The following shows a summary of the elements used in calculating basic and diluted earnings per common share for the three and six months ended June 30, 2026 and 2025, respectively:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income	$	(8,082)	$	69,927	$	(15,513)	$	69,533




Amount allocated to participating common shareholders(1)	—		(185)		—		(115)


Net (loss) income attributable to Kestrel common shareholders	$	(8,082)	$	69,742	$	(15,513)	$	69,418



Denominator:


Weighted average number of common shares – basic and diluted(1)(2)	7,824,030		4,635,406		7,788,420		3,692,701







Basic and diluted (loss) earnings per share attributable to Kestrel shareholders:	$	(1.03)	$	15.05	$	(1.99)	$	18.80

(1)At June 30, 2026, there were 737,943 unvested restricted shares and performance shares and 3,375 stock options that may be potentially dilutive in periods where income is reported. These securities were not included in the loss per share calculations for the three and six months ended June 30, 2026. There were no potentially dilutive securities for the three and six months ended June 30, 2025.

(2)For the three and six months ended June 30, 2025, the number of common shares outstanding decreased as a result of the reverse stock split, therefore the computations of basic and diluted EPS was adjusted retroactively for all periods presented to reflect that change in capital structure. As discussed in Note 1. Organization, pursuant to the terms of the Combination, at the closing of the transaction on May 27, 2025, each issued and outstanding common share of Maiden, par value $0.01 per share, was automatically canceled and converted into the right to receive one-twentieth (0.05) of a common share in Kestrel Group. The equityholders of Kestrel LLC at the closing date received 2,749,996 common shares of the Kestrel Group.