Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 100

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 100
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 to $0.0 million for the same period in 2024. 

 61

General and administrative expenses for the three and six months ended June 30, 2025 and 2024 were comprised of:

For the Three Months Ended June 30,For the Six Months Ended June 30,($ in thousands)2025202420252024General and administrative expenses – segments$2,474 $589 $3,045 $1,400 General and administrative expenses – corporate2,606 589 3,178 1,399 Total general and administrative expenses$5,080 $1,178 $6,223 $2,799 

Interest and Amortization Expenses

Total interest and amortization expenses were $1.5 million and $0.0 million for the three and six months ended June 30, 2025 and 2024, respectively. This included $1.8 million of interest expense on the outstanding senior notes issued by Maiden in 2016 and Maiden Holdings North America, Ltd. ("Maiden NA") in 2013 ("Senior Notes") in the three and six months ended June 30, 2025, respectively, that were acquired upon completion of the merger. The difference between the principal amount of the acquired debt and the fair market value of the acquired debt is being amortized over the remaining life of the Senior Notes up to par value. The amortization for the fair value adjustment was $0.1 million for the three and six months ended June 30, 2025

Please refer to "Notes to Condensed Consolidated Financial Statements (unaudited) Note 7. Long Term Debt" for further details on the Senior Notes. The weighted average effective interest rate for the Senior Notes was 11.7% for the three and six months ended June 30, 2025, respectively.

Gain on Bargain Purchase and Change in Earn out Liability

As discussed in Part I, Item 1 - Notes to Condensed Consolidated Financial Statements (unaudited) and "Note 15. Business Combination" included in this Form 10-Q, the gain on bargain purchase of $73.6 million is the differential between the fair value of net assets of Maiden acquired on May 27, 2025 as a result of the Combination and the consideration effectively transferred to Kestrel shareholders on that date.

Pursuant to terms of the Combination, former Kestrel