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INVESTMENT IN RELATED PARTY INVESTMENT FUND
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN RELATED PARTY INVESTMENT FUND INVESTMENT IN RELATED PARTY INVESTMENT FUND
Effective August 1, 2024, the Company and Solasglas Investments, LP (“Solasglas”) entered into Amendment No. 2 to the Second Amended and Restated Exempted Limited Partnership Agreement, to revise the Investment Cap from 60% to 70% (as defined in Note 3 of the 2023 Form 10-K).

The Company’s maximum exposure to loss relating to Solasglas is limited to GLRE's share of Partners’ capital in Solasglas. At September 30, 2024, GLRE’s share of Partners’ capital in Solasglas was $397.9 million (December 31, 2023: $258.9 million), representing 77.2% (December 31, 2023: 72.7%) of Solasglas’ total net assets. DME Advisors II, LLC held the remaining 22.8% (December 31, 2023: 27.3%) of Solasglas’ total net assets.

The Company’s share of the net increase in Partner’s capital for the three and nine months ended September 30, 2024 was $19.8 million and $42.4 million, respectively, (three and nine months ended September 30, 2023: a net decrease of $1.9 million and a net increase of $27.8 million, respectively), as shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations.

The summarized financial statements of Solasglas are presented below.

Summarized Statements of Financial Condition of Solasglas Investments, LP
September 30, 2024December 31, 2023
Assets
Investments, at fair value$549,163 $453,358 
Derivative contracts, at fair value11,844 11,167 
Due from brokers210,446 121,754 
Cash and cash equivalents21,782 — 
Interest and dividends receivable438 1,143 
Total assets793,673 587,422 
Liabilities and partners’ capital
Liabilities
Investments sold short, at fair value(263,540)(197,571)
Derivative contracts, at fair value(12,101)(12,917)
Capital withdrawals payable(1,250)(1,000)
Due to brokers— (17,398)
Interest and dividends payable(1,409)(2,315)
Accrued expenses and other liabilities(204)(247)
Total liabilities(278,504)(231,448)
Partners' capital$515,170 $355,974 
GLRE’s share of Partners' capital
$397,888 $258,890 
Summarized Statements of Operations of Solasglas Investments, LP
Three months ended September 30Nine months ended September 30
2024202320242023
Investment income
Dividend income (net of withholding taxes)$752 $273 $2,524 $1,624 
Interest income3,540 2,523 10,040 6,415 
Total Investment income4,292 2,796 12,564 8,039 
Expenses
Management fee(1,613)(1,238)(4,344)(3,469)
Interest(817)(2,380)(2,887)(5,387)
Dividends(782)(659)(2,217)(1,871)
Professional fees and other(262)(507)(921)(1,396)
Total expenses(3,474)(4,784)(10,369)(12,123)
Net investment income (loss)818 (1,988)2,195 (4,084)
Realized and change in unrealized gains (losses)
Net realized gain (loss) 23,647 460 86,677 (2,145)
Net change in unrealized appreciation (depreciation)4,801 (1,191)(24,582)52,601 
Net gain (loss) on investment transactions28,448 (731)62,095 50,456 
Net increase (decrease) in Partners' capital (1)
$29,265 $(2,719)$64,289 $46,372 
GLRE’s share of the increase (decrease) in Partners' capital
$19,844 $(1,853)$42,422 $27,791 

(1) The net increase in Partners’ capital is net of management fees and performance allocation presented below:

Three months ended September 30Nine months ended September 30
2024202320242023
Management fees$1,613 $1,238 $4,344 $3,469 
Performance allocation2,205 $(206)4,714 3,088 
Total$3,818 $1,032 $9,058 $6,557