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• Fee-Related Earnings (FRE): $7.5 million for 2024, an increase of $2 million year over year.

• Spread-Related Earnings (SRE): $15.3 million for 2024, an increase of $17 million year over year.

• Asset Management Revenue: $4.4 million in Q4 2024, a 19% increase year over year.

• Insurance Segment Revenue: Decreased by $32.1 million in Q4 2024 compared to the prior quarter.

• Net Income: Basic and diluted earnings per share of $0.22 and $0.20 respectively for 2024.

• Total Assets: $1.69 billion as of December 31, 2024.

• Shareholders' Equity: $57.2 million as of December 31, 2024.

• Insurance Business Liabilities: Decreased by $95.8 million from September 30, 2024.

• Alternative Income Fund Assets: Approximately $201 million at year-end 2024.

• SOFIX Net Assets: Approximately $159 million as of December 31, 2024.

• ALT SIF Total Assets: Approximately $217 million at quarter end.

• Logan Ridge Total Assets: Approximately $187 million at quarter end.

• Portman Ridge Total Assets: Approximately $425 million at quarter end.

• CLO Assets Under Management (AUM): Approximately $572 million at quarter end.

• Warning! GuruFocus has detected 6 Warning Signs with NEOE:MLC.

Release Date: March 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Mount Logan Capital Inc (NEOE:MLC) reported strong financial performance and growth across key business segments for the fourth quarter and full year 2024.

• The company announced its 22nd consecutive quarterly dividend, reflecting consistent shareholder returns.

• Successful expansion of the corporate credit facility enhances capacity for growth in asset management and insurance segments.

• The transformative all-stock combination with 180 Degree Capital is expected to expand private credit investment capabilities into public markets.

• Mount Logan achieved significant growth in fee-related earnings (FRE) and spread-related earnings (SRE), indicating strong operational performance.

Negative Points

• The company's share price is perceived to trade at a significant discount compared to large-cap asset management peers.

• Increased operating expenses were noted, primarily due to one-time transaction costs and impairments.

• The insurance segment experienced a decrease in total revenue due to higher treasury yields impacting the investment portfolio.

• There is uncertainty surrounding the completion of the 180 Degree Capital transaction, which is subject to regulatory and shareholder approvals.

• The company faces challenges in improving stock liquidity and valuation in comparison to its peers.