Mount Logan Capital Inc. is a publicly traded alternative asset management and insurance solutions company focused on public and private debt securities in the North American market and the reinsurance of annuity products. The company operates through its wholly-owned subsidiaries Mount Logan Management LLC, which provides investment management services, and Ability Insurance Company, a Nebraska domiciled insurer that specializes in reinsuring annuity products. Mount Logan Capital Inc. conducts its business primarily in the United States through two business segments: Asset Management and Insurance Solutions. The company generates revenue through fee-based income from its asset management activities and spread-related earnings from its insurance solutions operations.

Mount Logan Capital Inc. generates revenue primarily through recurring fee streams from its Asset Management segment and spread income from its Insurance Solutions segment. The Asset Management segment earns management and servicing fees, interest income attributable to investment management activity, equity investment earnings related to fee-generating vehicles, and fee-related performance fees from certain managed funds with indefinite terms. After deducting expenses associated with generating fee-related revenues, the company measures Fee Related Earnings as its primary performance metric for this segment. The Insurance Solutions segment generates Spread Related Earnings, representing the difference between actual earnings on assets and investments made and the interest or crediting rate guaranteed to policyholders. This spread income is derived from sourcing long-term liabilities and using the asset management segment's capabilities to originate assets that fit Ability’s targeted risk and return characteristics.

The company operates through the following segments: Asset Management and Insurance Solutions.

• The Asset Management segment focuses on private credit across senior secured lending, asset-based and specialty finance, structured and opportunistic credit, venture and growth lending, and select equity-linked solutions. It provides origination, underwriting, portfolio construction, and risk management to a diversified client base including insurance accounts, a BDC platform, interval funds (SOFIX, ACIF), Separately Managed Accounts, and other vehicles. The segment manages substantially all of the assets of Ability, the company's primary Insurance Solutions business, and generates recurring fee streams across a diversified set of credit investing strategies. As of December 31, 2025, the segment had total assets under management in excess of $2.1 billion, including $1.5 billion of permanent or semi-permanent capital.

• The Insurance Solutions segment is conducted through Ability Insurance Company, a Nebraska domiciled reinsurer of annuity products. Ability specializes in reinsuring annuity products for individuals seeking to fund retirement needs, with a current focus on multi-year guaranteed annuities (MYGA). The segment generates Spread Related Earnings through sourcing long-term liabilities and using the Asset Management segment's investment capabilities to originate assets aligned with Ability’s risk and return targets. Ability is licensed in 42 states and the District of Columbia and currently reinsures annuity products consisting of MYGA. The segment also maintains a runoff book of long-term care business, which is classified as legacy business and no longer underwritten for new risk.

Mount Logan Capital Inc. operates in competitive industries, facing significant rivalry in both alternative asset management and insurance solutions. In asset management, the company competes with other private markets solutions providers in North America and Europe that specialize in private credit, as well as commercial and investment banks, merchant banks, institutional investors, insurance companies, and private equity funds. In insurance solutions, Ability competes with larger, well-established insurers and reinsurers that have greater market share, broader distribution networks, and financial strength ratings from agencies such as A. M. Best, which Ability does not currently hold. The company's competitive advantages stem from its integrated platform that pairs long-dated, predictable insurance liabilities with private credit origination and underwriting capabilities, enabling collaboration on sourcing and asset allocation aligned to similarly-dated liabilities. This integration supports the generation of recurring fee income and spread earnings through a capital flywheel where increased assets under management drive Fee Related Earnings, which can be reinvested into Ability to expand liabilities and generate additional Spread Related Earnings.

The company serves a diversified client base across its two segments. In the Asset Management segment, clients include insurance accounts, business development companies, interval funds such as SOFIX and ACIF, Separately Managed Accounts, and other investment vehicles. In the Insurance Solutions segment, Ability serves policyholders seeking retirement solutions, particularly those purchasing multi-year guaranteed annuities, through reinsurance agreements with insurance companies such as Atlantic Coast Life Insurance Company, Sentinel Security Life Insurance Company, and National Security Group.