Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 20

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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84.1 %Other investments:Private investments and unlisted equities 74,372 13.9 71,867 15.6   Debt and convertible debt securities1,664 0.3 1,293 0.3 Total other investments$76,036 14.2 %$73,160 15.9 %Total investments$537,301 100.0 %$460,304 100.0 %

At June 30, 2025, our total investments increased by $77.0 million, or 16.7%, to $537.3 million from December 31, 2024.  The increase was primarily driven by $60.2 million of net contributions into Solasglas, coupled with the net investment return for YTD 2025. 

Investments in Solasglas

DME Advisors reports the composition of Solasglas’ portfolio on a delta-adjusted basis, which it believes is the appropriate manner to assess the exposure and profile of investments and reflects how it manages the portfolio. An option’s delta is the option price’s sensitivity to the underlying 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.