GREENLIGHT CAPITAL RE LTD
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
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Other Investments
- OTHER INVESTMENTS
Portfolio
The Company’s other investments consist of:
Private investments, unlisted equities, and debt and convertible debt instruments, which consist primarily of Innovations-related investments supporting technology innovators in the (re)insurance market (See Note 17).
At December 31, 2024, the breakdown of the Company’s other investments was as follows:
| Cost | Unrealizedgains | Unrealizedlosses | Accrued interest | Fair value / carrying value | |
|---|---|---|---|---|---|
| Private investments and unlisted equities | $28,111 | $51,076 | $(7,320) | $— | $71,867 |
| Debt and convertible debt securities | 2,713 | — | (1,510) | 90 | 1,293 |
| Total other investments | $30,824 | $51,076 | $(8,830) | $90 | $73,160 |
At December 31, 2023, the breakdown of the Company’s other investments was as follows:
| Cost | Unrealizedgains | Unrealizedlosses | Accrued interest | Fair value / carrying value | |
|---|---|---|---|---|---|
| Private investments and unlisted equities | $28,470 | $49,424 | $(6,737) | $— | $71,157 |
| Debt and convertible debt securities | 2,499 | — | (499) | 136 | 2,136 |
| Total other investments | $30,969 | $49,424 | $(7,236) | $136 | $73,293 |
The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at December 31 stand the related adjustments recorded during the years then ended.
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Carrying value (1) | $71,867 | $71,157 | $62,433 |
| Upward carrying value changes (2) | $2,908 | $7,262 | $11,277 |
| Downward carrying value changes and impairment (3) | $(3,311) | $(5,003) | $(1,073) |
(1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(2)The cumulative upward carrying value changes from inception to December 31, 2024, totaled $53.5 million.
(3) The cumulative downward carrying value changes and impairments from inception to December 31, 2024, totaled $9.7 million.
Net investment income
The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the consolidated statements of operations (see Note 13):
| Year ended December 31, | 2024 | 2023 | 2022 |
|---|---|---|---|
| Gross realized gains | $346 | $7 | $— |
| Gross realized losses | (1,332) | (811) | — |
| Net realized gains (losses) | $(986) | $(804) | $— |
| Change in unrealized gains | 68 | 2,542 | 9,858 |
| Net realized and unrealized gains (losses) on other investments | $(918) | $1,738 | $9,858 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.