Mount Logan Capital Inc (MLCI) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Mount Logan Capital's first-quarter 2026 results conference call.

各位女士、先生，早安。感謝各位耐心等候。歡迎參加 Mount Logan Capital 2026 年第一季業績電話會議。

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 risks 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.

在我們開始之前，我想提醒各位聽眾，今天的討論將包含前瞻性陳述。這些陳述涉及我們對財務狀況、營運結果、計畫、目標、未來表現及業務的當前預期與推估。這些陳述及其他評論並非對未來表現的保證；相反地，它們受到風險與不確定性的影響，其中部分超出我們的控制範圍。這些前瞻性陳述以今日為準，您不應依賴其作為我們未來觀點的代表。

We undertake no obligation to update these statements after this call. For a description of the risks associated with Mount Logan Capital's business, please see our most recent filings with the SEC.

本公司不承擔在本次電話會議後更新這些陳述的任何義務。關於與 Mount Logan Capital 業務相關風險的說明，請參閱我們最近向美國證券交易委員會（SEC）提交的申報文件。

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 Wang; Chief Financial Officer, Brandon Satoren; Executive Vice President and Chief Operating Officer, Jordan Mangum; and Head of Investor Relations, Scott Chan.

此外，我們在本次電話會議中將提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的更多細節與調節表載於今日的財報新聞稿。本次晨間電話會議由 Mount Logan 董事長兼執行長 Ted Goldthorpe、總裁 Henry Wang、財務長 Brandon Satoren、執行副總裁兼營運長 Jordan Mangum，以及投資人關係主管 Scott Chan 主持。

As a reminder, all references to dollar amounts on this call are in US dollars, unless otherwise stated.

提醒各位，本次電話會議中所有金額之提及，除非另有說明，均以美元計價。

I will now turn the call over to Mr. Goldthorpe. You may begin.

現在我將把電話交給 Goldthorpe 先生。您可以開始。

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 US 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.

謝謝，各位下午好。感謝各位今天加入我們。在 3 月的第四季電話會議上，我將 2025 年描述為 Mount Logan 的奠基之年。我們完成了與 180 Degree Capital 的合併，轉換為採用美國 GAAP 進行財務報導，並將我們的股票在納斯達克上市。2026 年，我們的重點在於執行，並將該基礎轉化為平台層面的經常性營收成長與獲利能力提升。

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 onetime items in the prior period roll off and incremental assets begin to contribute. We expect the accelerated 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.

本季第一季的財務表現雖小，但對該策略提供了重要的早期驗證。值得注意的是，分部收益年增 41% 至 330 萬美元。利差相關收益（SRE）回到正貢獻 200 萬美元，而費用相關收益（FRE）為 120 萬美元，反映出隨著前期一次性項目消退、增量資產開始貢獻，基礎獲利品質出現顯著改善。我們預期 2026 年下半年以及進入 2027 年後，獲利動能將加速。我們也很高興宣布，作為上市公司，我們將支付第 27 次連續季度股利，對於 2026 年 5 月 26 日登記在冊的股東，每股配發 0.03 美元。

Before we move to 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.

在進入業務更新之前，我們認為非常重要的是先說明我們核心受管理投資組合的表現，因為這構成了我們成長敘事的基礎。我們建立私募信貸事業的目標，是能夠在各種市場循環與環境中進行投資，並相信我們所管理工具的表現反映了這一點。

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 of $3.1 million quarter over quarter.

在保險投資組合方面，我們第一季產生 6.8% 的收益率；若排除 withheld funds（保留資金），收益率為 7.5%。這較前一季顯著改善，反映出資金已全面部署，且投資組合持續輪動至較高收益資產，帶動 SRE 季增正向變動 310 萬美元。

The Opportunistic Credit Interval Fund, or SOFIX, generated a return of 10.1% over the trailing 12 months ended March 31, 2026, and 1.1% year to date. SOFIX 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.

Opportunistic Credit Interval Fund（機會型信貸區間基金），或稱 SOFIX，截至 2026 年 3 月 31 日的過去 12 個月報酬率為 10.1%，年初至今為 1.1%。SOFIX 仍是一檔具差異化的區間基金，其分散性與獨特的投資取向，使其能良好吸收我們在季末觀察到的市場波動。

At BCP Investment Corporation, managed by Sierra Crest Investment Management, in which Mount Logan owns a 24.9% economic interest, nonaccruals improved 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 with 81% in first lien loans and a weighted average yield of 12.8%, excluding nonaccruals 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.

在由 Sierra Crest Investment Management 管理的 BCP Investment Corporation 中，Mount Logan 持有 24.9% 的經濟權益；其不計息資產（nonaccruals）改善至以攤銷成本計算之投資組合的 6.2%，較前一季的 7.1% 下降。該債務投資組合在 72 家投資組合公司與 33 個產業間維持高度分散，其中 81% 為第一順位擔保貸款（first lien loans），加權平均收益率為 12.8%，此數字不含不計息資產與 CLO 收益。與私募信貸同業類似，我們在第一季觀察到軟體相關信貸估值承壓，主要由流動市場波動與 AI 相關不確定性所驅動，而非基本面信用品質惡化。

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 middle market originated with first lien seniority and meaningful equity cushions. Underlying revenue and cash flows across these positions remain healthy. We view any further dislocation in the sector as a source of opportunity for our opportunistic credit strategies, not a structural risk to our managed book.

