Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 329

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 329
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, 2025 partly offset by a $40.0 million cash distribution to shareholders at closing of the Combination;

•additional paid-in capital increased by $167.0 million largely due to common shares issued as consideration for the Combination of $166.5 million as well as stock based compensation expense of $0.5 million;

•AOCI decreased by $0.9 million driven by: (1) net unrealized gains of $0.7 million on our AFS investment portfolio due to market price movements in the nine months ended September 30, 2025, and (2) a decrease in foreign currency translation adjustment of $1.6 million in the nine months ended September 30, 2025 due to the impact of depreciation of the U.S. dollar on the re-measurement of net assets denominated in British pound and euro; and

•treasury shares increased by $51.5 million due to the common shares issued to Maiden Reinsurance in respect of the Combination which is not treated as outstanding on the Condensed Consolidated Balance Sheet. 

Please refer to "Notes to Consolidated Financial Statements Note 6. Shareholders' Equity" included under Part I Item 1. "Financial Information" of this Quarterly Report on Form 10-Q for a discussion of the equity instruments issued by the Company. Book value and diluted book value per common share at September 30, 2025 and December 31, 2024 were as follows: 

($ in thousands except share and per share data)September 30, 2025December 31, 2024Ending common shareholders’ equity$143,774 $4,606 Proceeds from assumed conversion of dilutive options— — Numerator for diluted book value per common share calculation$143,774 $4,606 Common shares outstanding7,741,943 2,749,996 Shares issued from assumed conversion of dilutive options and restricted shares136,197 — Denominator for diluted book value per common share calculation7,878,140 2,749,996 Book value per common share$18.57 $1.67 Diluted book value per common share18.25 1.67 

Senior Notes

At September 30, 2025, Kestrel Group had outstanding publicly-traded senior notes which were issued in 2016 ("2016 Senior Notes") by its now wholly owned subsidiary Maiden and outstanding publicly-traded senior notes which were issued in