Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 49

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 notice to the Company; provided that the termination date shall not be earlier than the expiry date of any then-outstanding under this facility.(3) The CIBC LC facility will terminate on December 21, 2026, subject to automatic 1-year extensions unless a termination noticed is provided by CIBC or the Company at least 120 days prior to the then-applicable termination date.(4) The Citibank FAL LC facility may be terminated by Citibank upon written notice to Lloyd’s and the Company; provided that the termination date shall not be earlier than December 31st of the fourth anniversary of such termination date.During the three months ended September 30, 2025, the Company, through its subsidiary, entered into an uncommitted and unsecured £50 million letter of credit facility arrangement with Citibank Europe plc (“Citibank”) to support the Company’s Funds at Lloyd’s business (the “Citibank FAL”). Concurrently with this transaction, the Parent has provided a guarantee to Citibank, requiring the Parent to make payment in the event that the respective subsidiary fails to meet its obligations when due. At September 30, 2025, the maximum potential amount of future payments the Parent could be required to make under this guarantee is nil as no LCs have been issued.On October 9, 2025, a £45 million LC was issued in favor of Lloyd’s and concurrently Lloyd’s released $60.7 million cash to the Company. The above LCs issued are cash collateralized, except for the Citibank FAL (see Note 5). The LC facilities are subject to various customary affirmative, negative and financial covenants. At September 30, 2025, the Company was in compliance with all LC facilities covenants.

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 nine months ended September 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 Issue of restricted shares to directors56,322 58,751 Forfeiture of restricted shares (see Note 11)(376,686)(89,945)Repurchase of