Variable Interest Entities and Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2022

Activity in non-redeemable noncontrolling interests

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


	June 30,
	2021
Three Months Ended
Balance, beginning of period	$	876,864

Additional paid in capital attributable to noncontrolling interests	383
Amounts attributable to noncontrolling interests	41,617
Other comprehensive income (loss) attributable to noncontrolling interests	10
Balance, end of period	$	918,874

Six Months Ended
Balance, beginning of year	$	823,007

Additional paid in capital attributable to noncontrolling interests	22,113

Amounts attributable to noncontrolling interests	78,314
Other comprehensive income (loss) attributable to noncontrolling interests	(4,560)
Balance, end of period	$	918,874

Activity in redeemable noncontrolling interests

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


	June 30,
	2022		2021
Three Months Ended
Balance, beginning of period	$	9,763	$	57,670


Accretion of preference share issuance costs	—		23
Other	(1,304)		(160)
Balance, end of period	$	8,459	$	57,533

Six Months Ended
Balance, beginning of year	$	9,233	$	58,548


Accretion of preference share issuance costs	—		46
Other	(774)		(1,061)
Balance, end of period	$	8,459	$	57,533

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:


	June 30,
	2022		2021
Three Months Ended
Amounts attributable to non-redeemable noncontrolling interests	$	—	$	(41,617)
Amounts attributable to redeemable noncontrolling interests	399		(1,561)
Net (income) loss attributable to noncontrolling interests	$	399	$	(43,178)

Six Months Ended
Amounts attributable to non-redeemable noncontrolling interests	$	—	$	(78,314)
Amounts attributable to redeemable noncontrolling interests	(1,233)		(2,416)
Net (income) loss attributable to noncontrolling interests	$	(1,233)	$	(80,730)

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.


			June 30, 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)	$	61,328	$	(68)	$	274	$	206	$	—	$	108,368	$	(159)	$	424	$	265
2018-1 Ltd. (Apr-18)	122,190		(342)		965		623		—		181,136		(528)		1,268		740
2018-3 Ltd. (Oct-18)	244,257		(566)		1,522		956		—		302,563		(1,018)		2,496		1,478
2019-1 Ltd. (Mar-19)	134,972		(127)		988		861		—		181,324		(380)		5,807		5,427
2019-2 Ltd. (Apr-19)	383,737		(426)		5,323		4,897		—		398,316		(515)		3,998		3,483
2019-3 Ltd. (Jul-19)	296,466		(282)		2,154		1,872		—		409,859		(584)		3,190		2,606
2019-4 Ltd. (Oct-19)	312,668		(306)		4,702		4,396		—		411,954		(462)		4,759		4,297
2020-2 Ltd. (Sep-20)	151,543		(58)		1,331		1,273		442		217,766		(177)		1,984		1,807
2020-3 Ltd. (Nov-20)	303,011		(26)		4,388		4,362		10,779		348,818		(128)		5,793		5,665
2020-4 Ltd. (Dec-20)	124,672		23		1,267		1,290		5,900		176,826		(50)		1,630		1,580
2021-1 Ltd. (Mar-21)	519,641		(1,006)		2,771		1,765		48,841		568,986		(303)		3,283		2,980
2021-2 Ltd. (Jun-21)	492,837		(577)		3,505		2,928		85,717		522,807		281		4,124		4,405
2021-3 Ltd. (Sep-21)	507,873		(1,082)		2,878		1,796		131,518		507,873		(411)		3,446		3,035
2022-1 Ltd. (Jan-22)	283,500		(282)		2,020		1,738		33,260
Total	$	3,938,695	$	(5,125)	$	34,088	$	28,963	$	316,457	$	4,336,596	$	(4,434)	$	42,202	$	37,768

(1) Coverage from a separate panel of reinsurers remaining at June 30, 2022.