Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 111

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 111
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 as of March 31, 2025 in the table below:

Asset ClassMarch 31, 2025TotalDirectFund($ in thousands)Carrying ValueIRRMOIC (x)IRRMOIC (x)IRRMOIC (x)Private Equity$58,922 10.5 %1.36 10.4 %1.42 10.8 %1.25 Private Credit1,808 5.3 %1.11 12.3 %1.21 5.0 %1.10 Hedge Funds— 5.2 %1.12 5.2 %1.12 — %— Alternatives103,597 2.9 %1.08 3.0 %1.08 (12.3)%0.83 Venture Capital26,196 7.9 %1.22 12.0 %1.45 (2.5)%0.95 Real Estate63,726 (3.1)%0.93 (3.1)%0.93 — %— Total$254,249 4.9 %1.12 4.2 %1.11 6.3 %1.12 

 66

•Private Equity – investment returns in this asset class reflect both dividends and distributions received as well as unrealized gains or losses from adjustments to net asset values in the case of fund investments and market value adjustments in the case of direct equity investments. During the three months ended March 31, 2025, private equity investments produced a total investment return of $2.4 million with fund investments earning $0.2 million while direct investments produced a total investment return of $2.3 million. Inception to date, private equity investments have produced an internal rate of return of 10.5% and a multiple on invested capital of 1.36; fund investments produced an internal rate of return of 10.8% and a multiple on invested capital of 1.25, and direct investments have produced an internal rate of return of 10.4% and a multiple on invested capital of 1.42. Net realized gains of $2.0 million on private equity investments have been recognized through March 31, 2025. Please refer to Note 15. Subsequent Events of the Notes to Condensed Consolidated Financial Statements under