Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 2

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 2
---
 in the MD&A of our 2024 Form 10-K.

Fully Diluted Book Value Per Share

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024Numerator for basic and fully diluted book value per share: Total equity as reported under U.S. GAAP$658,889 $663,318 $666,804 $635,879 $663,418 Denominator for basic and fully diluted book value per share: Ordinary shares issued and outstanding as reported and denominator for basic book value per share34,099,22634,198,15334,557,44934,831,32434,832,493Add: In-the-money stock options (1) and all outstanding RSUs757,505775,124773,938590,001602,013Denominator for fully diluted book value per share 34,856,73134,973,27735,331,38735,421,32535,434,506Basic book value per share$19.32 $19.40 $19.30 $18.26 $19.05 Increase (decrease) in basic book value per share$(0.08)$0.10 $1.04 $(0.79)$1.10 Increase (decrease) in basic book value per share(0.4)%0.5 %5.7 %(4.1)%6.1 %Fully diluted book value per share$18.90 $18.97 $18.87 $17.95 $18.72 Increase (decrease) in fully diluted book value per share$(0.07)$0.10 $0.92 $(0.77)$1.07 Increase (decrease) in fully diluted book value per share(0.4)%0.5 %5.1 %(4.1)%6.1 %

(1) Assuming net exercise by the grantee.

28

Consolidated Results of Operations

The table below summarizes our consolidated operating results.

Three months ended September 30Nine months ended September 3020252024Change20252024