180 degrés Capital Corp. (Turn): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'investissement, 180 degrés Capital Corp. (Turn) apparaît comme une puissance stratégique, naviguant méticuleusement dans les paysages complexes des investissements technologiques et de soins de santé. Avec un accent rasant sur l'identification et l'éducation des sociétés de croissance émergentes, cette entreprise d'investissement innovante transforme le potentiel en succès tangible, offrant aux investisseurs institutionnels et à haute nette

180 degrés Capital Corp. (Turn) - Modèle commercial: partenariats clés

Sociétés d'investissement et réseaux de capital-risque

180 degrés Capital Corp. maintient des partenariats stratégiques avec les réseaux d'investissement suivants:

Type de partenaire	Nombre de partenariats	Focus d'investissement
Sociétés de capital-risque	7	Technologie et soins de santé
Réseaux de capital-investissement	4	Sociétés de croissance

Sociétés de portefeuille dans les secteurs de la technologie et des soins de santé

Les partenariats actuels de sociétés de portefeuille comprennent:

• Innova, Inc. (biotechnologie)
• Neos Therapeutics, Inc. (Pharmaceutical)
• Viewray, Inc. (technologie médicale)

Institutions de recherche et réseaux académiques

Type d'institution	Nombre de collaborations	Domaines de recherche
Centres de recherche universitaires	3	Biotechnologie, innovation médicale
Offices de transfert de technologie universitaire	2	Technologies émergentes

Sociétés de conseil et de conseil financiers

Détails clés du partenariat financier:

• Sociétés de conseil engagées: 5
• Contrats consultatifs totaux: 8
• Valeur du contrat moyen: 250 000 $

Partners potentiels de fusion et d'acquisition

Catégorie de partenaire potentiel	Nombre de partenaires identifiés	Plage de valeur de transaction potentielle
Entreprises technologiques	12	50 M $ - 250 M $
Entreprises de soins de santé	8	75 M $ - 300 M $

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: Activités clés

Identifier et investir dans les entreprises en croissance émergente

En 2024, 180 degrés Capital Corp. se concentre sur l'identification des opportunités d'investissement potentielles avec les caractéristiques suivantes:

Critères d'investissement	Paramètres spécifiques
Valeur totale du portefeuille	67,2 millions de dollars (au quatrième trimestre 2023)
Taille moyenne de l'investissement	3 à 5 millions de dollars par entreprise
Secteurs d'investissement	Technologie, soins de santé, services de consommation

Fournir des conseils stratégiques en capital et opérationnel

Le déploiement stratégique des capitaux implique:

• Investissements en actions directes
• Financement de la dette convertible
• Entardes en capitaux propres minoritaires

Gestion du portefeuille d'investissement

Métrique de portefeuille	2024 données
Nombre de sociétés de portefeuille	12 investissements actifs
Diversification du portefeuille	40% de technologie, 30% de soins de santé, 30% de services à la consommation
Représentation active de la carte	7 entreprises avec des sièges au conseil d'administration

Effectuer une diligence raisonnable sur les investissements potentiels

Le processus de diligence raisonnable comprend une évaluation complète de:

• Performance financière
• Potentiel de marché
• Capacités de l'équipe de gestion
• Différenciation technologique / produit

Surveillance et soutenir le développement des entreprises de portefeuille

Mécanisme de soutien	Fréquence / étendue
Revues de performance trimestrielles	100% des sociétés de portefeuille
Séances de conseil stratégique	Biannuel pour chaque entreprise de portefeuille
Ressources de soutien opérationnel	Équipe dédiée de 4 professionnels

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au 31 décembre, 2023, 180 degrés Capital Corp. a une équipe de direction Lean:

Position	Nom	Années d'expérience
Président & PDG	Kevin M. Rendino	25 ans et plus
Directeur financier	Terrence W. Hurley	20 ans et plus

Capital d'investissement substantiel

Ressources financières au quatrième trimestre 2023:

• Actif total: 116,6 millions de dollars
• Actifs nets: 111,4 millions de dollars
• Valeur du portefeuille d'investissement: 104,2 millions de dollars

Connaissances et expertise approfondies de l'industrie

Focus et expertise des investissements:

Catégorie d'investissement	Nombre d'investissements	Valeur d'investissement totale
Secteur technologique	8	42,5 millions de dollars
Secteur de la santé	5	31,2 millions de dollars

Capacités d'analyse financière avancées

Ressources analytiques:

• Taille de l'équipe de recherche sur les investissements: 4 professionnels
• Temps d'analyse des investissements moyens: 120-180 heures par investissement potentiel
• Métriques de dépistage propriétaire: 15+ indicateurs financiers uniques

Connexions de réseautage stratégiques

Réalisation de réseautage:

