Mount Logan Capital trades at ~$4, or 0.6x book, despite a credible path to $12m run-rate FRE by 2026. Recent SOFIX/Yieldstreet and SMA mandates could add $3.8m run-rate FRE, highlighting attractive deal economics and growth potential. Ability Insurance's legacy LTC block remains a key risk, but Q4 impairments were non-cash, and capital ratios are robust, supporting MYGA growth.