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Kestrel Group

KG on Nasdaq. Market value $38m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 39 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Kestrel Intermediate Ledbetter Holdings LLC
    Insider or founder
    at least 23.3%
    (filed with 1 related holder)
    Since 27 May 2025
    What they said

    Pursuant to a Combination Agreement (as amended, the "Combination Agreement") entered into among Maiden Holdings, Ltd., a Bermuda exempted company limited by shares ("Maiden"), Kestrel Group LLC, a Delaware limited liability company ("Kestrel"), the equityholders of Kestrel (the…

    Read the filing
  • LEDBETTER BRADFORD LUKE
    Insider or founder
    at least 13.1%+1.5 pts
    (filed with 2 related holders)
    Since 18 March 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On March 9, 2026, KILH effected a pro-rata distribution in-kind of all of its 1,811,764 Common Shares (the "Distribution"). As a result, each of Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and Shari…

    Read the filing
  • Ledbetter Terry Lee
    Insider or founder
    at least 13.1%+1.5 pts
    (filed with 2 related holders)
    Since 18 March 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On March 9, 2026, KILH effected a pro-rata distribution in-kind of all of its 1,811,764 Common Shares (the "Distribution"). As a result, Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust…

    Read the filing
  • Leah Karfunkel
    at least 11.2%
    (filed with 3 related holders)
    Since 27 May 2025
    What they said

    Pursuant to a Combination Agreement (as amended, the "Combination Agreement") entered into among Maiden Holdings, Ltd., a Bermuda exempted company limited by shares ("Maiden"), Kestrel Group, LLC, a Delaware limited liability company ("Kestrel"), the equityholders of Kestrel…

    Read the filing
  • Talkot Capital, LLC
    Passive investor
    at least 10.2%
    (filed with 6 related holders)
    Since 12 February 2026
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $13,350 of shares on the open market.

  • NIGRO STEVEN HAROLD
    Director
    Bought
    Date
    24 September 2026
    Shares
    2,500
    Price
    $5.34
    Value
    $13,350

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Kestrel Group’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 11 Aug 2025: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 11 August 2025: Previously issued accounts should no longer be relied on. Open the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On April 1, 2026, Kestrel Group Ltd (the “Company”), through action of the Audit Committee of the Board of Directors of the Company (the “Audit Committee”), approved the dismissal of Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm, effective immediately.”

    From an 8-K filed 6 April 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 72.1% last year. Losing that customer would hurt.

    “During the year ended December 31, 2025, fee revenue from the Company's largest program services client accounted for $ 4,381 or 72.1 % of total fee revenue earned (2024: $ 3,390 or 93.3 %).”

    From the 10-K filed 13 March 2026, Item 7. Management's Discussion and Analysis. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.