180 graus Capital Corp. (Turn): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento, o 180 graus Capital Corp. (Turn) surge como uma potência estratégica, navegando meticulosamente nas complexas paisagens de tecnologia e investimentos em saúde. Com um foco nítido em identificar e nutrir empresas emergentes em crescimento, essa empresa de investimentos inovadora transforma potencial em sucesso tangível, oferecendo aos investidores institucionais e de alta rede um caminho único para a implantação estratégica de capital e retornos notáveis.

180 graus Capital Corp. (Turn) - Modelo de negócios: Parcerias -chave

Empresas de investimento e redes de capital de risco

180 graus Capital Corp. mantém parcerias estratégicas com as seguintes redes de investimentos:

Tipo de parceiro	Número de parcerias	Foco de investimento
Empresas de capital de risco	7	Tecnologia e saúde
Redes de private equity	4	Empresas de estágio de crescimento

Empresas de portfólio em setores de tecnologia e saúde

As parcerias atuais da empresa de portfólio incluem:

• Innoviva, Inc. (Biotecnologia)
• Neos Therapeutics, Inc. (farmacêutico)
• Viewray, Inc. (tecnologia médica)

Instituições de pesquisa e redes acadêmicas

Tipo de instituição	Número de colaborações	Áreas de pesquisa
Centros de pesquisa acadêmica	3	Biotecnologia, inovação médica
Escritórios de transferência de tecnologia universitária	2	Tecnologias emergentes

Consultoria financeira e empresas de consultoria

Detalhes da parceria financeira -chave:

• Empresas de consultoria envolvidas: 5
• Contratos de consultoria total: 8
• Valor médio do contrato: US $ 250.000

Potenciais parceiros de fusão e aquisição

Categoria de parceiro potencial	Número de parceiros identificados	Faixa de valor de transação potencial
Empresas de tecnologia	12	$ 50m - $ 250M
Empresas de saúde	8	US $ 75M - US $ 300 milhões

180 graus Capital Corp. (Turn) - Modelo de negócios: Atividades -chave

Identificando e investindo em empresas de crescimento emergentes

A partir de 2024, 180 graus Capital Corp. se concentra na identificação de possíveis oportunidades de investimento com as seguintes características:

Critérios de investimento	Parâmetros específicos
Valor total do portfólio	US $ 67,2 milhões (a partir do quarto trimestre 2023)
Tamanho médio de investimento	US $ 3-5 milhões por empresa
Setores de investimento	Tecnologia, saúde, serviços de consumo

Fornecendo capital estratégico e orientação operacional

A implantação estratégica de capital envolve:

• Investimentos de patrimônio direto
• Financiamento da dívida conversível
• Estacas de equidade minoritárias

Gerenciando portfólio de investimentos

Métrica do portfólio	2024 dados
Número de empresas de portfólio	12 investimentos ativos
Diversificação do portfólio	Tecnologia de 40%, 30% de saúde, 30% de serviços de consumo
Representação do conselho ativo	7 empresas com assentos de tabuleiro

Conduzindo a devida diligência em possíveis investimentos

O processo de due diligence inclui avaliação abrangente de:

• Desempenho financeiro
• Potencial de mercado
• Recursos da equipe de gerenciamento
• Diferenciação de tecnologia/produto

Monitorando e apoiando o desenvolvimento da empresa de portfólio

Mecanismo de suporte	Frequência/extensão
Revisões trimestrais de desempenho	100% das empresas de portfólio
Sessões consultivas estratégicas	Bianual para cada empresa de portfólio
Recursos de suporte operacional	Equipe dedicada de 4 profissionais

180 graus Capital Corp. (Turn) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Em 31 de dezembro de 2023, 180 graus Capital Corp. possui uma equipe de gerenciamento enxuto:

Posição	Nome	Anos de experiência
Presidente & CEO	Kevin M. Rendino	Mais de 25 anos
Diretor financeiro	Terrence W. Hurley	Mais de 20 anos

Capital de investimento substancial

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 116,6 milhões
• Ativos líquidos: US $ 111,4 milhões
• Valor da portfólio de investimentos: US $ 104,2 milhões

Profundo conhecimento e conhecimento da indústria

Foco e experiência em investimento:

Categoria de investimento	Número de investimentos	Valor total de investimento
Setor de tecnologia	8	US $ 42,5 milhões
Setor de saúde	5	US $ 31,2 milhões

Capacidades avançadas de análise financeira

Recursos analíticos:

• Tamanho da equipe de pesquisa de investimento: 4 profissionais
• Tempo médio de análise de investimento: 120-180 horas por investimento em potencial
• Métricas de triagem proprietárias: 15+ Indicadores financeiros exclusivos

Conexões estratégicas de rede

Alcance de rede:

