Vault-13

KESTREL GROUP LTD KG

COM · Common Stock · CUSIP G5260K102

39 institutional holders -6 vs Q1 2026
1,035,9211.0m shares reported held*
13.2% of all shares outstanding*
$9.3mreported value*
8 new 7 added 18 reduced 13 sold out net sold ≈ $1.5m (-162.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 7.8m as of 2026-08-03, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $9.00.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 44Q3 25: 45Q4 25: 40Q1 26: 45Q2 26: 3939Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q2 202544
Q3 202545
Q4 202540
Q1 202645
Q2 202639

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 25: 24 bought or addedQ3 25: 18 cut or sold outQ3 25Q4 25: 19 bought or addedQ4 25: 21 cut or sold outQ4 25Q1 26: 25 bought or addedQ1 26: 16 cut or sold outQ1 26Q2 26: 15 bought or addedQ2 26: 31 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20252418
Q4 20251921
Q1 20262516
Q2 20261531

Biggest buyers

MILLENNIUM MANAGEMENT LLC New +31,151+31.2k
GOLDMAN SACHS GROUP INC New +24,973+25.0k
RBF Capital, LLC New +11,867+11.9k
VANGUARD CAPITAL MANAGEMENT LLC Added +3,822+3.8k
Russell Investments Group, Ltd. Added +3,454+3.5k
ROYAL BANK OF CANADA Added +468+468
CITIGROUP INC Added +270+270
Arax Advisory Partners New +90+90
Allworth Financial LP Added +15+15
EverSource Wealth Advisors, LLC Added +14+14

Biggest sellers

BlackRock, Inc. Reduced -98,542-98.5k
STATE STREET CORP Reduced -39,050-39.0k
GEODE CAPITAL MANAGEMENT, LLC Reduced -34,420-34.4k
VANGUARD PORTFOLIO MANAGEMENT LLC Sold out -16,216-16.2k
NORTHERN TRUST CORP Reduced -12,292-12.3k
DIMENSIONAL FUND ADVISORS LP Reduced -7,060-7.1k
MORGAN STANLEY Reduced -6,363-6.4k
Advisory Services Network, LLC Sold out -6,132-6.1k
UBS Group AG Reduced -5,254-5.3k
RHUMBLINE ADVISERS Sold out -2,320-2.3k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Kestrel Intermediate Ledbetter Holdings LLC 13D · may seek influence new · filed 2025-06-03
Stated purposePursuant 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 "Kestrel Equityholders"), the Issuer and certain other entities, on May 27, 2025, Maiden and Kestrel effected a transaction to combine their respective businesses (the "Transaction"). A copy of the Combination Agreement is attached to this Schedule 13D as Exhibits 2, 3 and 4, to which reference is made for the complete terms of that agreement. As a consequence of the Transaction: (i) each of Maiden and Kestrel became an indirect, wholly-owned subsidiary of the Issuer; (ii) each common share of Maiden was convert… Full filing
23.3% new 1.8m≈ $16.3m 2025-06-03
Ledbetter Terry Lee 13D · may seek influence filed 2026-03-20
Stated purposeItem 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 received 905,882 Common Shares, representing its 50% interest in KILH, and each of Bradford Luke Ledbetter 2006 Grantor Trust No. 2 and Shari Ann Ledbetter Irrevocable 2019 Trust, each of which now files Schedule 13D separately, received 452,941 Common Shares, representing each of its 25% interest in KILH. As a result of the Distribution, KILH no longer beneficially owns any Common Shares, and accordingly is no longer subject to the reporting requirements under Section 13(d) of the Act. The Distribution reflected… Full filing
13.1% 1.0m≈ $9.4m 2026-03-20
LEDBETTER BRADFORD LUKE 13D · may seek influence filed 2026-03-20
Stated purposeItem 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 Ann Ledbetter Irrevocable 2019 Trust received 452,941 Common Shares, representing each of its 25% interest in KILH, and Terry Lee Ledbetter and Reta Laurie Ledbetter 2000 Revocable Trust, which now files Schedule 13D separately, received 905,882 Common Shares, representing its 50% interest in KILH. As a result of the Distribution, KILH no longer beneficially owns any Common Shares, and accordingly is no longer subject to the reporting requirements under Section 13(d) of the Act. The Distribution reflected a chang… Full filing
13.1% 1.0m≈ $9.4m 2026-03-20
Amtrust Financial Services, Inc. 13D · may seek influence new · filed 2025-05-30
Stated purposePursuant 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 "Kestrel Equityholders"), the Company (f/k/a Ranger Bermuda Topco Ltd) and certain other entities, on May 27, 2025, Maiden and Kestrel effected a transaction to combine their respective businesses (the "Transaction"). A copy of the Combination Agreement is incorporated by reference in this Schedule 13D as Exhibits 2, 3, and 4, to which reference is made for the complete terms of that agreement. As a consequence of the Transaction: (i) each of Maiden and Kestrel became an indirect, wholly-owned subs… Full filing
11.2% new 1.1m≈ $8.7m 2025-05-30
Talkot Capital, LLC 13G · passive investor new · filed 2026-02-12 10.2% new 789.5k≈ $7.1m 2026-02-12