我們的受管理投資組合對大型、廣泛聯貸（broadly syndicated）的軟體信貸曝險有限。我們所持有的曝險主要集中於任務關鍵、垂直領域專精的企業，通常為中型市場來源，具第一順位資本結構（first lien seniority）與顯著的股權緩衝。這些部位的基礎營收與現金流仍維持健康。我們將該產業任何進一步的錯位視為我們機會型信貸策略的機會來源，而非對我們受管理資產帳簿的結構性風險。

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, SOFIX, entered into a definitive agreement to acquire the assets of the Yieldstreet Alternative Income Fund managed by Willow Wealth.

在此背景下，我將利用剩餘時間就本季期間宣布的幾項策略行動提供更新。如我們在 3 月所宣布，我們核心資產管理工具之一 SOFIX 已簽訂最終協議，將收購由 Willow Wealth 管理的 Yieldstreet Alternative Income Fund 的資產。

The transaction is expected to nearly double SOFIX 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 AIF shareholder approvals.

該交易預期將使 SOFIX 的淨資產幾乎倍增，為基金增加逾 1 億美元。該交易亦有潛力每年為 Mount Logan 貢獻額外 280 萬美元的 FRE，約相當於我們 2025 年 FRE 的 30% 成長。交易完成交割後，預期將立即增厚每股盈餘。我們目前預期該交易將於 2026 年第三季完成，但仍須取得監管機關核准及 Yieldstreet AIF 股東核准。

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 in private credit may create additional opportunities for disciplined, well-capitalized companies, like Mount Logan to acquire strategic assets at attractive valuations.

我們相信，這是擴大我們資產管理平台規模並提升經常性費用相關收益的重要一步。我們也認為，當前私募信貸環境可能為像 Mount Logan 這樣紀律嚴謹且資本充足的公司，創造以具吸引力估值收購策略性資產的額外機會。

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 mandates with limited incremental infrastructure, a pattern we expect to replicate as the platform scales.

我想強調的第二項事項，是來自既有合作關係新增約 1.2 億美元的受管理資產，並已於 3 月生效。我們預期這些新增資產將在 2026 年貢獻約 50 萬美元的增量費用相關收益，並有潛力在 2027 年貢獻超過 100 萬美元的增量 FRE。此一新增反映了與既有合作夥伴之間深厚的信任、我們投資能力的實力，以及我們在有限的增量基礎設施下擴大委託規模的能力；隨著平台擴張，我們預期將複製此一模式。

Together with the Yieldstreet 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 improved 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.

結合 Yieldstreet 交易，這些行動預期將在今年為我們的平台新增約 2,000 萬美元的增量受管理資產。我們相信，這些新增將擴大經常性 FRE、強化公司的獲利基礎，並在我們走過 2026 年並進入 2027 年之際，促進獲利能力提升。以相似的方向，我們仍高度專注於成長我們的保險分部及其永久資本基礎。我們將可控的負債端來源（liability origination）與產品創新視為建立可持續利差相關收益的核心。

We made meaningful investments in Ability's 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.

我們已在 Ability 的團隊、基礎設施與資產負債表上進行具意義的投資，以推進我們成為退休解決方案直接保險人的目標，並希望在未來幾個月就此計畫提供更新。我們相信，這項轉型可望推動保險分部長期獲利能力的顯著提升，同時也將提高 Mount Logan 管理團隊因管理 Ability 投資組合而取得的費用收入。

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 $49 million senior unsecured notes offering, 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.

最後，我們想快速談一下第一季的資本市場活動。1 月，我們把握有利的市場條件，完成了 4,900 萬美元的優先無擔保票據發行，以我們認為具吸引力的 8% 固定利率延長了到期結構、降低了有擔保負債，並在我們取得新的資本來源之際，提供額外及未來的彈性。

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 repurchase program through December 2027. This authorization gives us continued flexibility to return capital opportunistically when we believe our shares do not reflect intrinsic value of the business. We are actively evaluating the most efficient manner to execute on the announced 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.

依循我們既定的資本配置框架，我們在本季完成了 1,500 萬美元的要約收購。要約收購完成後，董事會核准一項新的 1,000 萬美元庫藏股回購計畫，期限至 2027 年 12 月。此項授權使我們在認為公司股價未反映企業內在價值時，得以把握時機彈性回饋資本。我們正積極評估執行已公告計畫的最高效率方式，其中可能包含關係人或內部人參與，並期待在未來幾週向投資人更新此項倡議。綜合而言，這些舉措皆旨在擴大經常性收入、強化獲利品質、提升獲利能力，並增加對本業的投資。

With that, I will turn the call over to Brandon to review the financial results in more detail.

接下來，我將把電話會議交給 Brandon，請他更詳細地說明財務結果。

Thanks, Ted. Good afternoon, everyone. I'm excited to join Mount Logan as Chief Financial Officer, and I appreciate the opport0unity to speak with investors on my first earnings call in this role. While I am new to the Mount Logan CFO position, I have been closely connected to the Mount Logan platform and its strategy through my role as CFO of our retail credit platform, which includes all of the public vehicles on the BC Partners and Mount Logan management credit platforms. That experience, coupled with more than 15 years working with and managing public companies, I believe, positions me well to help grow and scale this business over time.

