Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 44

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 measured at fair value on a nonrecurring basisAt September 30, 2025, the Company held $54.9 million (December 31, 2024: $63.4 million) of private investments and unlisted equities measured at fair value on a nonrecurring basis. At September 30, 2025, the Company held $6.6 million (December 31, 2024: $8.5 million) of private investments and unlisted equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and September 30, 2025, for the private and unlisted equities measured at fair value on a nonrecurring basis:Less than 6 months6 to 12 monthsOver 1 yearTotalFair values measured on a nonrecurring basis$13,801 $15,066 $26,019 $54,886 Assets measured at fair value on a recurring basisDerivative financial instrumentsThe Company used interest rate swaps in connection with its risk management activities to hedge 50% of the interest rate risk relating to the outstanding Term Loans (see Note 9). As a result of the new Revolving Credit Facility, the Company has terminated this hedging program during the quarter ended September 30, 2025.Prior to the termination of the hedge position, the interest rate swaps were carried at fair value using a market approach valuation technique, based on significant observable market inputs from third-party pricing vendors. Accordingly, the interest rates swaps were classified as Level 2 within the fair value hierarchy. These derivative instruments were not designated as accounting hedges under U.S. GAAP.

12

For the nine months ended September 30, 2025, the Company recognized a nominal amount of total realized and unrealized gain for the above derivatives, which is reflected within interest expense on the Company’s condensed consolidated statements of operations.Financial Instruments Disclosed, But Not Carried, at Fair Value

At September 30, 2025, the carrying value of debt and convertible debt securities within “Other Investments” (see Note 4) and the outstanding debt approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy. 

7.      LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES 

The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the