Awesome. Thank you. Thank you. Good afternoon, everyone. It is truly an honor to be here at this conference. I think events like this for Mount Logan Capital, they're kind of exactly what we want to start doing. It's the type of direct investor engagement that we have committed to as a newly listed NASDAQ company. I'm just going to quickly skip through these slides, which of course they have some very important disclaimers on forward-looking information that you should certainly review. I will just keep going. This page, I think is the best page to start on, and we'll probably spend a fair bit of time on it. First and foremost, I'm Jordan Mangum. I'm the Executive Vice President and Chief Operating Officer of Mount Logan Capital. I want to organize today really around three key questions, which is what is Mount Logan Capital? What have we built? Why today is such a good day to get into the stock? I think point number one for that is the market cap as of March 31st was $40 million, and today it is $32 million, and our book value is still around that $60 million-$65 million or so. Pretty attractive discount relative to intrinsic valuation. Neither here nor there. Mount Logan does two things, and it's outlined here on this screen. We do asset management and we do insurance solutions. First, we're an asset manager. People, which can include institutions, retail investors, insurance clients, they give us their capital to manage, and we invest on their behalf through various funds and vehicles. The more capital we manage, the more fees we generate, that $2.1 billion of AUM, we typically charge one percent of management fees, so that is cash generative fees to Mount Logan Management. One important clarification is that we are not a BDC. We manage BDCs and many other types of vehicles. I think what that really means is that we're the manager earning the fee off of those vehicles, not the fund that is taking more of the direct risk. Inter-quarter volatility and variability does not necessarily impact our asset management business. We're focused on this durable fee earnings stream. Second, we own an insurance company, Ability Insurance Company, which is on the right side of the screen. It has roughly $1.1 billion of investable assets on its book. And it also reinsures multi-year guaranteed annuities. It's not doing property and casualty. It's not taking morbidity risk. An annuity, in plain terms, is a savings product, a retirement product. A customer gives the insurer money today for a guaranteed fixed return over a set number of years. Simple, low risk, the market is enormous, and it is growing as the population ages. The key connection here is that when Ability writes new business, that's generating investable assets, and on the left-hand side, Mount Logan Management manages the assets of our insurance business. That is really the whole model for Mount Logan Capital today. We manage money for a fee, we own an insurance company that creates more money for us to manage. The better that we do at managing that money, the incremental earnings that get reinvested into the business accrue to the benefit of folks. How we got here, because the history explains, I think, where we are at. Mount Logan has been in business since 2018, founded as a private credit manager backed by BC Partners. The lineage is important. BC Partners is a 40-year-old, celebrating its 40th year anniversary this year, actually, and $40 billion global alternative asset manager. It manages on behalf of very large pensions, institutions, and other investments or other investors, $40 billion. Of that $40 billion, $9 billion is focused on credit. In 2017, BC Partners made that move into credit, and they hired Ted Goldthorpe and Henry Wang to run the credit business. Ted and Henry in 2018 also founded Mount Logan Capital. Today, they manage both BC Partners Credit, which has $9 billion of AUM, and they also manage Mount Logan, which $2.1 billion is a piece of that $9 billion. Over our phase I, we built deliberately. We managed seven different funds. We have a BDC ecosystem that we are heavily involved with. We've launched vehicles and consolidated platforms. We've done 17 mergers and acquisitions within Mount Logan since those days. Really for me, I think it's all about focusing on phase II, which is the next phase of our journey and really again, why we are here today. In September 2025, we completed a transformative combination with 180 Degree Capital, which gave us roughly $40 million of incremental capital to invest into our business. That helped us re-domicile to the U.S. and NASDAQ. We converted Mount Logan's financials from IFRS to GAAP, and we began trading on the NASDAQ as MLCI. A year prior to today, we were Canadian domiciled, trading on the CBOE Canada. Now we really think that we are in this next phase where the business is primed for growth. The headline figures, again, I kind of touched on this earlier, $67.4 million of book value, a $40.1 million market cap as of March 31st, which is again now $32 million. We have a $0.12 annualized dividend, which represents around like a 4.2% annualized dividend on the business. I'll come back again to valuation in more detail. I think the one flag that is important to plant now, is that the value of just the insurance company on the right-hand side, its GAAP book value is in excess of $100 million on a GAAP basis. When you think about that against