謝謝你，Ted。各位下午好。我很高興以財務長的身分加入 Mount Logan，也感謝有機會在我擔任此職務的第一場法說會上與投資人對話。雖然我剛接任 Mount Logan 財務長一職，但我透過擔任我們零售信貸平台財務長的角色，已與 Mount Logan 平台及其策略保持密切連結；該平台涵蓋 BC Partners 與 Mount Logan 管理之信貸平台上的所有公開載體。這段經驗，加上我超過 15 年與上市公司合作並管理上市公司的歷練，我相信能讓我在未來協助推動並擴大這項業務的成長與規模。

Importantly, it's very clear to me that Mount Logan has created a truly differentiated business model for an entity of its size that combines an asset-light alternative asset management platform with an integrated insurance solutions and permanent capital vehicles. With that in mind, I look forward to engaging directly with Mount Logan shareholders and the investment community as we work hard to enhance our financial performance and build long-term value. With that, I want to review our first quarter financial results in more detail.

更重要的是，對我而言非常清楚的是，Mount Logan 以其規模而言，已打造出真正具差異化的商業模式：結合輕資產的另類資產管理平台、整合式保險解決方案，以及永久資本載體。基於此，我期待能直接與 Mount Logan 股東及投資社群互動；我們將努力提升財務表現並建立長期價值。接下來，我想更詳細地回顧我們第一季的財務結果。

For the first quarter of 2026, total revenue was $10.6 million, up approximately 7% quarter over quarter. We reported a post-tax net loss of $6 million for the quarter or an 85% improvement from last quarter. The significant decrease in the net loss was a result of a large nonrecurring noncash goodwill impairment charge the company incurred during the prior quarter, which is now behind us.

2026 年第一季，總營收為 1,060 萬美元，較前一季約成長 7%。本季稅後淨損為 600 萬美元，較上季改善 85%。淨損大幅下降，主要是因為公司在上一季認列了一筆大額、非經常性且非現金的商譽減損費用，而該因素如今已成過去。

Looking at our segment results. Asset management revenue for the first quarter of 2026 was $2.5 million compared to $3.1 million in the fourth quarter of 2025.

接著看各事業部門表現。2026 年第一季資產管理營收為 250 萬美元，較 2025 年第四季的 310 萬美元下降。

However, the company's earnings quality improved significantly as the decline from the prior quarter was primarily driven by an outsized nonrecurring transaction fee of $0.8 million earned in the prior quarter. Near term, we expect core management fees to continue to increase. However, these increases will likely be partially offset by the wind down of certain non-core legacy vehicles, including the AIF funds and CLOs.

然而，公司獲利品質顯著提升，因為相較前一季的下滑主要是受到上一季認列 80 萬美元的超額、非經常性交易費用所致。短期內，我們預期核心管理費將持續增加；但這些增幅可能會部分被某些非核心的既有載體逐步結束所抵銷，包括 AIF 基金與 CLO。

With that in mind, we are beginning to replace legacy revenues with new more scalable and predictable fee streams. This includes our profit-sharing arrangement with the majority owner of Sierra Crest Investment Management, the addition of over $100 million of assets from the Yieldstreet Alternative Income Fund and the benefit of the $120 million of managed assets from an existing relationship, as well as higher transaction and advisory fees. We are beginning to see the contributions from these initiatives in 2026 and expect them to become more visible in our financial performance as the year progresses.

基於此，我們正開始以新的、更具可擴展性且更可預測的費用來源，取代既有收入。這包括：我們與 Sierra Crest Investment Management 多數股權持有人之利潤分成安排、來自 Yieldstreet Alternative Income Fund 超過 1 億美元資產的新增，以及既有合作關係所帶來的 1.2 億美元受管理資產效益，並加上較高的交易與顧問費用。我們已在 2026 年開始看到這些舉措的貢獻，並預期隨著年度推進，將在財務表現中更為明顯。

Turning to Insurance Solutions. Net investment income, including investment income from our consolidated variable interest entities was $20.2 million in the first quarter of 2026 or an increase of $1.7 million or 9% from the fourth quarter of 2025. Excluding funds withheld and including the intercompany elimination of management fees, net investment income for the first quarter of 2026 increased 8% to $14.6 million compared to the prior quarter.

接著談保險解決方案。2026 年第一季淨投資收益（包含來自我們合併之可變利益實體的投資收益）為 2,020 萬美元，較 2025 年第四季增加 170 萬美元或 9%。若排除 withheld funds，並納入管理費的公司內部沖銷，2026 年第一季淨投資收益較前一季增加 8% 至 1,460 萬美元。

The investment portfolio generated a 6.8% yield or 7.5%, excluding funds withheld and our Insurance AUM increased to almost $1 billion, benefiting from the Vista IMA agreement announced during the first quarter of 2026 to manage an additional $120 million of assets. This represents an increase in yield of approximately 50 basis points on the investment portfolio quarter over quarter and approximately 20 basis points when excluding funds withheld.