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 1 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
Q1 20260—0——
Q2 20260—0——
Q3 20261$13.3k0——
DateInsiderTradeSharesPrice ValueTheir holding
2026-09-24 NIGRO STEVEN HAROLD Director Bought 2,500 $5.34 $13.3k2.5k shares +11%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 265,625265.6k $2.4m $2.4m 0.00% Added +3.8k +3,822
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 182,911182.9k $1.6m $1.6m 0.00% Reduced -98.5k -98,542
3 Whitefort Capital Management, LP 0.36% of their portfolio NEW YORK, NY 160,916160.9k $1.4m $1.4m 0.36% Unchanged
4 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 82,74482.7k $745.1k $745.1k 0.00% Reduced -34.4k -34,420
5 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 73,69373.7k $663.2k $663.2k 0.00% Reduced -7.1k -7,060
6 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 66,93566.9k $602.4k $602.4k 0.00% Added +3.5k +3,454
7 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 39,33439.3k $354.0k $354.0k 0.00% Reduced -1.8k -1,754
8 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 31,15131.2k $280.4k $280.4k 0.00% New
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 26,72926.7k $240.6k $240.6k 0.00% Reduced -39.0k -39,050
10 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 24,97325.0k $224.8k $224.8k 0.00% New
11 Sowell Financial Services LLC 0.01% of their portfolio NORTH LITTLE ROCK, AR 20,66020.7k $185.9k $185.9k 0.01% Unchanged
12 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 15,46315.5k $139.2k $139.2k 0.00% Reduced -12.3k -12,292
13 RBF Capital, LLC 0.00% of their portfolio RENO, NV 11,86711.9k $106.8k $106.8k 0.00% New
14 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,66411.7k $105.0k $105.0k 0.00% Reduced -6.4k -6,363
15 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 10,12510.1k $91.1k $91.1k 0.00% Reduced -372 -372
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 3,8523.9k $34.7k $34.7k 0.00% Reduced -5.3k -5,254
17 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,5851.6k $14.3k $14.3k 0.00% Unchanged
18 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 1,2791.3k $11.5k $11.5k 0.00% Unchanged
19 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,2421.2k $11.0k $11.0k 0.00% Added +468 +468
20 FMR LLC 0.00% of their portfolio BOSTON, MA 1,1341.1k $10.2k $10.2k 0.00% Reduced -1.4k -1,389
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 676676 $5.9k $5.9k 0.00% Reduced -1.1k -1,099
22 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 416416 $3.7k $3.7k 0.00% Reduced -994 -994
23 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 408408 $3.7k $3.7k 0.00% Added +270 +270
24 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 129129 $1.2k $1.2k 0.00% Reduced -528 -528
25 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 114114 $1.0k $1.0k 0.00% Reduced -51 -51
26 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 112112 $1.0k $1.0k 0.00% Reduced -404 -404
27 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 9090 $810 $810 0.00% New
28 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 2121 $189 $189 0.00% Added +14 +14
29 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 1616 $144 $144 0.00% Added +15 +15
30 Transamerica Financial Advisors, LLC 0.00% of their portfolio CEDAR RAPIDS, IA 1414 $126 $126 0.00% Unchanged
31 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 1212 $108 $108 0.00% Reduced -12 -12
32 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 1212 $108 $108 0.00% New
33 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 66 $54 $54 0.00% Unchanged
34 Essential Partners LLC 0.00% of their portfolio RANCHO SANTA FE, CA 44 $36 $36 0.00% Reduced -62 -62
35 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 22 $18 $18 0.00% Added +1 +1
36 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 22 $18 $18 0.00% New
37 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 22 $18 $18 0.00% Reduced -18 -18
38 Wealth Enhancement Trust Services, Inc. 0.00% of their portfolio SIOUX FALLS, SD 22 $18 $18 0.00% New
39 SJS Investment Consulting Inc. 0.00% of their portfolio SYLVANIA, OH 11 $9 $9 0.00% New