Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 33

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 cash, cash equivalents, and restricted cash$642,759 $649,087 

6.      FAIR VALUE MEASUREMENTS

Assets measured at fair value on a nonrecurring basisAt March 31, 2025, the Company held $64.3 million (December 31, 2024: $63.4 million) of private investments and unlisted equities measured at fair value on a nonrecurring basis. At March 31, 2025, the Company held $7.6 million (December 31, 2024: $8.5 million) of private investments and unlisted equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and March 31, 2025, for the private and unlisted equities measured at fair value on a nonrecurring basis:Less than 6 months6 to 12 monthsOver 1 yearTotalFair values measured on a nonrecurring basis$15,066 $9,535 $39,747 $64,348 Assets measured at fair value on a recurring basisDerivative financial instrumentsThe Company uses interest rate swaps in connection with its risk management activities to hedge 50% of the interest rate risk relating to the outstanding Term Loans (see Note 9). The interest rate swaps are carried at fair value and are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors.  Accordingly, the interest rates swaps are classified as Level 2 within the fair value hierarchy. These derivative instruments are not designated as accounting hedges under U.S. GAAP.For the three months ended March 31, 2025 and 2024 , the Company recognized an unrealized loss for the above derivatives of $0.1 million and an unrealized gain of $0.5 million, respectively, which is included in interest expense in the condensed consolidated statements of operations.Financial Instruments Disclosed, But Not Carried, at Fair Value

At March 31, 2025, the carrying value of debt and convertible debt securities within “Other Investments” (see Note 4) and the Term Loans approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy. 

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  7.      LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES 

The Company’s loss and loss adjustment