投資組合產生 6.8% 的收益率；若排除 withheld funds，收益率為 7.5%。我們的保險 AUM 增至接近 10 億美元，受惠於 2026 年第一季宣布的 Vista IMA 協議，將額外管理 1.2 億美元資產。這代表投資組合收益率較前一季提升約 50 個基點；若排除 withheld funds，則約提升 20 個基點。

Ability's total managed assets -- Ability's total assets managed by Mount Logan, excluding funds withheld, were $699.4 million as of March 31, 2026, an increase of $38.7 million from the fourth quarter of 2025. During the quarter, we continued to focus on optimizing and high-grading the insurance portfolio via prudent and thoughtful portfolio rotation and deploymen,t as well as ensuring the portfolio was fully deployed to drive spread earnings for our shareholders.

Ability 的受管理資產——截至 2026 年 3 月 31 日，Mount Logan 為 Ability 管理的總資產（排除 withheld funds）為 6.994 億美元，較 2025 年第四季增加 3,870 萬美元。本季我們持續聚焦於透過審慎且周延的投資組合輪動與資金部署，來優化並提升保險投資組合品質，同時確保投資組合充分部署，以為股東帶來利差收益。

Finally, I couldn't be more excited about the potential for Mount Logan to begin direct underwriting Ability Insurance products, as mentioned in his prepared remarks. This initiative has the potential to have a transformative impact on the economics of both our Insurance and Asset Management segments and the earnings power of our balance sheet via the organic growth engine it will provide.

最後，正如他在事先準備的講稿中提到的，我對 Mount Logan 開始直接承保 Ability Insurance 產品的潛力感到無比振奮。此項倡議有機會對我們保險與資產管理兩個部門的經濟效益，以及資產負債表的獲利能力，帶來具變革性的影響，因為它將提供一個有機成長引擎。

Looking at core earnings, fee-related earnings, or FRE, were $1.2 million for the first quarter of 2026 compared to $1.5 million in the fourth quarter of 2025. Again, as I noted previously, while the headline number decreased marginally, the earnings quality improved dramatically as the prior quarter's FRE included the benefit of that nonrecurring transaction fee of $0.8 million. Management fees, incentive fees, equity investment earnings, and other fee income increased by $0.4 million. This was primarily driven by the increase in fees from insurance solutions as well as our exposure to BCP Investment Corporation.

就核心盈餘而言，費用相關盈餘（FRE）在 2026 年第一季為 120 萬美元，較 2025 年第四季的 150 萬美元下降。如我先前所述，雖然表面數字小幅下滑，但獲利品質大幅改善，因為上一季的 FRE 包含那筆 80 萬美元的非經常性交易費用貢獻。管理費、績效費、股權投資收益及其他費用收入增加了 40 萬美元，主要受保險解決方案費用增加以及我們對 BCP Investment Corporation 的曝險所帶動。

Looking ahead, we expect FRE will continue to improve as we execute on the strategic initiatives Ted laid out in his remarks. Spread-related earnings or SRE was $2 million for the first quarter of 2026 compared to a spread-related loss of $1.1 million for the fourth quarter of 2025. The significant quarter over quarter improvement in SRE was primarily driven by higher net investment income, from deployment of cash into higher-yielding assets and repositioning from nonperforming assets to performing assets, as well as a lower cost of funds that was impacted by small favorable in-force updates within the long-term care block of $0.3 million compared to the prior quarter, which observed a $1.9 million unfavorable experience adjustment. As Mount Logan continues to scale its insurance investment assets and earnings base, management expects the long-term care runoff block to represent a progressively smaller contributor to overall insurance earnings volatility.

展望未來，隨著我們推動 Ted 在談話中提出的策略性舉措，我們預期 FRE 將持續改善。利差相關盈餘（SRE）在 2026 年第一季為 200 萬美元，而 2025 年第四季為利差相關虧損 110 萬美元。SRE 的季對季顯著改善，主要來自更高的淨投資收益（將現金部署至較高收益資產，以及由不良資產重新配置至正常資產），以及較低的資金成本；資金成本亦受到長期照護（LTC）保單組合中小幅有利的在保更新影響，本季為 30 萬美元，而前一季則觀察到 190 萬美元的不利經驗調整。隨著 Mount Logan 持續擴大其保險投資資產與獲利基礎，管理層預期長期照護的 run-off 組合對整體保險獲利波動的貢獻將逐步降低。

Finally, moving on to our balance sheet. Mount Logan's capital position as of March 31, 2026, remained strong with approximately $72.8 million of cash, restricted cash and cash equivalents on hand with virtually no near-term debt maturities. Further, as Ted noted, we successfully closed an investment-grade $40 million public bond issuance, which was largely used to refinance existing more expensive legacy secured debt.

最後，談到我們的資產負債表。截至 2026 年 3 月 31 日，Mount Logan 的資本狀況仍然強勁，手上約有 7,280 萬美元的現金、受限制現金及約當現金，且幾乎沒有短期到期的債務。此外，如 Ted 所提到的，我們成功完成一筆 4,000 萬美元、投資級的公開債券發行，資金主要用於再融資既有、成本較高的歷史擔保債務。

This transaction not only significantly termed out our debt capital structure and meaningfully lowered the company's cost of financing, it also provides meaningful incremental financial flexibility as a result of replacing the legacy secured debt, which had onerous financial covenants with unsecured investment-grade public debt. Finally, as Ted mentioned earlier, the Board approved a dividend of $0.03 per share for the quarter, continuing our 27th consecutive quarter of dividends.

