Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to 180 Degree Capital Corp.'s shareholder update call. All participants are currently in a listen-only mode. Following our prepared remarks, we will open the line to questions. If you would like to ask a question, please type STAR followed by one on your telephone keypad or click the Ask a Question icon if you are participating via your computer. We would like to remind participants that this call is being recorded and that we will be referring to a slide deck that we have posted on our investor relations website at ir.180degreecapital.com under news/events. As required by securities regulation related to our proposed business, company, and proxy rules, we will also post a transcript of this call on the SEC's EDGAR system and our website. Please turn to our Safe Harbour statement and other disclosures on slides 2 to 5. This presentation may contain statements of a forward-looking nature relating to future events. Statements contained in this presentation that are forward-looking statements are intended to be made pursuant to the Safe Harbour provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed herein. Please see the company's filings with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the company's business that could affect the company's actual results. Except as otherwise required by Federal security laws, 180 Degree Capital Corp undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. I would now like to introduce your host for today's conference, Mr. Kevin Rendino, Chief Executive Officer of 180 Degree Capital Corp. Mr. Rendino, you may begin. Thank you, and good afternoon, everyone. Daniel Wolfe, our President and Portfolio Manager, and I would like to welcome you to our call this morning. We'd also like to note that Ted Goldthorpe, CEO of Mount Logan along with other members of the Mount Logan team, are here today, and you will have an opportunity to hear from them as well, shortly. It's been a long road to get to this point, but we could not be more excited for the future ahead for all of 180 Degree Capital Corp. shareholders as we finally are filing through the SEC review process and able to seek approval for our proposed business combination with Mount Logan Capital Inc. As I said, Ted Goldthorpe is here with us today to talk more about the future of our combined companies. I know we've discussed this before, and with voting about to begin, it's a good time to revisit where we started, what we've accomplished, and how we position 180 Degree Capital Corp. for growth as part of Mount Logan Capital Inc. Ted will speak to the future of our combined companies, and then Daniel and I will address recent public commentary. We'll open the line for questions afterwards. Apologies in advance for the length of our remarks. We haven't been with you in a while, and there's a lot to cover on the quarter, the year, the business combination, and more. If you don't get to your question today, please reach out anytime. We're always happy to follow up. We've remained transparent and responsive since day one, and while we've held off on calls to respect the SEC process, now that our materials have been declared effective, we're glad to be back in touch with all of you. Our lines are always open. In 2016, Harris & Harris Group faced a critical turning point in the illiquid venture investments portfolio with limited return visibility and over $6 million of annual expenses. After engaging with the board, I was invited to join as a director with Daniel, then in management, actively involved in the process. It quickly became clear that a strategic overhaul was essential. The board's decision to pivot the business was a strong example of sound governance. Daniel and I proposed a plan to restructure the company through two key actions: one, reducing operating costs, and two, implementing a strategy focused on controlling investment timing and exits. Drawing on my 24-plus year experience managing value funds at Merrill Lynch and BlackRock, and then another five of small-cap activism, we shifted to investing in small and micro-cap public companies using a constructive activist approach, bringing transparency and liquidity that the prior model lacked. We cut expenses by more than half overnight, exited our New York office, reduced headcount, and converted to a closed-end fund to lower regulatory costs. This change, while eliminating stock-based compensation, prioritized shareholder value and our investors over any management benefit. Our goal was to transform the balance sheet from 80% of liquid assets to fully liquid holdings, build a track record of performance, and establish a reputation for value creation. We succeeded both absolutely and relatively. While some may try to discredit the turnaround, we led it at 180 Degree Capital Corp. The facts speak for themselves. Since taking over, we've achieved a meaningful turnaround at 180 Degree Capital Corp., both in absolute terms and relative to where we started. While there have been differing opinions about our strategy and results, it's important to ground the conversation in facts. We'll address some of the recent commentary later in the call, but for now, let's focus on the progress we've made and the value we've created for shareholders. Since assuming leadership in 2017 through June 30, 2025, our investment strategy has generated approximately $38.7 million of gains or $3.87 per turn shareholder, representing a gross total return of 253% and an IRR of 16%. This compares favorably to the Russell Micro Cap Index's 66.6% return and a 6% IRR over the same period. At the outset, we inherited a legacy portfolio of illiquid