Maiden Holdings Ltd. 6.625% Notes due 2046 (MHLA)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I would start with the security itself: this is a 6.625% note due 2046, so my return depends on interest and principal repayment, not on earnings growth alone. As a Graham-style investor, I want a margin of safety in the issuer's ability to pay. The filed record is not reassuring. In FY2024, revenue was $56.4M and net loss was $201.0M, or diluted EPS of -$2.01. In FY2023, revenue was $89.2M and net loss was $38.6M, or diluted EPS of -$0.38. In FY2022, revenue was $58.1M and net loss was $60.0M, with diluted EPS of $0.63 as reported. Revenue fell from FY2023 to FY2024 and the loss widened sharply. Quarterly data show fiscal Q1 2024 profit of $1.5M and diluted EPS of $0.01, but then fiscal Q2 2024 lost $10.0M, fiscal Q3 2024 lost $34.5M, and fiscal Q1 2025 lost $8.6M. That is deterioration, not evidence of a durable moat or pricing power. The supplied Lynch category is TURNAROUND, based on a loss in the latest year after earlier profits, but the annual figures show repeated losses, so I would treat the turnaround as a hope rather than a fact. FairStock's P/E, P/B, ROE and D/E calculations are unavailable, so I cannot compute a Graham-style margin of safety. The price of $8.93 on 2026-10-16 sits near the low end of the $8.25-$15.25 52-week range. For a note, that may reflect credit doubt rather than a bargain.

In plain English: This security is a 6.625% note due 2046 issued by Maiden Holdings, a financial-services company. The filed numbers show a weak business: losses in fiscal 2022, 2023 and 2024, and a loss again in fiscal Q1 2025. At $8.93, the price is not clearly cheap or fair from the provided figures; the weak earnings make it look speculative.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2025 10-Q (period ended 2025-03-31) · fiscal Q3 2024 10-Q (period ended 2024-09-30) · fiscal Q2 2024 10-Q (period ended 2024-06-30) · fiscal Q1 2024 10-Q (period ended 2024-03-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31) · FY2022 10-K (period ended 2022-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer