Business Context and Reporting Period
This Form 8-K was filed by Greenlight Capital Re, Ltd. on January 26, 2022. The report discloses information regarding the investment portfolio of Solasglas Investments, LP, managed by DME Advisors, LP, to comply with Regulation FD ahead of a private investor conference address by David Einhorn.
Key Financial Metrics
- Investment Portfolio Value (Dec 31, 2021): $302 million (including general partnership interests); $236 million (excluding general partnership interests).
- Portfolio Composition: Represented 13.9% of the aggregate assets under management of Greenlight Capital and its affiliates as of December 31, 2021.
- Recent Performance (Jan 1–25, 2022): Estimated investment return of 0.1% net of fees and expenses.
Material Changes and Portfolio Holdings
The filing details the composition of the Investment Portfolio as of January 25, 2022:
- Largest Disclosed Positions (Long): Atlas Air Worldwide, Brighthouse Financial Inc., Chemours, Green Brick Partners Inc., and Teck Resources.
- Other Long Positions: Capri Holdings, Concentrix, CONSOL Energy, Danimer Scientific, Galapagos NV, Global Payments, ODP Corporation, Rheinmetall AG, and gold.
- Outlook: Management anticipates maintaining ownership in the largest disclosed positions for the foreseeable future.
Guidance, Risks, and Unusual Items
The filing contains no forward-looking guidance, risk factors, or discussion of unusual items beyond the disclosure of current portfolio holdings and recent performance. The information is furnished under Item 7.01 and is not deemed "filed" for liability purposes under Section 18 of the Exchange Act.
Investor Verification Checklist
- Verify the calculation methodology for the 0.1% estimated return by reviewing Note (ii) on the Investment Returns section of the company website.
- Confirm the distinction between the $302 million total portfolio value and the $236 million value excluding general partnership interests.
- Monitor future filings for updates on the "foreseeable future" holding period for the largest disclosed positions.