Mount Logan Capital Modifies Credit Agreement to Waive Defaults

Mount Logan Capital Inc. has entered into a modification to its credit agreement to address certain defaults. On October 9, 2026, MLC US Holdings LLC, a wholly owned indirect subsidiary of the Company, executed Amendment No. 6 to the Credit Agreement dated August 20, 2021. This amendment was entered into by and among MLC US Holdings, the lenders, and the agent.

The waiver and amendment were necessary to address events of default arising from the termination of the investment management agreement for the Alternative Credit Income Fund (ACIF). This termination occurred following the merger of ACIF with and into BC Partners Lending Corporation (BCPLC) on September 29, 2026. Additionally, the amendment addresses the cancellation of a promissory note issued by Sierra Crest Investment Management LLC (SCIM).

Under the terms of the amendment, the required lenders waived specified events of default related to the ACIF merger and the cancellation of the SCIM Promissory Note. The Agent also agreed that the SCIM Promissory Note would no longer constitute collateral under the Credit Agreement upon its cancellation. The Company and its other guarantors reaffirmed their obligations under the agreement.

In connection with the ACIF merger, BC Partners Advisors L.P. (BCPA) entered into a revenue share agreement with SCIM. BCPA agreed to pay an ongoing revenue share equal to 29.88% of its management and incentive fees, less certain allocable sales force compensation. SCIM assigned these rights to MLC US Holdings in full satisfaction of a promissory note originally issued in the principal amount of $15.0 million. Following the payment of accrued interest and the assignment, the SCIM Promissory Note was cancelled.

The Company also terminated its Amended and Restated Master Services Agreement with SCIM. While the net amount owed by MLC US Holdings to SCIM is approximately $3.4 million, no early termination penalties were incurred. This amount will be repaid quarterly by offset against a percentage of the revenue share payments to MLC US Holdings until paid in full.