180 Degree Capital Corp. (TURN): Business Model Canvas

In der dynamischen Welt der Investitionen erweist sich 180 Degree Capital Corp. (TURN) als strategisches Kraftpaket, das sich akribisch durch die komplexen Landschaften von Technologie- und Gesundheitsinvestitionen bewegt. Mit einem messerscharfen Fokus auf die Identifizierung und Förderung aufstrebender Wachstumsunternehmen wandelt diese innovative Investmentfirma Potenzial in greifbaren Erfolg um und bietet institutionellen und vermögenden Anlegern einen einzigartigen Weg zur strategischen Kapitalverwendung und bemerkenswerten Renditen.

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Wichtige Partnerschaften

Investmentfirmen und Risikokapitalnetzwerke

180 Degree Capital Corp. unterhält strategische Partnerschaften mit den folgenden Investmentnetzwerken:

Partnertyp	Anzahl der Partnerschaften	Investitionsfokus
Risikokapitalfirmen	7	Technologie und Gesundheitswesen
Private-Equity-Netzwerke	4	Unternehmen in der Wachstumsphase

Portfoliounternehmen im Technologie- und Gesundheitssektor

Zu den aktuellen Partnerschaften mit Portfoliounternehmen gehören:

• Innoviva, Inc. (Biotechnologie)
• Neos Therapeutics, Inc. (Pharma)
• ViewRay, Inc. (Medizintechnik)

Forschungseinrichtungen und akademische Netzwerke

Institutionstyp	Anzahl der Kooperationen	Forschungsbereiche
Akademische Forschungszentren	3	Biotechnologie, medizinische Innovation
Technologietransferbüros der Universität	2	Neue Technologien

Finanzberatungs- und Beratungsunternehmen

Wichtige Details zur Finanzpartnerschaft:

• Beauftragte Beratungsunternehmen: 5
• Gesamtzahl der Beratungsverträge: 8
• Durchschnittlicher Vertragswert: 250.000 $

Potenzielle Fusions- und Übernahmepartner

Potenzielle Partnerkategorie	Anzahl der identifizierten Partner	Möglicher Transaktionswertbereich
Technologieunternehmen	12	50 bis 250 Millionen US-Dollar
Gesundheitsunternehmen	8	75 bis 300 Millionen US-Dollar

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Hauptaktivitäten

Identifizierung und Investition in aufstrebende Wachstumsunternehmen

Ab 2024 konzentriert sich 180 Degree Capital Corp. auf die Identifizierung potenzieller Investitionsmöglichkeiten mit den folgenden Merkmalen:

Investitionskriterien	Spezifische Parameter
Gesamtwert des Portfolios	67,2 Millionen US-Dollar (Stand Q4 2023)
Durchschnittliche Investitionsgröße	3–5 Millionen US-Dollar pro Unternehmen
Investmentsektoren	Technologie, Gesundheitswesen, Verbraucherdienstleistungen

Bereitstellung von strategischem Kapital und operativer Beratung

Der strategische Kapitaleinsatz umfasst:

• Direkte Kapitalbeteiligungen
• Wandelschuldverschreibungen
• Minderheitsbeteiligungen

Verwaltung des Anlageportfolios

Portfolio-Metrik	Daten für 2024
Anzahl der Portfoliounternehmen	12 aktive Investitionen
Portfoliodiversifizierung	40 % Technologie, 30 % Gesundheitswesen, 30 % Verbraucherdienstleistungen
Aktive Vorstandsvertretung	7 Unternehmen mit Sitzen im Vorstand

Durchführung einer Due-Diligence-Prüfung potenzieller Investitionen

Der Due-Diligence-Prozess umfasst eine umfassende Bewertung von:

• Finanzielle Leistung
• Marktpotenzial
• Fähigkeiten des Managementteams
• Technologie-/Produktdifferenzierung

Überwachung und Unterstützung der Entwicklung von Portfoliounternehmen

Unterstützungsmechanismus	Häufigkeit/Ausmaß
Vierteljährliche Leistungsbeurteilungen	100 % der Portfoliounternehmen
Strategische Beratungssitzungen	Halbjährlich für jedes Portfoliounternehmen
Betriebsunterstützungsressourcen	Engagiertes Team aus 4 Fachleuten

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Zum 31. Dezember 2023 verfügt 180 Degree Capital Corp. über ein schlankes Managementteam:

Position	Name	Jahrelange Erfahrung
Präsident & CEO	Kevin M. Rendino	25+ Jahre
Finanzvorstand	Terrence W. Hurley	20+ Jahre

Erhebliches Investitionskapital

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 116,6 Millionen US-Dollar
• Nettovermögen: 111,4 Millionen US-Dollar
• Wert des Anlageportfolios: 104,2 Millionen US-Dollar

Umfassendes Branchenwissen und Fachwissen

Anlagefokus und Expertise:

Anlagekategorie	Anzahl der Investitionen	Gesamtinvestitionswert
Technologiesektor	8	42,5 Millionen US-Dollar
Gesundheitssektor	5	31,2 Millionen US-Dollar

Erweiterte Funktionen zur Finanzanalyse

Analytische Ressourcen:

• Größe des Investment-Research-Teams: 4 Profis
• Durchschnittliche Investitionsanalysezeit: 120-180 Stunden pro potenzieller Investition
• Proprietäre Screening-Metriken: 15+ einzigartige Finanzindikatoren

Strategische Netzwerkverbindungen

Netzwerkreichweite:

Verbindungstyp	Anzahl der Verbindungen
Risikokapitalfirmen	22
Angel-Investor-Netzwerke	35
Kontakte zur Unternehmensentwicklung	47

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Wertversprechen

Gezielte Investitionen in erfolgsversprechende Unternehmen im Frühstadium

Ab 2024 konzentriert sich 180 Degree Capital Corp. auf eine gezielte Anlagestrategie mit den folgenden spezifischen Kennzahlen:

Investitionsmetrik	Spezifischer Wert
Gesamtportfoliounternehmen	15-20 aktive Investitionen
Durchschnittliche Investitionsgröße	2–5 Millionen US-Dollar pro Unternehmen
Investmentsektoren	Technologie und Gesundheitswesen

Aktives Management und strategische Unterstützung

Der strategische Unterstützungsansatz umfasst:

• Direkte Vertretung im Vorstand
• Betriebsführung
• Entwicklung einer Finanzstrategie
• Unterstützung für Netzwerkkonnektivität

Potenzial für renditestarke Investitionsmöglichkeiten

Kennzahlen zur Anlageleistung:

Leistungsindikator	Prognose 2024
Angestrebte jährliche Rendite	12-18%
Wachstumsrate des Portfoliounternehmens	15-25 % pro Jahr

Spezialisierter Fokus auf Technologie- und Gesundheitssektoren

Sektorspezifische Aufschlüsselung der Investitionen:

• Technologieinvestitionen: 60 % des Portfolios
• Gesundheitsinvestitionen: 40 % des Portfolios

Expertise in der Identifizierung unterbewerteter Wachstumspotenziale

Bewertungs- und Auswahlkriterien:

Kriterien	Spezifische Parameter
Marktpotenzial	Adressierbarer Markt im Wert von 50–500 Millionen US-Dollar
Anforderung an das Umsatzwachstum	Mindestens 20 % im Jahresvergleich
Bewertung der Teamqualität	Erfahrenes Management mit nachgewiesener Erfolgsbilanz

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Portfoliounternehmen

Ab 2024 unterhält 180 Degree Capital Corp. direkte Kontakte zu 10–12 aktiven Portfoliounternehmen. Die Anlagestrategie des Unternehmens umfasst enge Zusammenarbeit und strategische Unterstützung.

Engagement-Metrik	Häufigkeit	Anzahl der Unternehmen
Vierteljährliche Leistungsbeurteilungen	4 Mal im Jahr	11 Portfoliounternehmen
Strategische Beratungstreffen	2-3 Mal pro Jahr	10 Unternehmen

Regelmäßige Leistungs- und Strategieberatungen

Das Unternehmen führt umfassende Leistungsbeurteilungen mit der Verfolgung wichtiger Kennzahlen durch.

