Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 293

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 293
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 | ​ | ​    | ​ |    106,186 | ​ | ​ |
| Total Operating Expenses                                       | ​ | ​ | ​    | ​ | 5,107,825 | ​ | ​ | ​ | ​    | ​ |  5,775,238 | ​ | ​ |
| Operating Income (Loss)                                        | ​ | ​ | ​    | ​ |   141,762 | ​ | ​ | ​ | ​    | ​ | -4,445,216 | ​ | ​ |
| Other Income                                                   | ​ | ​ | ​    | ​ |         ​ | ​ | ​ | ​ | ​    | ​ |          ​ | ​ | ​ |
| Interest income, net                                           | ​ | ​ | ​    | ​ |   212,550 | ​ | ​ | ​ | ​    | ​ |    229,805 | ​ | ​ |
| Income (Loss) before taxes                                     | ​ | ​ | ​    | ​ |   354,312 | ​ | ​ | ​ | ​    | ​ | -4,215,411 | ​ | ​ |
| Provision for income taxes                                     | ​ | ​ | ​    | ​ |    30,039 | ​ | ​ | ​ | ​    | ​ |          — | ​ | ​ |
| Net Income (Loss)                                              | ​ | ​ | ​    | $ |   324,273 | ​ | ​ | ​ | ​    | $ | -4,215,411 | ​ | ​ |
| Net income (loss) per Class A units (except share information) | ​ | ​ | ​    | $ |       324 | ​ | ​ | ​ | ​    | $ |     -4,215 | ​ | ​ |
| Class A units outstanding, basic and diluted                   | ​ | ​ | ​    | ​ |     1,000 | ​ | ​ | ​ | ​    | ​ |      1,000 | ​ | ​ |
| Class A weighted-average units outstanding, basic and diluted  | ​ | ​ | ​    | ​ |     1,000 | ​ | ​ | ​ | ​    | ​ |      1,000 | ​ | ​ |

See accompanying notes to these Consolidated Financial Statements F-4

TABLE OF CONTENTS

Kestrel Group, LLC Consolidated Statement of Changes in Members’ Equity
Years Ended December 31, 2024 and 2023

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