GREENLIGHT CAPITAL RE LTD

The following table summarizes our debt and capital structure:

The debt to shareholders’ equity provides an indication of our leverage and capital structure, along with some insights into our financial strength. In addition to the above capital, we also have LOC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer.

Ordinary Shares

At September 30, 2024, there were 34,832,493 outstanding ordinary shares, a decrease of 504,239 since December 31, 2023, mainly due to 547,402 of share repurchases offset partially by issuance of RSs and ordinary shares for vested RSUs, net of forfeitures.

We expect that the existing capital base and internally generated funds will be sufficient to implement our business strategy for the foreseeable future. However, to provide us with flexibility and timely access to public capital markets should we require additional capital for working capital, capital expenditures, acquisitions, or other general corporate purposes, we have renewed our $200.0 million shelf registration by filing the Form S-3 registration statement with the SEC, which became effective on July 5, 2024, and will expire on July 1, 2027.

Secured LOC Facilities

As disclosed in Note 9 “Debt and Credit Facilities” of Q3 2024 Financials, the $275 million committed capacity under the Citi LOC agreement terminated on August 20, 2024. However, Citi continues providing the Citi LOC on an uncommitted basis.

Contractual Obligations and Commitments

At September 30, 2024, our contractual obligations and commitments by period due were as follows:

(1) Due to the nature of our reinsurance operations, the amount and timing of the cash flows associated with our reinsurance contractual liabilities will fluctuate, perhaps materially, and, therefore, are highly uncertain.

(2) See Note 9 “Debt and Credit Facilities”of the financial statements.