Is MLCI diluting shareholders?

Read three numbers together: shares outstanding over time (11.2M as of 2026-08-11), warrants that can convert into new shares, and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Mount Logan Capital Inc. (MLCI)

CIK 2051820 · all EDGAR filings →

Overall dilution risk

HIGHworst of 2 computed signals (historical dilution)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

LOWno live registration found

= is there a registration (S-1/S-3 family) on file without a later withdrawal

Overhead supply

NOT COMPUTEDno warrant count tagged in XBRL

= warrant shares outstanding divided by current shares outstanding

absence of a tag is not proof of absence of warrants

Historical dilution

HIGH+1118777% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

NOT COMPUTEDrunway not computable from latest facts

= cash vs trailing operating burn

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 11.2M shares as of Aug 11, 2026 (10-Q).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
Arrangement Warrants	20.5M	$26.01	—	—
Common Shares Purchase Warrants	937,600	not tagged	—	—
Debenture Units	50	not tagged	—	—
Debenture Warrants	not tagged	$2.75	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 11, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Balance-sheet fair value of warrants: $1.4M as of Jun 30, 2026.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 11, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	11.2M	Aug 11, 2026
+ Arrangement Warrants (if exercised)	20.5M	Sep 12, 2025
+ Common Shares Purchase Warrants (if exercised)	937,600	Jun 30, 2026
+ Debenture Units (if exercised)	50	Jan 26, 2024
Fully diluted estimate	32.6M	+191.3% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 1 executed · 2 registered.

WITHDRAWNApr 28, 2026Registration withdrawnRW →

EXECUTEDJan 20, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B1 →

MARKETINGJan 16, 2026Free-writing prospectus — offering being marketedFWP →

EFFECTIVEJan 15, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDJan 13, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDJan 12, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →

UPDATEAug 18, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →

UPDATEJul 11, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEJul 11, 2025SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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