a total company market cap of $32 million, we have built a really nice balance sheet business in the insurance solution segment, which is not necessarily getting the credit in the public markets. With that, I will go to the next slide. This is Mount Logan, just at a very high level and an overview of our business. I think it's important to note that there are obviously very large asset managers out there, Blue Owl, Apollo. We do sometimes call ourselves mini Apollo. Ted came from Apollo and ran the credit business at Apollo. This idea and creation was a little bit of his, and he helped build Apollo and Athene over, during his time there. I think what matters is that there's a lot of headlines around private credit, and the reality is the five largest private credit managers were all growing like crazy from 2020, 2021, and 2022. What happens when you grow like crazy is you have a requirement to increase your investment sizes. You have to go outside of your historical mandates that your investors were supporting you in. I think that's some of what you're seeing in the marketplace today. For us, we are really focused on being a true middle-market lender. We have not scaled up tremendously to change what it is that we do. A $25 million loan does not move the market for a platform like Apollo or Blue Owl. It does really move the needle for us, and that creates our real competitive advantage. Less competition, better pricing, more structuring flexibility, and more meaningful borrower relationships. I want to be direct about what that means in practice, because at the end of the day, I am the COO of Mount Logan, but I also help support our investment functions. I am personally overseeing many of our lending relationships because, again, our business model falls apart if our investment and partnership orientation slips away. One more relevant and prevalent point right now on this page would be around private credit fundraising. It has historically been extremely concentrated in the largest players. Effectively, those five or so large managers, they've captured the majority of flows. That is definitely beginning to shift with the way that the market is talking about private credit. We believe that we are positioned to benefit on that. We announced at our Q1 earnings that we had signed up a new account for $120 million. We had agreed to an acquisition of another $100 million-$120 million of assets under management. For a $2.1 billion company, that is around 10% of our AUM. We are able to meaningfully grow and take advantage of these smaller scale opportunities that has been presented in the marketplace. The last point I'll point out is this 54% CAGR on our core asset management vehicles. When we think about our core vehicles, we have a BDC platform that is included in that. We have an interval fund called the Opportunistic Credit Interval Fund, and we have our insurance company, Ability Insurance. I will go to this next page and can be pretty short and sweet here. I think you guys have heard about this over the past. It had a lot to do with what has been driving the growth in private credit. There's a tremendous amount of tailwinds. Bank lending as a share of total non-financial corporate debt, it is down. Private wealth allocations to alternatives are up, and that is some of the products that we create and orient ourselves around. We think that, again, our business specifically is really capturing this and capturing the tailwinds of the industry, just given the market that we serve. Again, the larger players continue to get larger. They're less able, they're less willing to focus on the true middle market. I would say the last piece here is just talking a little bit about how our positioning within this intersection of private credit, insurance, and alternatives, is really a mix of a bunch of different tailwinds which have really supported our business and allowed us to grow, and expand. Again, when we closed the merger with 180 Degree Capital, I think we had in excess of 90% shareholder approval. 180 Degree Capital was able to get 68% of their shareholders to vote in favor of the transaction, which is pretty tremendous for a retail distributed vehicle. We are super excited about the growth and all that that has, to help our share price. Getting into insurance, please don't fall asleep, but this is where the story differentiates, I think, from a traditional credit manager, I do want to spend some time here. The infrastructure embedded in this business is genuinely difficult to replicate. Remember, the core focus of this model is growing Ability grows the capital that we manage, which grows our fees. Ability is a Nebraska-domiciled insurance company, currently licensed in 42 states, but we believe that there's a path to being licensed in all 50 here pretty soon. That footprint represents years of application work, regulatory engagement, examination cycles, discipline, capital management. Most people acknowledge in the abstract that owning a regulated insurance company is hard. I'd ask you to really think about what that means in practice, because we built our business alongside an SEC-registered investment advisor or asset management business simultaneously as building a Nebraska-regulated insurance company. It requires real ongoing compliance and operational infrastructure, and both of those are very hard things to do that not many companies of our size and