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INVESTMENT IN RELATED PARTY INVESTMENT FUND | 3 Months Ended
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Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN RELATED PARTY INVESTMENT FUND | INVESTMENT IN RELATED PARTY INVESTMENT FUND The Company’s maximum exposure to loss relating to Solasglas Investments, LP (“Solasglas”) is limited to GLRE's share of Partners’ capital in Solasglas. At March 31, 2025, GLRE’s share of Partners’ capital in Solasglas was $435.3 million (December 31, 2024: $387.1 million), representing 77.8% (December 31, 2024: 77.9%) of Solasglas’ total net assets. DME Advisors II, LLC held the remaining 22.2% (December 31, 2024: 22.1%) of Solasglas’ total net assets. The Company’s share of the net increase in Partner’s capital for the three months ended March 31, 2025 was $32.2 million (three months ended March 31, 2024: a net increase of $18.2 million), 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
|  | March 31, 2025 |  | December 31, 2024
Assets |  |  |  |
Investments, at fair value |  | $ | 526,047 |  |  | $ | 504,828 |
Derivative contracts, at fair value |  | 35,843 |  |  | 8,925 |
Due from brokers |  | 264,229 |  |  | 188,296 |
Cash and cash equivalents |  | 27,375 |  |  | 40,354 |
Interest and dividends receivable |  | 294 |  |  | 1,536 |
Total assets |  | 853,788 |  |  | 743,939 |
Liabilities and partners’ capital |  |  |  |
Liabilities |  |  |  |
Investments sold short, at fair value |  | (287,314) |  |  | (234,977) |
Derivative contracts, at fair value |  | (3,498) |  |  | (4,452) |
Capital withdrawals payable |  | — |  |  | (4,000) |
Due to brokers |  | (1,429) |  |  | — |
Interest and dividends payable |  | (1,468) |  |  | (3,218) |
Accrued expenses and other liabilities |  | (404) |  |  | (180) |
Total liabilities |  | (294,113) |  |  | (246,827) |
Partners' capital |  | $ | 559,675 |  |  | $ | 497,112 |
GLRE’s share of Partners' capital |  | $ | 435,341 |  |  | $ | 387,144 |
Summarized Statements of Operations of Solasglas Investments, LP
|  | Three months ended March 31
|  | 2025 |  | 2024
Investment income |  |  |  |
Dividend income (net of withholding taxes) |  | $ | 1,490 |  |  | $ | 831 |
Interest income |  | 3,627 |  |  | 4,352 |
Total Investment income |  | 5,117 |  |  | 5,183 |
Expenses |  |  |  |
Management fee |  | (1,730) |  |  | (1,323) |
Interest |  | (1,701) |  |  | (1,334) |
Dividends |  | (761) |  |  | (704) |
Research and operating |  | (485) |  |  | (324) |
Total expenses |  | (4,677) |  |  | (3,685) |
Net investment income |  | 440 |  |  | 1,498 |
Realized and change in unrealized gains (losses) |  |  |  |
Net realized gain (loss) |  | 19,105 |  |  | 42,945 |
Net change in unrealized appreciation (depreciation) |  | 27,018 |  |  | (16,245) |
Net gain on investment transactions |  | 46,123 |  |  | 26,700 |
Net increase in Partners' capital (1) |  | $ | 46,563 |  |  | $ | 28,198 |
GLRE’s share of the increase in Partners' capital |  | $ | 32,197 |  |  | $ | 18,248 |
(1) The net increase in Partners’ capital is net of management fees and performance allocation presented below:
|  | Three months ended March 31
|  | 2025 |  | 2024
Management fees |  | $ | 1,730 |  |  | $ | 1,323 |
Performance allocation |  | 3,578 |  |  | 2,028 |
Total |  | $ | 5,308 |  |  | $ | 3,351 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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