bla, page-8

Point 4 shows that you have absolutely no understanding of BLA's business or their balance sheet. Glaucus estimates BLA's AUM is $1.5 billion - that is that they manage $1.5 billion worth of assets on behalf of other entities (funds)-. It is NOT $1.5 billion worth of capital on BLA's balance sheet. That said, BLA will have skin in the game i.e. their own capital, off their own balance sheet invested in the entities (funds) that they manage.