Fee Income Year ended December 31, 2021 2020 2019 (in thousands) Management Fee Income Joint ventures $ 43,074 $ 45,499 $ 42,546 Structured reinsurance products 34,639 34,951 35,238 Managed funds 31,358 31,026 18,636 Total management fee income $ 109,071 $ 111,476 $ 96,420 Performance Fee Income Joint ventures $ 14,235 $ 10,167 $ 9,660 Structured reinsurance products 4,917 7,525 7,693 Managed funds 280 15,994 420 Total performance fee income $ 19,432 $ 33,686 $ 17,773 Total fee income $ 128,503 $ 145,162 $ 114,193 The table above shows total fee income earned through third-party capital management activities, including various joint ventures, managed funds and certain structured retrocession agreements to which we are a party. Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees. Joint ventures include DaVinciRe, Top Layer Re, Vermeer and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. Structured reinsurance products and other includes certain reinsurance contracts and certain other vehicles through which we transfer risk to capital. In 2021, total fee income earned through third-party capital management activities decreased $16.7 million, to $128.5 million, as compared to $145.2 million in 2020, primarily driven by lower performance fee income due to the impact of the 2021 Weather-Related Large Losses on our joint ventures and managed funds, partially offset by higher favorable development on prior year losses in DaVinci. In 2020, total fee income earned through third-party capital management activities increased $31.0 million, to $145.2 million, compared to $114.2 million in 2019, driven by an increase in performance fee income due to favorable development on prior accident years, which benefited certain of the Company’s managed funds, and an increase in management fee income due to an increase in the dollar value of third-party capital being managed by the Company. The fees earned through our third-party capital management activities are principally recorded through redeemable noncontrolling interest, or as an increase to underwriting income (reduction to underwriting loss), through a decrease in operating expenses or acquisition expenses, as detailed in the table below. Twelve months ended December 31 2021 2020 2019 (in thousands) Underwriting income (loss) - fee income on third-party capital management activities (1) $ 67,287 $ 87,764 $ 60,046 Equity in earnings of other ventures 50 70 105 Net income (loss) attributable to redeemable noncontrolling interest 61,166 57,328 54,042 Total fee income $ 128,503 $ 145,162 $ 114,193 (1) Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operating expenses or acquisition expenses. 83