GREENLIGHT CAPITAL RE LTD
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
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Income from Investment in Solasglas
Our share of Solasglas’ net income increased by $4.9 million to $33.6 million in 2024 compared to 2023. For the year ended December 31, 2024, Solasglas reported a net investment return of 9.8%, compared to 9.4% for 2023. The following table provides a breakdown of the gross and net investment return for Solasglas:
| 2024 | 2023 | |
|---|---|---|
| Long portfolio gains (losses) | 10.3% | 32.1% |
| Short portfolio gains (losses) | (2.3) | (22.1) |
| Macro gains (losses) | 4.4 | 3.7 |
| Other income and expenses 1 | (1.6) | (3.2) |
| Gross investment return | 10.8% | 10.5% |
| Net investment return 1 | 9.8% | 9.4% |
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 15 “Related Party Transactions” of the consolidated financial statements.
For the year ended December 31, 2024, the significant contributors to Solasglas’ investment return were long positions in gold, Kyndryl Holdings (KD) and GRBK. The largest detractors were three single-name short positions.
For the year ended December 31, 2023, the 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.