		Corporate loans		Total loans
Balance, December 31, 2025	$	2,355	$	7,681	$	946	$	10,982
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Provision for credit losses	(1,402)		(3,005)		(131)		(4,538)
Balance, March 31, 2026	$	953	$	4,676	$	815	$	6,444


Asset Management	Corporate loans		Total loans
Balance, December 31, 2024	$	299	$	299
Charge-offs	—		—
Recoveries	—		—
Provision for credit losses	—		—
Balance, March 31, 2025	$	299	$	299


Insurance Solutions	Commercial real estate mortgage loans		Multi-family mortgage loans		Corporate loans		Total loans
Balance, December 31, 2024	$	2,615	$	3,360	$	1,078	$	7,053
Charge-offs	—		—		—		—
Recoveries	—		—		—		—
Provision for credit losses	1		(11)		(30)		(40)
Balance, March 31, 2025	$	2,616	$	3,349	$	1,048	$	7,013

The following tables present an analysis of past-due loans:


	March 31, 2026
Asset Management	Loans 30-59 days past due		Loans 60-89 days past due		Loans 90 days or more past due		Nonaccrual loans		Current loans		Total loans
Corporate loans	$	—	$	—	$	—	$	—	$	13,586	$	13,586
Total corporate loans	$	—	$	—	$	—	$	—	$	13,586	$	13,586


	March 31, 2026
Insurance Solutions	Loans 30-59 days past due		Loans 60-89 days past due		Loans 90 days or more past due		Nonaccrual loans		Current loans		Total loans
Commercial real estate mortgage loans	$	—	$	—	$	—	$	10,475	$	59,950	$	70,425
Multi-family mortgage loans	—		—		—		20,170		92,066		112,236
Other invested assets - corporate loans	—		—		—		—		16,136		16,136
Total mortgage and other invested assets - corporate loans	$	—	$	—	$	—	$	30,645	$	168,152	$	198,797


	December 31, 2025
Asset Management	Loans 30-59 days past due		Loans 60-89 days past due		Loans 90 days or more past due		Nonaccrual loans		Current loans		Total loans
Corporate loans	$	—	$	—	$	—	$	—	$	13,586	$	13,586
Total corporate loans	$	—	$	—	$	—	$	—	$	13,586	$	13,586


	December 31, 2025
Insurance Solutions	Loans 30-59 days past due		Loans 60-89 days past due		Loans 90 days or more past due		Nonaccrual loans		Current loans		Total loans
Commercial real estate mortgage loans	$	—	$	—	$	—	$	20,642	$	44,428	$	65,070
Multi-family mortgage loans	—		—		—		41,063		66,469		107,532
Other invested assets - corporate loans	—		—		—		—		18,043		18,043
Total mortgage and other invested assets - corporate loans	$	—	$	—	$	—	$	61,705	$	128,940	$	190,645

The Company designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses.

The following represents total nonaccrual loans:


	March 31, 2026
Insurance Solutions	Nonaccrual loans with no allowance		Nonaccrual loans with an allowance		Total nonaccrual loans
Commercial real estate mortgage loans	$	—	$	10,475	$	10,475
Multi-family mortgage loans	—		20,170		20,170

Total loans	$	—	$	30,645	$	30,645

	December 31, 2025
Insurance Solutions	Nonaccrual loans with no allowance		Nonaccrual loans with an allowance		Total nonaccrual loans
Commercial real estate mortgage loans	$	3,447	$	17,195	$	20,642
Multi-family mortgage loans	—		41,063		41,063

Total loans	$	3,447	$	58,258	$	61,705

There were no accrued interest receivables written off for the three months ended March 31, 2026 and 2025.

