XML 20 R9.htm IDEA: XBRL DOCUMENT v3.25.2
INVESTMENT IN RELATED PARTY INVESTMENT FUND
 6 Months Ended
Jun. 30, 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 June 30, 2025, GLRE’s share of Partners’ capital in Solasglas was $461.3 million (December 31, 2024: $387.1 million), representing 79.7% (December 31, 2024: 77.9%) of Solasglas’ total net assets. DME Advisors II, LLC held the remaining 20.3% (December 31, 2024: 22.1%) of Solasglas’ total net assets.

The Company’s share of the net increase in Partner’s capital for the six months ended June 30, 2025 was $13.9 million (six months ended June 30, 2024: a net increase of $22.6 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
June 30, 2025December 31, 2024
Assets
Investments, at fair value$569,600 $504,828 
Derivative contracts, at fair value25,054 8,925 
Due from brokers382,603 188,296 
Cash and cash equivalents— 40,354 
Interest and dividends receivable401 1,536 
Total assets977,658 743,939 
Liabilities and partners’ capital
Liabilities
Investments sold short, at fair value(385,614)(234,977)
Derivative contracts, at fair value(11,337)(4,452)
Capital withdrawals payable(50)(4,000)
Due to brokers(85)— 
Interest and dividends payable(1,437)(3,218)
Accrued expenses and other liabilities(350)(180)
Total liabilities(398,873)(246,827)
Partners' capital$578,785 $497,112 
GLRE’s share of Partners' capital
$461,265 $387,144 
Summarized Statements of Operations of Solasglas Investments, LP
Three months ended June 30Six months ended June 30
2025202420252024
Investment income
Dividend income (net of withholding taxes)$2,687 $941 $4,177 $1,772 
Interest income4,822 2,148 8,449 6,500 
Total Investment income7,509 3,089 12,626 8,272 
Expenses
Management fee(1,756)(1,408)(3,486)(2,731)
Interest(3,770)(736)(5,471)(2,070)
Dividends(916)(731)(1,677)(1,435)
Research and operating(486)(335)(971)(659)
Total expenses(6,928)(3,210)(11,605)(6,895)
Net investment income (loss)581 (121)1,021 1,377 
Realized and change in unrealized gains (losses)
Net realized gain36,584 20,085 55,689 63,030 
Net change in unrealized appreciation (depreciation)(62,256)(13,138)(35,238)(29,383)
Net gain (loss) on investment transactions(25,672)6,947 20,451 33,647 
Net increase (decrease) in Partners' capital (1)
$(25,091)$6,826 $21,472 $35,024 
GLRE’s share of the increase (decrease) in Partners' capital
$(18,276)$4,330 $13,921 $22,578 

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

Three months ended June 30Six months ended June 30
2025202420252024
Management fees$1,756 $1,408 $3,486 $2,731 
Performance allocation(2,031)481 1,547 2,509 
Total$(275)$1,889 $5,033 $5,240