Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 51

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 51
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 fair value adjustment43,758 44,519 88,277 Carrying value$66,242 $107,842 $174,084 Original fair value adjustment at acquisition date$43,928 $44,764 Maturity dateJune 14, 2046December 1, 2043Earliest redeemable date (for cash)June 14, 2021December 1, 2018Coupon rate6.625 %7.75 %Effective interest rate11.77 %11.63 % Total interest and amortization expense incurred on the Senior Notes for the three and nine months ended September 30, 2025 was $5,077 and $6,976, respectively, of which $1,342 was accrued as interest payable at September 30, 2025. Under the Combination, the Senior Notes were acquired at their respective fair market values on May 27, 2025, therefore the difference between the principal amount of the acquired debt and the fair market value of the acquired debt is being amortized over the remaining life of the Senior Notes up to par value. The amortization for the fair value adjustment was $301 and $415 for the three and nine months ended September 30, 2025.Under the terms of the 2013 Senior Notes, the 2013 Senior Notes can be redeemed, in whole or in part, at Maiden NA's option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden NA is required to give at least thirty days and not more than sixty days notice prior to the redemption date. Please refer to Note 11. Commitments, Contingencies and Guarantees for recent litigation regarding the 2013 Senior Notes.Under the terms of the 2016 Senior Notes, the 2016 Senior Notes can be redeemed, in whole or in part, at Maiden Holdings' option at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. Maiden Holdings is required to give at least thirty days and not more than sixty days notice prior to the redemption date.

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KESTREL GROUP LTD