Mount Logan Capital Inc., through its subsidiaries, provides asset management and insurance solutions in the United States. It operates in two segments, ...
Mount Logan Capital Inc. (MLCI) is a publicly listed asset management and insurance solutions company that operates primarily in the United States. The company focuses on generating durable, fee-based revenue through its two main segments: Asset Management and Insurance Solutions. In its Asset Management segment, Mount Logan provides investment advisory ...Mount Logan Capital Inc. (MLCI) is a publicly listed asset management and insurance solutions company that operates primarily in the United States. The company focuses on generating durable, fee-based revenue through its two main segments: Asset Management and Insurance Solutions. In its Asset Management segment, Mount Logan provides investment advisory and management services, concentrating on private credit across senior secured lending, asset-based and specialty finance, structured and other credit, venture and other lending, and select equity-linked solutions. The Insurance Solutions segment involves underwriting, portfolio construction, and risk management services, as well as reinsuring annuity products for individuals seeking retirement funding. The company was originally known as Marret Resource Corp. and changed its name to Mount Logan Capital Inc. in October 2018. It is headquartered in New York, New York, and began trading on NASDAQ under the symbol MLCI in September 2025 following a strategic combination with 180 Degree Capital. The company emphasizes credit investments with attractive risk-return profiles. Financially, MLCI has a market cap of approximately $31.9 million, a price of $2.85, and has shown negative earnings and cash flow metrics in the trailing twelve months, with a net profit margin of 50.8% but negative return on equity. Key personnel include CEO Edward Joseph Goldthorpe, who is also a partner at BC Partners. The company employs around 21 people, indicating a small, specialized team. Mount Logan aims to provide long-term value through its integrated asset management and insurance operations, leveraging expertise in credit and risk management.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$-12.4M
-106.3%
+277.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-60.8M
-1188.7%
+30.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+480.5%
+1440.6%
+199.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+717.0%
+4590.5%
+104.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+489.9%
+17049.9%
+81.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-22.2M
-179.8%
+70.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+178.6%
+1156.8%
+92.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
103.2%
-36.3%
+11.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.73x
+44.8%
—
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, ladies and gentlemen. And thank you for standing by. Welcome to Mount Logan Capital Second Quarter 26 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 are 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 with Mount Logan's Capital 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 morning's conference call is hosted by Mount Logan's Chairman and Chief Executive Officer, Ted Goldthorpe; president, Henry Wang; chief financial officer, Brandon Satoren, Executive Vice President and Chief Operating Officer Jordan Mangum. And head of investor relations, Scott Chan. I will now turn the call over to Mr. Goldthorpe. You may begin.
Edward Joseph Goldthorpe: Thank you, and good morning, everyone. Thank you for joining us today. The second quarter represented another step forward in our effort to build a larger and more durable earnings base around Mount Logan's integrated asset management and insurance platform. Segment income increased to $4.3 million up from $3.3 million in the first quarter. Fee related earnings increased sequentially to $1.4 million while spread related earnings increased to $2.9 million, up $900 thousand from the first quarter of 2026 and up $3 million as compared to the prior year's quarter. These results reflect continued improvement in the profitability of our base of business, a positive indicator as we execute against the strategic initiatives we outlined in the first quarter. Which we expect to convert into increased earnings power during the second half of 2026 and into 2027. After quarter end, we achieved 3 significant milestones against our stated strategic initiatives. Including the receipt of 8 Ability B plus financial strength rating a BBB- long term issuer credit rating from AM Best. Which was a process spanning several quarters is a key catalyst for growth in our insurance segment. Building directly on that rating, this morning, Ability announced the launch of its initial suite of multiyear guaranteed annuity products, on its flagship Reliability brand, marking our ability to enter into direct origination of retirement solutions, and an important inflection point for our insurance segment. …
