Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 575

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 575
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 2024, GLRE’s share of Partners’ capital in Solasglas was $387.1 million (December 31, 2023: $258.9 million), representing 77.9% (December 31, 2023: 72.7%) of Solasglas’ total capital. DME II held the remaining 22.1% (December 31, 2023: 27.3%) of Solasglas’ total capital. The investment in Solasglas is recorded at the GLRE Limited Partners’ share of Solasglas’ capital as reported by Solasglas’ third-party administrator. The GLRE Limited Partners can redeem their investment from Solasglas for operational purposes by providing 3 business days’ notice to DME II. At December 31, 2024, the majority of Solasglas’ long investments were composed of cash and publicly-traded equity securities, which could be readily liquidated to meet the GLRE Limited Partners’ redemption requests. The Company’s share of Solasglas’ income from operations for the years ended December 31, 2024, 2023, and 2022, was $33.6 million, $28.7 million, and $54.8 million, respectively, and shown in the caption “Income from investment in related party investment fund” in the Company’s consolidated statements of operations. 

At December 31, 2024, the Company’s investment in Solasglas represented 60.9% (December 31, 2023: 43.4%) of total shareholders’ equity. 

The Company has determined that for its fiscal year ended December 31, 2024, the Company’s investment in Solasglas met at least one of the conditions of a significant subsidiary under SEC’s Regulation S-X, Rule 3-09. Accordingly, the audited financial statements for Solasglas have been attached as an exhibit (Exhibit 99.1) to this Form 10-K. The summarized financial statements of Solasglas are presented below. 

F-17

Summarized Statements of Financial Condition of Solasglas Investments, LPDecember 31, 2024December 31, 2023AssetsInvestments, at fair value$504,828 $453,358 Derivative contracts, at fair value8,925 11,167 Due from brokers188,296 121,754 Cash and cash equivalents40,354 — Interest