Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 97

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 97
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 to service the related policies and a risk premium. The fair value of VOBA was determined after taking into consideration certain key assumptions, including the estimated cost of capital, investment yield, loss ratio and related expenses. The adjustment for VOBA will be amortized in line with the earning pattern of unearned premiums (see Note 6(a) below). (c) Reflects the pro forma adjustment to eliminate the deferred commissions and other acquisition costs of $8.1 million. (d) Reflects the pro forma adjustment to eliminate the deferred gain on the retroactive reinsurance balance of $107.3 million (see Note 6(b) below). (e) Reflects a pro forma adjustment to record the senior notes at the estimated fair value of $177.0 million. The historical deferred debt issuance costs balance of $7.6 million was eliminated (see Note 6(c) below). (f) Reflects the pro forma adjustment to historical amounts to record the loan to a related party at the estimated fair value of $133.3 million and the premium repayment loan at the estimated fair value of $20.3 million (see Note 6(e) below). (g) Reflects the pro forma adjustment to historical amounts to record the estimated fair value of the equity method investments (see Note 6(f) below).

| (in thousands)               | ​ | ​ | Fair Value as ofDecember 31, 2024 |   |         |   | ​ |
|:-----------------------------|:--|:--|:----------------------------------|:--|--------:|:--|:--|
| Real Estate Asset No. 1 – LP | ​ | ​ | ​                                 | ​ |  27,480 | ​ | ​ |
| Real Estate Asset No. 2 – GP | ​ | ​ | ​                                 | ​ |   2,561 | ​ | ​ |
| Private Equity Asset No. 1   | ​ | ​ | ​                                 | ​ |  14,666 | ​ | ​ |
| Real Estate Asset No. 3      | ​ | ​ | ​                                 | ​ |  45,000 | ​ | ​ |
| Alternative Asset No. 1      | ​ | ​ | ​                                 | ​ |   5,025 | ​ | ​ |
| Alternative Asset No. 2      | ​ | ​ | ​                                 | ​ |   3,182 | ​ | ​ |
| Alternative Asset