Redeemable Noncontrolling Interest

6 Months Ended

Jun. 30, 2024

Note 18 -- Redeemable Noncontrolling Interests

The following table summarizes the redeemable noncontrolling interest balances at June 30, 2024 and December 31, 2023:


	June 30,		December 31,
	2024		2023
TTIG - Series A Preferred Stock	$	—	$	96,160
Subscriber surplus contribution		791		—
'Total redeemable noncontrolling interests	$	791	$	96,160

TTIG - Series A Preferred Stock

On January 22, 2024, TTIG entered into a Stock Redemption Agreement with Centerbridge which allowed TTIG to redeem all of the TTIG Series A Preferred Stock held by Centerbridge. The redemption totaled $100,000 plus accrued and unpaid dividends of approximately $2,923. At redemption, the difference between the consideration transferred of $102,923 and the redemption date carrying value of $96,695 is recorded as a deemed dividend and is included in net income attributable to redeemable noncontrolling interest which is subtracted from net income when calculating income available to common stockholders.

The following table summarizes the activity of TTIG Series A Preferred Stock during the six months ended June 30, 2024 and 2023:


	2024			2023
Balance at January 1	$	96,160		$	93,553
Increase (decrease):
Accrued cash dividends		424			1,637
Accretion - increasing dividend rates		111			687
Adjustment to maximum redemption value		6,228			—
Dividends paid		(2,923	)		(3,012	)
Redemption		(100,000	)		—
Balance at March 31	$	—		$	92,865
Increase (decrease):
Accrued cash dividends		—			1,875
Accretion - increasing dividend rates		—			462
Balance at June 30	$	—		$	95,202

For the three months ended June 30, 2024, net income attributable to redeemable noncontrolling interest was $0, compared with $2,337 for the three months ended June 30, 2023, consisting of accrued cash dividends of $1,875 and accretion related to increasing dividend rates of $462. For the six months ended June 30, 2024, net income attributable to redeemable noncontrolling interest was $10,149, consisting of accrued cash dividends of $424, accretion related to increasing dividend rates of $111, an adjustment to maximum redemption value of $6,228, and a deemed dividend resulting from warrant modifications of $3,386. For the six months ended June 30, 2023, net income attributable to redeemable noncontrolling interest was $4,661, consisting of accrued cash dividends $3,512 and accretion related to increasing dividend rates $1,149.

CORE - Subscriber Surplus Contribution

Subscriber surplus contributions in redeemable noncontrolling interests represent a refundable portion of the surplus contributions received from CORE policyholders.

The following table summarizes the activity of the subscriber surplus contribution during the six months ended June 30, 2024 and 2023:


	2024			2023
Balance at January 1	$	—		$	—
Cash contribution		—			—
Return of contribution		—			—
Noncash reclassification		—			—
Balance at March 31		—			—
Cash contribution		864			—
Return of contribution		—			—
Noncash reclassification		(73	)		—
Balance at June 30	$	791		$	—