Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 50

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 50
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----------:|:--|:--|
| ​                                                                          | ​ | ​ | -in thousands               |   |           |   | ​ |
| Balance Sheet Data                                                         | ​ | ​ | ​                           | ​ |         ​ | ​ | ​ |
| Cash and cash equivalents (including restricted cash and cash equivalents) | ​ | ​ | ​                           | $ |     9,084 | ​ | ​ |
| Total assets                                                               | ​ | ​ | ​                           | $ | 1,291,602 | ​ | ​ |
| Total liabilities                                                          | ​ | ​ | ​                           | $ | 1,118,301 | ​ | ​ |
| Total shareholders’ equity                                                 | ​ | ​ | ​                           | $ |   173,301 | ​ | ​ |

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TABLE OF CONTENTS

COMPARATIVE PER SHARE AND PER UNIT DATA OF MAIDEN, KESTREL AND THE PRO FORMA COMBINED COMPANY Presented below are Maiden’s historical per share data, which were derived from Maiden’s financial statements, Kestrel’s historical per unit data, which were derived from Kestrel’s financial statements, and the combined Maiden/Kestrel unaudited pro forma per share/unit data, for the year ended December 31, 2024. This information should be read together with Maiden’s consolidated financial statements and condensed consolidated financial statements and related notes that are incorporated by reference in this document, Kestrel’s consolidated financial statements and related notes included in this document and with the unaudited pro forma combined financial data and related notes included under the “Maiden and Kestrel Unaudited Pro Forma Condensed Combined Financial Information” section of this document. The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the transaction had been completed as of the beginning of the periods presented, nor is it necessarily indicative of the future operating results or financial position of the combined company. The historical net book value per share or unit, a non-GAAP financial measure, is computed by dividing total shareholders’ equity or unitholders’ equity by the number of common shares or units outstanding at the end of the period, as applicable. The pro forma earnings per share or unit of the combined company is computed by dividing the pro forma net income by the pro forma weighted average number of shares or units outstanding. The pro forma net book value per share or unit of the combined company is computed by dividing total pro forma