GREENLIGHT CAPITAL RE, LTD.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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FY2025 · Filed Mar 9, 2026
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Other Investments
- OTHER INVESTMENTS
Portfolio
The Company’s other investments primarily consist of Innovations-related private investments supporting technology innovators in the (re)insurance market (See Note 18).
| At December 31, 2025 | Cost | Unrealizedgains | Unrealizedlosses | Accrued interest | Fair value / carrying value |
|---|---|---|---|---|---|
| Private equity securities | $29,787 | $38,086 | $(6,054) | $— | $61,819 |
| Private debt securities | 1,585 | — | (572) | 79 | $1,092 |
| Total other investments | $31,372 | $38,086 | $(6,626) | $79 | $62,911 |
| At December 31, 2024 | Cost | Unrealizedgains | Unrealizedlosses | Accrued interest | Fair value / carrying value |
|---|---|---|---|---|---|
| Private equity securities | $28,111 | $51,076 | $(7,320) | $— | $71,867 |
| Private debt securities | 2,713 | — | (1,510) | 90 | $1,293 |
| Total other investments | $30,824 | $51,076 | $(8,830) | $90 | $73,160 |
Private equities
Measurement alternative
During the years ended December 31, 2025, 2024, and 2023, the Company made further investments in equity securities in privately held entities that do not have readily determinable fair values. In accordance with ASC 321-10-35-2, the Company has elected to apply the measurement alternative to these new investments.
Adjustments for observable price changes and impairments
The Company recognized the following adjustments to the carrying values of the private investments and unlisted equity securities, resulting from observable price changes in orderly transactions and impairments:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Upward adjustments (1) | $8,072 | $2,908 | $7,262 |
| Downward adjustments and impairments(2) | $(21,757) | $(3,311) | $(5,003) |
(1) The cumulative upward adjustments from inception to December 31, 2025, for outstanding holdings totaled $59.7 million.
(2) The cumulative downward adjustments and impairments from inception to December 31, 2025, for outstanding holdings totaled $29.6 million.
For certain impairment charges in the above table, the Company used valuation models to estimate the fair value, which incorporated significant unobservable inputs including projected cash flows provided by the investee’s management, discount rates, growth rates, volatility assumptions, and current market multiples.
Debt securities
During the year ended December 31, 2025, the Company recognized impairment charges of $0.6 million (2024: $1.1 million, 2023: $0.5 million) relating to private debt securities.
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 14):
| Year ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Gross realized gains | $2,148 | $346 | $7 |
| Gross realized losses | (3,065) | (1,332) | (811) |
| Net realized gains (losses) | $(917) | $(986) | $(804) |
| Change in unrealized gains | (10,797) | 68 | 2,542 |
| Net realized and unrealized gains (losses) on other investments | $(11,714) | $(918) | $1,738 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.