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Variable Interest Entity and Noncontrolling Interests (Tables) | 12 Months Ended
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Dec. 31, 2022
Variable Interest Entity and Noncontrolling Interest Disclosure [Abstract] |
Summary of VIE cash flows | The following table summarizes Somers’ cash flow from operating, investing and financing activities.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Total cash provided by (used for): |  |  |  |
Operating activities | — |  |  | 46,991 |  |  | 181,736 |
Investing activities | — |  |  | 96,325 |  |  | 258,589 |
Financing activities | — |  |  | (2,042) |  |  | (335,776) |
Activity in non-redeemable noncontrolling interests | The following table sets forth activity in the non-redeemable noncontrolling interests:
| December 31,
| 2022 |  | 2021
Balance, beginning of year | $ | — |  |  | $ | 823,007 |
Impact of deconsolidation of Somers | — |  |  | (918,874) |
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 year | $ | — |  |  | $ | — |
Activity in redeemable noncontrolling interest | The following table sets forth activity in the redeemable noncontrolling interests:
| December 31,
| 2022 |  | 2021 |  | 2020
Balance, beginning of year | $ | 9,233 |  |  | $ | 58,548 |  |  | $ | 55,404 |
Impact of deconsolidation of Somers | — |  |  | (48,919) |  |  | — |
Other | 1,596 |  |  | (396) |  |  | 3,144 |
Balance, end of year | $ | 10,829 |  |  | $ | 9,233 |  |  | $ | 58,548 |
Portion of income or loss attributable to noncontrolling interests | The portion of income or loss attributable to third party investors is recorded in the consolidated statements of income in ‘net (income) loss attributable to noncontrolling interests’ as summarized in the table below:
| December 31,
| 2022 |  | 2021 |  | 2020
Amounts attributable to non-redeemable noncontrolling interests | $ | — |  |  | $ | (78,314) |  |  | $ | (53,076) |
Amounts attributable to redeemable noncontrolling interests | (5,490) |  |  | (4,299) |  |  | (7,114) |
Net (income) loss attributable to noncontrolling interests | $ | (5,490) |  |  | $ | (82,613) |  |  | $ | (60,190) |
Total assets and maximum loss exposure of VIE | 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.
|  |  | December 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) | $ | 36,679 |  |  | $ | (6) |  |  | $ | 14 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 108,368 |  |  | $ | (159) |  |  | $ | 424 |  |  | $ | 265 |
2018-1 Ltd. (Apr-18) | 89,698 |  |  | (153) |  |  | 508 |  |  | 355 |  |  | — |  |  | 181,136 |  |  | (528) |  |  | 1,268 |  |  | 740 |
2018-3 Ltd. (Oct-18) | 199,237 |  |  | (250) |  |  | 771 |  |  | 521 |  |  | — |  |  | 302,563 |  |  | (1,018) |  |  | 2,496 |  |  | 1,478 |
2019-1 Ltd. (Mar-19) | 107,880 |  |  | (48) |  |  | 593 |  |  | 545 |  |  | — |  |  | 181,324 |  |  | (380) |  |  | 5,807 |  |  | 5,427 |
2019-2 Ltd. (Apr-19) | 325,462 |  |  | (206) |  |  | 4,356 |  |  | 4,150 |  |  | — |  |  | 398,316 |  |  | (515) |  |  | 3,998 |  |  | 3,483 |
2019-3 Ltd. (Jul-19) | 222,977 |  |  | (104) |  |  | 1,229 |  |  | 1,125 |  |  | — |  |  | 409,859 |  |  | (584) |  |  | 3,190 |  |  | 2,606 |
2019-4 Ltd. (Oct-19) | 266,124 |  |  | (142) |  |  | 3,640 |  |  | 3,498 |  |  | — |  |  | 411,954 |  |  | (462) |  |  | 4,759 |  |  | 4,297 |
2020-2 Ltd. (Sep-20) | 105,110 |  |  | (8) |  |  | 492 |  |  | 484 |  |  | — |  |  | 217,766 |  |  | (177) |  |  | 1,984 |  |  | 1,807 |
2020-3 Ltd. (Nov-20) | 243,891 |  |  | 53 |  |  | 2,872 |  |  | 2,925 |  |  | 7,079 |  |  | 348,818 |  |  | (128) |  |  | 5,793 |  |  | 5,665 |
2020-4 Ltd. (Dec-20) | 97,563 |  |  | 32 |  |  | 642 |  |  | 674 |  |  | 4,165 |  |  | 176,826 |  |  | (50) |  |  | 1,630 |  |  | 1,580 |
2021-1 Ltd. (Mar-21) | 467,469 |  |  | 239 |  |  | 2,743 |  |  | 2,982 |  |  | 35,798 |  |  | 568,986 |  |  | (303) |  |  | 3,283 |  |  | 2,980 |
2021-2 Ltd. (Jun-21) | 458,362 |  |  | 581 |  |  | 2,855 |  |  | 3,436 |  |  | 77,099 |  |  | 522,807 |  |  | 281 |  |  | 4,124 |  |  | 4,405 |
2021-3 Ltd. (Sep-21) | 489,927 |  |  | 217 |  |  | 2,704 |  |  | 2,921 |  |  | 127,032 |  |  | 507,873 |  |  | (411) |  |  | 3,446 |  |  | 3,035 |
2022-1 Ltd. (Jan-22) | 283,500 |  |  | 399 |  |  | 1,765 |  |  | 2,164 |  |  | 33,260 |  |  |  |  |  |  |  |  |
2022-2 Ltd. (Sep-22) | 201,005 |  |  | 1,172 |  |  | 1,616 |  |  | 2,788 |  |  | 126,160 |  |  |  |  |  |  |  |  |
Total | $ | 3,594,884 |  |  | $ | 1,776 |  |  | $ | 26,800 |  |  | $ | 28,576 |  |  | $ | 410,593 |  |  | $ | 4,336,596 |  |  | $ | (4,434) |  |  | $ | 42,202 |  |  | $ | 37,768 |
(1) Coverage from a separate panel of reinsurers remaining at December 31, 2022.

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