Mount Logan Capital Inc.

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Mount Logan Capital's fourth quarter and full year 2025 results conference call. Before we begin, I would like to remind listeners that today's discussion will include forward-looking statements. These statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. These statements and other comments are not guarantees of future performance, but rather are subject to risk and uncertainty, some of which are beyond our control. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a description of the risk associated with Mt. Logan Capital's business, please see our most recent filings with the SEC. In addition, we will be referring to certain non-GAAP financial measures During this call, additional details and reconciliations of GAAP to non-GAAP financial measures are in today's earnings release. This afternoon's conference call is hosted by Mount Logan's Chairman and Chief Executive Officer Ted Goldthorpe, President Henry Wong, Chief Financial Officer Nikita Klassen, and Head of Investor Relations Scott Chan. As a reminder, all references to dollar amounts on this call are in U.S. dollars unless otherwise stated. I will now turn the call over to Mr. Goldthorpe. You may begin.

Thank you. Good afternoon, everyone.

Thank you for joining us today. 2025 was an active year across Mt. Logan's platform, so I wanted to start by stepping back and telling you what this past year has represented because the significant actions we took over the last year can get lost in a single quarter's results. A year ago, Mt. Logan Capital was a Canadian domiciled IFRS reporting company trading on the CPOE in Canada. Today, we are a U.S. domiciled, NASDAQ-listed, GAAP-reporting, and investment-grade alternative asset management and insurance solutions platform with $2.1 billion in assets under management. We are one of the very small number of public companies that combine asset management and insurance solutions businesses into a complementary platform at scale with a focus on credit investing. This foundational structure of our business did not happen by accident. It was a product of an extraordinary team effort across every function of our organization during 2025, as well as the many years leading up to it. While there's volatility in the financial results during 2025, including one-time costs to complete our business combination with 180-degree capital, we believe that successful execution of our strategic priorities in 2025 sets the foundation for what we expect to be a much cleaner, compounding earnings profile going forward. With a combination of 180-degree capital behind us, our team immediately got to work on focusing on the next phase of our growth journey. This morning's announcement of the Yieldstreet transaction that, once closed, is expected to drive material AUM growth in one of our managed funds and thus increase FRE from Outlook. This is the first proof point of what our platform can produce. Concurrent with the lease of our earnings, we announced that one of our core asset management vehicles, the Opportunistic Credit Interval Fund, or SOFX, has entered into a definitive agreement to acquire the assets of the Yieldstreet Alternative Income Fund managed by Willow Wealth. This is Mount Slogan's first strategic AUM acquisition since the closing of 100-degree capital as a direct expression of the growth strategy we've outlined at the time of that transaction. The deal will nearly double SoftXNet assets, adding over $100 million to the fund. Scale in permanent and semi-permanent capital vehicles is an important competitive advantage in the retail marketplace. low expense ratios, increased portfolio diversity with limited overlapping investments, and a larger fund size to support distributions. This transaction delivers all three. The acquired portfolio is also an excellent fit within our broader credit investing framework. The assets are heavily weighted towards specialty finance and asset-based credit, cash flowing, diversified, and complementary to SOFX existing holdings. This is exactly the credit exposure we want to grow within SOFX to continue to grow the fund. We estimate the transaction will increase Mt. Logan's FRE by at least $2.8 million annually, more than 30% growth our 2025 FRE. The transaction is expected to be immediately accretive to our earnings per share once closed. I also want to note how we structure the consideration. A portion of the acquisition value will be a newly issued MLCI common stock that was subject to lockup for two years from closing of the transaction. This reflects something we think is important for our company, important asset for our company. our NASDAQ listing, and our equity currency. The ability to use our stock in a disciplined manner as consideration in accretive and strategic transactions is a component for how we intend to grow efficiently going forward, and this transaction is the first example of that action. We expect the transaction to close in late Q2 or Q3 2026, subject to regulatory and Yieldstreet AIF shareholder approvals. As we look at future M&A opportunities, We expect the recent headlines around private credit will provide disciplined, well-capitalized companies like Mount Logan with the potential to add highly strategic assets and attract evaluations. We believe volatility and uncertainty create additional opportunities for our platform. These trends are supported by our experience management team, the strong backing and alignment of BC partners, and a proven ability to pursue and close highly accretive, permanent, and semi-permanent capital acquisitions to scale our A&M bookcase. while unlocking fund level synergies. We've been leaders in executing these type of opportunities since Mount Logan's founding in 2018, and