Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 57

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 Entertainment (PENN), and a single-name short position. 

For Q1 2024, the significant contributors to Solasglas’ investment return were long positions in Green Brick Partners (GRBK), Tenet Healthcare (THC), and an S&P 500 / U.S. interest rate derivative position.  The largest detractors were long positions in PENN, CONSOL Energy (CEIX), and a single-name short position.

Each month, we post on our website (www.greenlightre.com) the returns from our investment in Solasglas. 

Financial Condition

Investments

The following table provides a breakdown of our total investments: 

March 31December 3120252024Investment in related party investment fund (Solasglas)$435,341 85.6 %$387,144 84.1 %Other investments:Private investments and unlisted equities 71,973 14.1 71,867 15.6   Debt and convertible debt securities1,293 0.3 1,293 0.3 Total other investments$73,266 14.4 %$73,160 15.9 %Total investments$508,607 100.0 %$460,304 100.0 %

At March 31, 2025, our total investments increased by $48.3 million, or 10.5%, to $508.6 million from December 31, 2024.  The increase was primarily driven by $16.0 million of net contributions into Solasglas, coupled with the net investment return for Q1 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.

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The following table represents the composition of Solasglas’ investments:

March 31December 3120252024Long %Short %Long %Short %Equities and related derivatives82.9 %(65.6)%73.9 %(43.3)%Private and unlisted equity securities2.3 — 2.