Company: MHLA
Filing Date: 2025-03-26
Form Type: DEFM14A
Source: 0001104659-25-028254
Chunk: 292

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-26
Form: DEFM14A
Chunk 292
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 part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ Frazier & Deeter, LLC

We have served as the Company’s auditor since 2025. 
 Atlanta, Georgia 
 March 10, 2025

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TABLE OF CONTENTS

Kestrel Group, LLC Consolidated Balance Sheets
December 31, 2024 and 2023

| ​                                                             
 ASSETS                                                        
 Current assets                                                | ​ 
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 ​ 
 ​ | 2024 
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 ​ |         ​ 
         ​ | ​ 
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 ​ 
 ​ | ​ 
 ​ 
 ​ | 2023 
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 ​ |         ​ 
         ​ | ​ 
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|:--------------------------------------------------------------|:--|:--|:-----|:--|----------:|:--|:--|:--|:-----|:--|----------:|:--|:--|
| Cash and cash equivalents                                     | ​ | ​ | ​    | $ | 4,286,280 | ​ | ​ | ​ | ​    | $ | 5,553,121 | ​ | ​ |
| Accounts receivable                                           | ​ | ​ | ​    | ​ |   153,944 | ​ | ​ | ​ | ​    | ​ |         — | ​ |