Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 126

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 126
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 — 717 — Gross investment returns$4,193 $52 $6,918 $170      Average invested assets, at fair value (4)$355,928$4,744$178,549$5,027Gross Investment Returns1.2 %1.1 %3.9 %3.4 %Less: Investment expenses$46 $— $48 $— Net investment returns$4,147 $52 $6,870 $170 Net Investment Returns1.2 %1.1 %3.8 %3.4 %

Our net investment returns increased to 1.2% and 3.8% for the three and nine months ended September 30, 2025, compared to 1.1% and 3.4% for the respective periods in 2024. The floating rate investments comprise 48.2% of our fixed income investments at September 30, 2025. The net loan receivable from related party had an outstanding net balance of $101.7 million at September 30, 2025 with an average yield of 6.1% and 6.2% for the three and nine months ended September 30, 2025, respectively.

Please refer to "Notes to Condensed Consolidated Financial Statements - Note 4 — Investments" included under Part I, Item 1 "Financial Information" of this Quarterly Report on Form 10-Q for further detail on investment returns from fixed income investments held by the Company at September 30, 2025 and 2024. 

The following table details total investment returns for our alternative investments for the three and nine months ended September 30, 2025, respectively:

Alternative Investments(2)For the Three Months Ended September 30,For the Nine Months Ended September 30,($ in thousands)20252025Gross investment income$207 $291 Net unrealized gains4,870 5,164 Gross investment returns(5)$5,077 $5,455    Average invested assets, at fair value (4)$211,064$107,830Gross Investment Returns(5)2.4 %5.1 %Less: Investment expenses$21 $21 Net investment returns$5,056 $5,434 Net Investment Returns(5)2.4 %5.