venture investments comprising 80% of the balance sheet, which reduced NAV by $24.1 million or $2.41 per share. Had the prior board not shifted the company's strategic direction, this decline, combined with over $600 million in legacy expenses, the outcome for shareholders could have been far worse. It's important to recognize that this loss of the private portfolio stemmed from legacy assets and not from 180 Degree Capital Corp.'s current investment strategy. Since then, I've personally invested in over 800,000 shares, primarily with after-tax dollars, demonstrating our alignment with shareholders. In Q4 of 2023, we successfully completed the transformation of our balance sheet from 80% of illiquid venture investments to 99% of liquid assets and cash. With this transition behind us, two key developments followed. First, certain investors focused on short-term gains through liquidation or tender offers began to take interest in 180 Degree Capital Corp. These strategies, often aimed at collapsing discounts in closed-end funds, contrast with our long-term approach. We believe our shareholders share our vision for value creation through the proposed business combination with Mount Logan Capital Inc., rather than pursuing short-term spreads at the expense of NAV and shareholder capital. Daniel Wolfe will speak more to this later. Secondly, and more importantly, the completion of our transformation positioned us to scale. With a proven strategy and a viable business model, we recognized the need for greater scale to enhance our ability to serve portfolio companies and absorb public company costs. That's where BC Partners and Mount Logan Capital Inc. came in. We began interacting with BC Partners and Mount Logan Capital Inc. teams in July 2024, and today, for reasons we'll discuss, we feel even better about and more excited for the combination than we did when we first announced it. For 35 years, I've been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we've spent more time with Ted Goldthorpe and his world-class team over the past six months, it became abundantly clear to us that we believe Mount Logan Capital Inc. is one of those great undiscovered, undervalued companies, and two, the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital Corp shareholders by doing the following: one, shifting the valuation of our business from one based on net asset value to a valuation based on operating metrics, with a foundation of what we believe will be more predictable, fee-related revenues attributable to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses currently trade on multiples of operating metrics, like fee-related earnings and spread-related earnings, and/or multiples of book value rather than discounts to net asset value. Two, changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital Corp.'s current size. Three, substantially increasing the available capital to us to be able to leverage our relationships with smaller micro-cap public companies to develop capital structure solutions that seem to unlock value and generate favorable risk-adjusted returns and further differentiate the platform as a diversified credit manager. Here are the reasons for doing the deal, and fortunately, we've gotten considerable support from the shareholders that examined the deal. Mount Logan Capital Inc. has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe. Ted came from Apollo Global Management in 2017 and has built several large-scale private credit businesses from zero. He's one of the most impressive business leaders I've ever come across, and the team he has assembled is talented and shareholder value-oriented. The combined company will operate as Mount Logan Capital Inc., with $2.4 billion of assets under management focused on the high-growth private credit market, with the benefit of a wholly owned regulated insurance business with $1.1 billion in total assets. These assets under management generate predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders. Strong portfolio balance sheet post-transaction that will support investment in what the parties believe is a highly actionable pipeline of organic and inorganic growth opportunities across both asset management and insurance businesses. The combined business is expected to pay quarterly dividends subject to board of directors' approval. This is a major benefit to the shareholders of 180 Degree Capital Corp., who have not received a cash dividend since 2001. Having the ability to access the return of capital is also a benefit for this deal. Mount Logan Capital has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm. Mount Logan Capital Inc. is focused on what we believe is the fastest growing market of private credit. We believe that Mount Logan Capital Inc. remains undiscovered by the majority of investors due to its listing on the CBOE Exchange rather than a U.S. national exchange. We believe Mount Logan is significantly undervalued by public market investors, and importantly, 180 Degree shareholders are receiving ownership of the combined company based on our full net asset value at our closing and Mount Logan being valued at $67.4 million, subject to certain adjustments as defined in the merger agreement. Let me repeat that. Our shareholders are getting full value in the combined company at net asset value, not a discount, full. Almost more importantly, it does not require monetization of investments in a forced manner that would likely result in a decrease of net asset value or not enable us to capture potential value creation between now and the close. Thus far, in 2025, our public investment performance and NAV growth are significantly