GREENLIGHT CAPITAL RE, LTD.
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
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Capital Resources
The following table summarizes our debt and capital structure:
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Term Loans - outstanding principal | $58,438 | $60,313 |
| Shareholders’ equity | $663,318 | $635,879 |
| Ratio of debt to shareholders’ equity | 8.9% | 9.5% |
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 LC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer.
Ordinary Shares
At June 30, 2025, there were 34,198,153 outstanding ordinary shares, a decrease of 633,171 since December 31, 2024, mainly due to 357,278 of share repurchases, coupled with the net forfeited performance restricted stock awards granted in 2022. This was partially offset by the issuance of ordinary shares for vested service RSUs.
We expect that the existing capital base and internally generated funds will be sufficient to implement our business strategy for the foreseeable future.
Secured LC Facilities
See Note 9 “Debt and Credit Facilities” of Q2 2025 Financials.
Contractual Obligations and Commitments
At June 30, 2025, our contractual obligations and commitments by period due were as follows:
| Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Loss and loss adjustment expense reserves (1) | $371,379 | $326,020 | $116,233 | $131,353 | $944,985 |
| Operating lease obligations | 565 | 1,242 | 1,953 | — | 3,760 |
| Financing activities | |||||
| Debt (2) | 3,750 | 54,688 | — | — | 58,438 |
| Total | $375,694 | $381,950 | $118,186 | $131,353 | $1,007,183 |
(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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.