Mount Logan Capital: A Messy Alt-Manager With An Insurance Kicker

Kingdom Capital5.28K FollowersFollow5ShareSavePlay(13min)CommentsSummaryMount Logan Capital trades at ~$4, or 0.6x book, despite a credible path to $12m run-rate FRE by 2026.Recent SOFIX/Yieldstreet and SMA mandates could add $3.8m run-rate FRE, highlighting attractive deal economics and growth potential.Ability Insurance's legacy LTC block remains a key risk, but Q4 impairments were non-cash, and capital ratios are robust, supporting MYGA growth.MLCI offers $120m in insurance book equity and $12m FRE for a $105m EV; stable quarters could drive shares toward $8–10. pixelfit/E+ via Getty Images Mount Logan Capital (MLCI) is a US-listed alternative asset manager and insurance solutions platform trading at ~$4.00/share, or roughly 0.6x post-tender book value. The asset management segment generates $8.5m in annual Fee-Related EarningsThis article was written byKingdom Capital5.28K FollowersFollowDeep value investor focused primarily on microcap stocks.

Registered Investment Advisor located in Virginia.Analyst’s Disclosure: I/we have a beneficial long position in the shares of MLCI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.