Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 34

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 34
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 $198,658 100.0 %December 31, 2024Amortized costFair value(1)Ratings above are based on Standard & Poor’s ("S&P"), or equivalent, ratings.b)Other Investments, Equity Securities and Equity Method InvestmentsCertain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no assurance that the Company will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those investments.The collateralized investments in direct lending entities of $53,616 at September 30, 2025 are carried at fair market value. ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including other investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. In connection with the Combination on May 27, 2025, the assets and liabilities of Maiden were recorded at their fair values measured as of the acquisition date. The Company has elected the fair value option for its investments in direct lending entities, and these investments are reported at fair value as of September 30, 2025. Please see Note 5(d). Fair Value Measurements for additional information regarding this investment.

 24

KESTREL GROUP LTD NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(in thousands of U.S. dollars, except share and per share data)

4. Investments (continued)Other investmentsThe table shows the composition of the Company's other investments at fair value as of September 30, 2025: September 30, 2025Fair value% of Total Private equity funds$30,982 18.0 %Privately held equity investments11,048 6.4 %Private credit investments1,534 0.9 %Equity method investments with fair value option elected74,611 43.5 %Investments in