Company: MHLA
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001412100-25-000011
Chunk: 176

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 176
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 subject to certain conditions.

•Venture Capital – investment returns in this asset class primarily reflect unrealized gains or losses from adjustments to net asset values in the case of fund investments and market value adjustments in the case of direct equity investments. During 2024, venture capital investments produced a total return of $0.4 million including $(0.4) million from our fund investments and $0.8 million from direct investments. Inception to date, venture capital investments have produced an internal rate of return of 6.9% and a multiple on invested capital of 1.18; venture capital fund investments have produced an internal rate of return of (9.5)% and a multiple on invested capital of 0.82, while direct venture capital investments have produced an internal rate of return of 12.6% and a multiple on invested capital of 1.46. Through 2024, we realized total gains of $4.8 million on the sale of the Company’s stake in Betterview Marketplace, Inc. ("Betterview") in a cash and stock transaction with Nearmap US, Inc. ("Nearmap"). We now continue to hold shares in Nearmap after completion of this transaction. To date our investment in Betterview has produced an internal rate of return of 25.8% and a multiple on invested capital of 1.74.

•Real Estate – investment returns in this asset class include preferred returns and distributions (if any) from plan developers along with limited unrealized gains or losses to date as two of the projects remain in the development phase. As noted earlier, the Company does not expect significant investment returns from these attractive projects for the next several years. Inception to date, these investments have produced an internal rate of return of (3.3)% and a multiple on invested capital of 0.94.

 On an inception to date basis through December 31, 2024,  the Company completed various alternative investments that  had total contributions of  $153.1 million which produced an internal rate of return of 8.7% and a multiple on invested capital of 1.19. This includes sales of certain assets concurrent with our aforementioned change in strategy during 2024 which was earlier than anticipated for most of these investments. The total returns on our inactive alternative investments by asset class from inception are shown in detail as of December 31, 2024 in the table below along with total returns on our active alternative investment portfolio by asset class from inception as of December 31,