Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 46

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 aggregate net exposure for each retrocessionaire.At June 30, 2025, we had 3 reinsurers (December 31, 2024: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $53.3 million (December 31, 2024: $49.5 million).

9.      DEBT AND CREDIT FACILITIES

Debt ObligationsThe following table summarizes the Company’s outstanding debt obligations.June 30, 2025December 31, 2024Term loans$58,438 $60,313 Accrued interest payable805 923 Less: deferred financing costs(354)(487)Total debt$58,889 $60,749 During the six months ended June 30, 2025, the Company partially repaid $1.9 million of the outstanding Term loans.Credit FacilitiesAt June 30, 2025, the Company had the following letter of credit (“LC”) facilities:CapacityLCs issuedTermination DateCitibank$275,000 $191,150 December 19, 2025CIBC200,000 116,121 December 31, 2025HSBC 100,000 — December 17, 2025 $575,000 $307,271 The above LCs issued are cash collateralized (see Note 5). The LC facilities are subject to various customary affirmative, negative and financial covenants.  At June 30, 2025, the Company was in compliance with all LC facilities covenants.

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10.      SHARE CAPITAL

Ordinary SharesThe Company’s authorized share 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 six months ended June 30, 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)(376,686)(89,945)Repurchase of ordinary shares(357,278)— Balance – end of period34,198,153 35,321,144 Share Rep