XML 35 R24.htm IDEA: XBRL DOCUMENT

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Activity In and Total Assets and Total Liabilities 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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details