Company: KG
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0002055116-25-000018
Chunk: 392

Company: Kestrel Group Ltd
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 2
Chunk 392
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 June 30, 2025. For our non-U.S. dollar denominated corporate bonds, the following table summarizes the composition of the fair value of our fixed maturity investments at the dates indicated by ratings at June 30, 2025:

Ratings(1)June 30, 2025($ in thousands)Fair Value% of TotalA+, A, A-$10,391 62.0 %BBB+, BBB, BBB-6,370 38.0 %Total non-U.S. dollar denominated corporate bonds$16,761 100.0 %

(1)     Ratings as assigned by S&P, or equivalent

 70

Other Investments , Equity Securities and Equity Method Investments

The Company's alternative investments are categorized as other investments, equity securities and equity method investments as reported on our condensed consolidated balance sheets. These include private equity funds, private credit funds, investments in limited partnerships, as well as investments in direct lending entities and investments in technology-oriented insurance related businesses known as insurtechs. Private equity investments consist of direct investments in privately held entities, investments in private equity funds and private equity co-investments with sponsoring entities. Private credit investments consist of loans and other debt securities of privately held entities or investment sponsors. Our alternative investments as of June 30, 2025 consisted of the following asset categories: 

June 30, 2025($ in thousands)Carrying Value% of TotalPrivately held common stocks$5,181 2.5 %Privately held preferred stocks6,010 2.9 %Total equity securities$11,191 5.4 %Real estate investments33,173 16.1 %Total equity method investments$33,173 16.1 %Private equity funds$27,127 13.1 %Private credit investments1,666 0.8 %Privately held equity investments10,315 5.0 %Equity method investments with fair value option elected73,019 35.4 %Investments in direct lending entities49,978 24.2 %Total other investments$162,105 78.5 %   Total alternative investments$206,469 100.0 %

Our allocation to alternative investments increased to 46.3% of our total cash and investments held as of June 30, 2025, reflecting assets assumed in the Combination. In addition to the categories described above, we