Talkot Capital reveals 10.2% Kestrel Group (KG) stake across Akin entities

Rhea-AI Filing Summary

Talkot Capital, LLC and related Akin entities filed a Schedule 13G reporting beneficial ownership of 789,472 shares of Kestrel Group Ltd common stock, or 10.2% of the outstanding shares. This stake is calculated using 7,741,943 common shares outstanding as of November 3, 2025, as disclosed in Kestrel’s Form 10-Q.

The filing explains that Talkot Capital serves as investment adviser to several pooled investment vehicles that hold the stock, and that these vehicles, along with Thomas B. Akin, Talkot Fund, Talkot Partners V, the Akin Family Foundation, the James H. Akin Trust, and Karen Hochster collectively beneficially own the reported shares. The filers certify the holdings were not acquired to change or influence control of Kestrel Group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Kestrel Group Ltd

(Name of Issuer)

COMMON STOCK, $0.001 PAR VALUE PER SHARE

(Title of Class of Securities)

G5260K102

(CUSIP Number)

02/12/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

Talkot Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 789,472.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 789,472.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

789,472.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

AKIN THOMAS B

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 480,616.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 480,616.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

480,616.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.2 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

Talkot Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 256,502.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 256,502.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

256,502.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

Talkot Partners V, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 35,854.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 35,854.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

35,854.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

EP

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

Akin Family Foundation

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 11,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

James H Akin Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,750.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,750.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,750.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. G5260K102

1

Names of Reporting Persons

Karen Hochster

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,250.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,250.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kestrel Group Ltd
(b)	Address of issuer's principal executive offices: 11 BERMUDIANA ROAD, MAILBOXES SUITE 1141, PEMBROKE, BERMUDA, HM 08
Item 2.
(a)	Name of person filing: Talkot Capital, LLC Thomas B. Akin Talkot Fund, LP Talkot Partners V, LP Akin Family Foundation Karen Hochster James H Akin Trust
(b)	Address or principal business office or, if none, residence: 100 Meadowcreek Dr Suite 150 Corte Madera, CA 94925
(c)	Citizenship: USA
(d)	Title of class of securities: COMMON STOCK, $0.001 PAR VALUE PER SHARE
(e)	CUSIP No.: G5260K102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Talkot Capital, LLC acts as an investment adviser to certain private pooled investment vehicles. Talkot Capital, by virtue of investment advisory agreements with these pooled investment vehicles, has investment and voting power over securities owned of record by these pooled investment vehicles. Despite their delegation of investment and voting power to Talkot Capital, under Rule 13d-3 of the Securities Exchange Act of 1934, these pooled investment vehicles may be deemed the beneficial owner of the securities they own of record because they have the right to acquire investment and voting power, and have dispositive power, through termination of the investment advisory agreements with Talkot Capital. Talkot Capital may be deemed the beneficial owner of the securities covered by this statement under Rule 13d-3 of the Act. Thomas B. Akin is the Managing Member of the General Partner, Talkot Capital, LLC Thomas B. Akin, Talkot Fund, L.P., Talkot Partners V, LP, James H. Akin Trust, Karen Hochster, and the Akin Family Foundation beneficially own 789,472 shares of Common Stock. Of such 789,472 shares of Common Stock, Thomas B. Akin beneficially owns 480,616 shares of Common Stock, Talkot Fund, LP beneficially owns 256,502 shares of Common Stock, Talkot Partners V, LP beneficially owns 35,854 shares of Common Stock, James H. Akin Trust beneficially owns 3,750 shares of Common Stock, Karen Hochster beneficially owns 1,250 shares of Common Stock, and the Akin Family Foundation beneficially owns 11,500 shares of Common Stock
(b)	Percent of class: 10.2% This percentage is based on 7,741,943 shares of Common Stock issued and outstanding as of November 3, 2025, as reported in Form 10-Q filed with the Securities and Exchange Commission (the "Commission") on November 5, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 789,472
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 789,472
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Talkot Capital, LLC

Signature:	Thomas B Akin
Name/Title:	Thomas B Akin, Managing Member
Date:	02/12/2026

AKIN THOMAS B

Signature:	Thomas B Akin
Name/Title:	Thomas B Akin
Date:	02/12/2026

Talkot Fund, LP

Signature:	Thomas B Akin
Name/Title:	Thomas B Akin, Managing Member of the General Partner
Date:	02/12/2026

Talkot Partners V, LP

Signature:	Thomas B Akin
Name/Title:	Thomas B Akin, Managing Member of the General Partner
Date:	02/12/2026

Akin Family Foundation

Signature:	Thomas B Akin
Name/Title:	Thomas B Akin, Chairman
Date:	02/12/2026

James H Akin Trust

Signature:	Thomas B Akin
Name/Title:	Thomas B Akin, Trustee
Date:	02/12/2026

Karen Hochster

Signature:	Karen Hochster
Name/Title:	Karen Hochster
Date:	02/12/2026

FAQ

What did Talkot Capital disclose in Kestrel Group (KG) Schedule 13G?

Talkot Capital and related Akin entities disclosed beneficial ownership of 789,472 Kestrel Group common shares, a 10.2% stake. The position is held through pooled investment vehicles and affiliated entities advised or associated with Talkot Capital and Thomas B. Akin.

How large is Talkot Capital’s ownership stake in Kestrel Group (KG)?

The group reported beneficial ownership of 789,472 Kestrel Group common shares, representing 10.2% of the class. This percentage is based on 7,741,943 shares outstanding as of November 3, 2025, as disclosed in Kestrel Group’s Form 10-Q.

Which entities are included in the Kestrel Group (KG) Schedule 13G filing?

The filing names Talkot Capital, LLC, Thomas B. Akin, Talkot Fund, LP, Talkot Partners V, LP, the Akin Family Foundation, the James H. Akin Trust, and Karen Hochster. Together they report beneficial ownership of 789,472 Kestrel Group common shares.

How is voting and dispositive power over Kestrel Group (KG) shares allocated?

The group reports shared power to vote and dispose of 789,472 Kestrel Group common shares, with no sole voting or dispositive power at the combined reporting level. Talkot Capital acts as investment adviser to pooled investment vehicles holding the securities.

Is Talkot Capital seeking control of Kestrel Group (KG) with this stake?

The filers certify that the Kestrel Group shares were not acquired and are not held to change or influence control of the issuer. They state the holdings are not part of any control-related transaction or campaign.

How is Thomas B. Akin’s personal interest in Kestrel Group (KG) described?

The filing states that Thomas B. Akin beneficially owns 480,616 Kestrel Group common shares within the 789,472-share group total. He is the managing member of Talkot Capital’s general partner and is associated with the affiliated investment vehicles and entities.