Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 121

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 121
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 the post-Combination period of May 28, 2025 to June 30, 2025.

 73

The following table details total investment returns for our fixed income investments for the three and six months ended June 30, 2025 and 2024:

Fixed Income Investments(1)For the Three Months Ended June 30,For the Six Months Ended June 30,($ in thousands)2025202420252024Gross investment income$1,449 $54 $1,483 $118 Net realized gains764 — 764 — Change in AOCI (3)478 — 478 — Gross investment returns$2,691 $54 $2,725 $118      Average invested assets, at fair value (4)$181,228$4,943$181,665$5,270Gross Investment Returns1.5 %1.1 %1.5 %2.2 %Less: Investment expenses$2 $— $2 $— Net investment returns$2,689 $54 $2,723 $118 Net Investment Returns1.5 %1.1 %1.5 %2.2 %

Our net investment returns increased to 1.5% for the three and six months ended June 30, 2025, compared to 1.1% and 2.2% for the respective periods in 2024. The floating rate investments comprise 49.0% of our fixed income investments at June 30, 2025. The net loan receivable from related party had an outstanding net balance of $107.5 million at June 30, 2025 and the average yield on the loan was 5.8% for the three and six months ended June 30, 2025.

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 June 30, 2025 and 2024. 

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

Alternative Investments(2)For the Three and Six Months Ended June 30,($ in thousands)