Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 53

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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13.      NET INVESTMENT INCOME

The following table provides a breakdown of net investment income:Three months ended September 30Nine months ended September 30 2025202420252024Interest and dividend income, net of withholding taxes and other expenses$6,578 $8,244 $19,880 $24,935 Investment income from Lloyd's syndicates2,349 2,210 7,658 9,969 Net realized and unrealized gains (losses) on other investments (see Note 4)(11,877)— (11,731)(324)Net investment income (loss)(2,950)10,454 15,807 34,580 Share of Solasglas' net income (loss) (see Note 3)(14,404)19,844 (483)42,422 Total investment income (loss)$(17,354)$30,298 $15,324 $77,002 

14.      RELATED PARTY TRANSACTIONS 

Investment Advisory Agreement There has been no change to the Company’s investment advisory agreement with Solasglas as described in its 2024 Form 10-K. Refer to Note 3 for a breakdown of management fees and performance fees for the nine months ended September 30, 2025 and 2024.Green Brick Partners, Inc.David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. (“GRBK”), a publicly-traded company. At September 30, 2025, Solasglas, along with certain affiliates of DME Advisors, collectively owned 23.7% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in Solasglas. At September 30, 2025, Solasglas held 0.8 million shares of GRBK.

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Service Agreement The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party. Collateral Assets Investment Management AgreementEffective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets