Mount Logan Capital Inc.
For the period ended Sep 30, 2026. Filed Nov 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 10, 2026
MLCI$3.55-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine months ended September 30, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Cash Flows from Operating Activities | ||
| Net income (loss) | $(13,872) | $(21,075) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Net realized (gains) losses on investments | 11,939 | 2,697 |
| Net realized (gains) losses on foreign currency | — | (33) |
| Net change in unrealized (gains) losses on investments | 17,749 | (11,216) |
| Change in fair value of debt obligation | — | (1,339) |
| Payment in-kind interest | 909 | 181 |
| Equity investment earnings | (659) | (805) |
| Amortization of debt issuance costs | 174 | 377 |
| Amortization of deferred acquisition costs | 2,842 | 2,389 |
| Amortization of intangible assets | 1,630 | 3,103 |
| Impairment of intangible assets | — | 7,968 |
| Net amortization of premiums and accretion of discounts on investments | (519) | 216 |
| Equity based compensation | 501 | 1,969 |
| Increase (decrease) in estimated credit losses | (7,479) | (360) |
| Write-off of unamortized debt issuance costs | 472 | — |
| Merger Transaction Activity | (2,835) | — |
| Gain on reverse acquisition of business | — | (4,457) |
| Gain on recapture | (1,849) | — |
| (Increase) decrease in operating assets: | ||
| Reinsurance recoverable | 8,053 | 7,939 |
| Change in deferred acquisition costs | (170) | (3,393) |
| Distributions from equity method investments | 2,169 | 1,314 |
| Other assets | (2,204) | (1,046) |
| Other assets of consolidated VIEs | (145) | 519 |
| Purchases of investments by consolidated VIEs | (63,465) | (66,073) |
| Proceeds from sale of investments by consolidated VIEs | 49,530 | 61,074 |
| Increase (decrease) in operating liabilities: | ||
| Due to related parties | 2,442 | (2,182) |
| Future policy benefits | (34,082) | (18,527) |
| Interest sensitive contract liabilities | 12,639 | 11,969 |
| Funds held under reinsurance contracts | (15,115) | 3,698 |
| Accrued expenses and other liabilities | (4,208) | (547) |
| Net cash used in operating activities | $(35,553) | $(25,640) |
| Investing Activities | ||
| Purchases of investments | (244,139) | (218,720) |
| Proceeds received from reverse acquisition of business | — | 36,794 |
| Proceeds from sales and repayments of investments | 249,393 | 252,944 |
| Net cash provided by (used in) investing activities | $5,254 | $71,018 |
| Financing Activities | ||
| Shareholder dividends | (1,007) | (1,236) |
| Repurchase of common shares | (15,467) | (1,434) |
| Issuance of common shares | 904 | — |
| Proceeds from borrowings of asset management business | 45,597 | — |
| Repayments of borrowings of asset management business | (24,500) | (2,000) |
| Financing costs paid and deferred | (2,324) | — |
| Proceeds from borrowings of insurance business | — | 3,000 |
| Repayments of borrowings of insurance business | (5,250) | — |
| Deposits on investment-type policies and contracts | 911 | 42,996 |
| Withdrawals on investment-type policies and contracts | (32,707) | (26,592) |
| Nine months ended September 30, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Net cash provided by (used in) financing activities | $(33,843) | $14,734 |
| Effects of exchange rate changes on cash and restricted cash | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs | (64,142) | 60,112 |
| Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, beginning of the period | 143,725 | 101,703 |
| Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, end of period | $79,583 | $161,815 |
| Cash, cash equivalents, restricted cash and cash and cash equivalents of consolidated VIEs | ||
| Asset Management | ||
| Cash and cash equivalents | 3,065 | 22,283 |
| Total Asset Management | 3,065 | 22,283 |
| Insurance Solutions | ||
| Cash and cash equivalents | 40,546 | 108,242 |
| Restricted cash | 19,241 | 9,967 |
| Cash and cash equivalents of consolidated VIEs | 16,731 | 21,323 |
| Total Insurance Solutions | 76,518 | 139,532 |
| Total cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs | $79,583 | $161,815 |
| Supplemental disclosures of cash flow information | ||
| Interest received | 60,722 | 61,284 |
| Interest paid | 5,865 | 6,410 |
| Dividends received | 389 | 1,085 |
| Income taxes paid | 76 | 256 |
| Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
| Reduction in investments relating to recapture of reinsurance agreement | 60,981 | — |
| Issuance of common shares for vested Restricted Share Units | — | 2,461 |
| Issuance of common shares for investment purchases | — | 52,682 |
| Issuance of common shares for share based compensation | — | 45 |
| Write off of debt investment | 13,586 | — |
| Acquisition of intangible assets | 15,029 | — |
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