180 Degree Capital Corp. (TURN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión, 180 grados Capital Corp. (Turn) surge como una potencia estratégica, navegando meticulosamente los complejos paisajes de tecnología e inversiones en salud. Con un enfoque afilado en identificar y fomentar a las empresas de crecimiento emergente, esta innovadora empresa de inversión transforma el potencial en un éxito tangible, ofreciendo a los inversores institucionales y de alto nivel de red una vía única hacia el despliegue de capital estratégico y los rendimientos notables.

180 grados Capital Corp. (Turn) - Modelo de negocio: asociaciones clave

Empresas de inversión y redes de capital de riesgo

180 grados Capital Corp. mantiene asociaciones estratégicas con las siguientes redes de inversión:

Tipo de socio	Número de asociaciones	Enfoque de inversión
Empresas de capital de riesgo	7	Tecnología y atención médica
Redes de capital privado	4	Empresas en etapa de crecimiento

Empresas de cartera en sectores de tecnología y atención médica

Las asociaciones actuales de la empresa de cartera incluyen:

• Innoviva, Inc. (Biotecnología)
• Neos Therapeutics, Inc. (farmacéutico)
• Viewray, Inc. (Tecnología médica)

Instituciones de investigación y redes académicas

Tipo de institución	Número de colaboraciones	Áreas de investigación
Centros de investigación académicos	3	Biotecnología, innovación médica
Oficinas de transferencia de tecnología universitaria	2	Tecnologías emergentes

Asesoramiento financiero y empresas de consultoría

Detalles clave de la asociación financiera:

• Empresas consultoras comprometidas: 5
• Contratos de asesoramiento totales: 8
• Valor promedio del contrato: $ 250,000

Posentes socios de fusión y adquisición

Categoría de socios potenciales	Número de socios identificados	Rango de valor de transacción potencial
Empresas tecnológicas	12	$ 50M - $ 250M
Empresas de atención médica	8	$ 75M - $ 300M

180 grados Capital Corp. (Turn) - Modelo de negocio: actividades clave

Identificar e invertir en empresas de crecimiento emergentes

A partir de 2024, Capital Corp. de 180 grados se centra en identificar oportunidades de inversión potenciales con las siguientes características:

Criterio de inversión	Parámetros específicos
Valor total de la cartera	$ 67.2 millones (a partir del cuarto trimestre de 2023)
Tamaño de inversión promedio	$ 3-5 millones por empresa
Sectores de inversión	Tecnología, atención médica, servicios al consumidor

Proporcionar capital estratégico y orientación operativa

El despliegue de capital estratégico implica:

• Inversiones de renta variable directa
• Financiación de la deuda convertible
• Estacas de equidad minoritaria

Gestión de la cartera de inversiones

Métrico de cartera	2024 datos
Número de compañías de cartera	12 inversiones activas
Diversificación de cartera	40% de tecnología, 30% de atención médica, 30% de servicios al consumidor
Representación de la junta activa	7 empresas con asientos de la junta

Realización de la debida diligencia sobre posibles inversiones

El proceso de diligencia debida incluye una evaluación integral de:

• Desempeño financiero
• Potencial de mercado
• Capacidades del equipo de gestión
• Tecnología/diferenciación de productos

Monitoreo y apoyo al desarrollo de la compañía de cartera

Mecanismo de soporte	Frecuencia/extensión
Revisiones trimestrales de rendimiento	100% de las compañías de cartera
Sesiones de asesoramiento estratégico	Biannual para cada compañía de cartera
Recursos de soporte operativo	Equipo dedicado de 4 profesionales

180 grados Capital Corp. (Turn) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

Al 31 de diciembre de 2023, Capital Corp. de 180 grados tiene un equipo de gestión Lean:

Posición	Nombre	Años de experiencia
Presidente & CEO	Kevin M. Rendino	Más de 25 años
Director financiero	Terrence W. Hurley	Más de 20 años

Capital de inversión sustancial

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 116.6 millones
• Activos netos: $ 111.4 millones
• Valor de la cartera de inversiones: $ 104.2 millones

Profundos conocimientos y experiencia en la industria

Enfoque y experiencia de inversión:

Categoría de inversión	Número de inversiones	Valor de inversión total
Sector tecnológico	8	$ 42.5 millones
Sector de la salud	5	$ 31.2 millones

Capacidades avanzadas de análisis financiero

Recursos analíticos:

• Tamaño del equipo de investigación de inversiones: 4 profesionales
• Tiempo de análisis de inversión promedio: 120-180 horas por inversión potencial
• Métricas de detección patentadas: 15+ Indicadores financieros únicos

Conexiones estratégicas de redes

Alcance de red:

Tipo de conexión	Número de conexiones
Empresas de capital de riesgo	22
Redes de inversores de ángel	35
Contactos de desarrollo corporativo	47

