Marlton Partners Comments on 180 Degree Capital Corp. and Mount Logan Capital Inc. Business Combination

Core Viewpoint - Marlton Partners L.P. asserts that the revised terms of the business combination between 180 Degree Capital Corp. and Mount Logan Capital Inc. validate the shareholder value by delivering 110% of Net Asset Value (NAV) to TURN shareholders [2][3]. Group 1: Transaction Details - The business combination was completed under revised terms on September 12, 2025, which were influenced by Marlton's pressure on management [1][2]. - The revised terms include a 60-day tender offer, providing TURN shareholders with a near-term opportunity for partial liquidity [3]. Group 2: Shareholder Value and Performance - Marlton emphasizes the importance of delivering a premium to NAV, which has been a focal point since the deal's announcement in January [3]. - Since Marlton nominated directors on December 17, 2024, TURN's share price has increased by 35.5%, outperforming the S&P 500's 8.8% and the Russell 2000's 2.78% [4]. Group 3: Company Background - Marlton Partners L.P. is a Chicago-based investment firm with a focus on closed-end funds and enhancing long-term value through active ownership [5].