Company: KG
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049606
Chunk: 179

Company: Kestrel Group Ltd
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 179
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 — 2,193 Extell Hudson Waterfront Holdings46,000 25.0 %1,154 467 — Seiden LP & Seiden MGMT LP(3)32,518 99.9 %328 (114)(24)Total equity method investments$107,129    $2,139 1.The Company included summarized financial data of its equity method investees as reported at June 30, 2025 as this period represents the most recent audited financial statements available at the time of filing the Company's Form 10-Q for the three and nine months ended September 30, 2025.2.Fair value adjustments have been recorded under realized and unrealized gains (losses) for those equity method investments reported at fair value. Investment results for equity method investments only include the post-combination period of May 28, 2025 to September 30, 20253.Seiden LP and Seiden MGMT LP are measured using equity method accounting at September 30, 2025. The interest in loss of equity method investments has been recorded on its own line item on the income statement and not within realized and unrealized gains (losses).

 26

KESTREL GROUP LTD NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(in thousands of U.S. dollars, except share and per share data)

4. Investments (continued)c)Net Investment Income Net investment income was derived from the following sources for the three and nine months ended September 30, 2025 and 2024: For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Fixed maturities$1,570 $— $2,184 $— Income on funds withheld17 — 37 — Interest income from net loan receivable from AmTrust1,604 — 2,263 — Other investments231 — 315 — Cash and cash equivalents139 52 329 170 3,561 52 5,128 170 Investment expenses(67)— (69)— Net investment income$3,494 $52 $5,059 $170 d)  Net Realized and Unrealized Investment Gains (Losses)Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The