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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities TS Hamilton Fund TS Hamilton Fund meets the definition of a variable interest entity ("VIE") principally because the Managing Member does not hold substantive equity at risk in the entity but controls all of the decision making authority over it. Therefore, the Company assessed its ownership in the VIE to determine if it is the primary beneficiary. The Managing Member is a related party to the Company and collectively they hold all of the variable interest. The Company performed an assessment of all relevant facts and circumstances and determined that it is the entity within the related party group for whom substantially all of the activities of the VIE are conducted. As a result, the Company concluded that it is the primary beneficiary of TS Hamilton Fund. Activity in the non-controlling interest of TS Hamilton Fund for the three and nine months ended September 30, 2023 and 2022 was as follows:
|  |  |  | Three Months Ended |  | Nine Months Ended |  |  |  |  |  |  |
|  |  |  | September 30, |  | September 30, |  |  |  |  |  |
(Expressed in thousands of U.S. Dollars) |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |
Balance - beginning of period |  |  |  | $ | 124 |  |  | $ | 15,462 |  |  | $ | 119 |  |  | $ | 124 |  |  |  |  |  |  |  |
Withdrawals |  |  |  | (9,060) |  |  | — |  |  | (15,066) |  |  | (68,049) |  |  |  |  |  |  |  |
Equity in earnings |  |  |  | 5 |  |  | (1) |  |  | 10 |  |  | 20 |  |  |  |  |  |  |  |
Incentive allocation |  |  |  | 9,060 |  |  | (15,317) |  |  | 15,066 |  |  | 68,049 |  |  |  |  |  |  |  |
Balance - end of period |  |  |  | $ | 129 |  |  | $ | 144 |  |  | $ | 129 |  |  | $ | 144 |  |  |  |  |  |  |  |
The following table represents the total assets and total liabilities of TS Hamilton Fund at September 30, 2023 and December 31, 2022. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment.
(Expressed in thousands of U.S. Dollars) | 2023 |  | 2022
Assets |  |  |
Cash and cash equivalents | $ | 450,759 |  |  | $ | 800,239 |
Short-term investments | 347,787 |  |  | 264,104 |
Investments in Two Sigma Funds, at fair value | 979,986 |  |  | 740,736 |
Receivables for investments sold | 12,730 |  |  | — |
Interest and dividends receivable | 804 |  |  | 2,076 |
Total assets | 1,792,066 |  | 1,807,155
Liabilities |  |  |
Accounts payable and accrued expenses | 254 |  |  | 291 |
Withdrawal payable | 9,060 |  |  | 145,738 |
Payable for investments purchased | 86,933 |  |  | 48,095 |
Total liabilities | 96,247 |  | 194,124
Total net assets managed by TS Hamilton Fund | $ | 1,695,819 |  | $ | 1,613,031
The withdrawal payable of $9.1 million and $145.7 million at September 30, 2023 and December 31, 2022, respectively, includes a redemption of $Nil and $145.7 million, respectively, due to Hamilton Re. The net balance is reported on the Company's balance sheet in "Payables to related parties".

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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