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Variable Interest Entities and Noncontrolling Interests (Tables) | 6 Months Ended
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Jun. 30, 2022
Noncontrolling Interest [Abstract] |
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.

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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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