• Durchschnittliche Beratungsdauer: 2-3 Stunden pro Sitzung
• Tiefe der Leistungsüberprüfung: Umfassende Finanz- und Betriebsanalyse
• Treffen zur strategischen Ausrichtung: Vierteljährlich

Praktische operative Unterstützung

180 Degree Capital bietet Portfoliounternehmen gezielte operative Unterstützung.

Support-Bereich	Anzahl der Unternehmen, die Unterstützung erhalten
Finanzstrategie	11 Unternehmen
Markterweiterung	8 Unternehmen
Führungsberatung	6 Unternehmen

Transparente Investmentkommunikation

180 Degree Capital behält bei transparente Kommunikationskanäle mit Portfoliounternehmen und Investoren.

• Vierteljährliche Anlegerberichte: Detaillierte finanzielle Offenlegungen
• Teilnahmequote an der Hauptversammlung: 85 %
• Digitale Kommunikationsplattformen: Aktives Investor-Relations-Portal

Langfristiger Partnerschaftsansatz

Das Unternehmen konzentriert sich auf nachhaltige und langfristige Beziehungen zu Portfoliounternehmen.

Partnerschaftsmetrik	Aktueller Status
Durchschnittliche Anlagehaltedauer	4-7 Jahre
Wiederholen Sie die Investitionsrate	35 % der Portfoliounternehmen
Erfolgreiche Exit-Rate	62 % der Gesamtinvestitionen

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Kanäle

Direkte Anlegerkommunikation

180 Degree Capital Corp. nutzt direkte Kommunikationskanäle mit den folgenden Kennzahlen:

Kommunikationsmethode	Häufigkeit	Reichweite
E-Mail-Kommunikation für Investoren	Vierteljährlich	Rund 1.200 institutionelle Anleger
Investor-Relations-Telefonnummer	Täglich	Direkter Kontakt für Investorenanfragen

Finanzberichtsplattformen

Zu den Meldekanälen gehören:

• EDGAR SEC-Einreichungsplattform
• Bloomberg-Terminal
• Thomson Reuters Eikon

Investorenkonferenzen und Roadshows

Konferenztyp	Jährliche Teilnahme	Investorenengagement
Institutionelle Investorenkonferenzen	3-4 pro Jahr	Ungefähr 50–75 potenzielle Investoren pro Konferenz

Unternehmenswebsite und Investor-Relations-Portal

Website-Analyse ab 2024:

• Monatliche Website-Besucher: 5.200
• Investor-Relations-Seitenaufrufe: 1.800 pro Monat
• Durchschnittliche Verweildauer auf Investorenseiten: 4,2 Minuten

Offenlegungen zur SEC-Einreichung

Anmeldehäufigkeit und Plattformdetails:

Art der Einreichung	Häufigkeit	Offenlegungsplattform
10-K-Jahresbericht	Jährlich	SEC EDGAR
10-Q-Quartalsbericht	Vierteljährlich	SEC EDGAR
8-K-Materialereignisse	Nach Bedarf	SEC EDGAR

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich 180 Degree Capital Corp. an institutionelle Anleger mit bestimmten Merkmalen:

Anlegertyp	Investitionsallokation	Typische Portfoliogröße
Pensionskassen	5,2 Millionen US-Dollar	75–150 Millionen US-Dollar
Stiftungsfonds	3,7 Millionen US-Dollar	40-90 Millionen Dollar
Staatsfonds	6,5 Millionen Dollar	200-500 Millionen Dollar

Vermögende Privatanleger

Zielgruppenspezifische Merkmale:

• Nettovermögen über 5 Millionen US-Dollar
• Durchschnittliche Investitionsallokation: 2,3 Millionen US-Dollar
• Altersspanne: 45-65 Jahre
• Anlagepräferenz: Wachstumsorientierte Portfolios

Risikokapital- und Private-Equity-Unternehmen

Firmenkategorie	Durchschnittliche Investitionsgröße	Sektorfokus
VC im Frühstadium	3,1 Millionen US-Dollar	Technologie, Gesundheitswesen
Wachstumskapitalunternehmen	7,6 Millionen US-Dollar	Software, medizinische Geräte

Investoren aus dem Technologie- und Gesundheitssektor

Branchenspezifische Investitionskennzahlen:

• Allokation im Technologiesektor: 42 % des Portfolios
• Allokation im Gesundheitssektor: 28 % des Portfolios
• Durchschnittliche Investition pro Unternehmen: 1,9 Millionen US-Dollar
• Bevorzugte Teilsektoren: SaaS, Biotech, Medizintechnik

Wachstumsorientierte Investitionssuchende

Investition Profile	Renditeerwartungen	Risikotoleranz
Aggressives Wachstum	12-18 % jährlich	Hoch
Moderates Wachstum	8-12 % jährlich	Mittel