The following table represents the portfolio of mortgage and corporate loans by origination year as of March 31, 2026 and December 31, 2025:


Performance status as of March 31, 2026	2026		2025		2024		2023		2022		Prior		Total
Asset Management
Corporate loans
Level 1	$	—	$	—	$	—	$	—	$	—	$	13,586	$	13,586
Level 2	—		—		—		—		—		—		—
Level 3	—		—		—		—		—		—		—
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		—		—		—		—
Total corporate loans	$	—	$	—	$	—	$	—	$	—	$	13,586	$	13,586

Insurance Solutions
Commercial real estate loans
Level 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Level 2	—		7,354		9,760		17,532		21,844		3,460		59,950
Level 3	—		—		—		—		—		4,482		4,482
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		—		1,914		4,079		5,993
Total commercial real estate loans	—		7,354		9,760		17,532		23,758		12,021		70,425
Multi-family loans
Level 1	—		—		—		—		—		—		—
Level 2	28,736		27,926		27,415		4,100		—		—		88,177
Level 3	—		3,889		—		—		—		—		3,889
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		—		—		20,170		20,170
Total multi-family loans	28,736		31,815		27,415		4,100		—		20,170		112,236
Other invested assets - corporate loans
Level 1	199		43		533		66		15,295		—		16,136
Level 2	—		—		—		—		—		—		—
Level 3	—		—		—		—		—		—		—
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		—		—		—		—
Total other invested assets - corporate loans	199		43		533		66		15,295		—		16,136
Total mortgage and corporate loans	$	28,935	$	39,212	$	37,708	$	21,698	$	39,053	$	32,191	$	198,797


Performance status as of December 31, 2025	2025		2024		2023		2022		2021		Prior		Total
Asset Management
Corporate loans
Level 1	$	—	$	—	$	—	$	—	$	—	$	13,586	$	13,586
Level 2	—		—		—		—		—		—		—
Level 3	—		—		—		—		—		—		—
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		—		—		—		—
Total corporate loans	$	—	$	—	$	—	$	—	$	—	$	13,586	$	13,586

Insurance Solutions
Commercial real estate loans
Level 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Level 2	7,354		5,220		17,554		10,840		3,460		—		44,428
Level 3	—		—		—		—		4,482		—		4,482
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		1,914		10,799		3,447		16,160
Total commercial real estate loans	7,354		5,220		17,554		12,754		18,741		3,447		65,070
Multi-family loans
Level 1	—		—		—		—		—		—		—
Level 2	21,586		33,614		7,631		—		—		—		62,831
Level 3	3,638		—		—		—		—		—		3,638
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		9,487		19,107		12,469		41,063
Total multi-family loans	25,224		33,614		7,631		9,487		19,107		12,469		107,532
Other invested assets - corporate loans
Level 1	223		48		596		74		17,102		—		18,043
Level 2	—		—		—		—		—		—		—
Level 3	—		—		—		—		—		—		—
Level 4	—		—		—		—		—		—		—
Level 5	—		—		—		—		—		—		—
Total other invested assets - corporate loans	223		48		596		74		17,102		—		18,043
Total mortgage and corporate loans	$	32,801	$	38,882	$	25,781	$	22,315	$	54,950	$	15,916	$	190,645

The following represents the carrying value of collateral-dependent loans of the Company as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Commercial real estate mortgage loans	$	4,079	$	14,246
Multi-family mortgage loans	19,060		36,894
Total Loans	$	23,139	$	51,140

The Company maintains a separate reserve for credit losses on off-balance sheet credit exposures, including unfunded loan commitments, which is included under the line item entitled “Accrued expenses and other liabilities” on the Condensed Consolidated Statements of Financial Position. The reserve for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The unfunded off-balance sheet credit line commitments for corporate loans accounted for as held for investments (“HFI”) was $1.4 million for Asset Management and $5.9 million for Insurance Solutions as of March 31, 2026 (December 31, 2025: $1.4 million and $4.3 million, for Asset Management and Insurance Solutions, respectively).

The liability for credit losses on off-balance sheet credit exposures for these loans included in Accrued expenses and other liabilities was less than $0.1 million for Insurance Solutions as of both March 31, 2026 and December 31, 2025. Refer to Note 24. Commitments and contingencies for additional information of the Company’s investment commitments.

