Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 304

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 304
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 December 31, 2024 and 2023 are as follows:

| ​                                          | ​ | ​ | 2024 |   |        |   | ​ | ​ | 2023 |   |        |   | ​ |
| Federal income taxes                       | ​ | ​ |    ​ | ​ | 21.0%  | ​ | ​ | ​ |    ​ | ​ | 21.0%  | ​ | ​ |
| State income taxes                         | ​ | ​ |    ​ | ​ | 4.0%   | ​ | ​ | ​ |    ​ | ​ | 0.0%   | ​ | ​ |
| Permanent differences                      | ​ | ​ |    ​ | ​ | 1.4%   | ​ | ​ | ​ |    ​ | ​ | -0.8%  | ​ | ​ |
| Valuation allowance and passthrough losses | ​ | ​ |    ​ | ​ | -17.9% | ​ | ​ | ​ |    ​ | ​ | -20.2% | ​ | ​ |
| Provision for income taxes                 | ​ | ​ |    ​ | ​ | 8.5%   | ​ | ​ | ​ |    ​ | ​ | 0.0%   | ​ | ​ |

The Company incurred passthrough losses of $107,700 and $3,689,785 for the years ended December 31, 2024 and 2023, respectively, which are not reflected in the NOL carryforward table but may impact the individual tax situations of the owners. The following reflects the remaining net operating loss carryforwards of the Company as of December 31, 2024 and 2023, which do not have an expiration date:

| Year  | ​ | ​ | Beginning NOLCarryforward |   |         |   | ​ | ​ | NOL Utilized |   |          |   | ​ | ​ | NOL Expired |   |   |   | ​ | ​ | Ending NOLCarryforward |   |         |   | ​ |
|:------|:--|:--|:--------------------------|:--|--------:|:--|:--|:--|:-------------|:--|---------:|:--|:--|:--|:------------|:--|:--|:--|:--|:--|:-----------------------|:--|--------:|:--|