Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 124

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 124
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 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 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 Condensed Consolidated Financial Statements: Note 11 - Commitments, Contingencies and Guarantees" included under Part I Item 1. "Financial Information" of this Report on Form 10-Q.

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Investment Results

Our investment portfolio returns included in earnings increased to $9.0 million and $11.6 million for the three and nine months ended September 30, 2025, respectively, compared to $0.1 million and $0.2 million for the same respective periods in 2024. This was largely due to the acquisition of Maiden's AFS fixed income and alternative investment portfolios in connection with the Combination. The Company earned unrealized gains on the alternative investment portfolio, as well as interest income on the net loan receivable from related party and the AFS fixed income portfolio.

The following table summarizes our investment results for the three and nine months ended September 30, 2025 and 2024: 

For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)2025202420252024Net investment income:Fixed income investments(1)$3,191 $— $4,484 $— Cash and restricted cash139 52 329 170 Other investments, including equities(4)231 — 315 — Investment expenses(67)— (69)— Total net investment income3,494 52 5,059 170 Net realized gains:Fixed income assets(1)624 — 1,388 — Total net realized gains624 — 1,388 — Net unrealized gains:Other investments, including equities(4)4,870 — 5,164 — Total net unrealized gains4,870 — 5,164 — Interest in loss of equity method investments:Interest in loss of equity method investments(24)— (24)— Interest in loss of equity method investments(24)— (24)— Total investment return included in earnings (A)$8,