Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 12

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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.  The following table provides a breakdown of the gross and net investment return for Solasglas.

Three months ended March 3120252024Long portfolio gains (losses)(1.4)%4.4 %Short portfolio gains (losses)5.0 — Macro gains (losses)4.6 1.8 Other income and expenses(1)(0.4)(0.5)Gross investment return7.8 %5.7 %Net investment return(1)7.2 %5.2 %

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 Q1 2025, the significant contributors to Solasglas’ investment return were long positions in gold, Brighthouse Financial (BHF), and Lanxess (Germany: LXS). The largest detractors were long positions in Core Natural Resources (CNR), PENN Entertainment (PENN), and a single-name short position. 

For Q1 2024, the significant contributors to Solasglas’ investment return were long positions in Green Brick Partners (GRBK), Tenet Healthcare (THC), and an S&P 500 / U.S. interest rate derivative position.  The largest detractors were long positions in PENN, CONSOL Energy (CEIX), and a single-name short position.

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: 

March 31December 3120252024Investment in related party investment fund (Solasglas)$435,341 85.6 %$387,144 84.1 %Other investments:Private investments and unlisted equities 71,973 14.1 71,867 15.6   Debt and convertible debt securities1,293 0.3 1,293 0.3 Total other investments$73,266 14.4 %$73,160 15.9 %Total investments$508,607 100.0 %$460,304 100.0 %

At March 31, 2025, our total investments increased by $48.3 million, or 10.5%,