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Kestrel Group (KG) guidance and outlook

Kestrel Group's 10-Q filed Nov 6, 2026 makes 36 forward-looking statements.

Guidance and outlook

Forward-looking statements, 10-Q filed Nov 6, 2026

• This Quarterly Report on Form 10-Q includes anticipated benefits of the business combination and integration of Maiden Holdings, Ltd. and Kestrel Group LLC, projections concerning financial information and statements concerning future economic performance and events, plans and objectives relating to management, operations, products and services, and assumptions underlying these projections and statements.
• Our strategic focus centers on growing the fee income component of our Program Services business, which will increase our earnings before interest, taxes, depreciation and amortization ("EBITDA") while effectively managing the continuing run-off of the legacy Maiden alternative asset and reinsurance portfolios.
• We believe this strategy will generate the greatest risk-adjusted shareholder returns and increase EBITDA and book value for our common shareholders over both the near and long term.
• We expect these areas of strategic focus to enhance our profitability, which would in turn increase the likelihood of fully utilizing our significant net operating loss ("NOL") carryforwards, as described further below, and thereby increase both GAAP book value and shareholder value.
• Recent developments and trends in financial markets, particularly with respect to private assets, indicate that it may take longer than expected to achieve those returns and we have factored that into future capital allocation decisions.
• Accordingly, we expect our alternative investment portfolio to continue to decrease in future periods, as we believe repositioning our balance sheet and increasing our liquidity is critical in support of our current initiatives.
• We have not made, and do not expect to make, any new commitments to alternative investments at this time.
• While we believe that the Combination will increase the likelihood of achieving our stated objectives, there can be no assurance that our insurance liabilities will run-off at levels that will allow us to achieve those goals.
• There is no guarantee that we will execute such finality solutions and they could involve significant charges to execute.
• We believe the Combination and our ability to increase EBITDA will create opportunities to utilize the Company's NOL carryforwards that totaled $477.8 million at September 30, 2026.
• As circumstances further develop, we will continuously evaluate the amount of the valuation allowance held against the net DTA.
• Share-based compensation expense increased for the three and nine months ended September 30, 2026, respectively, due to a cumulative catch-up adjustment of $0.6 million and $0.9 million resulting from an upward revision in the estimated probability of achieving performance goals (EBITDA targets for our Program Services segment) for certain outstanding performance share awards.

Kestrel Group's latest quarter

Questions

What does Kestrel Group expect?

This Quarterly Report on Form 10-Q includes anticipated benefits of the business combination and integration of Maiden Holdings, Ltd. and Kestrel Group LLC, projections concerning financial information and statements concerning future economic performance and events, plans and objectives relating to management, operations, products and services, and assumptions underlying these projections and statements. Our strategic focus centers on growing the fee income component of our Program Services business, which will increase our earnings before interest, taxes, depreciation and amortization ("EBIT

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.