Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 293

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 293
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 since 2025. 
 Atlanta, Georgia 
 March 10, 2025

<div align='center'>F-2</div>

TABLE OF CONTENTS

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

| ​                                                             
 ASSETS                                                        
 Current assets                                                | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | 2024 
 ​    
 ​    | ​ 
 ​ |         ​ 
         ​ | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | 2023 
 ​    
 ​    | ​ 
 ​ |         ​ 
         ​ | ​ 
 ​ | ​ 
 ​ 
 ​ |
|:--------------------------------------------------------------|:--|:--|:-----|:--|----------:|:--|:--|:--|:-----|:--|----------:|:--|:--|
| Cash and cash equivalents                                     | ​ | ​ | ​    | $ | 4,286,280 | ​ | ​ | ​ | ​    | $ | 5,553,121 | ​ | ​ |
| Accounts receivable                                           | ​ | ​ | ​    | ​ |   153,944 | ​ | ​ | ​ | ​    | ​ |         — | ​ | ​ |
| Prepaids and other assets                                     | ​ | ​ | ​    | ​ |    33,156 | ​ | ​ | ​ | ​    | ​ |    37,306 | ​ | ​ |
| Total current assets                                          | ​ | ​ | ​    | ​ | 4,473,380 | ​ | ​ | ​ | ​    | ​ | 5,590,427 | ​ | ​ |
| Right of use asset – operating lease                          | ​ | ​ | ​    | ​ |   223,461 | ​ | ​ | ​ | ​    | ​ |   292,332 | ​ | ​ |
| Total assets                                                  | ​ | ​ | ​    | $ | 4,696,841 | ​ | ​ | ​ | ​    | $ | 5,882,759 | ​ | ​ |
| LIABILITIES AND MEMBERS’ EQUITY                               | ​ | ​ | ​    | ​ |         ​ | ​ | ​ | ​ | ​    | ​ |         ​ | ​ | ​ |
| Current liabilities                                           | ​ | ​ | ​    | ​