DME Advisors, LP is a Delaware limited partnership that began operations in 2004. 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. DME
Advisors GP, LLC is our general partner and David Einhorn is our President and portfolio
manager.
We provide investment advisory and other services to Solasglas Investments, LP
(“Solasglas”), the limited partners of which are certain subsidiaries (“Greenlight Re
subsidiaries”) of Greenlight Capital Re, Ltd., a Cayman Islands publicly-traded reinsurance
company (“Greenlight Re”).
We are required to follow the investment guidelines of the Greenlight Re subsidiaries
(collectively, the “Investment Guidelines”) but otherwise make investment decisions on behalf
of Solasglas. Our primary responsibilities for Solasglas are to identify, review, and select
investment opportunities that can achieve Solasglas’ investment objectives. We and our
affiliates, DME Advisors, LLC and DME Advisors II, LLC, also provide certain administrative
services to Solasglas. As discussed in greater detail in Item 10, we are an affiliate of Greenlight
Re. Mr. Einhorn is Chairman of the Board of Directors of Greenlight Re and a significant
investor in Greenlight Re.
The primary investment objective of Solasglas 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. Solasglas aims
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.
Subject to the Investment Guidelines (which may be amended or modified from time to
time and certain other contractual limitations in the advisory agreement), Solasglas is 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 Solasglas and do not participate in wrap fee programs, although an affiliate does
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 Solasglas) and we and/or one or more affiliates may do so in the future. Investment advice is
provided directly to Solasglas and not to the individual investors in Solasglas.
As of January 31, 2024, the regulatory assets under management by DME Advisors, LP
were approximately $563,027,682. 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).