v3.25.1
Variable interest entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable interest entities Variable interest entities
Consolidated VIEs
Pursuant to US GAAP consolidation guidance, the Group consolidates certain VIEs for which it is considered the primary beneficiary, either directly or indirectly, through a consolidated entity or affiliate. See note 2
(Summary of significant accounting policies) for additional information with respect to the Group’s consolidation.
Consolidated VIEs include entities relating to the Group’s private funds (e.g., BOF-C and the Advantage Fund), the EP Funds, investment vehicles for sale and resale of the participation interests (e.g., Colorado) and acquisition of interests in secured promissory notes (e.g., Mellor Investments LLC, formerly known as Forest Hills Investments LLC).
The Group provides revolving credit facilities to certain of its private funds for capital calls as required. These revolving credit facilities are entirely discretionary insofar as the Group is not obligated to fund under the revolving credit facilities. There were no amounts outstanding under the revolving credit facilities as of March 31, 2025 and December 31, 2024, respectively.
The table below sets forth assets and liabilities of the consolidated VIEs as of the dates indicated.
($ in thousands)March 31, 2025December 31, 2024
Total assets$2,139,277 $1,833,592 
Total liabilities370,974 8,711 
The table below sets forth the total revenues and certain information relating to cash flows of the consolidated VIEs for the periods indicated.
Three months ended March 31,
($ in thousands)20252024
Total revenues$36,628$22,276
Cash flows
Proceeds140,255133,278
(Funding)(11,590)(76,853)
Cash balance at period end24,14517,960
Unconsolidated VIEs
The Group’s maximum exposure to loss from the unconsolidated VIEs is the sum of capital provision assets, fee receivables, accrued income and loans to the unconsolidated VIEs.
The table below sets forth the Group’s maximum exposure to loss from the unconsolidated VIEs as of the dates indicated.
($ in thousands)March 31, 2025December 31, 2024
On-balance sheet exposure$30,400 $26,603 
Off-balance sheet exposure - undrawn commitments4,994 4,788 
Maximum exposure to loss35,394 31,391