Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 188

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 188
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Non-GAAP Operating ROACE

Non-GAAP Operating ROACE for the years ended December 31, 2024 and 2023 was as follows:

For the Year Ended December 31, and at December 31,20242023($ in thousands)Non-GAAP operating loss$(181,241)$(23,014)Opening adjusted common shareholders’ equity320,076 329,987 Ending adjusted common shareholders’ equity150,148 320,076 Average adjusted common shareholders’ equity235,112 325,032 Non-GAAP Operating ROACE(77.1)%(7.1)%

Reconciliation of Book Value per Common Share to Adjusted Book Value per Common Share

The adjusted book value per common share as reconciled for the recognition of the unamortized deferred gain under the LPT/ADC Agreement at December 31, 2024 and 2023 was computed as follows: 

December 31, 20242023Book value per common share$0.46 $2.48 Unamortized deferred gain on LPT/ADC Agreement1.06 0.71 Adjusted book value per common share$1.52 $3.19 

Ratio of Debt to Adjusted Total Capital Resources

 Management uses this non-GAAP measure to monitor the financial leverage of the Company. This measure is calculated using the total principal amount of debt divided by the sum of adjusted total capital resources as computed in the table above. The ratio of Debt to Adjusted Total Capital Resources at December 31, 2024 and 2023 was computed as follows: 

December 31, 20242023($ in thousands)Senior notes - principal amount$262,361 $262,361 Adjusted shareholders’ equity150,148 320,076 Adjusted total capital resources$412,509 $582,437 Ratio of debt to adjusted total capital resources63.6 %45.0 %

90

Currency and Foreign Exchange 

We conduct business in a variety of foreign (non-U.S.) currencies, the principal exposures being the euro and the British pound. Assets and liabilities denominated in foreign currencies are exposed to changes in currency exchange rates. Our reporting currency is the U.S. dollar, and exchange rate fluctuations relative to the U.S. dollar may materially impact our results and financial position. Our principal exposure to foreign currency risk is our obligation to settle claims in foreign currencies. In addition, to minimize this risk, we maintain and expect