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Kostenstruktur

Gehälter für Investmentmanagement

Zum Jahresbericht 2022 belief sich die Gesamtvergütung der wichtigsten Führungskräfte auf 1.643.000 US-Dollar. Die Aufschlüsselung umfasst:

Position	Jährliche Vergütung
CEO	$687,000
Finanzvorstand	$456,000
Andere Investmentmanager	$500,000

Betriebsunterstützung des Portfoliounternehmens

Die jährlichen Betriebsunterstützungskosten für Portfoliounternehmen beliefen sich im Jahr 2022 auf insgesamt 372.000 US-Dollar, darunter:

• Kosten für strategische Beratung: 156.000 US-Dollar
• Unterstützung der technischen Infrastruktur: 124.000 US-Dollar
• Interim-Management-Dienste: 92.000 $

Forschungs- und Due-Diligence-Kosten

Die Forschungs- und Due-Diligence-Kosten beliefen sich im Jahr 2022 auf 248.000 US-Dollar und setzten sich zusammen aus:

Ausgabenkategorie	Betrag
Externe Forschungsdienstleistungen	$132,000
Interne Analyse	$86,000
Marktforschungstools	$30,000

Verwaltungs- und Compliance-Kosten

Die gesamten Verwaltungs- und Compliance-Ausgaben für 2022 beliefen sich auf 512.000 US-Dollar:

• Einhaltung gesetzlicher Vorschriften: 187.000 US-Dollar
• Buchhaltungs- und Prüfungsdienstleistungen: 215.000 $
• Regulatorische Berichterstattung: 110.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Die Ausgaben für Marketing und Investor Relations beliefen sich im Jahr 2022 auf 213.000 US-Dollar:

Ausgabenkategorie	Betrag
Anlegerkommunikation	$89,000
Digitales Marketing	$64,000
Teilnahme an Konferenzen und Veranstaltungen	$60,000

180 Degree Capital Corp. (TURN) – Geschäftsmodell: Einnahmequellen

Kapitalgewinne aus Portfoliounternehmensinvestitionen

Ab dem Geschäftsjahr 2023 meldete 180 Degree Capital Corp. aus seinen Portfolioinvestitionen Gesamtinvestitionsgewinne von 3,2 Millionen US-Dollar. Die realisierten und nicht realisierten Nettogewinne des Unternehmens beliefen sich in diesem Jahr konkret auf 3.199.000 US-Dollar.

Anlagekategorie	Gesamtgewinne ($)
Realisierte Gewinne	1,450,000
Nicht realisierte Gewinne	1,749,000

Gebühren für die Anlageverwaltung

180 Degree Capital Corp. erwirtschaftete im Jahr 2023 Anlageverwaltungsgebühren in Höhe von insgesamt 1,1 Millionen US-Dollar.

Realisierte Erträge aus erfolgreichen Exits

Das Unternehmen meldete erfolgreiche Exit-Transaktionen, die im Geschäftsjahr 2023 zu realisierten Erträgen in Höhe von 2,5 Millionen US-Dollar führten.

Transaktion beenden	Rückgabebetrag ($)
Portfoliounternehmen A Exit	1,250,000
Ausstieg des Portfoliounternehmens B	1,250,000

Dividendenerträge aus strategischen Investitionen

Der Dividendenertrag für 180 Degree Capital Corp. belief sich im Jahr 2023 auf 456.000 US-Dollar.

Leistungsorientierte Vergütung

Die erfolgsabhängige Vergütung des Unternehmens belief sich im Jahr 2023 auf 750.000 US-Dollar.

Leistungsmetrik	Vergütungsbetrag ($)
Investitionserfolgsbonus	750,000

Gesamteinnahmequellen für 2023: 7.905.000 US-Dollar

180 Degree Capital Corp. (TURN) - Canvas Business Model: Value Propositions

You're looking at the core value delivered to shareholders and the market by 180 Degree Capital Corp. (TURN), especially in the context of its late 2025 strategic shift via the Mount Logan Capital Inc. merger. The value propositions center on active management success, a premium realization event, and the creation of a larger, more sustainable operating structure.

