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Variable interest entities ("VIEs") | 3 Months Ended
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Mar. 31, 2024
Variable Interest Entity [Abstract] |
Variable interest entities ("VIEs") | Variable interest entities ("VIEs") The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company serves as general partner of hedge funds and private equity funds that were established for the purpose of providing alternative investments to both its institutional and qualified retail clients. The Company's investment in and additional capital commitments to these hedge funds and private equity funds are considered variable interests. The Company's additional capital commitments are subject to call at a later date and are limited to the amount committed. The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a variable interest in the form of general and limited partner interests. In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. The subsidiaries' general and limited partnership interests and additional capital commitments represent its maximum exposure to loss. The subsidiaries' general partnership and limited partnership interests is included in other assets on the condensed consolidated balance sheet. In addition, the Company serves as general partner of Oppenheimer Acquisition LLC I and Oppenheimer Acquisition LLC II (the "Sponsors"). They are sponsors of two special purpose acquisition companies, OHAA and Oppenheimer Acquisition Corp. II (the "SPACs”). Both the Sponsors and the SPACs have been or are in the process of liquidating and dissolving, as indicated above, OHAA was dissolved in March of 2024.. Until the liquidations and dissolutions are complete, the Sponsors and the SPACs will remain consolidated VIEs as the Company is the primary beneficiary. See note 2 for further details. The following table sets forth the total assets and liabilities of VIEs consolidated on our condensed consolidated balance sheet:
(Expressed in thousands) |
| As of March 31,
| 2024 |  | 2023
Asset |  |  |
Cash and cash equivalents | $ | 11 |  |  | $ | 5,810 |
Restricted Cash | — |  |  | 25,581 |
Other Assets | — |  |  | 730 |
Total Assets | $ | 11 |  |  | $ | 32,121 |
Liabilities |  |  |
Other Liabilities | 171 |  |  | 859 |
Total Liabilities | $ | 171 |  |  | $ | 859 |

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