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INVESTMENT IN RELATED PARTY INVESTMENT FUND
 9 Months Ended
Sep. 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 September 30, 2025, GLRE’s share of Partners’ capital in Solasglas was $456.9 million (December 31, 2024: $387.1 million), representing 81.6% (December 31, 2024: 77.9%) of Solasglas’ total net assets. DME Advisors II, LLC held the remaining 18.4% (December 31, 2024: 22.1%) of Solasglas’ total net assets.

The Company’s share of the net decrease in Partner’s capital for the nine months ended September 30, 2025 was $0.5 million (nine months ended September 30, 2024: a net increase of $42.4 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
September 30, 2025December 31, 2024
Assets
Investments, at fair value$547,585 $504,828 
Derivative contracts, at fair value26,277 8,925 
Due from brokers288,641 188,296 
Cash and cash equivalents— 40,354 
Interest and dividends receivable445 1,536 
Total assets862,948 743,939 
Liabilities and partners’ capital
Liabilities
Investments sold short, at fair value(277,735)(234,977)
Derivative contracts, at fair value(22,630)(4,452)
Capital withdrawals payable(24)(4,000)
Interest and dividends payable(1,871)(3,218)
Accrued expenses and other liabilities
(614)(180)
Total liabilities(302,874)(246,827)
Partners' capital$560,074 $497,112 
GLRE’s share of Partners' capital
$456,861 $387,144 
Summarized Statements of Operations of Solasglas Investments, LP
Three months ended September 30Nine months ended September 30
2025202420252024
Investment income
Dividend income (net of withholding taxes)$1,030 $752 $5,207 $2,524 
Interest income5,060 3,540 13,509 10,040 
Total Investment income6,090 4,292 18,716 12,564 
Expenses
Management fee(1,695)(1,613)(5,181)(4,344)
Interest(4,924)(817)(10,395)(2,887)
Dividends(884)(782)(2,561)(2,217)
Research and operating(335)(262)(1,306)(921)
Total expenses(7,838)(3,474)(19,443)(10,369)
Net investment income (loss)(1,748)818 (727)2,195 
Realized and change in unrealized gains (losses)
Net realized gain (loss)(57,283)23,647 (1,594)86,677 
Net change in unrealized appreciation (depreciation)39,484 4,801 4,246 (24,582)
Net gain (loss) on investment transactions(17,799)28,448 2,652 62,095 
Net increase (decrease) in Partners' capital (1)
$(19,547)$29,265 $1,925 $64,289 
GLRE’s share of the increase (decrease) in Partners' capital
$(14,404)$19,844 $(483)$42,422 

(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
2025202420252024
Management fees$1,695 $1,613 $5,181 $4,344 
Performance allocation(1,519)2,205 28 4,714 
Total$176 $3,818 $5,209 $9,058