Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 263

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 263
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 as investments in direct lending entities and investments in technology-oriented insurance related businesses known as insurtechs. Private equity investments consist of direct investments in privately held entities, investments in private equity funds and private equity co-investments with sponsoring entities. Private credit investments consist of loans and other debt securities of privately held entities or investment sponsors. Our alternative investments as of September 30, 2025 consisted of the following asset categories: 

September 30, 2025($ in thousands)Carrying Value% of TotalPrivately held common stocks$5,340 2.5 %Privately held preferred stocks6,010 2.8 %Total equity securities$11,350 5.3 %Real estate investments32,518 15.1 %Total equity method investments$32,518 15.1 %Private equity funds$30,982 14.3 %Private credit investments1,534 0.7 %Privately held equity investments11,048 5.1 %Equity method investments with fair value option elected74,611 34.6 %Investments in direct lending entities53,616 24.9 %Total other investments$171,791 79.6 %   Total alternative investments$215,659 100.0 %

Our allocation to alternative investments increased to 47.4% of our total cash and investments held as of September 30, 2025, reflecting assets acquired in the Combination. In addition to the categories described above, we also evaluate our alternative investments by the following asset classes: 

September 30, 2025($ in thousands)Carrying Value% of TotalPrivate Equity$16,454 7.6 %Private Credit1,534 0.7 %Alternatives84,031 39.0 %Venture Capital28,805 13.4 %Real Estate84,835 39.3 %Total alternative investments$215,659 100.0 %

For further details on these alternative investments, see "Notes to Condensed Consolidated Financial Statements: Note 4(b) Other Investments, Equity Securities and Equity Method Investments" included under Part I Item 1. "Financial Information" of this Report on Form 10-Q. Within these asset classes, our portfolio broadly consists of the following types of investments:

•Private Equity – this asset class consists of both fund investments with leading private equity sponsors and direct equity investments in private companies,