GREENLIGHT CAPITAL RE LTD

For the period ended Dec 31, 2023. Filed Mar 5, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 5, 2024

GLRE$16.37+1.5%Stored close · as of Nov 10, 2026

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Contents

Schedule II – Condensed Financial Information of Registrant

SCHEDULE II

CONDENSED BALANCE SHEETS — PARENT COMPANY ONLY

	December 31, 2023	December 31, 2022
Assets
Cash and cash equivalents	$1,924	$975
Investment in subsidiaries	667,732	554,438
Due from subsidiaries	—	28,400
Other assets	628	753
Total assets	$670,284	$584,566
Liabilities and equity
Liabilities
Debt	$73,281	$80,534
Other liabilities	712	81
Due to subsidiaries	196	831
Total liabilities	74,189	81,446
Shareholders’ equity
Share capital	3,534	3,482
Additional paid-in capital	484,532	478,439
Retained earnings	108,029	21,199
Total shareholders’ equity	596,095	503,120
Total liabilities and equity	$670,284	$584,566

CONDENSED STATEMENT OF OPERATIONS — PARENT COMPANY ONLY

	2023	2022	2021
Revenue
Net investment income	$5	$1	$22
Other income (expense)	239	366	—
Total revenues	244	367	22
Expenses
General and administrative expenses	9,042	6,887	4,263
Interest expense	5,344	4,201	6,263
Total expenses	14,386	11,088	10,526
Net income (loss) before equity in earnings of consolidated subsidiaries	(14,142)	(10,721)	(10,504)
Equity in earnings of consolidated subsidiaries	100,972	36,063	28,082
Consolidated net income	$86,830	$25,342	$17,578
Comprehensive income	$86,830	$25,342	$17,578

SCHEDULE II (continued)

CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY ONLY

	2023	2022	2021
Cash flows from operating activities
Net income	$86,830	$25,342	$17,578
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities:
Equity in earnings of consolidated subsidiaries	(100,972)	(36,063)	(28,082)
Net realized gain on repurchase of convertible senior notes payable	(265)	(343)	—
Net change in unrealized gains and losses on investments	—	—	—
Share-based compensation expense	5,550	4,028	2,813
Accretion of debt offering costs and change in interest accruals	(1,696)	79	2,263
Net change in
Due from subsidiaries	28,400	(28,400)	—
Other assets	125	(753)	—
Other liabilities	631	(69)	150
Due to subsidiaries	(635)	(2,071)	1,050
Net cash provided by (used in) operating activities	17,968	(38,250)	(4,228)
Cash flows from investing activities
Change in notes receivable	—	—	10,706
Contributed surplus (to) from subsidiaries, net	(11,727)	58,568	4,000
Net cash provided by (used in) investing activities	(11,727)	58,568	14,706
Cash flows from financing activities
Proceeds from term loans	75,000	—	—
Repayment of convertible senior notes payable	(62,147)	—	—
Repurchases of convertible senior notes payable	(17,198)	(19,793)	—
Repurchase of Class A ordinary shares	—	(35)	(10,000)
Net cash used in financing activities	(4,345)	(19,828)	(10,000)
Net increase (decrease) in cash and cash equivalents	1,896	490	478
Cash and cash equivalents at beginning of the year	975	485	7
Cash and cash equivalents at end of the year	$2,871	$975	$485
Supplementary information
Non cash consideration from (to) subsidiaries, net	$(595)	$(656)	$(415)

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