Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 525

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 1A
Chunk 525
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 significant contributors to Solasglas’ investment return were long positions in GRBK, CONSOL Energy Inc., and a S&P 500 / U.S. interest rate derivative position. The most significant detractors were three single-name short positions.

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: 

At December 31, 20242023Investment in related party investment fund (Solasglas)$387,144 84.1 %$258,890 78.0 %Other investments:  Private investments and unlisted equities 71,867 15.6 71,157 21.4   Debt and convertible debt securities1,293 0.3 2,136 0.6 Total other investments$73,160 15.9 %$73,293 22.0 %Total investments$460,304 100.0 %$332,183 100.0 %

At December 31, 2024, our total investments increased by $128.1 million, or 38.6%, to $460.3 million from December 31, 2023. The increase was predominantly driven by $94.6 million of net contributions into Solasglas, coupled with the 9.8% net investment return in 2024. The contributions were funded partially from cash flows from operations and from the partial release of restricted cash.

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:

At December 31,20242023Long %Short %Long %Short %Equities and related derivatives73.9 (43.3)90.2 (53.8)Private and unlisted equity securities2.1 — 2.0 — Debt instruments0.1 — 0.3 — Total