TURN Overview

Marlton Partners' Influence: Marlton Partners, owning 5.8% of 180 Degree Capital Corp. (TURN), successfully pressured management to revise the terms of a business combination with Mount Logan Capital, delivering 110% of Net Asset Value (NAV) to shareholders.

Shareholder Value and Liquidity: The revised terms include a 60-day tender offer, providing TURN shareholders with a clear opportunity for partial liquidity, while Marlton emphasizes its commitment to maximizing shareholder value throughout the process.

Growth in Asset Management Sector: The Asset Management sector has seen significant improvements in growth rankings for several fund-focused stocks, indicating strong operational momentum and potential for continued sector strength.

Notable Stock Performances: Four asset managers—180 Degree Capital Corp, Western Asset Investment, Great Elm Group Inc, and Royce Micro-Cap Trust Inc—reported substantial week-over-week increases in their growth percentile scores, reflecting effective investment strategies and positive financial performance.

Merger Approval: 180 Degree Capital Corp. announced the approval of its all-stock merger with Mount Logan Capital Inc. during a special shareholder meeting held on August 22, 2025.

Voting Results: The Business Combination Proposal received 87% approval, while the Deregistration and New Mount Logan Equity Incentive Plan Proposals also passed with similar support from shareholders.

Company Overview: 180 Degree Capital is a publicly traded closed-end fund focused on investing in undervalued small companies, aiming to enhance their value through constructive activism.

Forward-Looking Statements: The announcement includes forward-looking statements regarding the benefits and risks associated with the merger, emphasizing that actual results may differ from projections due to various uncertainties.

Shareholder Benefits: 180 Degree Capital's shareholders will receive shares of New Mount Logan valued at 110% of the company's Net Asset Value (NAV) at closing, an increase from the previously proposed 100%.

Liquidity Programs: New Mount Logan and its affiliates will provide $25 million for shareholder liquidity, with $15 million available within 60 days post-merger and an additional $10 million over 24 months.

Support for Business Combination: Nearly 63% of 180 Degree Capital shareholders have voted in favor of the merger with Mount Logan, indicating strong support for creating a new U.S.-exchange-listed asset management platform.

Future Plans: Management anticipates that New Mount Logan will pay quarterly cash dividends, subject to board approval, continuing a trend established by Mount Logan over the past 24 quarters.

Proxy Statement Filed: Marlton Partners L.P., holding approximately 5.8% of 180 Degree Capital Corp.'s stock, has filed a preliminary proxy statement to solicit votes for the election of four independent director candidates at the upcoming Special Meeting of Shareholders on September 15, 2025.

Commitment to Governance: James C. Elbaor, Managing Member of Marlton, emphasized their commitment to enhancing governance at TURN and ensuring shareholder interests are respected, looking forward to engaging with shareholders about their nominees.

Shareholder Support for Business Combination: As of August 14, 2025, over 57% of the outstanding shares of 180 Degree Capital have voted in favor of the proposed business combination with Mount Logan, indicating strong shareholder support ahead of the special meeting scheduled for August 22, 2025.

Ongoing Engagement and Future Outlook: Both companies are actively engaging with their shareholders to ensure a successful merger, with leadership expressing confidence in achieving the necessary approvals and positioning the combined entity for long-term value creation.