Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 30

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 30
---
 public business entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years after December 15, 2027.  Early adoption is permitted.The Company is currently evaluating the disclosure impact of the above new ASUs.

3.      INVESTMENT IN RELATED PARTY INVESTMENT FUND 

The Company’s maximum exposure to loss relating to Solasglas Investments, LP (“Solasglas”) is limited to GLRE's share of Partners’ capital in Solasglas. At March 31, 2025, GLRE’s share of Partners’ capital in Solasglas was $435.3 million (December 31, 2024: $387.1 million), representing 77.8% (December 31, 2024: 77.9%) of Solasglas’ total net assets. DME Advisors II, LLC held the remaining 22.2% (December 31, 2024: 22.1%) of Solasglas’ total net assets. The Company’s share of the net increase in Partner’s capital for the three months ended March 31, 2025 was $32.2 million (three months ended March 31, 2024: a net increase of $18.2 million), as shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations. The summarized financial statements of Solasglas are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LPMarch 31, 2025December 31, 2024AssetsInvestments, at fair value$526,047 $504,828 Derivative contracts, at fair value35,843 8,925 Due from brokers264,229 188,296 Cash and cash equivalents27,375 40,354 Interest and dividends receivable294 1,536 Total assets853,788 743,939 Liabilities and partners’ capitalLiabilitiesInvestments sold short, at fair value(287,314)(234,977)Derivative contracts, at fair value(3,498)(4,452)Capital withdrawals payable— (4,000)Due to brokers(1,429)— Interest and dividends payable(1,468)(3,218)Accrued expenses and other liabilities(404)(180)Total liabilities(294,113)(246,827)Partners' capital$559,675