XML 44 R21.htm IDEA: XBRL DOCUMENT v3.20.1
INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)
 3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Financial Information of Investment
The summarized financial statements of SILP are presented below.

Summarized Statement of Assets and Liabilities of Solasglas Investments, LP
 
 
March 31, 2020
 
December 31, 2019
 
 
($ in thousands)
Assets
 
 
 
 
Investments, at fair value
 
$
108,514

 
$
162,928

Derivative contracts, at fair value
 
5,346

 
6,324

Due from brokers
 
84,981

 
68,060

Cash and cash equivalents
 
107,906

 
111,046

Interest and dividends receivable
 
3

 
47

Total assets
 
306,750

 
348,405

 
 
 
 
 
Liabilities and partners’ capital
 
 
 
 
Liabilities
 
 
 
 
Investments sold short, at fair value
 
(44,736
)
 
(47,834
)
Derivative contracts, at fair value
 
(16,969
)
 
(2,054
)
Due to brokers
 
(8,306
)
 
(1,180
)
Interest and dividends payable
 
(129
)
 
(828
)
Other liabilities
 
(57
)
 
(101
)
Total liabilities
 
(70,197
)
 
(51,997
)
 
 
 
 
 
Net Assets
 
$
236,553

 
$
296,408

 
 
 
 
 
GLRE Limited Partners’ share of Net Assets
 
$
189,898

 
$
240,056



Summarized Statement of Operations of Solasglas Investments, LP
 
 
Three months ended March 31, 2020
 
Three months ended March 31, 2019
 
 
($ in thousands)
Investment income
 
 
 
 
Dividend income (net of withholding taxes)
 
$
747

 
$
1,240

Interest income
 
209

 
686

Total Investment income
 
956

 
1,926

 
 
 
 
 
Expenses
 
 
 
 
Management fee
 
(662
)
 
(2,014
)
Interest
 
(17
)
 
(1,374
)
Dividends
 
(145
)
 
(1,070
)
Professional fees and other
 
(208
)
 
(380
)
Total expenses
 
(1,032
)
 
(4,838
)
Net investment income (loss)
 
(76
)
 
(2,912
)
 
 
 
 
 
Realized and change in unrealized gains (losses)
 
 
 
 
Net realized gain (loss)
 
(11,953
)
 
(7,175
)
Net change in unrealized appreciation (depreciation)
 
(39,793
)
 
49,753

Net gain (loss) on investment transactions
 
(51,746
)
 
42,578

 
 
 
 
 
Net income (loss)
 
$
(51,822
)
 
$
39,666

 
 
 
 
 
GLRE Limited Partners’ share of net income (loss) (1)
 
$
(42,126
)
 
$
30,756



1 Net of management fees of $0.7 million and $2.0 million for the three months ended March 31, 2020 and 2019, respectively, and net of accrued performance allocation of nil and $3.4 million for the three months ended March 31, 2020 and 2019, respectively. See Note 9 for further details.