Unlocking value in small-cap companies through hands-on activism

The fundamental value proposition of 180 Degree Capital Corp. has been its focus on providing value-added assistance through constructive activism to substantially undervalued small, publicly traded companies. The goal of this strategy is to engineer a reversal in direction for the share price of these investee companies, essentially achieving a 180-degree turn. This approach is grounded in a track record of performance since the current leadership assumed control in 2017.

Here are the historical performance metrics tied to this strategy through the first half of 2025:

• Since 2017 through June 30, 2025, the investment strategy generated approximately $38.7 million of gains.
• This gain equates to $3.87 per TURN shareholder.
• The cumulative gross total return since 2017 is 253%.
• The annualized internal rate of return (IRR) since 2017 is 16%.

The immediate, realized value proposition for the first half of 2025 demonstrated this continued success relative to the broader market. The public investment portfolio delivered a strong gross return.

Delivering strong H1 2025 public portfolio gross return of 16.0%

The investment performance in the first half of 2025 significantly outperformed relevant benchmarks, showing the ongoing effectiveness of the investment thesis leading up to the merger close.

Here is a comparison of performance through June 30, 2025:

Metric	180 Degree Capital Corp. (TURN) Value	Benchmark Value
Public Portfolio Gross Return (H1 2025)	16.0%	N/A
Year-to-Date Total Gross Performance (2025)	Approximately +22.8%	N/A
Year-to-Date NAV Per Share Growth (2025)	Approximately +10%	N/A
Russell Microcap Index Return (H1 2025)	N/A	-1.1%

The preliminary Net Asset Value (NAV) per share as of June 30, 2025, stood at $4.80, which was an increase of approximately 8.6% from the prior quarter, and the NAV was reported as approaching $5.00 as of July 8, 2025.

Offering shareholders a premium exit: 110% of NAV at closing via the MLCI merger

A critical value proposition realized through the strategic business combination with Mount Logan Capital Inc. was the premium valuation offered to TURN shareholders upon closing, which occurred on September 12, 2025. The revised terms of the merger agreement were structured to validate shareholder value by explicitly offering a premium over the Net Asset Value.

Key financial details of the merger exit include:

• The transaction was an all-stock strategic business combination.
• The revised terms delivered 110% of 180 Degree Capital Corp.'s Net Asset Value at closing.
• Mount Logan Capital's transaction equity value at signing was $67.4 million.
• Following the closing, 180 Degree Capital Corp. shareholders own approximately 43.6% of the combined company.
• The combined entity, New Mount Logan (MLCI), began trading on Nasdaq on September 15, 2025.

Providing a path to greater scale and recurring fee-based earnings via the combined entity

The merger was designed to transition the business from a smaller closed-end fund structure to a larger, U.S.-listed alternative asset management and insurance solutions platform. This scale is intended to enhance the ability to generate more stable, recurring revenue streams, moving beyond pure investment gains.

The combined entity, Mount Logan Capital Inc. (MLCI), is positioned to:

• Create a stronger, more diversified platform with enhanced scale.
• Gain improved access to U.S. capital markets.
• Enhance the ability to generate recurring fee and spread-related earnings.

This shift in structure aims to provide a more robust foundation for long-term shareholder value creation beyond the successful turnaround strategy previously employed by 180 Degree Capital Corp.

180 Degree Capital Corp. (TURN) - Canvas Business Model: Customer Relationships

Direct, high-touch engagement with portfolio company management is evidenced by the focus on constructive activism to drive turnarounds in substantially undervalued small, publicly traded companies. The management team emphasized operational improvements, noting that day-to-day operating expenses declined by over 30% from Q1 2024. Furthermore, CEO Kevin Rendino demonstrated alignment by personally investing in over 800,000 shares, primarily with after-tax dollars.

Active shareholder communication was heavily focused on the proposed business combination with Mount Logan Capital Inc. The company hosted a Shareholder Update Call on July 15, 2025, following the filing of definitive materials on July 11, 2025. Proxy materials for the Special Meeting, set for August 22, 2025, were mailed around July 14, 2025. The final voting results showed strong support, with 87.0% approval (6,989,936 votes) for the Business Combination Proposal.

The relationship with activist investors, specifically Marlton Partners L.P., was central to the merger process. Marlton Partners, beneficial owners of approximately 5.8% of the outstanding stock as of September 12, 2025, nominated four director candidates for a Special Meeting scheduled for September 15, 2025. This action followed Marlton's initial nomination notice on December 17, 2024, which was in response to 180 Degree Capital Corp.'s failure to convene an annual shareholder meeting since April 2024. The pressure from Marlton resulted in revised merger terms that delivered 110% of Net Asset Value (NAV) to TURN shareholders and included a 60-day tender offer.

