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 LC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer.

Ordinary Shares

At September 30, 2025, there were 34,099,226 outstanding ordinary shares, a decrease of 732,098 since December 31, 2024, mainly due to 512,527 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 and the annual restricted stock grants to our directors.

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 Q3 2025 Financials.

During Q3 2025, we entered into an uncommitted and unsecured £50 million letter of credit facility arrangement with Citibank Europe plc (“Citibank”) to provide us with greater flexibility in the type of capital for FAL. Subsequent to September 30, 2025, £45 million LC was issued in favour of Lloyd’s in exchange for the release of our cash used to support the underwriting capacity at Lloyds for all open years.

Contractual Obligations and Commitments

At September 30, 2025, 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.