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Variable Interest Entities

9 Months Ended

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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- References

No definition available.

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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

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