scale are able to do. I would credit a lot of that to the support and backing of BC Partners as well as our shareholders and investors. The reason our positioning is so defensible starts with leadership. The president of our insurance company is a former lead regulator for the state of Nebraska, and she's been with us since inception. That continuity of regulatory expertise and relationships is a real advantage for us. Since acquiring Ability in Q4 of 2020-21, insurance segment management fees have grown from $2 million, as you can see on the screen, to a run rate of $7 million here as the market continues to grow. That's a 34% CAGR. Assets today are approximately $1.1 billion that Mount Logan manages roughly $891 million of that, which is up $249 million year-over-year. In March, we added another $120 million from an existing relationship, every one of those dollars is capital that we now earn fees on. On the product, MYGA is a fixed crediting rate defined duration liability. It is not property and casualty. There's no meaningful mortality or underwriting risk of any kind, and the liability is highly predictable. We kind of think about it just like a bank would a CD. You go out, you raise a CD, you take those proceeds and you go and lend it, support the economy. The benefit here on the insurance side is that there are surrender charges. Back when you had the SVB crisis in 2022, these annuities did not experience the same withdrawals because it actually penalizes you for doing so. That is a benefit to the funding structure. Again, it allows us to go out and make long-term investments via loans or other credit instruments into the true middle market companies that we interact with. Yes, I will go to the next page here. I think this is something that, again, for folks who are somewhat familiar with the model of insurance companies, you can be a reinsurer or you can be an insurer or direct writer or direct originator of policies. Ability historically has been a reinsurer of other insurance companies' policies. I think the thought process is somewhat simple to understand. An insurance company goes out and writes $100 million of policies. They say, "We really like the risk, but we only want to keep 10%-20% for our ratios that we need to make our regulators happy." They go and they sell it out to the marketplace, and they charge other reinsurance companies that they're selling it to a fee for doing that and basically doing all the heavy lifting for them. Ability has been the one reinsuring historically, but in September, following the close of our transaction and the acquisition of substantial capital, we went ahead and put the next step of our journey into motion by investing a meaningful amount of dollars into Ability. It's on this page. We try to make it very simple so you kind of understand exactly the benefits of doing something like that and making that kind of investment. I will just caveat by saying it takes a very long time for all of this to happen because Nebraska insurance regulators, I'm not calling them slow, but they have a lot of other insurance companies other than just us to look over, and then there's also a rating agency involved. There's a few different hoops you have to jump through. Luckily, if we're talking about baseball, I would say we're in the eighth inning of where we want to be. I wouldn't say we're in the bottom of the eighth, probably in the middle of the eighth. We're changing over. The reasons why we're doing that is pretty clear, because one, it means that we can take annuities and design and iterate the pricing the way that we want it to be to fit the assets that we're originating. Our platform is all about taking advantage of opportunities in the marketplace. If it so happens that we're seeing a lot of really good opportunities to invest in three-year deals or three-year term paper, through Ability and controlling our own origination, we can then toggle the product to be a three-year product. The hope is when you do that as well, that you're able to capture a spread between what it is that we're guaranteeing a return on. Let's say someone says, "Okay, I'll give you my money three years and I want a five percent annualized return." We go out and we try to invest and generate in excess of one percent return on that, which has historically been our target and remains our target. Additionally, as I mentioned before, you do collect economics when you sell or syndicate. As an insurer, when you reinsure out into the marketplace, you collect fees for providing the front office operational support for doing so. As I said at the beginning, our whole business model is really built around this asset management insurance solutions flywheel. I think the whole point here is as you directly originate and control the growth of your liabilities, you are growing your assets under management with which our asset manager manages for a one percent fee. You're growing your revenue, you're growing your assets under management, and if you continue to invest in a prudent manner, you'll also generate higher spread-related earnings, or what we reference up here as SRE, which is really just, again, that delta between what we're promising folks that we will do on their behalf from a return perspective and where we're able to invest it out. Performance in asset management and growth and insurance are mutually reinforcing. Disciplined underwriting and