Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 296

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 296
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7,564,036 | ​ | ​ |
| Net loss                   | ​ | ​ | ​              | ​ |          — | ​ | ​ | ​ | ​                  | ​ | -4,215,411 | ​ | ​ | ​ | ​                    | ​ | -4,215,411 | ​ | ​ |
| Equity-based compensation  | ​ | ​ | ​              | ​ |     59,701 | ​ | ​ | ​ | ​                  | ​ |          — | ​ | ​ | ​ | ​                    | ​ |     59,701 | ​ | ​ |
| Balance, December 31, 2023 | ​ | ​ | ​              | ​ | 10,074,151 | ​ | ​ | ​ | ​                  | ​ | -6,665,824 | ​ | ​ | ​ | ​                    | ​ |  3,408,326 | ​ | ​ |
| Net income                 | ​ | ​ | ​              | ​ |          — | ​ | ​ | ​ | ​                  | ​ |    324,273 | ​ | ​ | ​ | ​                    | ​ |    324,273 | ​ | ​ |
| Equity-based compensation  | ​ | ​ | ​              | ​ |     59,701 | ​ | ​ | ​ | ​                  | ​ |          — | ​ | ​ | ​ | ​                    | ​ |     59,701 | ​ | ​ |
| Balance, December 31, 2024 | ​ | ​ | ​              | $ | 10,133,852 | ​ | ​ | ​ | ​                  | $ | -6,341,552 | ​ | ​ | ​ | ​                    | $ |  3,792,300 | ​ | ​ |

See accompanying notes to these Consolidated Financial Statements F-5

TABLE OF CONTENTS

Kestrel Group, LLC Consolidated Statement of Cash Flows
Years Ended December 31, 2024 and 2023

| ​                                                                                    
 Cash flows from operating activities                                                 | ​ 
 ​ | ​ 
 ​ | 2024 
 ​    | ​ |          ​ | ​ | ​ 
 ​ | ​ 
 ​ | 2023 
 ​    | ​ |          ​ | ​ | ​ 
 ​ |
|:-------------------------------------------------------------------------------------|:--|:--|:-----|:--|-----------:|:--|:--|:--|:-----|:--|-----------: