Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 20

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 relating to this runoff business was $0.1 million and $0.7 million in Q3 2025 and YTD 2025, respectively, compared to $0.5 million and $1.5 million in Q3 2024 and YTD 2024, respectively.

Income from Investment in Solasglas

For Q3 2025 and YTD 2025, Solasglas reported a net loss of 3.2% and 0.4%, respectively, compared to a net gain of 5.2% and 11.9% for Q3 2024 and YTD 2024, respectively. The following table provides a breakdown of the gross and net investment return for Solasglas.

Three months ended September 30Nine months ended September 302025202420252024Long portfolio gains (losses)1.7 %9.9 %1.4 %13.8 %Short portfolio gains (losses)(8.1)(5.0)(12.3)(3.5)Macro gains (losses)3.3 1.2 11.4 4.1 Other income and expenses(1)(0.4)(0.4)(0.9)(1.2)Gross investment return (loss)(3.5)%5.7 %(0.4)%13.2 %Net investment return (loss)(1)(3.2)%5.2 %(0.4)%11.9 %

1 “Other income and expenses” excludes performance compensation but includes management fees. “Net investment return” incorporates both of these amounts. For further information about management fees and performance compensation, refer to Note 3.

For Q3 2025, the significant contributors to Solasglas’ investment loss were long positions in gold, Green Brick Partners (GRBK), and Core Natural Resources (CNR). The largest detractors were a single-name short position, a short basket to hedge home-building exposure and a long position in Kyndryl Holdings (KD). 

For YTD 2025, the significant contributors to Solasglas’ investment loss were gold, GRBK, and one macro position. The largest detractors were three single-name short positions.

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

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Financial Condition

Investments

The following table provides a breakdown of our total investments: 

September