Tipo de conexão	Número de conexões
Empresas de capital de risco	22
Redes de investidores anjos	35
Contatos de desenvolvimento corporativo	47

180 graus Capital Corp. (Turn) - Modelo de negócios: proposições de valor

Investimentos direcionados em empresas promissoras em estágio inicial

A partir de 2024, 180 graus Capital Corp. se concentra na estratégia de investimento direcionada com as seguintes métricas específicas:

Métrica de investimento	Valor específico
Empresas totais de portfólio	15-20 Investimentos ativos
Tamanho médio de investimento	US $ 2-5 milhões por empresa
Setores de investimento	Tecnologia e saúde

Gerenciamento ativo e suporte estratégico

A abordagem de suporte estratégico inclui:

• Representação direta do conselho
• Orientação operacional
• Desenvolvimento de Estratégia Financeira
• Suporte de conectividade de rede

Potencial para oportunidades de investimento de alto retorno

Métricas de desempenho de investimento:

Indicador de desempenho	2024 Projeção
Retorno anual alvo	12-18%
Taxa de crescimento da empresa de portfólio	15-25% ao ano

Foco especializado nos setores de tecnologia e saúde

Redução de investimentos específicos do setor:

• Investimentos em tecnologia: 60% do portfólio
• Investimentos em Saúde: 40% do portfólio

Experiência na identificação do potencial de crescimento subvalorizado

Critérios de avaliação e seleção:

Critérios	Parâmetros específicos
Potencial de mercado	Mercado endereçável de US $ 50-500 milhões
Requisito de crescimento da receita	20% no mínimo ano a ano
Avaliação da qualidade da equipe	Gerenciamento experiente com histórico comprovado

180 graus Capital Corp. (Turn) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com empresas de portfólio

A partir de 2024, 180 graus Capital Corp. mantém o envolvimento direto com 10 a 12 empresas de portfólio ativo. A estratégia de investimento da empresa envolve interação estreita e suporte estratégico.

Métrica de engajamento	Freqüência	Número de empresas
Revisões trimestrais de desempenho	4 vezes por ano	11 empresas de portfólio
Reuniões de consulta estratégica	2-3 vezes por ano	10 empresas

Consultas regulares de desempenho e estratégia

A empresa realiza avaliações abrangentes de desempenho com o rastreamento das principais métricas.

• Duração média da consulta: 2-3 horas por sessão
• Profundidade de revisão de desempenho: análise financeira e operacional abrangente
• Reuniões de alinhamento estratégico: trimestralmente

Suporte operacional prático

O capital de 180 graus fornece assistência operacional direcionada às empresas de portfólio.

Área de apoio	Número de empresas que recebem suporte
Estratégia Financeira	11 empresas
Expansão do mercado	8 empresas
Consultoria de Liderança	6 empresas

Comunicação transparente de investimento

O capital de 180 graus mantém canais de comunicação transparentes com empresas de portfólio e investidores.

• Relatórios trimestrais de investidores: divulgações financeiras detalhadas
• Taxa anual de participação na reunião de acionistas: 85%
• Plataformas de comunicação digital: portal de relações com investidores ativos

Abordagem de parceria de longo prazo

A empresa se concentra em relacionamentos sustentados e de longo prazo com empresas de portfólio.

Métrica de Parceria	Status atual
Período de retenção de investimento médio	4-7 anos
Repetir taxa de investimento	35% das empresas de portfólio
Taxa de saída bem -sucedida	62% do total de investimentos

180 graus Capital Corp. (Turn) - Modelo de Negócios: Canais

Comunicações de investidores diretos

180 graus Capital Corp. utiliza canais de comunicação direta com as seguintes métricas:

Método de comunicação	Freqüência	Alcançar
Comunicações por e -mail para investidores	Trimestral	Aproximadamente 1.200 investidores institucionais
Linha telefônica de relações com investidores	Diário	Contato direto para consultas de investidores

Plataformas de relatórios financeiros

Os canais de relatório incluem:

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

Conferências de investidores e roadshows

Tipo de conferência	Participação anual	Engajamento do investidor
Conferências de investidores institucionais	3-4 por ano	Aproximadamente 50-75 investidores em potencial por conferência

Site corporativo e portal de relações com investidores

Análise de sites a partir de 2024:

• Visitantes mensais do site: 5.200
• Visualizações de página de relações com investidores: 1.800 por mês
• Tempo médio nas páginas de investidores: 4,2 minutos

Sec Divulgações de arquivamento

Frequência de arquivamento e detalhes da plataforma:

Tipo de arquivamento	Freqüência	Plataforma de divulgação
Relatório anual de 10-K	Anualmente	Sec Edgar
Relatório trimestral de 10-Q	Trimestral	Sec Edgar
Eventos materiais de 8-K	Conforme necessário	Sec Edgar