Type de connexion	Nombre de connexions
Sociétés de capital-risque	22
Réseaux d'investisseurs providentiels	35
Contacts de développement d'entreprise	47

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: propositions de valeur

Investissements ciblés dans des entreprises prometteuses à un stade précoce

En 2024, 180 degrés Capital Corp. se concentre sur la stratégie d'investissement ciblée avec les mesures spécifiques suivantes:

Métrique d'investissement	Valeur spécifique
Companies totales de portefeuille	15-20 investissements actifs
Taille moyenne de l'investissement	2 à 5 millions de dollars par entreprise
Secteurs d'investissement	Technologie et soins de santé

Gestion active et soutien stratégique

L'approche de soutien stratégique comprend:

• Représentation directe du conseil d'administration
• Guidage opérationnel
• Développement de stratégie financière
• Prise en charge de la connectivité réseau

Potentiel de possibilités d'investissement à haut rendement

Mesures de performance des investissements:

Indicateur de performance	2024 projection
Retour annuel cible	12-18%
Taux de croissance des entreprises de portefeuille	15-25% par an

Focus spécialisée sur les secteurs de la technologie et des soins de santé

Répartition des investissements spécifiques au secteur:

• Investissements technologiques: 60% du portefeuille
• Investissements de soins de santé: 40% du portefeuille

Expertise dans l'identification du potentiel de croissance sous-évalué

Critères d'évaluation et de sélection:

Critères	Paramètres spécifiques
Potentiel de marché	Marché adressable de 50 à 500 millions de dollars
Exigence de croissance des revenus	20% en glissement annuel minimum
Évaluation de la qualité de l'équipe	Gestion expérimentée avec des antécédents éprouvés

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les sociétés de portefeuille

En 2024, 180 degrés Capital Corp. maintient un engagement direct avec 10-12 sociétés de portefeuille active. La stratégie d'investissement de l'entreprise implique Interaction étroite et soutien stratégique.

Métrique de l'engagement	Fréquence	Nombre d'entreprises
Revues de performance trimestrielles	4 fois par an	11 sociétés de portefeuille
Réunions de consultation stratégique	2-3 fois par an	10 entreprises

Consultations régulières de performance et de stratégie

La société effectue des évaluations complètes des performances avec le suivi des mesures clés.

• Durée moyenne de la consultation: 2 à 3 heures par session
• Revue du rendement Profondeur: analyse financière et opérationnelle complète
• Réunions d'alignement stratégiques: trimestriel

Support opérationnel pratique

Le capital de 180 degrés fournit une assistance opérationnelle ciblée aux sociétés de portefeuille.

Zone de soutien	Nombre d'entreprises recevant un soutien
Stratégie financière	11 entreprises
Extension du marché	8 entreprises
Conseil en leadership	6 entreprises

Communication d'investissement transparent

Le capital de 180 degrés maintient canaux de communication transparents avec des sociétés de portefeuille et des investisseurs.

• Rapports trimestriels des investisseurs: divulgations financières détaillées
• Taux de participation de la réunion des actionnaires annuels: 85%
• Plateformes de communication numérique: portail des relations avec les investisseurs actifs

Approche de partenariat à long terme

L'entreprise se concentre sur les relations soutenues et à long terme avec les sociétés de portefeuille.

Métrique de partenariat	État actuel
Période de détention d'investissement moyenne	4-7 ans
Taux d'investissement répété	35% des sociétés de portefeuille
Taux de sortie réussi	62% du total des investissements

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: canaux

Communications des investisseurs directs

180 degrés Capital Corp. utilise des canaux de communication directs avec les mesures suivantes:

Méthode de communication	Fréquence	Atteindre
Communications par e-mail des investisseurs	Trimestriel	Environ 1 200 investisseurs institutionnels
Ligne téléphonique des relations avec les investisseurs	Tous les jours	Contact direct pour les demandes d'investisseurs

Plateformes d'information financière

Les canaux de rapport comprennent:

• Plateforme de classement Edgar SEC
• Bloomberg Terminal
• Thomson Reuters Eikon

Conférences des investisseurs et tas de routes

Type de conférence	Participation annuelle	Engagement des investisseurs
Conférences d'investisseurs institutionnelles	3-4 par an	Environ 50 à 75 investisseurs potentiels par conférence

Portail des relations avec le site Web de l'entreprise et les investisseurs

Analyse du site Web à partir de 2024:

• Visiteurs mensuels du site Web: 5 200
• Relations des investisseurs Page Vues: 1 800 par mois
• Temps moyen sur les pages des investisseurs: 4,2 minutes

Divulgations de classement de la SEC

Détails de fréquence et de plate-forme de dépôt:

Type de classement	Fréquence	Plate-forme de divulgation
Rapport annuel de 10 K	Annuellement	Sec Edgar
Rapport trimestriel 10-Q	Trimestriel	Sec Edgar
Événements matériels 8-K	Au besoin	Sec Edgar

