180 Degree Capital Corp Stock Price, News & Analysis

180 Degree Capital Corp. (NASDAQ:TURN) provided an update on its proposed all-stock merger with Mount Logan Capital Inc. The company filed an amended preliminary proxy statement and Form S-4 registration statement, which are currently under SEC review. The merger process is expected to conclude with a special shareholder meeting in Q3 2025. Since the merger announcement, TURN's stock price has increased by 5.6%, outperforming the Russell Microcap Index's -4.9% return. The company has received support from approximately 14% of non-insider shareholders through voting agreements and non-binding indications. Management believes the business combination will transform TURN's net asset value from a price ceiling to a floor and create significant shareholder value despite merger-related expenses.

Marlton Partners, owning 5.2% of 180 Degree Capital Corp (NASDAQ: TURN), issued an open letter criticizing the company's board and management for delaying a shareholder vote on the proposed sale to Mount Logan Capital. The letter highlights several concerns: the board has delayed the vote for over 5.5 months since the deal announcement, rejected a superior offer at 101% of NAV, and shareholders face $6-7 million in deal-related costs (15.8% of Q1 NAV). The company's NAV declined 4.7% through Q1 2025, while annual operating expenses remain high at 10% of NAV. Marlton criticizes management for making private voting agreements and lack of transparency, including no monthly NAV estimates in 2025 or earnings calls for Q4 2024 and Q1 2025. They demand immediate setting of a record date for shareholders to vote on the Mount Logan transaction.

180 Degree Capital Corp (NASDAQ:TURN) reported Q1 2025 results with a NAV of $4.42 and significant progress on its proposed Business Combination with Mount Logan Capital. The company's public portfolio achieved a gross total return of +4.5% in Q1 2025, outperforming the Russell Microcap Index's -14.4%. Mount Logan's conversion to US GAAP resulted in improved metrics, including fee-related earnings of $9.1 million in 2024 and shareholder equity value of approximately $104.1 million. The pro forma combination yields an estimated shareholder equity value of nearly $140 million. Mount Logan manages approximately $2.4+ billion in assets and focuses on private credit. About 27% of TURN's shareholders have indicated support for the merger through voting agreements. The company's public portfolio has generated +198.7% gross total return since Q4 2016, despite a -37.0% change in NAV due to legacy private portfolio declines.

180 Degree Capital Corp. (NASDAQ:TURN) announced the filing of an amended preliminary joint proxy statement/prospectus for its proposed merger with Mount Logan Capital Inc. The all-stock transaction will result in a new Delaware corporation, New Mount Logan, trading under MLCI. Key highlights include: - Mount Logan's financial statements converted from IFRS to US GAAP, showing improved metrics: - Fee-related earnings increased to $9.1 million for 2024 - Shareholder equity value rose to $104.1 million as of December 31, 2024 The combined entity will have an estimated shareholder equity value of nearly $140 million. 180 Degree Capital shareholders will receive proportionate ownership based on NAV at closing, relative to Mount Logan's $67.4 million valuation. Management believes this merger will transform NAV from a stock price ceiling to a floor, potentially creating significant shareholder value.

180 Degree Capital Corp. (NASDAQ: TURN) reported a preliminary net asset value per share (NAV) of $4.42 as of March 31, 2025. The company achieved a gross total return of +4.5% in Q1 2025, outperforming the Russell Microcap Index by approximately 1900 basis points. However, the net total return was -4.7% due to expenses related to the proposed merger with Mount Logan Capital.

Key portfolio updates include:

• Successful exits from Intevac (IVAC) and Brightcove (BCOV) investments
• Strong performance in public investments, with notable gains in companies like Synchronoss Technologies (+13.4%) and Ascent Industries (+13.2%)
• Operating expenses declined by over 30% from Q1 2024
• Additional $300,000 in professional fees due to efforts opposing the Business Combination

The company initiated positions in three new publicly traded companies during Q1 2025. Despite Q2 2025 starting with headwinds from potential tariffs and recession concerns, the company maintains strong relative performance versus its benchmark.

180 Degree Capital Corp. (NASDAQ:TURN) has filed a preliminary joint proxy statement/prospectus for its proposed all-stock merger with Mount Logan Capital Inc. The merged entity will operate as Mount Logan Capital Inc. and trade on Nasdaq as 'MLCI'. TURN shareholders will receive proportionate ownership in New Mount Logan based on NAV at closing, relative to Mount Logan's $67.4 million valuation at signing.

The company reports positive Q1 2025 performance, with significant portfolio outperformance versus the Russell Microcap Index through March 14, 2025. Key catalysts include IVAC's sale to Seagate, SNCR's positive Q4 2024 results, and ACNT's asset sale and improved performance, though offset by challenges at LTRX and CVGI.

Management anticipates a trading window will open once updated preliminary proxy materials including Mount Logan's U.S. GAAP financials are filed, with executives planning to purchase TURN shares in the open market.

180 Degree Capital Corp. (NASDAQ:TURN) announced a definitive agreement for a business combination with Mount Logan Capital Inc. The merger represents a strategic evolution for TURN, transitioning from a closed-end fund to an operating company. Mount Logan brings approximately $2.4+ billion in assets under management (as of September 30, 2024), generating predictable fee revenue.

Key highlights of TURN's performance since December 2016 include: reduction in operating expenses by 44%, transition from 92% private investments to over 99% public investments, and increase in insider ownership from 2.1% to 12.7%. The company's public portfolio delivered a gross total return of +204.5% (including SMA carried interest) from Q4 2016 to Q4 2024, outperforming both the Russell Microcap Index (+68.5%) and Lipper Peer Group Average (+81.8%).

The transaction has received unanimous board approval, with approximately 27% of outstanding shares supporting through voting agreements or non-binding indications.

180 Degree Capital Corp. (NASDAQ:TURN) reported its NAV of $4.64 as of December 31, 2024, with a Q4 2024 performance that outperformed major market indices. The company achieved a +7.8% gross total return in Q4 2024 and maintained a +205% gross total return since inception, compared to the Russell Microcap Index's +69%.

The company announced a significant business combination agreement with Mount Logan Capital. Management and large shareholders, representing approximately 27% of outstanding shares, have shown support through voting agreements or non-binding indications. The company expects to file a registration statement and joint proxy statement/prospectus with the SEC soon.

While full-year 2024 performance was described as disappointing, Q1 2025 has shown strong performance exceeding Q4 2024 results. The company's NAV experienced a 5.5% increase in Q4 2024 but showed a -7.6% decline for the full year 2024.

Marlton Partners, owning 4.6% of 180 Degree Capital Corp. (TURN), has expressed serious concerns about TURN's merger agreement with Mount Logan Capital. The key issues highlighted include:

1. The proposed transformation from a closed-end fund to an alternative asset and insurance solutions company, removing '40 Act protections

2. The Board's failure to provide shareholders an option to tender at net asset value (NAV)

3. The immediate rejection of Source Capital's merger proposal valued at 101% of NAV without any engagement

Marlton questions whether the Board's decisions serve shareholders' interests, particularly noting management's continued employment with Mount Logan post-merger. In response, Marlton has nominated three candidates for election to TURN's Board at the 2025 Annual General Meeting.