Note 7. Derivatives

The Company uses derivative instruments to manage interest rate risk. See Note 9. Fair value measurements for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of freestanding derivative instruments:


	March 31, 2026						December 31, 2025
	Notional amount		Assets		Liabilities		Notional amount		Assets		Liabilities
Derivatives designated as hedges
Interest rate swaps	$	187,000	$	—	$	1,792	$	187,000	$	481	$	1,388

Derivatives designated as hedges

Cash flow hedges

The Company uses interest rate swaps to convert floating-rate interest receipts on its loan portfolio to fixed-rate interest receipts to reduce exposure to interest rate changes. The interest rate swaps will expire by October 2036. During the three months ended March 31, 2026 and March 31, 2025, the Company reported a loss of $0.9 million and $1.9 million in Other Comprehensive Income (“OCI”) associated with these hedges, respectively. There were no amounts deemed ineffective during the three months ended March 31, 2026 and March 31, 2025. As of March 31, 2026 and March 31, 2025, less than $0.1 million and $0.6 million is expected to be reclassified into income as part of earnings within the next 12 months, respectively.

Embedded derivatives

The Company has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modified coinsurance (“Modco”) or funds withheld basis. The fair value of the embedded derivative liability is $34.2 million and $29.7 million as of March 31, 2026 and December 31, 2025, respectively.

Credit risk

The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of the Company’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

The Company manages credit risk related to derivatives by entering into transactions with creditworthy counterparties. Where possible, the Company maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. The Company has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings.

There is no difference between the current presentation of the fair value of the interest rate swaps and the presentation of fair value of the interest rate swaps after the application of any right of offset, as of March 31, 2026.

Note 8. Variable interest entities

Consolidated variable interest entities (“VIEs”) include collateralized loan obligations (“CLOs”) managed by the Company. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company.

Revenues of consolidated VIEs - Insurance Solutions

The following summarizes the Condensed Consolidated Statements of Operations activity of the consolidated VIEs:


For the three months ended March 31,	2026		2025
Investment income	$	3,747	$	4,034
Investment expense	(203)		(135)
Net investment income	3,544		3,899
Unrealized gain/(loss) on investments	(2,971)		(326)
Realized gain/(loss) on investments	(706)		60
Net gains (losses) from investment activities	(3,677)		(266)
Net revenues of consolidated variable interest entities	$	(133)	$	3,633

Unconsolidated VIEs

The Company holds variable interests in certain VIEs for which it is not the primary beneficiary. The Company’s variable interests include equity interests, loans, and beneficial interests in CLOs and other entities, which are recorded within “Investments” in the Condensed Consolidated Statements of Financial Position. The following table presents the Company’s maximum exposure to losses relating to these VIEs for which the Company has a variable interest, but is not the primary beneficiary. The Company has exposure beyond the carrying value of its variable interests due to unfunded commitments on loans.


	March 31, 2026				December 31, 2025
	Carrying amount		Maximum exposure to loss		Carrying amount		Maximum Exposure to Loss
Asset Management

Variable interests in related parties	$	28,348	$	29,761	$	28,209	$	29,622
Total Asset Management	$	28,348	$	29,761	$	28,209	$	29,622

Insurance Solutions
Variable interests	$	15,604	$	15,604	$	17,097	$	17,097
Variable interests in related parties	14,209		14,209		15,355		15,355
Total Insurance Solutions	$	29,813	$	29,813	$	32,452	$	32,452

Total	$	58,161	$	59,574	$	60,661	$	62,074

Note 9. Fair value measurements

The following tables summarize the valuation of assets and liabilities measured at fair value by fair value hierarchy. Investments classified as Equity Method for which the Fair Value Option (“FVO”) has not been elected have been excluded from the table below.


	Fair Value Measurements
March 31, 2026	Level 1		Level 2		Level 3		NAV		Total
Financial assets
Asset Management
Equity securities	$	1,289	$	—	$	6,640	$	—	$	7,929
Derivatives	—		—		—		—		—
Other invested assets	—		—		71		—		71
Total financial assets — Asset Management	1,289		—		6,711		—		8,000
Insurance Solutions
Debt securities:
U.S. government and agency	—		10,281		—		—		10,281
U.S. state, territories and municipalities	—		5,230		—		—		5,230
Other government and agency	—		2,444		—		—		2,444
Corporate	—		245,181		15,208		—		260,389
Asset and mortgage-backed securities

Mount Logan Capital Inc. 10-Q