Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 168

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 168
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%Private Credit1,909 0.7 %53,673 17.4 %Alternatives104,790 41.7 %95,258 30.8 %Venture Capital23,533 9.4 %21,220 6.9 %Real Estate63,187 25.1 %56,658 18.3 %Total alternative investments$251,450 100.0 %$309,039 100.0 %

For further details on these alternative investments, please see "Notes to Consolidated Financial Statements: Note 4(b) Other Investments, Equity Securities and Equity Method Investments" included under Part II Item 8 "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. Within these asset classes, our portfolio broadly consists of the following types of investments:

•Private Equity – this asset class consists of both fund investments with leading private equity sponsors and direct equity investments in private companies, sometimes in conjunction with our private equity fund sponsors. As of December 31, 2024, $3.9 million or 6.6% of investments in the private equity asset class consisted of investments in private equity funds and $54.2 million or 93.4% consisted of direct equity investments in private companies.

•Private Credit - this asset class consists of both fund investments with leading private credit sponsors and direct credit investments in private companies, sometimes in conjunction with our private credit fund sponsors. Private credit investments in both funds and on a direct basis will typically be secured lending arrangements with non-rated entities, often with additional protective provisions to enhance the security and returns of these investments. During 2024 we sold nearly all of our private credit investments in conjunction with our change in strategy. As of December 31, 2024, the private credit asset class included $1.9 million or 100.0% in direct investments in debt securities of private companies.

•Alternatives – this asset class consists of structured financing arrangements which typically have incentive features to enhance the Company’s returns. As part of these arrangements, the Company requires collateral or bankruptcy-remote structures to protect its investments. As of December 31, 2024, $103.2 million or 98.5% of investments in the alternatives asset class were direct investments except for investments in funds of $1.6 million or 1.5% of the alternatives asset class. One investment in a collateralized direct lending entity of $83.7