Marlton Partners Highlights Business Combination of 180 Degree Capital and Mount Logan Capital

Marlton Partners Comments on Business Combination of 180 Degree Capital and Mount Logan Capital

On September 12, 2025, Marlton Partners L.P. (alongside its affiliates and group members) released a statement regarding the recent business merger between 180 Degree Capital Corp. (NASDAQ: TURN) and Mount Logan Capital Inc. (Cboe Canada: MLC). Marlton, which possesses approximately 5.8% of TURN's outstanding stock, highlighted the revised terms of the transaction, which they believe significantly enhance shareholder value.

Marlton’s statement focused on the compelling benefits of the business combination, particularly noting how the revised terms now provide shareholders with 110% of the Net Asset Value (NAV). This adjustment comes after a sustained push by Marlton for better terms, underlining their commitment to maximizing shareholder returns. According to the firm, the ability of Mount Logan to acknowledge the importance of delivering a premium to NAV has validated the long-term value that Marlton has consistently promoted since the initial announcement of the deal back in January.

One of the pivotal aspects of this transaction is the inclusion of a 60-day tender offer. This provision is set to allow TURN shareholders to achieve liquidity in the near term, illustrating a proactive move to enable investors to capitalize on their stakes sooner rather than later. Marlton has always insisted on ensuring that every shareholder can realize the total value of their investment, and this development exemplifies that commitment.

Marlton's engagement with the management of TURN has been pivotal. Since Marlton nominated new directors on December 17, 2024, TURN's stock value has surged by 35.5%, significantly outperforming major indices, including an 8.8% rise in the S&P 500 and a 2.78% increase in the Russell 2000 over the same period. This impressive performance underscores Marlton’s successful influence and the potential of the newly formed entity.

The investment landscape can often be fraught with uncertainties, but Marlton has shown that strategic foresight and engagement can lead to tangible benefits for shareholders. As the landscape continues to evolve, both the management teams of 180 Degree Capital and Mount Logan are expected to provide consistent, predictable, and fair liquidity options that extend beyond the minimum requirements set forth in the deal.

With a strong foundation in the closed-end fund market, Marlton has built a reputation for identifying and enhancing value through strategic ownership and active management. James C. Elbaor, leading the Chicago-based investment firm, has brought a wealth of experience to the table, both from his academic credentials at New York University and Columbia University and his extensive background in investment strategy.

Moving Forward, Marlton partners is looking forward to the synergies that may arise from this combination. The combined expertise and resources of 180 Degree Capital and Mount Logan Capital are expected to create a robust platform for future investments. In these dynamic times, the importance of maintaining shareholder satisfaction and engagement cannot be overstated, and Marlton's proactive stance serves as a model for future corporate governance.

In conclusion, Marlton Partners' strategic insights into the merger between 180 Degree Capital and Mount Logan Capital not only showcase their commitment to enhancing shareholder value but also highlight the potential future growth trajectories for all involved. The road ahead seems promising, as stakeholders can anticipate further developments that may arise from this significant business combination. Marlton remains dedicated to ensuring that every TURN investor enjoys the fruits of their investment, reinforcing their stance as a strong advocate for shareholder rights.