這筆交易不僅大幅延長了我們的債務資本結構期限，並顯著降低公司的融資成本；同時，由於以無擔保的投資級公開債務取代了附帶嚴苛財務契約的既有擔保債務，也為我們帶來實質的額外財務彈性。最後，如 Ted 先前提到，董事會核准本季每股 0.03 美元的股利，延續我們連續第 27 季發放股利。

Looking ahead, expense discipline and operational efficiency remain priorities across the platform. Recurring revenue streams are building, several onetime headwinds are largely behind us, and our pipeline of growth initiatives is accelerating.

展望未來，費用紀律與營運效率仍是整個平台的優先事項。經常性收入來源正在建立中，數個一次性逆風因素大致已經過去，而我們的成長計畫管線正在加速。

While we are still in a period of active repositioning, the directional picture for both FRE and SRE has clearly improved from where we exited 2025. We believe the actions we are taking today position Mount Logan for stronger recurring earnings, improved profitability and greater shareholder value creation over time. With that, I will turn the call back over to Ed.

雖然我們仍處於積極調整定位的期間，但相較於 2025 年底，我們在 FRE 與 SRE 兩方面的方向性態勢已明顯改善。我們相信，今天所採取的行動將使 Mount Logan 在未來具備更強的經常性獲利、更佳的獲利能力，並隨時間推進創造更高的股東價值。接下來我把電話交回給 Ed。

Thank you, Brandon. Before we open the call for questions, I just want to reemphasize the durability of the model that we have built in. Mount Logan operates as an integrated platform across scalable asset management business with a disciplined private credit franchise and a permanent insurance platform [indiscernible]. The business is designed to compound recurring earnings across market cycles. As scale within the platform expands and as our newly contracted fee streams begin to convert into reported earnings, we believe we have a meaningful runway for profitability improvement and long-term shareholder value creation.

謝謝你，Brandon。在我們開放提問之前，我想再次強調我們所建立之模式的韌性。Mount Logan 作為一個整合式平台運作，涵蓋可擴展的資產管理業務、具紀律的私募信貸特許經營，以及永久性的保險平台 [聽不清]。此業務設計旨在跨越市場循環複利累積經常性獲利。隨著平台規模擴大，以及我們新簽約的費用收入開始轉化為已揭露的獲利，我們相信在提升獲利能力與創造長期股東價值方面，仍有相當可觀的成長跑道。

That concludes our prepared remarks. Operator, if you can please open the call for questions.

以上是我們事先準備的發言。接線員，麻煩請開放提問。

(Operator Instructions) George Stroukoff, BMO Wealth.

（接線員指示）George Stroukoff，BMO Wealth。

Good afternoon, Ted. A couple of quick questions for you. On the last call, I believe you mentioned the potential for some additional mortgage related activities in Q1 and throughout the year. What are you seeing on that front?

Ted，下午好。我有幾個簡短問題。上次電話會議中，我記得你提到第一季以及全年可能會有一些額外的房貸相關活動。這方面你們目前看到的情況如何？

Yeah. Good question. So we inherited a large legacy book of mortgages and real estate assets, and we've done a really big cleanup in the first quarter. So we've repositioned a lot of our legacy mortgage exposure and hence the impact -- a couple of impact.

是的，好問題。我們承接了一大本歷史遺留的房貸與不動產資產，而我們在第一季做了非常大幅度的清理。因此我們重新配置了許多既有的房貸曝險，因而帶來影響——幾個影響。

One is we're replacing non-yielding REO with yielding assets. So there's less drag on portfolio yields. It reduces our earnings volatility and again, will really, really help normalize our SRE over time. So it's actually a really good transaction for Mount Logan, and it's something you'll see in our earnings in the next couple of quarters.

其中之一是，我們以有收益的資產取代不產生收益的 REO（收回不動產）。因此對投資組合收益率的拖累更小。這也降低了我們的獲利波動性，並且同樣會在時間推移下大幅協助我們讓 SRE 回到常態。這對 Mount Logan 其實是一筆非常好的交易，你會在接下來幾季的獲利中看到其效果。

In your prepared remarks, you talked about the spreads in the software space and overall private credit, there obviously has been some challenges in it. Can you talk about the potential or the -- given how the strong balance sheet you talked about earlier, what's the opportunity for SOFIX in managed portfolio? Are you seeing good opportunity to deploy cash? Or are you still on the sidelines on that front?

在你事先準備的發言中，你談到軟體領域以及整體私募信貸的利差，顯然也面臨一些挑戰。能否談談在你先前提到的強勁資產負債表之下，SOFIX 在受管理投資組合方面的機會是什麼？你們是否看到很好的現金部署機會？還是這方面仍在觀望？

Yes, I mean we're being relatively prudent, but I'd say it's a really interesting environment because if you look at liquid credit markets, which are impacted by the same credit-related factors as private markets, spreads are all-time tight. So high yield is trading tighter today than before the Iran war and leveraged loan spreads are at near-term tights.

