Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 145

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 145
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 | ​     | $ |  22.7 | ​ | ​ | ​ | ​     | $ |    32.4 | ​ | ​ | ​ | ​     | $ |    39.6 | ​ | ​ | ​ | ​     | $ |    44.4 | ​ | ​ |
| Total Expenses          | ​ | ​ | ​        | $ |   5.2 | ​ | ​ | ​ | ​ | ​                      | $ |   6.2 | ​ | ​ | ​ | ​ | ​     | $ |   7.2 | ​ | ​ | ​ | ​     | $ |     9.0 | ​ | ​ | ​ | ​     | $ |    11.1 | ​ | ​ | ​ | ​     | $ |    13.1 | ​ | ​ |
| EBITDA(3)               | ​ | ​ | ​        | $ |   0.1 | ​ | ​ | ​ | ​ | ​                      | $ |  10.8 | ​ | ​ | ​ | ​ | ​     | $ |  15.5 | ​ | ​ | ​ | ​     | $ |    23.4 | ​ | ​ | ​ | ​     | $ |    28.5 | ​ | ​ | ​ | ​     | $ |    31.2 | ​ | ​ |
| EBITDA Margin           | ​ | ​ | ​        | ​ |  1.3% | ​ | ​ | ​ | ​ | ​                      | ​ | 63.6% | ​ | ​ | ​ | ​ | ​     | ​ | 68.1% | ​ | ​ | ​ | ​     | ​ |   72.3% | ​ | ​ | ​ | ​     | ​ |   71.9% | ​ | ​ | ​ | ​     | ​ |   70.4% | ​ | ​ |

91

TABLE OF CONTENTS

(1)

2024E represents actual accruals for the applicable measure of financial performance of Kestrel from January 1, 2024 through November 30, 2024, plus forecasts for the applicable measure of financial performance for the month of December 2024.

(2)

11/30/24 Adjusted LTM is the applicable measure of financial performance of Kestrel for the last twelve months’ ended November