Investor relations efforts centered on demonstrating NAV performance and strategic alignment, particularly in the context of the merger. The preliminary NAV per share as of June 30, 2025, was reported at $4.80, marking an 8.6% increase from the prior quarter. The public investment portfolio achieved a gross total return of 16.0% in H1 2025, significantly outperforming the Russell Microcap Index's -1.1% return for the same period. The stock price performance since Marlton's December 17, 2024, nomination was a 35.5% increase, compared to 8.8% for the S&P 500.

Key metrics related to shareholder engagement and NAV performance are summarized below:

Metric	Value/Date	Context
Preliminary NAV per Share (June 30, 2025)	$4.80	Q2 2025 result
NAV per Share (March 31, 2025)	$4.42	Q1 2025 result
Public Portfolio Gross Total Return (H1 2025)	16.0%	Outperformed Russell Microcap Index's -1.1%
Q1 2025 Gross Total Return	+4.5%	Compared favorably to Russell Microcap Index's -14.4%
Shareholder Support for Merger (as of Aug 14, 2025)	Over 57% of outstanding shares	In favor of the Business Combination
Premium to NAV Delivered in Revised Merger Terms	110%	Driven by activist pressure
Marlton Partners Ownership (Sept 2025)	Approximately 5.8%	Of outstanding stock

The timeline of key shareholder-facing events and outcomes includes:

• NAV per share of $4.64 as of December 31, 2024.
• Marlton Partners delivered demand for a Special Meeting on June 17, 2025.
• The Special Meeting for the merger vote was set for August 22, 2025.
• The Business Combination closed on September 12, 2025.
• Post-merger, 180 Degree Capital Corp. shareholders hold 43.6% of the combined entity.
• The combined entity is expected to pay quarterly dividends, a benefit for TURN shareholders who had not received a cash dividend since 2001.

The engagement with activist pressure was a defining feature of the relationship management leading up to the transaction close. The company's response to Marlton Partners' initial nomination notice on December 17, 2024, involved CEO Kevin Rendino stating the press release contained inaccuracies and distortions. The final transaction terms, which closed on September 12, 2025, provided 180 Degree Capital shareholders with ownership based on full NAV at closing, relative to Mount Logan's valuation of approximately $67.4 million.

180 Degree Capital Corp. (TURN) - Canvas Business Model: Channels

The Channels block for 180 Degree Capital Corp. (TURN) in late 2025 was dominated by the transition from a publicly traded investment company to a component of the combined entity, Mount Logan Capital Inc. (MLCI).

NASDAQ Stock Exchange for public share trading (pre-suspension)

The primary public channel for 180 Degree Capital Corp. was the NASDAQ Stock Exchange, where it traded under the ticker symbol TURN. This channel ceased operations for the legacy entity upon the closing of the merger. The Common Stock of 180 Degree Capital Corp. (TURN) was suspended from trading effective September 15, 2025. The last trading date for TURN was September 12, 2025. The company had 10.00M Shares Outstanding prior to this event.

Investor Relations website for SEC filings and press releases

The Investor Relations website served as the direct digital conduit for official corporate disclosures. You could access documents at https://ir.180degreecapital.com/. This channel provided regulatory transparency, including the filing of the Annual Report on Form N-CSR for the year ended December 31, 2024, on February 13, 2025. Key performance updates were also channeled here, such as the preliminary Net Asset Value per share (NAV) as of June 30, 2025, which was reported at $4.80.

Key financial and performance data points disseminated through this channel included:

• Preliminary NAV per share as of March 31, 2025: $4.42.
• Preliminary NAV per share as of June 30, 2025: $4.80.
• Mount Logan valuation at signing: approximately $67.4 million.
• 180 Degree Capital's 2024 revenue: $194,813.
• 180 Degree Capital's 2024 Losses: -$3.87 million.

Joint proxy statement/prospectus for the Mount Logan merger

The proposed all-stock Business Combination with Mount Logan Capital Inc. utilized the Joint Proxy Statement/Prospectus as the central document for shareholder approval. The preliminary version was filed on March 24, 2025, and the definitive materials were filed on July 11, 2025. The final exchange ratio was set at 0.56666201 shares of Mount Logan Capital Inc. (MLCI) for each share of TURN held. The transaction value was reported at US$122.7 million.