policyholder-first investment management are the foundation that makes this flywheel work. It has worked for the past several years, as you've seen in the growth of AUM and the growth of fees, and we're super excited about the next phase. This is a little bit more of what I mentioned before and just the flywheel effect that our business does have. Again, starts with the insurance capital, disciplined asset management, AUM growth, FRE and SRE grow, and then you're able to reinvest in the platform and expand even further. This is something that we truly believe in. We've been talking about it for the past several years, and again, we think that we're very close now to being able to own and control the organic growth engine that is our insurance company. I think here's something that is another key element of our business, which we think is pretty differentiated. The institutional backbone we have is different than most $32 million market cap businesses. As I mentioned, BC Partners is a $40 billion global alternative asset manager with 40 years of a track record, 40 years of history. It's out right now fundraising on the private equity side for its 12th fund. It is considered one of the bellwether blue-chip European-focused private equity managers of the past several decades. When they launched the credit platform in 2017, they again brought Ted, Henry, and Brandon came on board shortly thereafter, and myself, I've been here for almost five years now. You can see from the logos at the bottom, from Apollo, Goldman, Onyx, PennantPark, Bank of America, PwC, a tremendous amount of institutional experience. Ted and Henry together worked at Goldman Sachs, where they led the Special Situations Group, and Ted ran the Apollo credit business and their BDC as well. A ton of institutional pedigree and no real turnover at this senior leadership level. We've had the same CEO since 2018, same President, Henry Wang, since then as well, and have grown it to this $2.1 billion figure that you see here. BC Partners, a lot of people ask about what the relationship is. Mount Logan is effectively asset-light. It does not have any employees outside of the folks that you see here and our chief compliance officer. That is done through a staffing and servicing agreement with BC Partners, which compensates BC Partners for providing employees to the business. Mount Logan is accessing a global infrastructure that BC Partners has, deal flow, underwriting, operations, and relationships through these staffing and servicing agreements, which is a tremendous benefit to the business and allows us to say that we are truly asset-light. I'll spend two seconds here and just quickly touch on, these are our two primary metrics that we follow and report today to come to how we view the performance of our business. Q1 was a strong quarter, what we've been telling folks is because of the investments and the time that it takes for the investments within our insurance solutions business and asset management, it's likely that in the second half of 2026, you'll see an even greater increase and step up in the performance of our business on a year-over-year basis. Q1 was great. Segment income, which is just FRE plus SRE, was up 40%, we believe that there is a lot more that we can achieve going forward. Here's just a list of some of the things that we have underway. We have announced a Yieldstreet transaction, which was to acquire assets from a Yieldstreet fund. Again, I mentioned the $120 million of additional capital that we took on. Between the two of those, again, that's like $220 million-plus of AUM that is excluded from that $2.1 billion figure, then direct insurance writing. On the right side, we recently onboarded a new CFO as well as myself. I was appointed COO in April, and all of my and the CFO's focus is on improving the things on the right side as well, ensuring that our cost structure is reflective of the size of the company that we're at. We want to leverage BC Partners' resources to the fullest extent, we want to continue to expand our insurance platform. This is sort of the final page takeaways for folks. Again, I think we're an organic and an inorganic financial services business with an asset manager and an insurance solutions business, which are synergistic together. We have an incredible leadership team, unbelievable continuity, we have the backing of a best-in-class private equity platform that has a tremendous network and infrastructure. We believe that there is, as you can tell from Q1 segment income, a lot of growth before you even start thinking about the things that we have announced or that we plan to do that should take effect in the second half of the year. We have been very disciplined with the way that we've executed M&A, we keep getting better, I would say, at how we do that. That is enabling us to have a much better path to a higher FRE and growth. Lastly, I think that from a valuation perspective and where we're trading today, we are deeply undervalued relative to just very simplistically the GAAP book value that we have. That's not how we would ever anchor investors to think about the valuation of our business, but it certainly makes the conversation a lot easier. We're happy to walk folks through the actual, how we think of the sum of the parts of our business, the growth of our business from here on out. I just wanted to say thank you guys for the time and attention