Company: GLRE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001385613-25-000079
Chunk: 19

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 19
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1.0 million in Q2 2024 and YTD 2024, respectively.

Income from Investment in Solasglas

For Q2 2025 and YTD 2025, Solasglas reported a net loss of 4.0% and a net gain of 2.9%, respectively, compared to a net gain of 1.2% and 6.4% for Q2 2024 and YTD 2024, respectively.  The following table provides a breakdown of the gross and net investment return for Solasglas.

Three months ended June 30Six months ended June 302025202420252024Long portfolio gains (losses)1.2 %(1.0)%(0.2)%3.4 %Short portfolio gains (losses)(8.9)1.6 (4.2)1.7 Macro gains (losses)3.5 0.9 8.2 2.9 Other income and expenses(1)(0.2)(0.2)(0.6)(0.9)Gross investment return (loss)(4.4)%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