是的，我們相對審慎，但我會說這是一個非常有意思的環境。因為如果你看流動性信貸市場——其受到與私募市場相同的信用相關因素影響——利差處於歷史最緊水準。因此，高收益債目前的交易利差比伊朗戰爭之前還要更緊，而槓桿貸款利差也接近短期最緊水準。

In the private markets, mostly driven by the fear that's being created by headlines, there's been elevated redemptions and slowdowns in fundraising. So we actually have seen some spread widening in our core business, and that is very, very good for new originations. I would say our pipeline is mediocre. Like it's not -- I think deal activity feels like it's slowed down a little bit. But the deals we are doing tend to be higher, like better risk-adjusted returns than what we were doing 6 to 12 months ago.

在私募市場方面，主要受到新聞標題所引發的恐懼驅動，出現較高的贖回以及募資放緩。因此我們確實在核心業務看到一些利差擴大，這對新的放款／承作非常、非常有利。我會說我們的管線普通，像是——不是——我覺得交易活動似乎稍微放慢了。但我們正在做的交易，往往比 6 到 12 個月前更好，也就是風險調整後報酬更高。

So it's definitely good for SOFIX.

所以這對 SOFIX 絕對是有利的。

Greg Chan, Empire Life Investments.

Greg Chan，Empire Life Investments。

Thanks for taking my question today. I have two. The first one, just on the direct MYGA direct strategic priority. The multiyear guaranteed annuity market has become increasingly competitive as more platforms enter the space. Can you help us understand what differentiates Ability and what the potential distribution strategy would look like?

謝謝今天讓我提問。我有兩個問題。第一個是關於直接 MYGA（多年期保證年金）這項直接策略優先事項。隨著更多平台進入該領域，多年期保證年金市場競爭日益激烈。你能否協助我們理解 Ability 的差異化之處，以及潛在的通路／分銷策略會是什麼樣子？

Yeah, really good question. That business has definitely become more challenged over time as people have copied the playbook of some of the original alternative asset manager strategies. Again, like we've been reinsuring other people's liabilities, and we think the path to success for us is writing our own policies. So we're not pursuing a highest rate strategy. If you price the highest, you'll get more flow.

是的，這是個非常好的問題。隨著人們複製一些最早期另類資產管理人的策略劇本，這項業務確實隨時間變得更具挑戰。再說一次，我們一直在再保險承接他人的負債，而我們認為對我們而言的成功之路是承作自有保單。因此我們不會追求「最高利率」策略。若你定價最高，你會得到更多資金流入。

So we are very focused on matching our origination with our investment capabilities. So we expect this to kind of -- when we start direct writing, which will probably be sometime in the third quarter, we think this will lead to lower cost of capital. So we'll get higher ROEs and a little bit more control over originations, so we can match investment deployment with our liability origination.

因此我們非常專注於讓承作來源與我們的投資能力相匹配。所以我們預期——當我們開始直接承作時（可能在第三季的某個時間點）——這將帶來較低的資本成本。因此我們會獲得更高的 ROE（股東權益報酬率），並且對承作來源有更多掌控，從而能將投資部署與負債承作相匹配。

And then my second one is just for Brandon. As you settle into the CFO role, what areas are your initial priorities and focus points?

第二個問題是給 Brandon 的。你就任 CFO 後，初期的優先事項與關注重點會是哪些領域？

Sure. So first and foremost, I think the -- my number one priority during these early days of my tenure is getting my arms around capital management and our expense profile. Disciplined expense and capital management, I think, are critical for the future viability and success of Mount Logan capital.

當然。首先也是最重要的，我認為——我在任期初期的首要任務，是全面掌握資本管理與我們的費用結構。我認為有紀律的費用與資本管理，對 Mount Logan Capital 未來的可持續性與成功至關重要。

Second would be improving earnings quality, stability, and scalability. So very much focused on continuing to grow our insurance invested assets and optimizing our balance sheet, driving more stable and recurring spread-related earnings over time and then further aligning Mount Logan's earnings profile with the broader insurance integrated alternative asset management peers that we are comp to.

第二是提升獲利品質、穩定性與可擴展性。因此我會非常專注於持續擴大我們保險端的投資資產並優化資產負債表，隨時間推進帶動更穩定、更多經常性的利差相關獲利，並進一步讓 Mount Logan 的獲利結構與我們所對標的、更廣泛的「保險整合型另類資產管理」同業一致。

And then I would say the third leg is really strategic growth execution. Notably, because I wear both hats now as CFO of Mount Logan Capital as well as CFO of our core -- a number of our core products, pursuing opportunities across insurance solutions, retail credit products and opportunistic M&A is a critical initiative for myself. And I'm fortunate to be able to shepherd both the vehicles as well as Mount Logan Capital through these potential strategic M&A growth opportunities. So I would say those are my top three initial priorities.

第三個支柱則是真正的策略性成長執行。特別是因為我現在身兼兩職，既是 Mount Logan Capital 的 CFO，同時也是我們核心——多項核心產品的 CFO，因而在保險解決方案、零售信貸產品以及機會型併購（M&A）方面尋求機會，對我而言是一項關鍵倡議。我也很幸運能夠同時引導這些載體以及 Mount Logan Capital，把握這些潛在的策略性併購成長機會。因此我會說，這就是我初期的三大優先事項。

Charles Burns, CIBC WG.

