Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 98

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 98
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1.4 million for the three and six months ended June 30, 2025, respectively, compared to $0.6 million and $1.8 million for the same respective periods in 2024. Fee revenue decreased by $33.0 thousand and $0.4 million due to a reduction in permitted capacity for certain programs and lines of business.  

Net Investment Income

Net investment income increased by $1.5 million for the three and six months ended June 30, 2025, compared to the same respective periods in 2024 due to the inclusion of Maiden's AFS fixed income portfolio and alternative investment portfolios in connection with the Combination. 

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Annualized average book yields decreased to 3.2% for the three and six months ended June 30, 2025, compared to 4.4% for the same respective periods in 2024. Net loan receivable from related party interest income was $0.7 million for the three and six months ended June 30, 2025. The net loan carried a weighted average interest rate on a balance of $107.5 million of 5.8% for the three and six months ended June 30, 2025. Floating rate investments comprised 49.0% of our fixed income investments at June 30, 2025 compared to 0.0% at June 30, 2024.

The following table details our average aggregate fixed income assets (at cost) and annualized investment book yield for the three and six months ended June 30, 2025 and 2024: 

For the Three Months Ended June 30,For the Six Months Ended June 30,($ in thousands)2025202420252024Average aggregate fixed income assets, at cost (1)$180,988 $4,943 $181,426 $5,270 Annualized investment book yield3.2 %4.4 %1.6 %4.5 %

(1)Fixed income assets include available-for-sale ("AFS") securities, cash and restricted cash, funds withheld receivable, and loan receivable from related party. These amounts are an average of the amounts disclosed in our quarterly U.S. GAAP consolidated financial statements.

Net Realized and Unrealized Investment Gains

Net realized and unrealized investment gains of $1.1 million were recognized for the three and six months ended June 30, 2025. Net realized