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Variable Interest Entities

9 Months Ended

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.

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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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