Charles Burns，CIBC WG。

Hey, Ted. How are you?

嗨，Ted。你好嗎？

How are you?

你好嗎？

Pretty good. Pretty good. Just a couple of questions. It looks like the interest rate backdrop has definitely changed from lower rates to static rates to potentially higher rates. I just wondered what higher rates would impact on Mount Logan's business, both the asset management and the insurance segments?

不錯，不錯。我有幾個問題。看起來利率環境確實已經從較低利率、到利率持平、再到可能更高利率。我想了解更高利率會如何影響 Mount Logan 的業務，包括資產管理與保險兩個部門？

Yeah, really good question. So we've been kind of warning for a long time that the biggest risk in the market that no one's factored in was higher rates. So everybody was wondering how fast rates were going to get cut and how much does it get cut. And no one was talking about higher rates. And obviously, a lot of the -- even pre the Iran situation, one of the things that we've been doing as a country are inflationary, whether that's deficit spending or other tariffs and other things, these are all inflationary.

是的，這個問題非常好。我們其實已經提醒很久了，市場上最大的風險、但沒有人納入考量的，就是利率更高。所以大家都在想利率會多快開始降、會降多少；但沒有人在談利率上升。而且很明顯地，即便在伊朗事件之前，我們這個國家正在做的很多事情本身就具有通膨性，無論是赤字支出，或是其他關稅與其他措施，這些都是通膨性的。

So what it means for us is our platform is very well set up for this. Most of our assets, almost all of our assets are floating rate invested. So in all of our vehicles, higher short-term rates definitely flow right through to income and part of our liability structure is fixed. So higher rates are definitely good for most of our vehicles. And insurance, technically, we're hedged.

所以對我們而言，這代表我們的平台其實非常適合這種環境。我們的大多數資產、幾乎所有資產，都是以浮動利率投資。因此在我們所有的投資工具中，較高的短期利率會直接反映到收益上，而我們的負債結構有一部分是固定的。所以對我們大多數投資工具來說，利率上升確實是好事。至於保險業務，從技術上來說，我們是有避險的。

We're asset-liability matched. So there shouldn't be a huge impact on insurance. So absent a huge default cycle, which obviously could happen if rates go higher, it's definitely positive for our business.

我們做了資產負債匹配。因此保險業務不應該會受到很大的影響。所以在沒有出現大規模違約循環的情況下——當然如果利率繼續上升，這種情況確實可能發生——這對我們的業務是明顯正面的。

Okay. The second one is the buyback that you announced. Have you executed anything on the buyback? And are you looking at other -- I think you had mentioned in your opening comments other things that you can consider to kind of narrow the gap between what the underlying business is worth and what the market seems to be valuing the business currently?

好的。第二個問題是你們宣布的庫藏股回購。你們有執行任何回購嗎？另外，你們是否也在考慮其他——我記得你在開場評論中提到過——可以用來縮小公司內在價值與市場目前對公司估值之間差距的其他作法？

Yeah. I mean, we got caught a little bit in that air pocket post tender -- and obviously, there's a lot of headwinds given all the headlines around private credit for the large alternative asset managers. What I'd say is this is the weird time of year. The short answer is we have not started executing our buyback program. This is the weird time of the year where we're in blackout basically in the first couple of months of the year because our annual statements, which are March 31, don't like -- our annual statements don't come out until like about a month ago, and then now we're out again.

是的。我的意思是，我們在要約收購之後有點被卡在那個「空窗」裡——而且很明顯地，考量到大型另類資產管理公司在私募信貸方面的各種新聞標題，確實有很多逆風。我會這麼說：這是一年中很奇怪的時點。簡單回答是，我們還沒有開始執行回購計畫。這段時間很奇怪，因為我們在年初前幾個月基本上處於禁售期（blackout），原因是我們的年度報表（3月31日為年度結算日）——我們的年度報表直到大概一個月前才出來，然後現在我們又進入禁售期了。

So we've been kind of blacked out. Listen, we are very, very focused on where our stock price is. And I think there's a lot of things we can do away from just execution to enhance shareholder value. And I'd say you've seen us do it in the past, whether it's insider buying, whether it's tenders, whether it's other people buying our stock, I think we're focused on everything right now in order to take advantage of where our stock price trades.

所以我們一直有點處於禁售狀態。聽著，我們非常、非常關注我們的股價。我認為除了實際回購執行之外，我們還有很多事情可以做來提升股東價值。我想你也看過我們過去做過，無論是內部人買股、要約收購、或是其他人買我們的股票；我認為我們現在正專注於所有可能的手段，以便把握我們股價目前的交易水準。

Okay. And the final one is the earnings variability, switching to US GAAP. I thought that was going to kind of limit the variability, but it doesn't seem to be in the reported earnings, still seems to be some significant swings. So that gets back to how is the company analysts valuing the company with these earnings subject to so much variability.

