SCHEDULE 13G/A 0001315863-20-000133 0001797093 XXXXXXXX LIVE 4 Common Shares, par value $0.01 per share 12/31/2023 0001412100 Maiden Holdings, Ltd. G5753U112 SCHRODERS HOUSE SCHRODERS HOUSE HAMILTON D0 HM 12 Rule 13d-1(b) Phillips Ray Capital Management TX 0.00 0.00 7047561.00 0.00 7047561.00 7.0 IA Brian Michael Phillips X1 42907.00 0.00 7090468.00 0.00 7090468.00 7.0 IN HC Maiden Holdings, Ltd. SCHRODERS HOUSE, SCHRODERS HOUSE, HAMILTON, BERMUDA, HM 12. Phillips Ray Capital Management, Inc. Brian Michael Phillips Phillips Ray Capital Management, Inc. 2727 W 7th Street., Suite 220 Fort Worth, Texas 76107 Brian Michael Phillips 2727 W 7th Street., Suite 220 Fort Worth, Texas 76107 Phillips Ray Capital Management, Inc. Texas Brian Michael Phillips United States of America N IA HC Phillips Ray Capital Management, Inc. 7,047,561 Brian Michael Phillips 7,090,468 Phillips Ray Capital Management, Inc. 6.98% Brian Michael Phillips 7.02% Phillips Ray Capital Management, Inc. (i) Sole power to vote or to direct the vote: 0 Brian Michael Phillips (i) Sole power to vote or to direct the vote: 42,904 Phillips Ray Capital Management, Inc. (ii) Shared power to vote or to direct the vote: 0 Brian Michael Phillips (ii) Shared power to vote or to direct the vote: 0 Phillips Ray Capital Management, Inc. (iii) Sole power to dispose or to direct the disposition: 7,047,561 Brian Michael Phillips (iii) Sole power to dispose or to direct the disposition: 7,090,468 Phillips Ray Capital Management, Inc. (iv) Shared power to dispose or to direct the disposition: 0 Brian Michael Phillips (iv) Shared power to dispose or to direct the disposition: 0 All securities reported in this Schedule 13G are directly held by advisory clients (the "Advisory Clients") of Phillips Ray Capital Management, Inc.(the "Adviser") or by Brian Michael Phillips or his respective family members (collectively, with the Advisory Clients, the "Holders"). Pursuant to investment management agreements between the Advisory Clients and the Adviser, the Adviser exercises investment power over securities directly held by the Advisory Clients. Brian Michael Phillips is President, Chief Compliance Officer, Treasurer and Director of the Adviser. Brian Michael Phillips exercises voting and investment power over each of his own, or his respective family members', holdings of securities reported in this Schedule 13G. Y N All securities reported in this Schedule 13G are directly held by the Holders. None of the Holders individually directly holds Common Shares representing more than 5% of the Issuer's Common Shares. N The disclosure regarding the relationships among the Reporting Persons in Item 4 is incorporated by reference herein. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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. Phillips Ray Capital Management Brian Michael Phillips 02/06/2024 Brian Michael Phillips Brian Michael Phillips 02/06/2024