$GLRE

GREENLIGHT CAPITAL RE, LTD.

CIK:0001385613|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Gross premiums written	$ 183,118	$ 179,628	$ 411,056	$ 427,573
Gross premiums ceded	(36,309)	(15,101)	(80,773)	(43,649)
Net premiums written	146,809	164,527	330,283	383,924
Change in net unearned premium reserves	15,004	(2,886)	(14,325)	(53,820)
Net premiums earned	161,813	161,641	315,958	330,104
Income (loss) from investment in related party investment fund (see Note 3)	(27,857)	(18,276)	5,832	13,921
Net investment income	4,076	10,470	10,807	18,757
Foreign exchange gains (losses)	(576)	6,271	(5,481)	10,626
Total revenues	137,456	160,106	327,116	373,408
Expenses
Net loss and loss adjustment expenses incurred	112,083	100,079	203,238	222,963
Acquisition costs	44,034	46,848	92,996	93,714
Underwriting expenses	5,886	6,481	13,691	12,839
Corporate and other expenses	4,717	4,755	10,459	9,427
Deposit interest expense	46	124	78	273
Interest expense	128	1,144	227	2,608
Total expenses	166,894	159,431	320,689	341,824
Income before income tax	(29,438)	675	6,427	31,584
Income tax expense	(158)	(346)	(273)	(1,628)
Net income (loss)	$ (29,596)	$ 329	$ 6,154	$ 29,956
Earnings per share ("EPS"):
Basic (in dollars per share)	$ (0.89)	$ 0.01	$ 0.18	$ 0.88
Diluted (in dollars per share)	$ (0.89)	$ 0.01	$ 0.18	$ 0.87
Weighted average number of ordinary shares used in the determination of EPS:
Basic (in shares)	33,108,731	33,969,716	33,363,703	33,960,643
Diluted (in shares)	33,108,731	34,423,679	33,942,366	34,479,351

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 6,154	$ 29,956
Adjustments to reconcile net income or loss to net cash provided by operating activities:
Income from investments in related party investment fund	(5,832)	(13,921)
Net realized and unrealized losses (gains) on investments	2,091	(144)
Net realized and unrealized losses (gains) on derivatives	0	26
Share-based compensation expense	2,751	2,483
Accretion of debt offering costs, net of change in interest accruals	29	15
Net change in:
Reinsurance balances receivable	23,511	(50,813)
Reinsurance recoverable on unpaid loss and loss adjustment expenses	(13,398)	(8,181)
Deferred acquisition costs	3,251	(16,567)
Unearned premiums ceded	(23,884)	(7,078)
Loss and loss adjustment expense reserves	15,814	84,016
Unearned premium reserves	44,786	58,873
Reinsurance balances payable	2,584	211
Funds withheld	16,995	699
Other items, net	(6,188)	(756)
Net cash provided by operating activities	68,664	78,819
Cash flows from investing activities
Proceeds from redemptions of investment in Solasglas	49,334	14,000
Contributions to investment in Solasglas	(32,356)	(74,200)
Proceeds from sales of fixed maturity investments	10,860	0
Proceeds from redemptions and maturities of fixed maturity investments	2,866	0
Purchases of fixed maturity investments	(122,008)	0
Purchases of other investments	(3,277)	(2,737)
Proceeds from sale of other investments	0	5
Purchases of other assets	(89)	0
Net cash used in investing activities	(94,670)	(62,932)
Cash flows from financing activities
Borrowings from debt facility	4,000	0
Repayment of debt	0	(1,875)
Repurchase of ordinary shares	(19,200)	(5,000)
Net cash used in financing activities	(15,200)	(6,875)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	589	961
Increase (decrease) in cash, cash equivalents and restricted cash	(40,617)	9,973
Cash, cash equivalents and restricted cash at beginning of the period	643,732	649,087
Cash, cash equivalents and restricted cash at end of the period	603,115	659,060
Supplementary information:
Interest paid in cash	197	2,535
Income tax paid in cash	$ 629	$ 44

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments
Investment in related party investment fund, at fair value	$ 493,409	$ 504,555
Fixed maturity investments, at fair value	172,865	65,609
Other investments	64,925	62,911
Total investments	731,199	633,075
Cash and cash equivalents	76,322	111,756
Restricted cash and cash equivalents	526,793	531,976
Reinsurance balances receivable	640,870	664,381
Reinsurance recoverable on unpaid loss and loss adjustment expenses	94,790	81,392
Deferred acquisition costs	96,703	99,954
Unearned premiums ceded	63,107	39,223
Other assets	8,800	8,026
Total assets	2,238,584	2,169,783
Liabilities
Loss and loss adjustment expense reserves	983,774	967,960
Unearned premium reserves	406,490	361,704
Reinsurance balances payable	98,437	95,853
Funds withheld	33,100	16,105
Other liabilities	10,348	15,460
Debt	8,753	4,724
Total liabilities	1,540,902	1,461,806
Commitments and Contingencies (Note 16)
Shareholders' equity
Preferred share capital (par value $0.10; none issued)	0	0
Ordinary share capital (par value $0.10; issued and outstanding, xxx) (2025: par value $0.10; issued and outstanding, xxx)	3,288	3,390
Additional paid-in capital	462,563	478,910
Retained earnings	231,831	225,677
Total shareholders' equity	697,682	707,977
Total liabilities and equity	$ 2,238,584	$ 2,169,783