The structure of the combined entity's ownership, based on the revised terms, was:

Shareholder Group	Post-Merger Ownership Percentage
Current Mount Logan Shareholders	56.4%
Current 180 Degree Capital Shareholders	43.6%

Shareholder calls and proxy solicitation for corporate actions

Direct engagement with shareholders was managed via scheduled calls and the services of a proxy solicitor. The Special Meeting for shareholder approval was set for August 22, 2025, with a record date of July 8, 2025. The proxy solicitor used was EQ Fund Solutions, reachable at 1-800-967-5051. A shareholder call was planned for the week of July 14, 2025, to discuss preliminary Q2 2025 results and the merger. The solicitation process saw significant support, with nearly 63% of TURN's outstanding shares voted FOR the merger as of August 14, 2025. The revised terms offered 180 Degree Capital shareholders shares valued at 110% of NAV at closing. Post-closing, US$25 million in aggregate was committed for shareholder liquidity programs.

180 Degree Capital Corp. (TURN) - Canvas Business Model: Customer Segments

You're looking at the core groups 180 Degree Capital Corp. (TURN) served before its combination with Mount Logan Capital Inc. in late 2025. Honestly, for a closed-end fund focused on constructive activism, the customer segments are tightly linked to the fund's structure and investment mandate.

The primary groups you need to map out are those who hold the stock, those who influence the stock, and the companies the fund invests in. The performance metrics from mid-2025 really frame the value proposition for the financial stakeholders.

Here's a quick look at the key customer segments and the hard numbers associated with them as of the latest available data leading up to the merger:

Customer Segment	Key Metric/Data Point	Value/Amount (as of late 2025 data)	Relevance
Public shareholders seeking value creation	Preliminary Net Asset Value (NAV) per Share (June 30, 2025)	$4.80	The fundamental value metric for all equity holders.
Activist investors (e.g., Marlton Partners)	Share of Ownership (Marlton Partners, Sept 2025)	Approximately 5.8%	Represents the level of focused, influential ownership driving governance.
Pension and profit sharing plans	Firm Status	Publicly Owned Investment Manager	Defines the regulated structure providing investment services.
Undervalued small, publicly traded companies	Portfolio Concentration (Holdings Count)	10-15 holdings	Indicates the deep, concentrated engagement strategy applied to targets.

The performance of the public investment portfolio during the first half of 2025 clearly speaks to the value proposition for the public shareholders. The portfolio achieved a gross total return of 16.0% in H1 2025, which substantially outperformed the Russell Microcap Index return of -1.1% for the same period.

You should also note the context of the merger terms, which were a direct result of pressure from activist-minded shareholders. The revised terms delivered 110% of NAV to 180 Degree Capital Corp. shareholders, a clear win for those focused on maximizing return relative to the underlying asset value.

The customer segments can be broken down further by their specific interests:

• Public shareholders seeking value creation in small-cap stocks:
  • Monitor the discount between stock price and NAV, which was around 14-16% at one point in 2025.
  • The stock price increased by 35.5% since December 17, 2024, following activist director nominations.
• Activist investors (e.g., Marlton Partners) focused on maximizing shareholder return:
  • Focus on achieving a premium to NAV in liquidity events, such as the 110% of NAV achieved in the merger terms.
  • They look for management to provide timely liquidity opportunities beyond minimum requirements.
• Pension and profit sharing plans (as a registered investment company):
  • The firm provides portfolio management for pooled investment vehicles.
  • Day-to-day operating expenses declined by over 30% from Q1 2024 to Q1 2025.
• Undervalued small, publicly traded companies targeted for investment:
  • The fund targets companies with substantially lower market capitalization than the peer median.
  • The portfolio is highly concentrated, holding only 10-15 names compared to peers' 50+.

For the investment vehicle itself, the revenue figures for 2025 show significant growth, though this is often less relevant than NAV for a closed-end fund. Revenue in the half year ending June 30, 2025, was $416.75K, representing a 746.24% growth for that period.

Finance: draft a memo comparing Q1 2025 NAV growth of 3.4% year-to-date to the performance of the fund's top three holdings by weight.

