Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 47

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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urchase 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 six months ended June 30, 2025, the Company repurchased 357,278 ordinary shares for $5.0 million.  There was no share repurchase for the same period in 2024.Preferred SharesThe Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At June 30, 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 six months ended June 30, 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 Vested— — (217,522)8.78 Forfeited(89,945)10.84 — — Balance at June 30, 2024952,743 $9.86 202,082 $9.61 Balance at December 31, 2024944,587 $9.87 191,556 $9.96 Vested(222,532)9.65 (75,667)8.08 Forfeited(374,474)9.08 (2,212)9.85 Balance at June 30, 2025347,581 $10.87 113,677 $11.21 At June 30, 2025