Variable Interest Entities and Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2022

Activity in non-redeemable noncontrolling interests

The following table sets forth activity in the non-redeemable noncontrolling interests:


	March 31,
	2021
Three Months Ended
Balance, beginning of period	$	823,007

Additional paid in capital attributable to noncontrolling interests	21,730
Amounts attributable to noncontrolling interests	36,697
Other comprehensive income (loss) attributable to noncontrolling interests	(4,570)
Balance, end of period	$	876,864

Activity in redeemable noncontrolling interests

The following table sets forth activity in the redeemable non-controlling interests:


	March 31,
	2022		2021
Three Months Ended
Balance, beginning of period	$	9,233	$	58,548


Accretion of preference share issuance costs	—		23
Other	530		(901)
Balance, end of period	$	9,763	$	57,670

Portion of income or loss attributable to third party investors

The portion of income or loss attributable to third party investors, recorded in the Company’s consolidated statements of income in ‘net (income) loss attributable to noncontrolling interests,’ are summarized in the table below:


	March 31,
	2022		2021
Three Months Ended
Amounts attributable to non-redeemable noncontrolling interests	$	—	$	(36,697)
Amounts attributable to redeemable noncontrolling interests	(1,632)		(855)
Net (income) loss attributable to noncontrolling interests	$	(1,632)	$	(37,552)

Total assets and maximum exposure to loss associated with VIEs

The following table presents the total assets of the Bellemeade entities, as well as the Company’s maximum exposure to loss associated with these VIEs, calculated as the maximum historical observable spread between the benchmark index for each respective transaction and short term invested trust asset yields. The benchmark index for agreements effective prior to 2021 is based on one-month LIBOR, while the 2021 and later agreements benchmark index is based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions.


			March 31, 2022										December 31, 2021
			Maximum Exposure to Loss										Maximum Exposure to Loss
Bellemeade Entities (Issue Date)	Total VIE Assets		On-Balance Sheet (Asset) Liability		Off-Balance Sheet		Total		Coverage Remaining from Reinsurers (1)		Total VIE Assets		On-Balance Sheet (Asset) Liability		Off-Balance Sheet		Total

2017-1 Ltd. (Oct-17)	$	81,415	$	(90)	$	380	$	290			$	108,368	$	(159)	$	424	$	265
2018-1 Ltd. (Apr-18)	147,647		(384)		1,176		792				181,136		(528)		1,268		740
2018-3 Ltd. (Oct-18)	283,088		(707)		1,953		1,246				302,563		(1,018)		2,496		1,478
2019-1 Ltd. (Mar-19)	157,397		(135)		1,407		1,272				181,324		(380)		5,807		5,427
2019-2 Ltd. (Apr-19)	398,316		(379)		5,906		5,527				398,316		(515)		3,998		3,483
2019-3 Ltd. (Jul-19)	347,583		(298)		2,783		2,485				409,859		(584)		3,190		2,606
2019-4 Ltd. (Oct-19)	352,232		(251)		4,728		4,477				411,954		(462)		4,759		4,297
2020-2 Ltd. (Sep-20)	185,380		(36)		1,800		1,764		784		217,766		(177)		1,984		1,807
2020-3 Ltd. (Nov-20)	324,869		47		5,088		5,135		12,175		348,818		(128)		5,793		5,665
2020-4 Ltd. (Dec-20)	145,747		56		1,528		1,584		7,249		176,826		(50)		1,630		1,580
2021-1 Ltd. (Mar-21)	543,457		(600)		3,596		2,996		54,795		568,986		(303)		3,283		2,980
2021-2 Ltd. (Jun-21)	514,932		(111)		4,392		4,281		91,241		522,807		281		4,124		4,405
2021-3 Ltd. (Sep-21)	507,873		(779)		3,574		2,795		131,518		507,873		(411)		3,446		3,035
2022-1 Ltd. (Jan-22)	283,500		(29)		2,464		2,435		33,260
Total	$	4,273,436	$	(3,696)	$	40,775	$	37,079	$	331,022	$	4,336,596	$	(4,434)	$	42,202	$	37,768

(1) Coverage from a separate panel of reinsurers remaining at March 31, 2022.