outperforming the Russell Micro Cap Index by over 1,500 basis points and 450 basis points through June 30, 2025, and that has been expanded even further as of the date of this call. Additionally, 180 Degree's stock through the end of Q2 2025 has outperformed the Russell Micro Cap Index and our LIPP repair group by over 900 basis points and 1,100 basis points, respectively. All of this will accrue to the benefit of 180 Degree shareholders because we're not forced to liquidate any positions. We don't shy away from periods of underperformance, and we're equally proud of our recent outperformance. Given many of our investors think in terms of net asset book value, we have found it helpful to walk shareholders through what that means for them in these circumstances. If you use our net asset value as of June 30, 2025, of approximately $48 million, plus the equity value of Mount Logan on its most recently available U.S. GAAP financial statements of approximately $103 million as of March 31, 2025, then the combined book value of our companies would be about $150 million. If you just take 180 Degree Capital's shareholder portion of the combined book value, then our stake in the new company would be approximately $60 million or 125% of our current NAV, or approximately $6 per share. In our supplemental slides posted on our website, we also run through calculations to show what 180 Degree Capital shareholders' portion of the combined company could be valued as compared to our current NAV and stock price based on various multiples of fee-related earnings and spread-related earnings that are similar to those of our publicly traded asset managers. The message is math is math. This is one of the many reasons why we believe the special committee of our Board of Directors independently determined the very preliminary offer of 101% of NAV in a company in vehicles trading at discounts already were not unlikely to meet the requirement of being a superior offer versus our proposed business combination with Mount Logan. In our opinion, it doesn't. I encourage you to view our slides as they show a clear picture of why we think this deal is accretive to our NAV and shareholders today, let alone the accretion leads a long way towards future shareholder value creation, giving our multiple trades a significant discount to the competition. With that, I am pleased to now turn the call over to Ted Goldthorpe, CEO of Mount Logan, and then I'll return with some closing remarks after Daniel speaks. Thank you, Kevin. We could not be more excited about the future of our combined companies. It's been a while since I had the opportunity to speak with you all. Perhaps it makes sense for me to go through a quick refresher on Mount Logan and then reinforce why we were so excited about this business combination and what we think it means for value creation for all shareholders of the business. Mount Logan is an alternative asset management and insurance solutions platform managing in excess of $2.4 billion of AUM in what we believe to be one of the most attractive alternative asset classes for private credit. We formed Mount Logan in 2018, and since then, we believe we've built a platform with diverse credit capabilities focused on providing partnership to middle-market businesses across key segments of the market and a variety of products, including senior and unitranche lending, opportunistic credit, specialty finance, and private and public investment grade, and through our Runway minority stake acquisition that closed at the end of January 2025, venture lending. On the capital formation side, by organic growth and M&A, Mount Logan has strategically positioned itself in the key areas of focus of asset management: insurance, permanent capital, and retail. We believe our platform is different from many as we've built a strong franchise in the core middle market, an area that has been increasingly ignored by the large asset management firms in our space as they continue to scale and are unable or unwilling to invest in a smaller part of the market. We're also unique in that we have a presence across both sponsored and non-sponsored deals, sponsored referencing private equity ownership, which we believe enables us to generate alpha from both a return perspective as we can allocate capital across a broader array of deals. We believe that the combination with 180 Degree Capital Corp. will allow us to build out our capabilities in offering private solutions to public companies, which is a large and overlooked space, particularly in the areas where our respective management teams focus. Our ability to provide one-stop solutions to borrow and issue our clients across sponsored and non-sponsored public companies makes us a very attractive and key counterpart to many stakeholders in the credit ecosystem. Since we announced the combination with 180 Degree Capital Corp. in January, one major achievement for our team has been the June 2025 announcement that our two BDCs, Logan Ridge and Portman Ridge, received shareholder approval to complete a merger of the two companies into a single company that will be named BCE Investment Corporation and trade under the symbol BCIC and close this month. We believe that the merger of Logan Ridge and Portman Ridge are positive events for those shareholders, but also Mount Logan Capital Inc. and ultimately 180 Degree Capital shareholders as well. In particular, Mount Logan currently receives its proportionate share of the management and incentive fees generated on Portman based on its minority stake ownership and Portman's advisor, Sierra Crest, and 100% of the management fees and incentive fees to the extent earned generated on