Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 232

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 232
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-GAAP measures:Non-GAAP operating loss(1)(12,023)(1,353)(10,670)Non-GAAP basic and diluted operating loss per common share(1)(2.38)(0.49)(1.89)Annualized non-GAAP operating return on average shareholders' equity(1)(21.7)%(35.0)%13.3 

 56

September 30, 2025December 31, 2024ChangeConsolidated Financial Condition($ in thousands except per share data)Total investments and cash and cash equivalents(4)$454,841 $4,286 $450,555 Total assets1,130,440 5,510 1,124,930 Reserve for loss and LAE677,667 — 677,667 Senior notes - principal amount262,361 — 262,361 Common shareholders' equity143,774 4,606 139,168 Total capital resources(5)406,135 4,606 401,529 Ratio of debt to total capital resources(8)64.6 %— %64.6 Book Value calculations:Book value per common share(6)$18.57 $1.67 $16.90 Diluted book value per common share(7)18.25 1.67 16.58 

(1)Non-GAAP operating earnings (loss), non-GAAP operating earnings (loss) per common share, and annualized non-GAAP operating return on average common shareholders' equity are non-GAAP financial measures. See "Key Financial Measures" for additional information. 

(2)Please refer to "Notes to Condensed Consolidated Financial Statements (unaudited) Note 12. Earnings per Common Share" for the calculation of basic and diluted income (loss) per common share.

(3)Underwriting and fee income or loss is a non-GAAP measure and is calculated as net premiums earned plus fee revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. See "Key Financial Measures" for additional information.

(4)Total investments and cash and cash equivalents includes both restricted and unrestricted amounts of these assets.

(5)Total capital resources is the sum of the Company's principal amount of debt and shareholders' equity. See "Key Financial Measures" for additional information.

(6)Book value per common share is calculated