INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)

6 Months Ended

Jun. 30, 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

	June 30, 2020		December 31, 2019
	($ in thousands)
Assets
Investments, at fair value	$	150,204	$	162,928
Derivative contracts, at fair value	2,909		6,324
Due from brokers	88,268		68,060
Cash and cash equivalents	54,719		111,046
Interest and dividends receivable	27		47
Total assets	296,127		348,405
Liabilities and partners’ capital
Liabilities
Investments sold short, at fair value	(59,791)		(47,834)
Derivative contracts, at fair value	(10,814)		(2,054)
Due to brokers	(745)		(1,180)
Interest and dividends payable	(197)		(828)
Other liabilities	(89)		(101)
Total liabilities	(71,636)		(51,997)
Net Assets	$	224,491	$	296,408
GLRE Limited Partners’ share of Net Assets	$	177,658	$	240,056

Summarized Statement of Operations of Solasglas Investments, LP

	Three months ended June 30				Six months ended June 30
	2020		2019		2020		2019
	($ in thousands)
Investment income
Dividend income (net of withholding taxes)	$	287	$	442	$	1,034	$	1,682
Interest income	17		904		226		1,590
Total Investment income	304		1,346		1,260		3,272
Expenses
Management fee	(616)		(1,568)		(1,278)		(3,582)
Interest	(325)		(845)		(342)		(2,219)
Dividends	(254)		(366)		(399)		(1,436)
Professional fees and other	(124)		(425)		(332)		(805)
Total expenses	(1,319)		(3,204)		(2,351)		(8,042)
Net investment income (loss)	(1,015)		(1,858)		(1,091)		(4,770)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	(31,607)		19,404		(43,560)		12,229
Net change in unrealized appreciation (depreciation)	34,772		1,630		(5,021)		51,383
Net gain (loss) on investment transactions	3,165		21,034		(48,581)		63,612
Net income (loss)	$	2,150	$	19,176	$	(49,672)	$	58,842
GLRE Limited Partners’ share of net income (loss) (1)	$	1,609	$	14,405	$	(40,517)	$	45,161

(1) Net of management fees and accrued performance allocation as follows:

	Three months ended June 30		Six months ended June 30
	2020	2019	2020	2019
	($ in thousands)
Management fees	616	1,567	1,278	3,582
Performance allocation	—	1,564	—	4,981