LRFC. On an asset-based blended basis, the economics to Mount Logan equates to approximately 25% of the management and incentive fees for the first quarter of 2025, and this percentage will be adjusted on a post-Portman Logan basis to provide Mount Logan with a greater share of the combined management and incentive fees. In addition, the combination of these two entities will enable economies of scale, savings of duplicative expenses, which will reduce the expense drag on the total assets of the merged entity versus separate entities from which the management fee is based. That savings accrues directly to the benefit of Mount Logan and its shareholders. Mount Logan has historically been very acquisitive in growing assets under management for its BDCs. We expect that trend will continue to occur post the closing of Mount Logan and 180 Degree Capital Corp. combination, particularly since new Mount Logan will have additional capital to invest in its asset management business through the acquisition of 180 Degree Capital Corp. Additionally, we believe the shareholder-friendly terms that were just announced to the BDC shareholders could provide additional credibility and support for other BDCs looking to grow and increase scale and that want to become part of the Mount Logan platform, which would lead to greater assets under management and fee income, and the benefits of synergies and scale will roll through the combined entities. Clearly, all those opportunities will accrue to the benefit of our combined company post-merger, and positive portfolio performance and action expense savings should support improvement in the trading of the combined entity and potentially allow us to evaluate growing the equity base as the stock trades closer to net asset value. This continues our track record of creating value through organic and inorganic growth while creating cost synergies through scale and demonstrating that we are very comfortable rolling up our sleeves to unlock value for shareholders. Lastly, I wanted to close out why I believe our proposed combination is a significant milestone for 180 Degree Capital Corp. shareholders. First, it marks the next step in the company's evolution enabled by the tremendous turnaround executed by Kevin Rendino and Daniel Wolfe. With the business transitioning into an asset-light operating company structure, which are most frequently valued on a multiple of specified operating metrics rather than discounts or premiums to net asset value, it's the transformation Kevin, Daniel, and the team started in 2017 and is seemingly complete. Secondly, 180 Degree Capital shareholders will be pleased to own a business that has been paying a quarterly dividend to its shareholders since 2019 and a business where we think we will continue to plan to do so subject to approval by our Board of Directors. Third, listing on the NASDAQ and gaining increased scale, we hope will enable the combined entities to trade closer to publicly traded peers, which will result in a valuation uplift of our stock. Thank you to everyone. We are very excited to have the definitive proxy out there and take the next step in our proposed business combination's progress. With that, I will now turn the call over to my partner, Daniel. Thanks, Ted. As you mentioned in our release announcement's call, we've been waiting for the right time to address a number of inaccuracies and distortions included in press releases by an activist investor starting prior to the announcement of our proposed business combination. We made a deliberate decision not to engage in a public back-and-forth with this investor while we were focused on completing the proxy and registration statement. Now that this process is behind us and the vote is underway, we believe it is important to be clear. This is not a game to us. We take our fiduciary and corporate governance responsibilities seriously and remain focused on creating long-term value for shareholders. You might ask why are we even spending time on this topic? It is because while certain active investors coordinate and pursue short-term tactics that divert resources, we believe such efforts are a distraction and a misuse of shareholder capital. Capital that should be directed towards sustaining the strong performance of our investment portfolio and maximizing the ownership of 180 Degree Capital Corp. shareholders in the merged entity. It is worth noting that NAV growth would have been even stronger without the added legal costs resulting from these activist actions. We are doing everything we can to try to minimize the impact and NAV caused by these activist shareholders. For example, it took multiple requests to finally reach the point where we reached agreement to move the demanded director election meeting date without needing lawyers involved. Our reason for asking for it to be moved was to save shareholder expense of running a contested election. We also have one investor who's identified in our proxy, who's 180 Degree Capital Corp. shareholder A, proposing via email that this shareholder would tell us how to get the requisite vote with minimal solicitation expenses in exchange for compensation when the merger is approved by shareholders. As a matter of principle and as a matter of good corporate governance, our Special Committee and our Board declined to engage in this brazen attempt of vote-buying by bribing the company. In short, no side deals, no public deals, no non-public deals, nothing. We do not make monetary or other side deals for votes. The claims made by one activist investor of such non-public deals are not supported by fact. We also have been driving hard to reach this point where we could