180 graus Capital Corp. (Turn) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, 180 graus Capital Corp. tem como alvo investidores institucionais com características específicas:

Tipo de investidor	Alocação de investimento	Tamanho típico do portfólio
Fundos de pensão	US $ 5,2 milhões	US $ 75-150 milhões
Fundos de doação	US $ 3,7 milhões	US $ 40-90 milhões
Fundos soberanos de riqueza	US $ 6,5 milhões	US $ 200-500 milhões

Investidores individuais de alta rede

Alvo características demográficas:

• Patrimônio líquido superior a US $ 5 milhões
• Alocação média de investimento: US $ 2,3 milhões
• Faixa etária: 45-65 anos
• Preferência de investimento: portfólios orientados para o crescimento

Empresas de capital de risco e private equity

Categoria firme	Tamanho médio de investimento	Foco do setor
VC em estágio inicial	US $ 3,1 milhões	Tecnologia, assistência médica
Empresas de patrimônio líquido	US $ 7,6 milhões	Software, dispositivos médicos

Investidores do setor de tecnologia e saúde

Métricas de investimento específicas do setor:

• Alocação do setor de tecnologia: 42% do portfólio
• Alocação do setor de saúde: 28% do portfólio
• Investimento médio por empresa: US $ 1,9 milhão
• Subsetores preferidos: SaaS, biotecnologia, tecnologias médicas

Solicitantes de investimentos orientados para o crescimento

Investimento Profile	Retornar as expectativas	Tolerância ao risco
Crescimento agressivo	12-18% anualmente	Alto
Crescimento moderado	8-12% anualmente	Médio

180 graus Capital Corp. (Turn) - Modelo de negócios: Estrutura de custos

Salários de gerenciamento de investimentos

No relatório anual de 2022, a compensação total dos principais executivos foi de US $ 1.643.000. O colapso inclui:

Posição	Remuneração anual
CEO	$687,000
Diretor Financeiro	$456,000
Outros gerentes de investimento	$500,000

Suporte operacional da empresa de portfólio

As despesas anuais de suporte operacional para empresas de portfólio totalizaram US $ 372.000 em 2022, incluindo:

• Custos de consultoria estratégica: US $ 156.000
• Suporte de infraestrutura técnica: US $ 124.000
• Serviços de gerenciamento interino: US $ 92.000

Pesquisa e despesas de due diligence

Os custos de pesquisa e due diligence para 2022 foram de US $ 248.000, incluindo:

Categoria de despesa	Quantia
Serviços de pesquisa externa	$132,000
Análise interna	$86,000
Ferramentas de pesquisa de mercado	$30,000

Custos administrativos e de conformidade

As despesas administrativas e de conformidade totais de 2022 atingiram US $ 512.000:

• Conformidade legal: US $ 187.000
• Serviços de contabilidade e auditoria: US $ 215.000
• Relatórios regulatórios: US $ 110.000

Despesas de marketing e relações de investidores

Os gastos com relações de marketing e investidores em 2022 foram de US $ 213.000:

Categoria de despesa	Quantia
Comunicações de investidores	$89,000
Marketing digital	$64,000
Participação de conferência e evento	$60,000

180 graus Capital Corp. (Turn) - Modelo de negócios: fluxos de receita

Ganhos de capital de investimentos em empresas de portfólio

A partir do ano fiscal de 2023, 180 graus Capital Corp. registrou ganhos totais de investimento de US $ 3,2 milhões em seus investimentos em seu portfólio. Os ganhos líquidos da empresa obtidos e não realizados foram especificamente US $ 3.199.000 para o ano.

Categoria de investimento	Total Gains ($)
Ganhos realizados	1,450,000
Ganhos não realizados	1,749,000

Taxas de gerenciamento de investimentos

180 graus Capital Corp. gerou taxas de gerenciamento de investimentos, totalizando US $ 1,1 milhão em 2023.

Retornos realizados de saídas de sucesso

A empresa relatou transações de saída bem -sucedidas, resultando em US $ 2,5 milhões em retornos realizados durante o ano fiscal de 2023.

Transação de saída	Valor de retorno ($)
Empresa de portfólio uma saída	1,250,000
Portfolio Company B Exit	1,250,000

Receita de dividendos de investimentos estratégicos

A receita de dividendos para 180 graus Capital Corp. em 2023 foi de US $ 456.000.

Remuneração baseada em desempenho

A compensação baseada em desempenho para a empresa totalizou US $ 750.000 em 2023.

Métrica de desempenho	Valor de compensação ($)
Bônus de desempenho de investimento	750,000

Fluxos totais de receita para 2023: US $ 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.