Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 37

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 37
---
 capital is 125,000,000 ordinary shares, par value of $0.10 per share. The following table is a summary of changes in ordinary shares issued and outstanding for the three months ended March 31, 2025 and 2024: 20252024Balance – beginning of period34,831,324 35,336,732 Issue of shares for vested RSUs (see Note 11)100,793 74,357 Forfeiture of restricted shares (see Note 11)(374,668)(89,945)Balance – end of period34,557,449 35,321,144 Share Repurchase PlanOn May 2, 2025, the Board of Directors re-approved the share repurchase plan, until June 30, 2026, authorizing the Company to repurchase up to $25.0 million of ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the three months ended March 31, 2025 and 2024, there was no repurchase of ordinary shares.Preferred SharesThe Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At March 31, 2025, the Company has no issued and outstanding preferred shares.

 11.      SHARE-BASED COMPENSATION 

 Refer to Note 11 of the Company’s audited consolidated financial statements of its 2024 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards.Employee and Director Restricted SharesThe following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the three months ended March 31, 2025 and 2024: 

16

Performance Restricted SharesService Restricted Shares Number ofnon-vestedrestricted sharesWeighted averagegrant datefair valueNumber ofnon-vestedrestricted sharesWeighted averagegrant datefair valueBalance at December 31, 20231,042,688 $9.94 419,604 $9.18 Granted— — — — Vested— — (217,522)8.78 Forfeited(89,945)10.84 — — Balance at March 31, 202