Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 294

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 294
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 | ​ | ​ | ​    | ​ |      1,000 | ​ | ​ |

See accompanying notes to these Consolidated Financial Statements F-4

TABLE OF CONTENTS

Kestrel Group, LLC Consolidated Statement of Changes in Members’ Equity
Years Ended December 31, 2024 and 2023

| ​                          | ​ | ​ | Members’Equity |   |            |   | ​ | ​ | AccumulatedDeficit |   |            |   | ​ | ​ | TotalMembers’ Equity |   |            |   | ​ |
|:---------------------------|:--|:--|:---------------|:--|-----------:|:--|:--|:--|:-------------------|:--|-----------:|:--|:--|:--|:---------------------|:--|-----------:|:--|:--|
| Balance, December 31, 2022 | ​ | ​ | ​              | $ | 10,014,450 | ​ | ​ | ​ | ​                  | $ | -2,450,414 | ​ | ​ | ​ | ​                    | $ |  7,564,036 | ​ | ​ |
| Net loss                   | ​ | ​ | ​              | ​ |          — | ​ | ​ | ​ | ​                  | ​ | -4,215,411 | ​ | ​ | ​ | ​                    | ​ | -4,215,411 | ​ | ​ |
| Equity-based compensation  | ​ | ​ | ​              | ​ |     59,701 | ​ | ​ | ​ | ​                  | ​ |          — | ​ | ​ | ​ | ​                    | ​ |     59,701 | ​ | ​ |
| Balance, December 31, 2023 | ​ | ​ | ​              | ​ | 10,074,151 | ​ | ​ | ​ | ​                  | ​ | -6,665,824 | ​ | ​ | ​ | ​                    | ​ |  3,408,326 | ​ | ​ |
| Net income                 | ​ | ​ | ​              | ​ |          — | ​ | ​ | ​ | ​                  | ​ |    324,273 | ​ | ​ | ​ | ​                    | ​ |    324,273 | ​ | ​ |
| Equity-based compensation  | ​ | ​ | ​              | ​ |     59,701 | ​ | ​ |