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Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity
Note 19. Equity
Common shares
The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid per share and all references to share quantities of the Company have been retrospectively adjusted to reflect the Company’s existing capital structure post merger with TURN. Refer to Note 3. Business combinations for further detail.
The Company is authorized to issue 150 million common shares, par value $0.001 per share. The common shares are not redeemable or convertible. Dividends are declared by the Company’s Board of Directors (the “Board”) at its discretion. Historically, the board of directors of Legacy Mount Logan has declared dividends on a quarterly basis and the amount could vary from quarter to quarter.

As of March 31, 2026, there were 11,188,768 common shares issued and outstanding (March 31, 2025 – 6,789,843). The Company repurchased 1,590,601 shares through a tender offer, and a former officer returned 7,401 shares to the Company for withholding tax during the three months ended March 31, 2026. The Company issued 14,231 shares (net of tax) in respect of vested RSUs (inclusive of Dividend Equivalent Units (“DEUs”)), 4,101 shares in satisfaction of debt obligations owed in connection with the provision of certain consulting services, and 637,880 common shares for the minority investment in Runway Growth Capital LLC (“Runway”) during the three months ended March 31, 2025. There were no other transactions with shareholders for the three months ended March 31, 2026 and 2025.
Dividends
Dividends to the Company's shareholders are recorded on the declaration date. The payment of any cash dividend to shareholders of the Company in the future will be at the discretion of the Board and will depend on, among other things, the financial condition, capital requirements and earnings of the Company, and any other factors that the Board may consider relevant.
The following table reflects the distributions declared on the common shares of the Company during the three months ended March 31, 2026 and March 31, 2025:

Dividend amount per shareTotal dividend amount
Declaration DateRecord DatePayment DateCADUSD ¹CADUSD ¹
March 5, 2026March 30, 2026April 15, 2026$— $0.03 $— $336 
$— $336 
Dividend amount per shareTotal dividend amount
Declaration DateRecord DatePayment DateCAD
USD ¹
CAD
USD ¹
March 13, 2025April 3, 2025April 10, 2025$0.08 $0.06 $573 $399 
$573 $399 
_______________
(1)Dividends were issued and paid in CAD until the December 2025 dividend payment which was issued and paid in USD. For reporting purposes, CAD dividend amounts recorded in equity were translated to USD using the daily exchange rate on the date of declaration. Going forward, the Company expects to declare and pay dividends in USD.
Warrants
On October 19, 2018, Legacy Mount Logan announced the completion of a plan of arrangement under the provisions of the Business Corporations Act (Ontario) pursuant to which, among other things, each common share in the capital of Legacy Mount Logan was exchanged for one common share in the capital of the company created pursuant to the arrangement and pursuant to which Legacy Mount Logan changed its name from Marret Resource Corp. to Mount Logan Capital Inc. (the “Arrangement”). Upon closing of the Arrangement and in accordance with the terms of the Arrangement, Legacy Mount Logan issued to shareholders who made an election to acquire warrants under the Arrangement warrants to acquire an aggregate of 20,468,128 common shares of Legacy Mount Logan (the “Arrangement Warrants”). As a result of a share consolidation completed on December 3, 2019, every eight (8) Arrangement Warrants entitled the holder to receive, upon exercise, one common share of Legacy Mount Logan at a price of C$6.16 per common share. On September 12, 2025, the Company completed the Business Combination, pursuant to which, among other things, each of TURN and Legacy Mount Logan became direct wholly-owned subsidiaries of the Company and the issued and outstanding shares of each of TURN and Legacy Mount Logan were cancelled and (other than with respect to certain excluded shares) converted into the right to receive a certain number of shares of the Company’s common stock. Following the completion of the Business Combination, every 33.78 Arrangement Warrants entitled the holder to receive, upon exercise, one common share of the Company at a price of C$26.01 per share. Accordingly, an aggregate of up to 606,009 shares of the Company were issuable upon the exercise of the 20,468,128 outstanding Arrangement Warrants. The Arrangement Warrants expired on October 19, 2025.
Separately on January 26, 2024, Legacy Mount Logan issued 50 common share purchase warrants (each, a “Debenture Warrant”) for each of the 18,752 debenture units that were issued on a non-brokered private placement (refer to Note 12. Debt obligations for further detail). Each Debenture Warrant was exercisable to acquire one common share of Legacy Mount Logan at a price of C$2.75 per share for a period of eight (8) years from the issuance thereof, provided that the Debenture Warrants were not exercisable during the first twelve (12) months following the issuance. Following the completion of the Business Combination, every 4.22 Debenture Warrants entitled the holder to receive, upon exercise, one share of the Company at a price of C$11.61 per share (as adjusted for the Business Combination in accordance with the provisions of a warrant indenture dated as of January 26, 2024, as supplemented by a supplemental warrant indenture dated September 12, 2025 between the Company, Legacy Mount Logan and Odyssey Trust Company). Accordingly, an aggregate of up to 222,079 shares of the Company are issuable upon the exercise of the 937,600 outstanding Debenture Warrants as of March 31, 2026 (December 31, 2025 - 222,079).

Accumulated other comprehensive income (loss)
Unrealized investment gains (losses) on available-for-sale securitiesUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateCumulative translation adjustmentAccumulated other comprehensive income (loss)
Balance at, December 31, 2025$(15,358)$(907)$71,287 $(21,858)$33,164 
Other comprehensive income (loss), before reclassifications(4,403)(943)3,333 — (2,013)
Less: reclassification adjustments for gains (losses) realized(179)(58)— — (237)
Less: Income tax expense (benefit)— — — — — 
Balance at, March 31, 2026$(19,582)$(1,792)$74,620 $(21,858)$31,388 
Unrealized investment gains (losses) on available-for-sale securitiesUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateCumulative translation adjustmentAccumulated other comprehensive income (loss)
Balance at, December 31, 2024$(21,318)$(5,192)$85,409 $(21,858)$37,041 
Other comprehensive income (loss), before reclassifications2,628 2,892 (5,143)— 377 
Less: reclassification adjustments for gains (losses) realized24 (436)— — (412)
Less: Income tax expense (benefit)— — — — — 
Balance at, March 31, 2025$(18,714)$(1,864)$80,266 $(21,858)$37,830