announce the meeting date and begin collecting votes. We're happy to dive into the SEC review steps and timeline in detail if any shareholder would like us to do so at any time or as part of Q&A. Contrary to accusations made publicly by one investor and privately by another, we respect the SEC review process and are not willing to take actions that are not permitted under law or regulation. Kevin and I wanted the vote to occur faster than anyone. We have spent the past year engaged with the Mount Logan team and see the opportunities for substantial value creation for our collective ownership of 180 Degree Capital Corp. We cannot wait for this merger to close and for the value creation of a combined entity to start. We are hopeful that these unnecessary expenses can end their occurrence and negative impact on NAV. If you happen to speak with these active investors, we would appreciate it if you deliver the same message. We are also hopeful that we can engage in constructive dialogue with any and all shareholders, even those who continue to defame us in press releases after what we believed were constructive conversations. We're here and available anytime to speak and look forward to doing so. In the interim, please let us know if you receive calls from any activists soliciting you to vote no on the proposed business combination. This type of solicitation is not permitted under securities laws, and we want to make sure that our shareholders are not being disadvantaged by entities that may have a different set of ethics in respect to the law and regulation. Our proxy solicitor is EQ Fund Solutions, and you may be receiving a call from them, which is permitted under law and regulation. You can also reach out to them if you have any questions or need help voting, as they can be reached toll-free at 800-967-5051. We stand by our results, our strategy, and our steadfast belief that our proposed business combination with Mount Logan is the best future path for 180 Degree Capital Corp. and its shareholders to build substantial value. We believe the more time you spend with Ted and his team, the more you will share our excitement for this proposed business combination. We remain committed to engaging constructively with shareholders who share our long-term vision. We also look forward to the opportunity to continue to grow NAV heading into the close, hopefully without negative impacts from the actions of activist investors. I'll turn the call back to Kevin for some closing remarks. Thanks, Daniel. That brings us back to the most important part of why we're here speaking with you today. That is our recommendation that you support and vote for the proposed business combination. I encourage all of 180 Degree Capital shareholders, as Daniel said, to spend time with Ted and his team. Daniel and I have had the pleasure of doing so for the past year, and they are an incredible group of people. Literally, each time we have a meeting, we come out more eager for the next one. In my 35-plus years of experience and Daniel's 20-plus years of experience working in finance, we have not met a more capable value-creating team who are truly good people. As significant 180 Degree Capital Corp. shareholders, Daniel and I feel honored to have the opportunity to own a material portion of our combined business, from which I believe the future is bright for the creation of material value and wealth for our combined shareholders. If we just trade at one times our combined book value, that is approximately 126% of our NAV as of 6/30/2025. If we trade anywhere near our multiples on peers on a multiple of FRE and SRE, the value of 180 Degree Capital's ownership of the merged company is much greater. I believe this value is just a floor in terms of our NAV rather than a ceiling. If there's one thing you can take from these comments, I hope it is that there isn't one way to create value or build wealth, and we strongly believe that the proposed business combination is the best way forward to create significant value for all of our shareholders. With that, we'll open the call for questions. Thank you. If you wish to ask a question, please press star followed by one on your telephone keypad now, or click on the Ask a Question icon if you're participating via your computer. You will be advised when to ask your question. If for any reason you want to remove your question from the queue, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from Pratick Agrival from CIF Financial. The line is now open. Please go ahead. Thank you so much for taking my questions. I have two questions. Firstly, congratulations on the transaction. Now that the SEC has approved the business combination, I just wanted to understand the updated timeline and the next steps to complete the merger. I have a follow-up question as well. Absolutely. Thank you very much for that question. Now that we are effective, we are able to start collecting votes. That process has begun. The materials will be received by our shareholders, by shareholders of both companies in the coming weeks. We would encourage all of our shareholders to pay attention to the materials, and if you have any questions on them, reach out. You can file the votes through the links or phone numbers that are on the proxy cards that will be there. Our goal is to collect all of those votes and be in a position to have the mergers approved at our meetings that are scheduled on August 22. The goal would be to close the transaction shortly thereafter, pending a few steps in the closing process. We're probably looking at sometime in very early September. There is the possibility that we extend the meeting date to collect more