Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 170

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 170
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 2027 and beyond. Finally, the Company has a minority equity stake in an iconic office building in a major city in the U.S., with an attractive and growing tenant roll. As of December 31, 2024, the Company has a carrying value of $5.6 million invested in this project and to date has earned preferred returns and received certain distributions. In addition to preferred returns, the Company expects to receive future distributions of operating income from this investment.

Certain of the Company's investments in limited partnerships are related to real estate joint ventures with interests in multi-property projects with varying strategies ranging from the development of properties to the ownership of income-producing 

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properties. In certain of these joint ventures, the Company has provided certain indemnities, guarantees and commitments to certain parties such that it may be required to make payments now or in the future. For further details on these financial guarantees, please see "Notes to Consolidated Financial Statements: Note 11 - Commitments, Contingencies and Guarantees" included under Part II Item 8 "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.

Investment Results

Our investment portfolio returns decreased to $32.9 million included in earnings during 2024 compared to $53.1 million in 2023. This was largely due to lower interest income earned on our funds withheld balance with AmTrust as claim payments were settled through the funds held receivable in 2024, lower unrealized gains as well as lower interest in income of equity method investments which decreased by $6.1 million. In addition, our alternative investment portfolio decreased by 18.6% during 2024 due to sales and redemptions of equity securities, private equity investments and private credit funds as part of a broader effort to reposition our balance sheet due to ongoing group strategic initiatives that we are actively pursuing while also strengthening our overall liquidity. The alternative investment portfolio produced a positive net return of 3.5% during 2024 compared to 8.0% in 2023. The following table summarizes our investment results for the years ended December 31, 2024 and 2023, respectively: 

For the Year Ended December 31,20242023Net investment income($ in thousands)Fixed income investments(1)$22,724 $32,300 Cash and restricted cash1,200 685 Other investments, including equities3,972 4,957 Investment expenses(2,350)(564)Total