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Midas Edge

GREENLIGHT CAPITAL RE, LTD.

For the period ended Dec 31, 2025. Filed Mar 9, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 9, 2026

GLRE$16.37+1.5%Stored close · as of Nov 10, 2026

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Contents

Income from Investment in Solasglas

Our share of Solasglas’ net income increased by $2.1 million to $35.7 million in 2025, compared to 2024. This increase was driven by a higher investment portfolio balance during 2025, offset partially by a lower net investment return. For the year ended December 31, 2025, Solasglas reported a net investment return of 7.5%, compared to 9.8% for 2024.

The following table provides a breakdown of the gross and net investment return for Solasglas:

20252024
Long portfolio gains2.8%10.3%
Short portfolio losses(8.1)%(2.3)%
Macro gains14.9%4.4%
Other income and expenses(1)(1.2)%(1.6)%
Gross investment return8.4%10.8%
Net investment return(1)7.5%9.8%

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 16 “Related Party Transactions” of the consolidated financial statements.

For the year ended December 31, 2025, the significant contributors to Solasglas’ investment return were long positions in gold, Brighthouse Financial Inc. (BHF) and Teva Pharmaceutical Industries (TEVA). The largest detractors were a long position in Lanxess AG (LXS GY) and two single-name short positions.

For the year ended December 31, 2024, the significant contributors to Solasglas’ investment return were long positions in gold, Kyndryl Holdings (KD) and Green Brick Partners (GRBK). The largest detractors were three single-name short positions.

Each month, we post on our website (www.greenlightre.com) the returns from our investment in Solasglas.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.