INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)

9 Months Ended

Sep. 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

	September 30, 2020		December 31, 2019
	($ in thousands)
Assets
Investments, at fair value	$	220,116	$	162,928
Derivative contracts, at fair value	3,097		6,324
Due from brokers	130,220		68,060
Cash and cash equivalents	2,202		111,046
Interest and dividends receivable	281		47
Total assets	355,916		348,405
Liabilities and partners’ capital
Liabilities
Investments sold short, at fair value	(116,336)		(47,834)
Derivative contracts, at fair value	(10,962)		(2,054)
Due to brokers	—		(1,180)
Interest and dividends payable	(32)		(828)
Other liabilities	(233)		(101)
Total liabilities	(127,563)		(51,997)
Net Assets	$	228,353	$	296,408
GLRE Limited Partners’ share of Net Assets	$	184,956	$	240,056

Summarized Statement of Operations of Solasglas Investments, LP

	Three months ended September 30				Nine months ended September 30
	2020		2019		2020		2019
	($ in thousands)
Investment income
Dividend income (net of withholding taxes)	$	170	$	652	$	1,204	$	2,334
Interest income	36		279		262		1,869
Total Investment income	206		931		1,466		4,203
Expenses
Management fee	(703)		(653)		(1,981)		(4,235)
Interest	(176)		(89)		(518)		(2,308)
Dividends	(213)		(96)		(612)		(1,532)
Professional fees and other	(432)		(204)		(764)		(1,009)
Total expenses	(1,524)		(1,042)		(3,875)		(9,084)
Net investment income (loss)	(1,318)		(111)		(2,409)		(4,881)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	(1,412)		14,760		(44,972)		26,989
Net change in unrealized appreciation (depreciation)	10,832		(5,675)		5,811		45,708
Net gain (loss) on investment transactions	9,420		9,085		(39,161)		72,697
Net income (loss)	$	8,102	$	8,974	$	(41,570)	$	67,816
GLRE Limited Partners’ share of net income (loss) (1)	$	6,431	$	6,609	$	(34,086)	$	51,770

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

	Three months ended September 30				Nine months ended September 30
	2020		2019		2020		2019
	($ in thousands)
Management fees	$	703	$	652	$	1,981	$	4,234
Performance allocation	$	—	$	673	$	—	$	5,654