Mount Logan Capital Inc. (MLCI) AI Dilution Summary

Cash was $80,666,000 at 2026-06-30, the last reported balance-sheet date, against estimated monthly burn of $2,371,333. Dilution here is driven primarily by the Debenture Warrants issued with the Initial Debenture Units in January 2024. They carry a fixed exercise price of $11.61 and expire 2032-01-26.