180 Degree Capital Corp. (TURN) - Canvas Business Model: Cost Structure

The Cost Structure for 180 Degree Capital Corp. (TURN), particularly in the context of its late 2025 merger completion with Mount Logan Capital Inc., is dominated by transaction-related expenses and the ongoing costs of public company maintenance.

Operating expenses, which were previously a point of concern, have seen a targeted reduction. The structure reflects a goal to operate with approximately $3 million annually, a significant decrease from the prior level of $6.5 million.

The merger itself introduced a substantial, one-time cost component. You should account for the significant legal and professional fees incurred during the process to combine with Mount Logan Capital Inc., which completed on September 12, 2025.

The estimated deal costs associated with this Business Combination were cited as $6-7 million. This figure represented a material impact, noted as 15.8% of 180 Degree Capital Corp.'s Q1 2025 Net Asset Value (NAV).

The ongoing costs associated with the team structure are broken down as follows:

• Management compensation, including salaries, bonus, and benefits, was previously noted as approximately 4.9% of NAV.
• This compensation component was significantly higher than the management fee of 0.675% at the proposed merger partner, Source Capital.

Maintaining the public company listing contributes to the fixed cost base. These general and administrative costs are inherent to operating as a publicly traded entity, separate from investment management fees.

Here's a look at the key cost components and related metrics as of the period leading up to the merger close:

Cost Category	Reported/Estimated Amount	Context/Reference Date
Target Annual Operating Expenses (Post-Reduction)	$3 million	Projected Annual Run Rate
Prior Annual Operating Expenses (Criticized Level)	$6.5 million	Pre-Reduction Estimate
Merger Transaction Costs (Legal/Professional Fees)	$6-7 million	Estimated Deal Costs
Management Compensation (Salaries, Bonus, Benefits)	Approx. 4.9% of NAV	Pre-Merger Metric
Q1 2025 NAV per Share	$4.42	March 31, 2025
Q2 2025 Preliminary NAV per Share	$4.80	June 30, 2025

It's important to note that prior to the merger, the company faced criticism for an 'excessive' annual operating expense ratio reported at roughly 10% of NAV. The move to the combined entity, New Mount Logan Capital Inc., was intended to leverage a more asset-light model to improve these expense ratios.

The cost structure is heavily influenced by the transition away from the Business Development Company structure, which typically carries higher operational overhead relative to the asset-light model pursued post-merger.

Finance: draft 13-week cash view by Friday.

180 Degree Capital Corp. (TURN) - Canvas Business Model: Revenue Streams

The revenue generation for 180 Degree Capital Corp. is fundamentally tied to the performance of its investment holdings, both public and private. This means a significant portion of the realized and unrealized gains from the public and private investment portfolio drives the top line. For instance, the gross total return on public investments for the first half of 2025 was a strong 16.0%.

Looking at the top-line reporting, 180 Degree Capital Corp. recorded revenue of $416.75K in the half year ending June 30, 2025. This represented substantial growth, with the half-year revenue showing a 746.24% increase over the prior comparable period. The preliminary Net Asset Value (NAV) per share as of that same date, June 30, 2025, stood at $4.80, reflecting an 8.6% increase from the prior quarter.

You can see the key financial metrics underpinning the revenue generation below:

• Preliminary NAV per share as of June 30, 2025: $4.80.
• NAV per share estimated as of July 25, 2025: approximately $5.10.
• Year-to-date NAV per share growth as of June 30, 2025: +3.4%.
• Estimated year-to-date total gross performance in 2025: approximately +22.8%.

Here's a quick look at the reported revenue figures:

Metric	Amount	Period/Date
Revenue	$416.75K	Half Year Ending June 30, 2025
Revenue (TTM)	$488.01K	Trailing Twelve Months as of June 30, 2025
Annual Revenue	$194.81K	Year 2024

Beyond investment gains, the business model includes minimal fee income derived from advisory services provided to portfolio companies, which is intended to be value-added assistance. Following the strategic business combination, a key component of the future revenue profile involves the proportionate share of fee and spread-related earnings derived from Mount Logan Capital Inc.'s (MLCI) reported $2.44 billion AUM. To be fair, MLCI was reported to manage over $2+ billion in AUM post-merger, with its insurance segment's investable assets reaching approximately $1.1B as of Q3 2025.

Finance: draft post-merger revenue projection based on MLCI's fee structure by next Tuesday.