Greenlight Capital, Inc. is a Delaware corporation that was founded in 1996. We are a
value-oriented investment management firm that primarily invests and trades in long and short
publicly-listed equity securities, as well as distressed debt when cyclically attractive. David
Einhorn is our President and portfolio manager.
We provide investment advisory services to: (i) Greenlight Capital Offshore Partners,
Ltd., a British Virgin Islands business company; (ii) Greenlight Capital, L.P., a Delaware limited
partnership, which is a feeder fund for Greenlight Capital Offshore Partners, Ltd.; (iii) GCOQ
Intermediate, LP, a British Virgin Islands limited partnership, which is also a feeder fund for
Greenlight Capital Offshore Partners, Ltd.; and (iv) Greenlight Capital Offshore Qualified, Ltd.,
a British Virgin Islands business company, which is a feeder fund for GCOQ Intermediate, LP
(collectively, the “Capital Funds”).
We make all investment decisions on behalf of the Capital Funds. Our primary
responsibilities for the Capital Funds are to identify, review, and select investment opportunities
that can achieve the Capital Funds’ investment objectives. We and our affiliate, DME
Management GP, LLC (the general partner of Greenlight Capital, L.P. and GCOQ Intermediate,
LP), also provide certain administrative and management services to the Capital Funds.
The primary investment objective of the Capital Funds is to achieve capital appreciation
by buying securities with trading values materially lower than their intrinsic values and by
selling short securities with trading values materially higher than their intrinsic values. The
Capital Funds aim to achieve high absolute rates of return while minimizing the risk of capital
loss. There can be no assurance that this investment objective will be achieved and investment
results may vary substantially.
The Capital Funds are permitted to invest, on margin or otherwise, in securities and other
financial instruments of United States and foreign issuers, including, but not limited to: (i) capital
stock; shares of beneficial interest; partnership interests and similar financial instruments; loans;
bonds, notes, debentures (whether subordinated, convertible or otherwise), bank debt and other
evidence of indebtedness; debt securities or other obligations of United States and foreign
governments, or any states, agencies or instrumentalities thereof; commercial paper; other
obligations and instruments or evidences of indebtedness of whatever kind or nature; in each
case, of any person, government or other entity whatsoever, whether or not publicly traded or
readily marketable; equipment lease certificates; equipment trust certificates; accounts and notes
receivable and payable held by trade or other creditors; trade acceptances; contract and other
claims; executory contracts; participations; open- and closed-end investment companies and
other mutual funds; money market funds; exchange traded funds (“ETFs”); repurchase
agreements; certificates of deposit; banker’s acceptances; trust receipts; currencies; and
commodities; (ii) futures on the securities and instruments listed in (i) above, as well as futures
relating to stock indices and other financial instruments; and (iii) derivatives, such as swaps,
options, warrants, caps, collars, floors and forwards on the securities, instruments and futures
listed in (i) and (ii) above, as well as interest rate, currency, commodity, equity and other
derivatives, all without restriction of any kind.
We currently do not provide investment advisory services to clients apart from our
management of the Capital Funds and do not participate in wrap fee programs, although our
affiliates do provide advice to other persons and/or entities (including other privately-offered
pooled alternative investment vehicles, some of which have an investment strategy substantially
similar to the Capital Funds) and we and/or one or more affiliates may do so in the future.
Investment advice is provided directly to each of the Capital Funds and not to the individual
investors in the Capital Funds.
As of December 31, 2022, the regulatory assets under management by Greenlight
Capital, Inc. were approximately $1,418,761,298. All assets are managed on a discretionary
basis.
For a further discussion of these and related items, see Item 7 (Types of Clients), Item 8
(Methods of Analysis, Investment Strategies and Risk of Loss) and Item 10 (Other Financial
Industry Activities and Affiliations).