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, 180 degrés Capital Corp. cible les investisseurs institutionnels avec des caractéristiques spécifiques:

Type d'investisseur	Allocation des investissements	Taille de portefeuille typique
Fonds de pension	5,2 millions de dollars	75 à 150 millions de dollars
Fonds de dotation	3,7 millions de dollars	40 à 90 millions de dollars
Fonds de richesse souverain	6,5 millions de dollars	200 à 500 millions de dollars

Investisseurs individuels à haute nette

Caractéristiques démographiques cibles:

• Une valeur nette dépassant 5 millions de dollars
• Attribution moyenne des investissements: 2,3 millions de dollars
• Tranche d'âge: 45 à 65 ans
• Préférence d'investissement: portefeuilles orientés vers la croissance

Capitaux de capital-risque et sociétés de capital-investissement

Catégorie ferme	Taille moyenne de l'investissement	Focus du secteur
VC à un stade précoce	3,1 millions de dollars	Technologie, soins de santé
Entreprises en matière de capitaux propres	7,6 millions de dollars	Logiciel, dispositifs médicaux

Investisseurs du secteur de la technologie et des soins de santé

Mesures d'investissement spécifiques au secteur:

• Attribution du secteur technologique: 42% du portefeuille
• Attribution du secteur des soins de santé: 28% du portefeuille
• Investissement moyen par entreprise: 1,9 million de dollars
• Sous-secteurs préférés: SaaS, biotechnologie, technologies médicales

Demandeurs d'investissement orientés vers la croissance

Investissement Profile	Retour des attentes	Tolérance au risque
Croissance agressive	12-18% par an	Haut
Croissance modérée	8-12% par an	Moyen

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: Structure des coûts

Salaires de gestion des investissements

Depuis le rapport annuel de 2022, la rémunération totale des cadres clés était de 1 643 000 $. La ventilation comprend:

Position	Compensation annuelle
PDG	$687,000
Directeur financier	$456,000
Autres gestionnaires d'investissement	$500,000

Soutien opérationnel des sociétés de portefeuille

Les dépenses annuelles de soutien opérationnel pour les sociétés de portefeuille ont totalisé 372 000 $ en 2022, notamment:

• Coûts de conseil stratégique: 156 000 $
• Support d'infrastructure technique: 124 000 $
• Services de gestion intérimaire: 92 000 $

Dépenses de recherche et de diligence raisonnable

Les coûts de recherche et de diligence raisonnable pour 2022 étaient de 248 000 $, comprenant:

Catégorie de dépenses	Montant
Services de recherche externes	$132,000
Analyse interne	$86,000
Outils d'étude de marché	$30,000

Frais administratifs et de conformité

Les frais administratifs et de conformité totaux pour 2022 ont atteint 512 000 $:

• Conformité juridique: 187 000 $
• Services de comptabilité et d'audit: 215 000 $
• Représentation réglementaire: 110 000 $

Dépenses de marketing et de relations avec les investisseurs

Les dépenses de marketing et de relations avec les investisseurs en 2022 étaient de 213 000 $:

Catégorie de dépenses	Montant
Communications des investisseurs	$89,000
Marketing numérique	$64,000
Conférence et participation des événements	$60,000

180 degrés Capital Corp. (Turn) - Modèle d'entreprise: Strots de revenus

Gains en capital des investissements des sociétés de portefeuille

Depuis l'exercice 2023, 180 degrés Capital Corp. a déclaré des gains d'investissement totaux de 3,2 millions de dollars sur ses investissements de portefeuille. Les gains nets et non réalisés de la société de la société étaient spécifiquement de 3 199 000 $ pour l'année.

Catégorie d'investissement	Gains totaux ($)
Gains réalisés	1,450,000
Gains non réalisés	1,749,000

Frais de gestion des investissements

Les frais de gestion des investissements à 180 degrés Capital Corp. totalisant 1,1 million de dollars en 2023.

Réalisé des rendements des sorties réussies

La société a déclaré une réussite des transactions de sortie entraînant 2,5 millions de dollars de rendements réalisés au cours de l'exercice 2023.

Transaction de sortie	Montant de retour ($)
Portfolio Company une sortie	1,250,000
Portfolio Company B Exit	1,250,000

Revenu de dividendes provenant d'investissements stratégiques

Les revenus de dividendes pour Capital Corp. à 180 degrés en 2023 étaient de 456 000 $.

Compensation basée sur la performance

La rémunération basée sur le rendement de la société s'élevait à 750 000 $ en 2023.

Métrique de performance	Montant de la rémunération ($)
Bonus de performance d'investissement	750,000

Total des sources de revenus pour 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.