GREENLIGHT CAPITAL RE, LTD.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
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Income from Investment in Solasglas
For Q1 2025, Solasglas reported a net gain of 7.2%, compared to a net gain of 5.2% for Q1 2024. The following table provides a breakdown of the gross and net investment return for Solasglas.
| 2025 | 2024 | |
|---|---|---|
| Long 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 return | 7.8% | 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.