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Equity based compensation | 12 Months Ended
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Dec. 31, 2025
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 December 31, 2025, no awards have been granted under the 2025 Plan. There were no options or awards issued or outstanding under the 2019 Option Plan as of December 31, 2025 (December 31, 2024 – nil) Under the 2019 RSU Plan, RSU grants were made in the form of equity-settled awards that typically vest 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 will be 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. The Company awarded 652,135 RSUs with a grant date fair value of $1.2 million during the year ended December 31, 2025. The Company awarded 1,435,700 RSUs with a grant date fair value of $2.1 million during the year ended December 31, 2024. For the year ended December 31, 2025 and 2024, the Company recorded equity-based compensation expense related to RSUs awarded from profit sharing arrangements of $2.8 million and $0.6 million, respectively. 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, as of December 31, 2025, equity-based compensation expense related to RSUs had been fully recognized. The Company elected to account for forfeitures as they occurred. Expense was recognized on a straight-line basis over the life of the award. A summary of the status of service-vesting awards granted under the RSU Plan for the year ended December 31, 2025 is presented below:
|  | RSUs and DEUs Outstanding
|  | RSUs |  | Weighted average grant date fair value |  | DEUs |  | Weighted average grant date fair value |  | Total
Unvested balance, January 1, 2025 |  | 1,409,780 |  |  | $ | 1.67 |  |  | 23,172 |  |  | $ | 1.73 |  |  | 1,432,952 |
Granted |  | 652,135 |  |  | 1.69 |  |  | 48,516 |  |  | 1.75 |  |  | 700,651 |
Vested |  | (1,963,099) |  |  | 1.68 |  |  | (68,804) |  |  | 1.75 |  |  | (2,031,903) |
Forfeitures |  | (98,816) |  |  | 1.57 |  |  | (2,884) |  |  | 1.68 |  |  | (101,700) |
Unvested balance, December 31, 2025 |  | — |  |  |  |  | — |  |  |  |  | — |

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