we believe we are viewed as an ideal partner in the private credit consolidation marketplace. Returning to our 2025 business achievements, I want to walk through the key milestones to provide a clear picture on what our platform looks like as we exit the year. In addition, there have been several subsequent items after the fourth quarter, further demonstrate the unique nature and embedded value within our platform and the positive tailwinds we are experiencing. First, during 2025, we completed the transformational combination with 180-degree capital. This transaction took approximately nine months from signing to closing. It included a conversion to US GAAP from IFRS, proxy processes in the US and Canada, re-domiciliation to the US, and a transition of our listing to the NASDAQ under the ticker MLCI. Following the closing of the combination, Mt. Logan entered into a new staffing agreement with BC Partners, created a true asset line entity that is fully aligned with BC Partners, a $40 billion global alternative asset manager. Secondly, we focused on scaling our BDC ecosystem. This included the January 2025 closing of a minority investment in Runway Growth Capital LLC, giving us exposure to a $1 billion-plus permanent capital vehicle focused on venture lending, an area where we previously held limited expertise. In October, it was announced that Runway would be merging with SWK Holdings, significantly increasing the AUM and FRE of Runway, while providing further diversification into healthcare and life sciences lending. During July 2025, Portman Ridge and Logan Ridge, the two other BDCs within our ecosystem, merged to create BCP Investment Corporation, or BCIC. Today, BCIC is a larger, more efficient vehicle, with Sierra Crest Investment Management now advising a significantly scaled BDC. Mount Logan Economics, to our minority stake and property sharing interest in Sierra Crest, are expected to accrete to the benefit of our FRE base in 2026. These examples demonstrate our focus on consolidation across our funds to benefit shareholders of Mount Logan, and the managed vehicles themselves. And finally, we made significant investments into our organic growth engine, Ability Insurance Company. We invested a meaningful portion of the proceeds received from the turnover in the legacy 100-degree capital portfolio to enhance Ability's capital base in support of our efforts to expand our suite of insurance capabilities during 2026. This investment was both strategic and financial. The position's ability to take on additional volume and underpins our longer-term ambition to move ability towards direct insurance writing, not just reinsurance. We believe this strategy will be more capital efficient and accretive to margin over time. It will benefit investors by improved spread earnings and drive AUM growth that we control. During 2025, we also continue to add new reinsurance business by new treaty relationship, and we're constantly evaluating additional reinsurance partners and product diversification opportunities to benefit policyholders. The long-term care block remains stable, although we wrote down a meaningful portion of this legacy part of the business at year end, as the value of our insurance business is now oriented around our growing retirement solutions business. 2026 has seen a continuation of the momentum from 2025. We took advantage of the variable market conditions and executed a $40 million bond offering, helping extend our maturity profile at an attractive rate of 8%, reducing our secured indebtedness and lowering our cash interest expense while providing financial flexibility as we accessed a new source of capital. We believe diverse sources of capital are integral to fueling growth, and as such, we are incredibly pleased with the market's perception to our inaugural U.S. listed notes offering and view our access to the capital markets as another differentiating factor for our business. Additionally, in line with our stated capital allocation framework, we closed a $15 million tender offer at a meaningful premium to where market prices were, and our board has subsequently authorized a new $10 million share repurchase program through December of 2027. This authorization provides us with ongoing flexibility to opportunistically repurchase shares, which accretes to the benefit of all of our shareholders. With respect to our dividend, we are excited to announce that our board has approved a dividend of $0.03 per share for the quarter. Our dividend policy is built on the belief that our investors should receive the benefit of our stable fee-paying earnings model, and we hope today's declaration and our historical track record demonstrates our focus on returning capital to shareholders. Lastly, we finalized an agreement to add approximately $125 million of assets that are managed to our platform. This agreement became effective in March 2026. We expect these additional Managed assets will contribute approximately $500,000 of incremental FRE in 2026, with the potential to eclipse $1 million of incremental FRE for the full year of 2027. This is further proof of our investors' trust in the Mount Logan platform and offers another example of the organic growth momentum we are seeing. These events taken together, organic and inorganic, in 2025 and thus far in 2026, reflect compounding output of the platform we've built. Proud of the team for executing on each of these strategic initiatives. These accomplishments demonstrate the efficiency of our platform with the benefit of VC partners' resources and support. The organization we are operating today is leaner, more focused, and better aligned than at any point in my experience. I will now turn the call over to Nikita to walk through our financial results for the fourth quarter and full year of 2025.