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INVESTMENT IN RELATED PARTY INVESTMENT FUND
 3 Months Ended
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, 2025December 31, 2024
Assets
Investments, at fair value$526,047 $504,828 
Derivative contracts, at fair value35,843 8,925 
Due from brokers264,229 188,296 
Cash and cash equivalents27,375 40,354 
Interest and dividends receivable294 1,536 
Total assets853,788 743,939 
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
20252024
Investment income
Dividend income (net of withholding taxes)$1,490 $831 
Interest income3,627 4,352 
Total Investment income5,117 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 transactions46,123 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
20252024
Management fees$1,730 $1,323 
Performance allocation3,578 2,028 
Total$5,308 $3,351