Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 77

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 stock (or commodity) price. The delta-adjusted basis is the number of shares or contracts underlying the option multiplied by the delta and the underlying stock (or commodity) price.

The following table represents the composition of Solasglas’ investments:

June 30December 3120252024Long %Short %Long %Short %Equities and related derivatives92.8 %(93.7)%73.9 %(43.3)%Private and unlisted equity securities2.6 — 2.1 — Debt instruments0.1 — 0.1 — Total95.5 %(93.7)%76.1 %(43.3)%

The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At June 30, 2025, Solasglas’ exposure to gold on a delta-adjusted basis was 11.2% (December 31, 2024: 10.1%). 

At June 30, 2025, 94.5% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 4.0% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At June 30, 2025, 1.5% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient. 

Other Investments

The other investment holdings relate to private investments made by the Innovations segment.  We made five new investments and increased our investment in one position during YTD 2025, for a total of $2.7 million.  For YTD 2024, we invested $0.4 million.

38

Restricted cash and cash equivalents 

We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash decreased by $7.7 million, or 1.3%, from $584.4 million at December 31, 2024, to