Equity based compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity based compensation

Note 20. Equity based compensation

On May 30, 2019, the Company’s shareholders approved (i) a stock option plan (the “2019 Option Plan”) and (ii) a restricted share unit plan (the “2019 RSU Plan”), which were amended and re-approved by shareholders of the Company on June 7, 2024 to, among other things, increase the rolling limit thereunder from 10% to 15% of the common shares then issued and outstanding. Following the approval of Legacy Mount Logan shareholders on August 22, 2025 and the closing of the Business Combination, on November 5, 2025, the Board approved and ratified the 2025 Omnibus Incentive Plan (the “2025 Plan”). The effective date of the 2025 Plan was September 12, 2025 and upon its effectiveness, the 2019 Option Plan and 2019 RSU Plan were terminated and no further awards will be granted under either the 2019 Option Plan or the 2019 RSU Plan.

As of March 31, 2026, no awards have been granted under the 2025 Plan (December 31, 2025 – nil). Each of the non-executive Directors of the Board of the Company will be granted an equity incentive award under the 2025 Plan during the year with a fixed value. As such, the pro-rated expense for these anticipated awards have been accrued and $0.2 million

has been recorded in compensation and benefits on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.

There were no options or awards issued or outstanding under the 2019 Option Plan as of March 31, 2026 (December 31, 2025 – nil)

Under the 2019 RSU Plan, RSU grants were made in the form of equity-settled awards that typically vested one-third annually beginning one year after the grant date (unless approved otherwise by the Board to vest based on specified terms over a specified period), whereby one vested RSU was exchanged for one common share. The grant date fair value of each equity-settled RSU unit was calculated based on the grant date’s previous day closing price per common share of the Company on Cboe Canada.

On September 12, 2025, all unvested RSUs were accelerated and fully vested due to the change in control event upon the closing of the Business Combination. As such, no RSUs have been awarded since and for the three months ended March 31, 2026, no equity-based compensation expense related to RSUs has been recognized. The Company awarded 652,135 RSUs with a grant date fair value of $1.2 million during the three months ended March 31, 2025.

For the three months ended March 31, 2025, the Company recorded equity-based compensation expense related to RSUs awarded from profit sharing arrangements of $0.3 million. The Company elected to account for forfeitures as they occurred. Expense was recognized on a straight-line basis over the life of the award.