Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 2

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 2
---
 additional market hedges for tail protection.

In early April, the U.S. Administration enacted trade policies that were more aggressive than the financial markets expected, causing additional uncertainty and volatility. These policies further complicate the near-term outlook for economic growth and inflation. We remain vigilant to economic data and additional policies that may impact our business. 

24

Key Financial Measures and Non-GAAP Measures

There have been no changes to our key financial measures, including non-GAAP financial measures, as described 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):

March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024Numerator for basic and fully diluted book value per share: Total equity as reported under U.S. GAAP$666,804 $635,879 $663,418 $634,020 $624,458 Denominator for basic and fully diluted book value per share: Ordinary shares issued and outstanding as reported and denominator for basic book value per share34,557,44934,831,32434,832,49335,321,14435,321,144Add: In-the-money stock options (1) and all outstanding RSUs773,938590,001602,013594,612585,334Denominator for fully diluted book value per share 35,331,38735,421,32535,434,50635,915,75635,906,478Basic book value per share$19.30 $18.26 $19.05 $17.95 $17.68 Increase in basic book value per share$1.04 $(0.79)$1.10 $0.27 $0.81 Increase in basic book value per share5.7 %(4.1)%6.1 %1.5 %4.8 %Fully diluted book value per share$18.87 $17.95 $18.72 $17.65 $17.39 Increase in fully diluted book value per share$0.92 $(0.77)$1.07 $0.26 $