votes if we need to, but that is the timeline we're operating on currently. Awesome. Thank you so much for... Yeah. Our second question is, what are the benefits of these strategic combinations for the Mount Logan Capital Inc. shareholders? Yeah, I know. That's a good question. I mean, from our perspective, we're incredibly excited about this. I think it does a bunch of different things. Number one is, moving to a U.S. exchange, I think, is going to really greatly help us from many perspectives and also will have improved stock liquidity, both because we're NASDAQ listed and just because of scale. Number two is, obviously, we've got a pretty decent pipeline of M&A opportunities, plus opportunities to organically grow. We think this gives us capital to do that and strengthens our balance sheet. This should expand our research coverage. Again, we get a best-in-class management team that can open up a brand new source of sourcing for us. We've made a lot of money in our past of providing private solutions to public companies, and Kevin Rendino and Daniel Wolfe obviously give us a segue into that market f rom our perspective, this is a real, real big win for 180 Degree Capital Corp. Gotcha. Thank you so much. I'll pass the line. Thank you. Our next question comes from Masa Song from TD Cowen. Your line is now open. Please go ahead. Thank you for taking my question. Also, congrats again on the deal. I have two questions. First, I'm just trying to understand what were some of the factors driving Mount Logan Capital Inc.'s Q1 2025 book value, the sharp increase to $103 million. I have another follow-up. Hi, Masa. Thanks for your question. I can take that one. My name's Nikita Bosnan. I'm the CFO of Mount Logan Capital Inc. If we take a step back thinking about our book value, in January of 2022, we had to adopt IFRS 17, which was a new insurance contract standard that came into effect. In doing so, it caused us to take about a $70 million hit to our net reserve, which directly lowered our equity by that amount. The main reason being IFRS 17 insurance contract liabilities and reinsurance contract assets are comprised of three main components: best estimate cash flows, explicit risk adjustments for non-financial risk, and contractual service margins. We can go for a drink to discuss those and how they're determined in detail. However, under U.S. GAAP, the main thing to take away is that the reserve ultimately ends up in a lower net position because we just look at our estimated future obligations of policyholders, which is offset by the present value of future net premiums. Because there's no risk adjustment or CFM, we have a lower net reserve. As a result, when we went to adopt U.S. GAAP, what happened is that we were able to reverse that day-one adoption loss. Essentially, our shareholder equity has gone back to its starting point pre-adoption. We're also pleased that the way our U.S. GAAP reporting positions Mount Logan, it really puts us in line with other U.S. alternative asset managers and life reinsurers for comparability and benchmarking. You mentioned another question. Awesome. That's super comprehensive and very helpful. My second question, just from your supplemental deck, which of, or can you give me one of the U.S. alternative asset managers that provide the best peer comparison for Mount Logan if I'm trying to look at it from a price-to-book perspective? Yeah, referencing slide 11, which is in the supplemental deck, this shows the value creation if we trade at one times book. Most of our large-scaled asset managers, you know, Apollo, KKR being the most obvious ones, trade around five times price to book. I think what that shows is continue to invest in that business. We would say the most relevant comps are probably the scaled asset managers that also own insurance companies. We're not saying that we are in the same league as some of these companies, but from a trading perspective, things like Apollo, which owns Athene, and KKR, which owns Global Atlantic, would be good things to point to. That's very helpful. Thanks again. I'll pass the line. As a reminder, to ask a question, please press star followed by one on your telephone keypad. Our next question comes from Ben Rubenstein from Robotti. Your line is now open. Please go ahead. Hey, guys. Great presentation. I just wanted to clarify, has 180 Degree Capital Corp. solicited voting agreements from shareholders since the deal with Mount Logan Capital Inc. was announced? Thanks. Hey, Ben. This is Daniel. The answer is a resounding no. We're not permitted to. The rule basically is that until you start a solicitation, you can't float. The The SEC has basically determined and given guidance that you can't take voting agreements, enter into voting agreements with shareholders that own less than 5% of the outstanding stock. No. All of the indications support that we also had before were non-binding. Those were shareholders who believe in the opportunity, believe in the deal, and wanted to express their support in some way, but they weren't able to enter into a voting agreement because of SEC regulations. I think as you hear on our call, we follow the rules and regulations and laws very carefully and closely. I hope that's helpful. No, I appreciate that. For Ted, can you talk about the benefits of owning an insurance business and how you intend to use the insurance business over the next few years or in the medium term? Yeah. I think insurance, you know, like I think some of the big alternative asset managers kind of realized this a couple of years ago, whereby it offers us basically some semblance of permanent capital. Obviously, we think we can earn very strong