好的。最後一個問題是盈餘的波動性，改採用美國 GAAP。我原本以為這會在某種程度上降低波動性，但從已公布的盈餘來看似乎沒有，仍然看到一些顯著的起伏。所以這又回到：在盈餘具有這麼大波動性的情況下，公司分析師要如何對公司進行估值？

Yeah. Good question. I mean I'll go first and then Brandon and Scott can jump in as well. But what I'd say is, I mean, the variability historically has been around our insurance company. So under IFRS, there's big swings in the way our insurance company reports earnings. And obviously, under GAAP, a lot of that's mitigated.

是的，問題很好。我先回答，然後 Brandon 和 Scott 也可以補充。我會這麼說：歷史上波動性主要來自我們的保險公司。在 IFRS 之下，我們的保險公司在報告盈餘的方式上會出現很大的擺動。而很明顯地，在 GAAP 之下，其中很多已被緩和。

So for example, interest rate changes, we used to have to mark-to-market our entire balance sheet. Now it largely flows through the balance sheet and not the income statement. So the insurance company's results are going to be a lot more stable. The volatility that you're seeing, actually, a lot of it has to do with idiosyncratic issues. So like, for example, last quarter, we booked a onetime gain that flowed through FRE.

例如，利率變動方面，我們以前必須把整個資產負債表按市價重估（mark-to-market）。現在大多數影響主要反映在資產負債表，而不是損益表。所以保險公司的結果會穩定得多。你看到的波動，其實很大一部分與一些特定（idiosyncratic）的因素有關。比如說，上個季度我們認列了一筆一次性收益，並反映在 FRE 裡。

This quarter, we didn't have the onetime gain. So our FRE quality is way higher this quarter despite what looks like volatility. And then same thing about SRE. SRE is up pretty dramatically, driven by our insurance team kind of doing a bunch of things internally. So again, it looks like there's earnings volatility, but it's really related to a couple of key things, mostly portfolio rotation. We've spent a lot of time, like Brandon mentioned earlier, there's -- we've identified a lot of cost takeouts we can do.

這一季我們沒有那筆一次性收益。所以儘管看起來有波動，但這一季我們的 FRE 品質其實高很多。SRE 也是同樣的情況。SRE 大幅上升，主要是我們的保險團隊在內部做了不少事情所帶動。所以再說一次，看起來像是盈餘波動，但其實與幾個關鍵因素有關，主要是投資組合輪動。我們也花了很多時間——就像 Brandon 先前提到的——我們已經找出很多可以做的成本削減。

So we're hoping our earnings volatility will not be as pronounced as they've been historically. And then from the analyst perspective, again, I think we spent a lot of time with the analysts walking them through what is true core operating results versus accounting volatility.

因此我們希望我們的盈餘波動不會像過去那樣明顯。從分析師的角度來看，我們也花了很多時間與分析師溝通，帶他們理解什麼是真正的核心營運結果，什麼是會計處理造成的波動。

Yes. And I would just add on to that. So you still are seeing some of the tailwind of our listing in the US, transition to US GAAP, et cetera, some of those costs flowing through the financials. It's also important to keep in mind, we did a large bond offering and a tender offer, which came with one-off expenses and an extinguishment loss on the debt we retired.

是的，我也補充一下。你仍然會看到我們在美國上市、轉換為美國 GAAP 等等所帶來的一些順風效應，其中部分成本會反映在財務報表中。另外也要記得，我們做了一筆大型債券發行以及一項要約收購，這些都伴隨一次性費用，以及對我們所償還債務的債務消滅損失。

So all in, I would say that contributed to about $2 million worth of incremental volatility outside of the sort of ordinary course run rate OpEx and operating performance during the quarter.

整體而言，我會說這些因素在本季對波動性的額外貢獻大約是 200 萬美元，這部分是超出一般正常營運的經常性費用（run rate OpEx）與營運表現之外的。

Chuck, it is Scott here. Maybe I'll have one more thing. If you take into consideration the portfolio right now as of Q1, it was 51% MYGA, and 49% in US long-term care. So that proportion continues to favor MYGA. And as we continue to grow that portfolio, we'll see less volatility in the -- on the LTC side as we move ahead.

Chuck，我是 Scott。也許我再補充一點。如果你看目前截至第一季的投資組合，51% 是 MYGA，49% 是美國長期照護（LTC）。所以這個比例仍然偏向 MYGA。隨著我們持續擴大該投資組合，未來在 LTC 端的波動性會更低。

Okay. And look forward to the back half of this year and the improvement and growth.

好的。也期待今年下半年能看到改善與成長。

Thanks, Chuck.

謝謝你，Chuck。

There are currently no questions in queue. (Operator Instructions)

目前沒有問題在排隊中。（接線員指示）

And there are no further questions, so I will hand you back to your host to conclude today's conference.

目前沒有其他問題，因此我將把時間交還給主持人，為今天的會議作結。

Thank you all for your time today. As always, please feel free to reach out to us with any questions. We're always happy to discuss. We look forward to speaking to you again in August when we announce our second quarter 2026 results. Thank you so much, and have a good weekend.

感謝各位今天撥冗參與。一如往常，如有任何問題，歡迎隨時與我們聯繫，我們也很樂意討論。我們期待在八月再次與各位交流，屆時我們將公布 2026 年第二季業績。非常感謝，祝各位週末愉快。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次會議到此結束。感謝各位的參與。您現在可以中斷連線。