Maiden Holdings North America Ltd. 7.75% Notes due 2043 (MHNC)

Key Financials

AI Analysis

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

I look at this security first as a creditor, not an owner. It is a 7.75% note due 2043 from a financial-services issuer, so the question is not whether the equity story is exciting but whether the borrower can pay. The filed record is poor. In fiscal 2024, the year ended 2024-12-31, revenue was $56.4 million and net income was a loss of $201.0 million, or $2.01 per diluted share. That followed fiscal 2023, the year ended 2023-12-31, with a net loss of $38.6 million on $89.2 million of revenue, so revenue fell sharply while the loss widened. The quarterly pattern is also weak: fiscal Q3 2024, the quarter ended 2024-09-30, had revenue of $14.5 million and a net loss of $34.5 million; fiscal Q2 2024, the quarter ended 2024-06-30, had revenue of $20.5 million and a net loss of $10.0 million; fiscal Q1 2025, the quarter ended 2025-03-31, had revenue of $14.0 million and a net loss of $8.6 million. There was one positive quarter in the data, fiscal Q1 2024, the quarter ended 2024-03-31, with revenue of $28.9 million and net income of $1.5 million, but one quarter does not make a trend. I see no evidence in these figures of a durable moat or steady earning power. The price was $10.55 on 2026-10-16, near the 52-week low of $10.09 and far below the high of $17.99. A low price can be a starting point, but Graham would demand asset protection and cash-flow coverage that are not visible here. The Lynch category is TURNAROUND—loss in the latest year after earlier profits—but for a note I require evidence of repayment capacity before calling it a bargain.

In plain English: This is a long-term bond-like investment from a financial-services company. It promises a stated 7.75% interest payment and comes due in 2043. The filed numbers show repeated losses, including a very large loss in fiscal 2024, so the business looks weak; at $10.55 the price is near the low end of its 52-week range, but with losses instead of earnings it does not look cheap on business results.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

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