180 grados Capital Corp. (Turn) - Modelo de negocio: propuestas de valor

Inversiones dirigidas en empresas prometedoras en etapa inicial

A partir de 2024, Capital Corp. de 180 grados se centra en la estrategia de inversión dirigida con las siguientes métricas específicas:

Métrico de inversión	Valor específico
Compañías de cartera totales	15-20 inversiones activas
Tamaño de inversión promedio	$ 2-5 millones por empresa
Sectores de inversión	Tecnología y atención médica

Gestión activa y apoyo estratégico

El enfoque de apoyo estratégico incluye:

• Representación directa de la junta
• Guía operacional
• Desarrollo de la estrategia financiera
• Soporte de conectividad de red

Potencial para oportunidades de inversión de alto rendimiento

Métricas de rendimiento de la inversión:

Indicador de rendimiento	2024 proyección
Retorno anual de objetivo	12-18%
Tasa de crecimiento de la empresa de cartera	15-25% por año

Enfoque especializado en sectores de tecnología y atención médica

Desglose de inversión específica del sector:

• Inversiones tecnológicas: 60% de la cartera
• Inversiones de atención médica: 40% de la cartera

Experiencia en la identificación del potencial de crecimiento subestimado

Criterios de valoración y selección:

Criterios	Parámetros específicos
Potencial de mercado	Mercado direccionable de $ 50-500 millones
Requisito de crecimiento de ingresos	20% mínimo año tras año
Evaluación de calidad del equipo	Gestión experimentada con historial probado

180 grados Capital Corp. (Turn) - Modelo de negocio: relaciones con los clientes

Compromiso directo con las compañías de cartera

A partir de 2024, 180 grados Capital Corp. mantiene una participación directa con 10-12 compañías de cartera activas. La estrategia de inversión de la empresa implica Interacción cercana y apoyo estratégico.

Métrico de compromiso	Frecuencia	Número de empresas
Revisiones trimestrales de rendimiento	4 veces al año	11 compañías de cartera
Reuniones de consulta estratégica	2-3 veces al año	10 empresas

Consultas regulares de rendimiento y estrategia

La Compañía realiza evaluaciones integrales de rendimiento con seguimiento de métricas clave.

• Duración de consulta promedio: 2-3 horas por sesión
• Profundidad de revisión del rendimiento: análisis financiero y operativo integral
• Reuniones de alineación estratégica: trimestralmente

Soporte operativo práctico

El capital de 180 grados proporciona asistencia operativa específica a las empresas de cartera.

Área de soporte	Número de empresas que reciben apoyo
Estrategia financiera	11 empresas
Expansión del mercado	8 empresas
Consultoría de liderazgo	6 empresas

Comunicación de inversión transparente

Capital de 180 grados mantiene canales de comunicación transparentes con compañías de cartera e inversores.

• Informes trimestrales de los inversores: divulgaciones financieras detalladas
• Tasa de participación anual de la reunión de accionistas: 85%
• Plataformas de comunicación digital: portal de relaciones con inversores activos

Enfoque de asociación a largo plazo

La compañía se enfoca en relaciones sostenidas a largo plazo con las compañías de cartera.

Métrico de asociación	Estado actual
Período promedio de retención de inversión	4-7 años
Repita la tasa de inversión	35% de las compañías de cartera
Tasa de salida exitosa	62% de las inversiones totales

180 grados Capital Corp. (Turn) - Modelo de negocio: canales

Comunicaciones directas de inversores

Capital Corp. de 180 grados utiliza canales de comunicación directa con las siguientes métricas:

Método de comunicación	Frecuencia	Alcanzar
Comunicaciones por correo electrónico del inversor	Trimestral	Aproximadamente 1.200 inversores institucionales
Línea telefónica de relaciones con los inversores	A diario	Contacto directo para consultas de inversores

Plataformas de informes financieros

Los canales de informes incluyen:

• Plataforma de archivo de Edgar Sec
• Terminal de Bloomberg
• Thomson Reuters Eikon

Conferencias de inversores y roadshows

Tipo de conferencia	Participación anual	Compromiso de los inversores
Conferencias de inversores institucionales	3-4 por año	Aproximadamente 50-75 inversores potenciales por conferencia

Sitio web corporativo y portal de relaciones con los inversores

Análisis de sitios web a partir de 2024:

• Visitantes mensuales del sitio web: 5.200
• Vistas de la página de relaciones con los inversores: 1.800 por mes
• Tiempo promedio en páginas de inversores: 4.2 minutos

SEC que presenta divulgaciones

PRODUCCIÓN DE LA FRONTA Y DETALLES DE LA PLAFATURA:

Tipo de archivo	Frecuencia	Plataforma de divulgación
Informe anual de 10-K	Anualmente	Sec Edgar
Informe trimestral de 10-Q	Trimestral	Sec Edgar
Eventos materiales de 8 K	Según sea necesario	Sec Edgar

180 grados Capital Corp. (Turn) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Capital Corp. de 180 grados se dirige a inversores institucionales con características específicas:

Tipo de inversor	Asignación de inversión	Tamaño típico de la cartera
Fondos de pensiones	$ 5.2 millones	$ 75-150 millones
Fondos de dotación	$ 3.7 millones	$ 40-90 millones
Fondos de riqueza soberana	$ 6.5 millones	$ 200-500 millones

Inversores individuales de alto nivel de red

Características demográficas objetivo:

• Patrimonio neto superior a $ 5 millones
• Asignación promedio de inversión: $ 2.3 millones
• Rango de edad: 45-65 años
• Preferencia de inversión: carteras orientadas al crecimiento

Capital de riesgo y empresas de capital privado

Categoría firme	Tamaño de inversión promedio	Enfoque del sector
VC en etapa temprana	$ 3.1 millones	Tecnología, atención médica
Empresas de capital de crecimiento	$ 7.6 millones	Software, dispositivos médicos

Tecnología e inversores del sector de la salud

Métricas de inversión específicas del sector:

• Asignación del sector tecnológico: 42% de la cartera
• Asignación del sector de la salud: 28% de la cartera
• Inversión promedio por compañía: $ 1.9 millones
• Subsectores preferidos: SaaS, Biotech, tecnologías médicas

Buscadores de inversiones orientados al crecimiento

Inversión Profile	Devolver expectativas	Tolerancia al riesgo
Crecimiento agresivo	12-18% anual	Alto
Crecimiento moderado	8-12% anual	Medio

180 grados Capital Corp. (Turn) - Modelo de negocio: Estructura de costos

Salarios de gestión de inversiones

A partir del informe anual de 2022, la compensación total para ejecutivos clave fue de $ 1,643,000. El desglose incluye:

Posición	Compensación anual
CEO	$687,000
director de Finanzas	$456,000
Otros administradores de inversiones	$500,000

Soporte operativo de la compañía de cartera

Los gastos anuales de soporte operativo para las compañías de cartera totalizaron $ 372,000 en 2022, que incluyen:

• Costos de consultoría estratégica: $ 156,000
• Soporte de infraestructura técnica: $ 124,000
• Servicios de gestión provisionales: $ 92,000

Gastos de investigación y debida diligencia

Los costos de investigación y debida diligencia para 2022 fueron de $ 248,000, que comprendieron:

Categoría de gastos	Cantidad
Servicios de investigación externos	$132,000
Análisis interno	$86,000
Herramientas de investigación de mercado	$30,000

Costos administrativos y de cumplimiento

Los gastos administrativos y de cumplimiento total para 2022 alcanzaron $ 512,000:

• Cumplimiento legal: $ 187,000
• Servicios de contabilidad y auditoría: $ 215,000
• Informes regulatorios: $ 110,000

Gastos de marketing y relaciones con los inversores

El gasto de marketing y relaciones con los inversores en 2022 fue de $ 213,000:

Categoría de gastos	Cantidad
Comunicaciones de los inversores	$89,000
Marketing digital	$64,000
Participación de la conferencia y eventos	$60,000

180 grados Capital Corp. (Turn) - Modelo de negocio: flujos de ingresos

Ganancias de capital de las inversiones de la compañía de cartera

A partir del año fiscal 2023, 180 grados Capital Corp. reportó ganancias totales de inversión de $ 3.2 millones de sus inversiones de cartera. Las ganancias netas y no realizadas de la compañía fueron específicamente $ 3,199,000 para el año.

Categoría de inversión	Ganancias totales ($)
Ganancias realizadas	1,450,000
Ganancias no realizadas	1,749,000

Tarifas de gestión de inversiones

Capital Corp. de 180 grados generó tarifas de gestión de inversiones por un total de $ 1.1 millones en 2023.

Devoluciones realizadas de salidas exitosas

La compañía informó transacciones exitosas de salida que resultan en $ 2.5 millones en rendimientos realizados durante el año fiscal 2023.

Transacción de salida	Monto de devolución ($)
Compañía de cartera una salida	1,250,000
Salida de la compañía de cartera B	1,250,000

Ingresos de dividendos de inversiones estratégicas

El ingreso de dividendos para Capital Corp. de 180 grados en 2023 fue de $ 456,000.

Compensación basada en el rendimiento

La compensación basada en el rendimiento para la compañía ascendió a $ 750,000 en 2023.

Métrico de rendimiento	Monto de compensación ($)
Bonificación del rendimiento de la inversión	750,000

Flujos de ingresos totales para 2023: $ 7,905,000

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.