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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2024
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 was as follows:
| Three Months Ended |  | Nine Months Ended |  |  |  |  |  |  |
| September 30, |  | September 30, |  |  |  |  |  |
($ in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
Balance - beginning of period | $ | 77,275 |  |  | $ | 124 |  |  | $ | 133 |  |  | $ | 119 |  |  |  |  |  |  |  |
Withdrawals | — |  |  | (9,060) |  |  | (112,313) |  |  | (15,066) |  |  |  |  |  |  |  |
Equity in earnings | (1) |  |  | 5 |  |  | 33 |  |  | 10 |  |  |  |  |  |  |  |
Incentive allocation | (17,214) |  |  | 9,060 |  |  | 172,207 |  |  | 15,066 |  |  |  |  |  |  |  |
Balance - end of period | $ | 60,060 |  |  | $ | 129 |  |  | $ | 60,060 |  |  | $ | 129 |  |  |  |  |  |  |  |
The following table presents the total assets and total liabilities of TS Hamilton Fund. 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.
($ in thousands) | September 30, 2024 |  | December 31, 2023
Assets |  |  |
Cash and cash equivalents | $ | 560,757 |  |  | $ | 479,255 |
Short-term investments | 507,947 |  |  | 428,878 |
Investments in Two Sigma Funds, at fair value | 932,787 |  |  | 851,470 |
Receivables for investments sold | 28,977 |  |  | 41,087 |
Interest and dividends receivable | 1,184 |  |  | 966 |
Total assets | 2,031,652 |  | 1,801,656
Liabilities |  |  |
Accounts payable and accrued expenses | 190 |  |  | 191 |
Withdrawal payable | — |  |  | 6,480 |
Payable for investments purchased | 151,754 |  |  | 62,440 |
Total liabilities | 151,944 |  | 69,111
Total net assets managed by TS Hamilton Fund | $ | 1,879,708 |  | $ | 1,732,545

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- References No definition available. + Details
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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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