Skip to main content

GREENLIGHT CAPITAL RE, LTD.

For the period ended Dec 31, 2025. Filed Mar 9, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 9, 2026

GLRE$16.37+1.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Other Investments

  1. 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, 2025CostUnrealizedgainsUnrealizedlossesAccrued interestFair value / carrying value
Private equity securities$29,787$38,086$(6,054)$—$61,819
Private debt securities1,585—(572)79$1,092
Total other investments$31,372$38,086$(6,626)$79$62,911
At December 31, 2024CostUnrealizedgainsUnrealizedlossesAccrued interestFair value / carrying value
Private equity securities$28,111$51,076$(7,320)$—$71,867
Private debt securities2,713—(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:

202520242023
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 31,202520242023
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)682,542
Net realized and unrealized gains (losses) on other investments$(11,714)$(918)$1,738
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.