ROEs at the insurance level, and then you get the double benefit of being able to get the asset management fees at the asset management level. You get economics on both different levels. Going back to our comments around organic and inorganic growth, we do think there's a lot of inorganic growth opportunities. We lay out in a lot of our public filings how we think about return on capital. We think we could generate mid-20% returns for every dollar invested. Having that organic growth engine as part of our platform is pretty strategic and very, very powerful. It's exciting. Thanks for the time. Thanks, Ben. Thanks, Ben. Thank you. We have a question come in from Bob Hoffman from VH Standard Asset Management. May, you please go ahead. Yeah. The question that came in was, can we address what took so long with SEC approval to be able to start the solicitation? Thanks, Bob, for asking that question. I think as we put out in a release previously, there's a whole process that you have to go through when you're doing a merger where, with other meetings, you can actually just start calling. You can put out the definitive. Here, you have to wait until the SEC determines you're effective. When we first filed our proxy in March, it was because we didn't have the GAAP financials ready yet for Mount Logan Capital Inc. We wanted to do that because we wanted to get information out to the shareholder base. The SEC told us two days later they're not going to review it until those GAAP financials are in there. For anyone who's ever gone through the conversion of IFRS to U.S. GAAP or anything, it is an extraordinarily difficult process. Layer in when you have a regulated insurance business, these things take a while. Kudos to Nikita Bosnan and her team, which did an incredible job on that effort. We finally got the, because, and then once they're done, they have to be audited. They can't do the audit until the financials are done. Audits take time too. On May 5th, we finally got the audit. The auditor issued the unqualified opinion that we filed the next day with those financials in the proxy. It takes about 30 days for the SEC to get back to you the first time. We got 41 questions and comments from the SEC. We responded to those about a week later, including all of the updated financials for March 31st. It takes another 14- 20 days to get comments back. We got comments back, another nine, on July 1st. We turned those around in 48 hours. We then started to get sign-off and verbal confirmations that there were no further comments from the SEC, which then allowed us to move forward with getting to the point of discussing a timeline for being effective, which came on July 11th. As you see, there's an intense process that goes on, and at no point in time was there delays from our side. This was responding to the SEC in a very timely manner. We're really happy now that the on-file be definitive and moving forward. Thank you. We have a question from David Maley from 1102 Partners. Your line is now open. Please go ahead. Hi, Kevin, Daniel, and Ted. Thanks for taking my question. Thanks for a really informative and straightforward presentation. That was terrific. Kevin and Daniel, I've known you guys for at least 10 years, probably a bit more. A lot of respect for how you invest and run the business. I think Mount Logan is making a great decision to bring you guys on. Congratulations to everyone. Ted, my question's for you. You talked about how with the 180 team in place, you could offer private solutions to public companies. Can you give an example or two about how that would work and how that would, you know, accrue benefit to the shareholders of the new company? That would be helpful to understand. Thanks. Great question. On the first point, there are lots and lots of companies out there that trade pretty far below fair market value, as most people know. Those companies need access to capital to do various things, including buying their own stock and other financial engineering, as well as just investing in their own companies. We have a long track record of doing anywhere from debt to structured equity solutions within a public company context and trying to create or unlock more value for public shareholders. Today, our team is relatively focused on private solutions. Kevin and Daniel offer us not only sourcing synergies, but also deep-seated relationships with a number of management teams. From that perspective, it opened up a whole new source of origination for us. The way we benefit as a shareholder or as Mount Logan is obviously those investments will go into our various vehicles. RLPs are looking for more and more differentiation amongst their GP relationships, and this is an area that we feel is relatively differentiated. We think it might help us raise more money and definitively achieve better risk-reward opportunities, just given that the funnel will be larger. I think it's a really, really, really strategic acquisition for our shareholders. Terrific. Thanks. That's helpful. Appreciate it. Thanks, Dave. Thank you. We currently have no further questions, so I'll hand back to Kevin to conclude today's conference. Thank you, everyone, for your time today. It's been a while since we've been in front of you, and it's good to be back. What we hope you take from our remarks is that we are an open book, available to speak with any shareholder at any time. We look forward to talking to you about this deal and speaking with you throughout the voting process. We, as always, thank you for all your support, and we wish you all a great summer. Thank you. This concludes today's call. Thank you for joining us. You may now disconnect your lines.