Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 76

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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4)%1.3 %3.2 %7.1 %Net investment return (loss)(1)(4.0)%1.2 %2.9 %6.4 %

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 Q2 2025, the significant contributors to Solasglas’ investment return were long positions in gold and Kyndryl Holdings (KD) and a short position in the S&P 500 index. The largest detractors were three single-name short positions. 

For YTD 2025, the significant contributors to Solasglas’ investment return were the same as for Q2 2025. The largest detractors were a long position in Core Natural Resources (CNR) and two single-name short positions.

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

37

Financial Condition

Investments

The following table provides a breakdown of our total investments: 

June 30December 3120252024Investment in related party investment fund (Solasglas)$461,265 85.8 %$387,144 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