Mount Logan Capital Inc.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Mount Logan Capital's first quarter 2026 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 the GAAP to non-GAAP financial measures are in today's earnings release. This morning's conference call is hosted by Mount Logan's Chairman and Chief Executive Officer, Ted Goldthorpe, President Henry Wong, Chief Financial Officer, Brandon Satoran, Executive Vice President and Chief Operating Officer, Jordan Maingum, 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, and good afternoon, everyone. Thank you for joining us today.

On our fourth quarter call in March, I described 2025 as the foundational year for Mount Logan. We completed the combination of 180-degree capital, transitioned to U.S. GAAP reporting, and listed our shares on the NASDAQ. For 2026, our focus is on execution and converting that foundation into recurring revenue growth and improved profitability across the platform. This first quarter financial performance represents small but important early validation of that strategy. Notably, segment income increased 41% year-over-year to $3.3 million. Spread-related earnings returned to a positive $2 million contribution and fee-related earnings of $1.2 million reflect a meaningful improvement in underlying earnings quality as one-time items in the prior period roll off and incremental assets begin to contribute. We expect to accelerate momentum in earnings during the second half of 2026 and as we progress into 2027. We are also pleased to announce that we are paying our 27th consecutive quarterly dividend as a listed company, which consists of $0.03 per share distribution for shareholders of record as of May 26, 2026. Before we move into the business update, we felt it was very important to first address performance across our core managed portfolios, which provides the foundation for our growth narrative. We built our private credit franchise with the goal of being able to invest across all market cycles and environments and believe performance within the vehicles we manage reflect that. On the insurance investment portfolio, we generated a 6.8% yield in the first quarter, or 7.5% excluding funds withheld, a significant improvement quarter over quarter reflecting full deployment and ongoing portfolio rotation into higher yielding assets, which contributed to the positive swing in SRE $3.1 million quarter-over-quarter. The Opportunistic Credit Interval Fund, or SOFX, generated a return of 10.1% over the trailing 12 months ended March 31, 2026, and 1.1% year-to-date. SOFX remains a differentiated interval fund, and the vehicle's diversification and unique investment orientation position it well to absorb market volatility we observed late in the quarter. At BCP Investment Corporation, managed by Sierra Crest Investment Management, in which Mount Logan owns a 24.9% economic interest, non-accruals approved to 6.2% of the portfolio at amortized cost, down from 7.1% in the prior quarter. The debt portfolio remains highly diversified across 72 portfolio companies and 33 industries, 81% in first lien loans, and a weighted average yield of 12.8%, excluding ONIC rules and CLO income. Like our peers in private credit, we observed pressure in software-related credit valuations in the first quarter, driven primarily by liquid market volatility and AI-related uncertainty, rather than fundamental credit deterioration. Our managed portfolios have limited exposure to large, broadly syndicated software credits, The exposure we do hold is concentrated in mission-critical, vertically specialized businesses, generally lower middle market, originated with first-line seniority and meaningful equity cushions. Underlying revenue and cash flows across these positions remain healthy. Give you any further dislocation in the sector as a source of opportunity for opportunistic credit strategies, not a structural risk to our managed book. With that context, I will use the balance of my remarks to provide updates on several strategic actions announced during the quarter. As we announced in March, one of our core asset management vehicles, SOFX, entered into a definitive agreement to acquire the assets of the Yieldstreet Alternative Income Funds, managed by Willow Well. The transaction is expected to nearly double SOFX net assets, adding over $100 million to the fund. It also has the potential to contribute an incremental $2.8 million of FRE annually to Mount Logan, which represents approximately 30% growth over our 2025 FRE. The transaction is expected to be immediately accretive to our earnings per share once closed. We currently expect the transaction to close in the third quarter of 2026, subject to regulatory and Yieldstreet IAF shareholder approvals. We believe this is an important step in scaling our asset management platform and increasing our recurring fee-related earnings. We also believe the current environment and private credit may create additional opportunities for disciplined, well-capitalized companies like Mt. Logan to acquire strategic assets that attract evaluations. The second item I want to highlight is the addition of approximately $120 million of managed assets from an existing relationship, which became effective during March. We expect these additional assets to contribute approximately $500,000 of incremental fee-related earnings in 2026, with the potential to contribute more than $1 million of incremental FRE in 2027. This addition reflects the depth of trust with an existing partner, the strength of our investment capabilities, and our ability to expand Mayday's limited incremental infrastructure, a pattern we expect to replicate as the platform scales. Together with the Yield to See transaction, these actions are expected to add approximately $20 million of incremental managed assets to our platform this year. We believe these additions will expand recurring FRE, strengthen the earnings base of the company, and contribute to improve profitability as we move through 2026 and into 2027. Along similar lines, we remain highly focused on growing our insurance segment and its permanent capital base. We view controlled liability origination and product innovation as core to building durable spread-related earnings. We made meaningful investments in abilities team, infrastructure, and balance sheet to progress towards our goal of becoming a direct insurer of retirement solutions, and we hope to provide updates on this initiative in the coming months. We believe this transition could drive a meaningful step up in long-term earnings power of the insurance segment, as well as drive an increase in fees earned by Mount Logan Management for its effort in managing Ability's investment portfolio. Lastly, we wanted to quickly touch on our capital markets activity during the first quarter. In January, we took advantage of favorable market conditions and completed a $40 million senior unsecured notes offering. It extended our maturity profile at what we believe is an attractive fixed rate of 8%, reduced secured indebtedness, and provides additional and future flexibility as we access a new source of capital. Consistent with our stated capital allocation framework, we closed a $15 million tender offer during the quarter. Subsequent to the tender, our board authorized a new $10 million share of a purchase program through December 2027. This authorization gives us continued flexibility to return capital opportunistically and we believe our shares do not reflect intrinsic value to the business. We are actively evaluating the most efficient manner to execute on the NALP program, which may include affiliate or insider participation, and we look forward to updating investors on this initiative in the coming weeks. Taken together, each of these initiatives are designed to expand recurring revenue, strengthen earnings quality, improve profitability, and increase investment in our business. With that, I will turn the call over to Brandon to review the financial results in more detail. Thanks, Ted.