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

Rhea-AI Summary

180 Degree Capital Corp. (NASDAQ: TURN) has completed its business combination with Mount Logan Capital Inc. under revised terms that deliver 110% of Net Asset Value (NAV) to TURN shareholders. Marlton Partners, owning 5.8% of TURN's stock, expressed satisfaction with the revised deal terms, which include a 60-day tender offer for partial liquidity.

The improved terms came after pressure from Marlton on management since the deal's January announcement. Since Marlton's director nominations in December 2024, TURN's share price has increased by 35.5%, outperforming both the S&P 500 (8.8%) and Russell 2000 (2.78%).

Positive

• Deal terms revised to deliver 110% of NAV to shareholders
• Inclusion of 60-day tender offer providing near-term partial liquidity
• Stock price increased 35.5% since Marlton's involvement, outperforming major indices
• Successfully negotiated premium to NAV for shareholders

Negative

• Tender offer only provides partial liquidity to shareholders
• Future liquidity opportunities beyond minimum requirements remain uncertain

Revised Terms Delivering 110% of NAV Validates TURN Shareholder Value

CHICAGO, Sept. 12, 2025 /PRNewswire/ -- Marlton Partners L.P. (together with its affiliates and group members, "Marlton" or "we"), beneficial owners of approximately 5.8% of the outstanding stock of 180 Degree Capital Corp. (NASDAQ: TURN) ("TURN" or the "Company"), today issued the following statement in response to the business combination of the Company and Mount Logan Capital Inc. (Cboe Canada: MLC) ("Mount Logan"), which was completed under revised terms on September 12, 2025.

"Marlton has strong conviction in the significant value embedded in closed-end vehicles such as TURN. The revised terms of this transaction – which were driven by Marlton's pressure on management and deliver 110% of Net Asset Value ("NAV") to TURN shareholders – represent a clear market affirmation of that value.

We are gratified that Mount Logan recognized the importance of delivering a premium to NAV, a point we have emphasized since the deal's announcement in January. We are also pleased that the revised terms include a 60-day tender offer, which provides TURN shareholders with a defined, near-term path to realize partial liquidity.

Throughout this process, Marlton's focus has been on ensuring that all TURN shareholders realize the full value of their investment. We expect the combined Mount Logan Board and management to provide timely, predictable, and equitable liquidity opportunities that go beyond the minimum requirements."

Since Marlton nominated directors on December 17, 2024, TURN's share price has increased by 35.5% compared to 8.8% for the S&P 500 and 2.78% for the Russell 2000.

About Marlton Partners L.P.
Marlton Partners L.P. is a Chicago-based, privately held investment firm led by James C. Elbaor. The firm has a proven track record of success in investing in closed-end funds and acquires significant ownership positions in other assets where it believes long-term value can be enhanced through active ownership. Mr. Elbaor holds a B.A. from New York University and an M.B.A. from Columbia University. For more information about Marlton Partners L.P., please visit https://MarltonLLC.com.

Media Contact:
ASC Advisors
Taylor Ingraham
(203 992 1230)
tingraham@ascadvisors.com 

Investors Contact:
James C. Elbaor (214-405-4141)
James@marltonllc.com

View original content:https://www.prnewswire.com/news-releases/marlton-partners-comments-on-180-degree-capital-corp-and-mount-logan-capital-inc-business-combination-302555493.html

SOURCE Marlton Partners L.P.

FAQ

What are the revised terms of the TURN and Mount Logan business combination?

The revised terms deliver 110% of Net Asset Value (NAV) to TURN shareholders and include a 60-day tender offer for partial liquidity.

How has TURN's stock performed since Marlton's involvement?

Since Marlton's director nominations on December 17, 2024, TURN's share price has increased by 35.5%, outperforming both the S&P 500 (8.8%) and Russell 2000 (2.78%).

What is Marlton Partners' ownership stake in TURN?

Marlton Partners owns approximately 5.8% of the outstanding stock of 180 Degree Capital Corp. (TURN).

When was the business combination between TURN and Mount Logan completed?

The business combination was completed on September 12, 2025 under revised terms.

What liquidity options are available to TURN shareholders under the deal?

The deal includes a 60-day tender offer for partial liquidity, with expectations for additional liquidity opportunities to be provided by Mount Logan's management beyond minimum requirements.