Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 96

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 96
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s the pro forma adjustment to historical amounts to record the estimated fair value of the equity method investments (see Note 6(f) below).

| (in thousands)               | ​ | ​ | Fair Value as ofDecember 31, 2024 |   |         |   | ​ |
|:-----------------------------|:--|:--|:----------------------------------|:--|--------:|:--|:--|
| Real Estate Asset No. 1 – LP | ​ | ​ | ​                                 | ​ |  27,480 | ​ | ​ |
| Real Estate Asset No. 2 – GP | ​ | ​ | ​                                 | ​ |   2,561 | ​ | ​ |
| Private Equity Asset No. 1   | ​ | ​ | ​                                 | ​ |  14,666 | ​ | ​ |
| Real Estate Asset No. 3      | ​ | ​ | ​                                 | ​ |  45,000 | ​ | ​ |
| Alternative Asset No. 1      | ​ | ​ | ​                                 | ​ |   5,025 | ​ | ​ |
| Alternative Asset No. 2      | ​ | ​ | ​                                 | ​ |   3,182 | ​ | ​ |
| Alternative Asset No. 3      | ​ | ​ | ​                                 | ​ |  21,042 | ​ | ​ |
| Total                        | ​ | ​ | ​                                 | $ | 118,956 | ​ | ​ |

(h) Reflects a pro forma adjustment to record the right of use assets and lease liability at $2.0 million based on the estimated incremental borrowing rate as of acquisition date (See Note 6(g) below). (i) Reflects a pro forma adjustment for $12.8 million of Maiden estimated transaction costs to be incurred, consisting of advisory, legal, accounting and auditing fees and other professional fees. The adjustment has been recorded as an increase to the Accrued expenses and other liabilities and increase to the Accumulated deficit of $12.8 million (see Note 6(h) below).

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(j)

Reflects the pro forma adjustment to record the funds withheld receivable at the estimated fair value of $12.0 million.

(k)

Reflects a pro forma adjustment to eliminate the Maiden historical common shares of $1.5 million, treasury shares of $123.7 million, additional paid-in capital of $888