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.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
($ in thousands)	2026		2025		2026		2025
Balance - beginning of period	$	30,537	$	39,154	$	172	$	128

Withdrawals	(67,945)		(50,233)		(121,074)		(111,601)
Equity in earnings	14		13		25		28
Incentive allocation	111,007		80,358		194,490		180,737
Balance - end of period	$	73,613	$	69,292	$	73,613	$	69,292

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)	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	180,183	$	648,726
Short-term investments	356,350		198,986
Investments in Two Sigma Funds, at fair value	1,844,158		1,587,658
Receivables for investments sold	173,808		57,938
Interest and dividends receivable	1,038		1,110
Total assets	2,555,537		2,494,418

Liabilities
Payable for investments purchased	36,007		192,467

Withdrawal payable	67,946		123,376
Accounts payable and accrued expenses	225		214
Total liabilities	104,178		316,057
Total net assets managed by TS Hamilton Fund	$	2,451,359	$	2,178,361