Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 175

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 175
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 million while direct investments produced a total investment return of $10.5 million. Inception to date, private equity investments have produced an internal rate of return of 10.2% and a multiple on invested capital of 1.33, with fund investments producing 

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an internal rate of return of 10.7% and a multiple on invested capital of 1.25, while direct investments have produced an internal rate of return of 10.0% and a multiple on invested capital of 1.38. Net realized gains on private equity investments of $9.3 million have been recognized through December 31, 2024.

•Private Credit – investment returns in this asset class reflect both 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 2024, private credit investments produced a total investment return of $1.5 million with fund investments earning $1.0 million while direct investments produced a total investment return of $0.5 million. Inception to date, private credit investments have produced an internal rate of return of 5.3% and a multiple on invested capital of 1.10, with fund investments producing an internal rate of return of 5.0% and a multiple on invested capital of 1.10, while direct investments have produced an internal rate of return of 12.4% and a multiple on invested capital of 1.20.

•Alternative Assets – investment returns in this asset class largely relate to equity method recognition of income from structured financing arrangements in real assets which utilize bankruptcy-remote structures to protect these investments. During 2024, alternative investments produced a total investment return of $(0.2) million. Inception to date, alternative direct investments have produced an internal rate of return of 4.1% and a multiple on invested capital of 1.11; in total, alternative fund investments have produced an internal rate of return of (13.9)% and a multiple on invested capital of 0.83. We have not recognized any returns (including contractual preferred returns) on other alternative investments as the underlying collateralized investment supporting this direct lending initiative continues to develop; these investments represent 79.9% of the alternative investment class at December 31, 2024. We expect to recognize our preferred returns and contingency gains as these investment develops further or if other collateral we have secured as part of our investment responds sooner,