Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 98

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 98
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 of $7.6 million was eliminated (see Note 6(c) below). (f) Reflects the pro forma adjustment to historical amounts to record the loan to a related party at the estimated fair value of $133.3 million and the premium repayment loan at the estimated fair value of $20.3 million (see Note 6(e) below). (g) Reflects 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