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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments [Abstract] |
Summary of Investments | Investments consist of the following:
| December 31, 2022 |  | December 31, 2021 |  |  |  |
Asset Management |  |  |  |  |  |  |
Private Equity | $ | 26,607,688 |  |  | $ | 25,685,750 |  |  |  |  |
Credit | 7,804,392 |  |  | 7,949,573 |  |  |  |  |
Investments of Consolidated CFEs | 22,492,366 |  |  | 22,076,809 |  |  |  |  |
Real Assets | 17,976,366 |  |  | 12,500,749 |  |  |  |  |
Equity Method - Other | 6,838,541 |  |  | 4,877,592 |  |  |  |  |
Equity Method - Capital Allocation-Based Income | 6,862,712 |  |  | 11,539,945 |  |  |  |  |
Other Investments | 3,793,398 |  |  | 4,145,096 |  |  |  |  |
Investments - Asset Management | $ | 92,375,463 |  |  | $ | 88,775,514 |  |  |  |  |
Insurance |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale, at fair value(1) | $ | 61,939,529 |  |  | $ | 68,870,886 |  |  |  |  |
Mortgage and other loan receivables | 35,090,698 |  |  | 28,876,759 |  |  |  |  |
Fixed maturity securities, trading, at fair value(2) | 12,038,847 |  |  | 13,753,573 |  |  |  |  |
Other investments | 11,374,656 |  |  | 8,208,566 |  |  |  |  |
Funds withheld receivable at interest | 2,868,036 |  |  | 2,999,448 |  |  |  |  |
Policy loans | 868,911 |  |  | 765,310 |  |  |  |  |
Equity securities at fair value | 18,499 |  |  | 289,133 |  |  |  |  |
Investments - Insurance | $ | 124,199,176 |  |  | $ | 123,763,675 |  |  |  |  |
Total Investments | $ | 216,574,639 |  |  | $ | 212,539,189 |  |  |  |  |
(1)Amortized cost of $73.6 billion and $69.5 billion, net of credit loss allowances of $128.3 million and $88.1 million, respectively. (2)Amortized cost of $14.8 billion and $13.9 billion, respectively. Other investments consist of the following:
| December 31, 2022 |  | December 31, 2021
Investments in real estate(1) | $ | 4,641,429 |  |  | $ | 1,564,853 |
Investments in renewable energy(2) | 3,427,062 |  |  | 3,573,811 |
Investments in transportation and other leased assets(3) | 2,821,602 |  |  | 2,663,759 |
Other investment partnerships | 197,378 |  |  | 234,301 |
FHLB common stock and other investments | 287,185 |  |  | 171,842 |
Total other investments | $ | 11,374,656 |  |  | $ | 8,208,566 |
(1)Investments in real estate are held in consolidated investment companies that use fair value accounting. (2)Net of accumulated depreciation attributed to consolidated renewable energy assets of $229.7 million and $156.8 million as of December 31, 2022 and 2021, respectively. (3)Net of accumulated depreciation of $230.2 million and $105.1 million as of December 31, 2022 and 2021, respectively.
Schedule of AFS Fixed Maturity Securities | The cost or amortized cost and fair value for AFS fixed maturity securities were as follows:
| Cost or amortized cost |  | Allowance for Credit Losses (1)(2) |  | Gross unrealized |  | Fair value
As of December 31, 2022 |  |  | gains |  | losses |
AFS fixed maturity securities portfolio by type: |  |  |  |  |  |  |  |  |
U.S. government and agencies | $ | 438,931 |  |  | $ | — |  |  | $ | 304 |  |  | $ | (72,494) |  |  | $ | 366,741 |
U.S. state, municipal and political subdivisions | 5,638,252 |  |  | — |  |  | 6,582 |  |  | (1,233,874) |  |  | 4,410,960 |
Corporate | 44,253,062 |  |  | (1,298) |  |  | 49,509 |  |  | (7,984,341) |  |  | 36,316,932 |
Residential mortgage-backed securities | 7,307,526 |  |  | (100,554) |  |  | 12,052 |  |  | (834,212) |  |  | 6,384,812 |
Commercial mortgage-backed securities | 7,269,662 |  |  | (14,490) |  |  | 36 |  |  | (834,735) |  |  | 6,420,473 |
Collateralized bond obligations | 3,051,850 |  |  | (426) |  |  | — |  |  | (217,773) |  |  | 2,833,651 |
Collateralized loan obligations | 2,726,888 |  |  | (6,165) |  |  | 127 |  |  | (200,160) |  |  | 2,520,690 |
Asset-backed securities | 2,914,617 |  |  | (5,399) |  |  | 4,702 |  |  | (228,650) |  |  | 2,685,270 |
Total AFS fixed maturity securities | $ | 73,600,788 |  |  | $ | (128,332) |  |  | $ | 73,312 |  |  | $ | (11,606,239) |  |  | $ | 61,939,529 |
(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment. (2)Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(29.9) million.
| Cost or amortized cost |  | Allowance for Credit Losses (1)(2) |  | Gross unrealized |  | Fair value
As of December 31, 2021 |  |  | gains |  | losses |
AFS fixed maturity securities portfolio by type: |  |  |  |  |  |  |  |  |
U.S. government and agencies | $ | 785,144 |  |  | $ | — |  |  | $ | 4,171 |  |  | $ | (4,768) |  |  | $ | 784,547 |
U.S. state, municipal and political subdivisions | 5,122,651 |  |  | — |  |  | 42,286 |  |  | (55,240) |  |  | 5,109,697 |
Corporate | 41,433,757 |  |  | (3,238) |  |  | 190,516 |  |  | (688,648) |  |  | 40,932,387 |
RMBS | 7,703,030 |  |  | (50,975) |  |  | 126,662 |  |  | (113,359) |  |  | 7,665,358 |
CMBS | 5,952,656 |  |  | (282) |  |  | 16,332 |  |  | (56,523) |  |  | 5,912,183 |
CBOs | 3,111,620 |  |  | (22,160) |  |  | 6,862 |  |  | (27,466) |  |  | 3,068,856 |
CLOs | 2,985,098 |  |  | (639) |  |  | 6,554 |  |  | (5,776) |  |  | 2,985,237 |
ABSs | 2,425,540 |  |  | (10,839) |  |  | 19,990 |  |  | (22,070) |  |  | 2,412,621 |
Total AFS fixed maturity securities | $ | 69,519,496 |  |  | $ | (88,133) |  |  | $ | 413,373 |  |  | $ | (973,850) |  |  | $ | 68,870,886 |
(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment. (2)Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(46.4) million. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations back to the issuers. The maturity distribution for AFS fixed maturity securities is as follows:
As of December 31, 2022 |  | Cost or amortized cost (net of allowance) |  | Fair value
Due in one year or less |  | $ | 604,921 |  |  | $ | 597,102 |
Due after one year through five years |  | 11,066,139 |  |  | 10,472,837 |
Due after five years through ten years |  | 9,624,879 |  |  | 8,715,144 |
Due after ten years |  | 29,033,008 |  |  | 21,309,550 |
Subtotal |  | 50,328,947 |  |  | 41,094,633 |
RMBS |  | 7,206,972 |  |  | 6,384,812 |
CMBS |  | 7,255,172 |  |  | 6,420,473 |
CBOs |  | 3,051,424 |  |  | 2,833,651 |
CLOs |  | 2,720,723 |  |  | 2,520,690 |
ABSs |  | 2,909,218 |  |  | 2,685,270 |
Total AFS fixed maturity securities |  | $ | 73,472,456 |  |  | $ | 61,939,529 |
The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized loss position:
|  | Less than 12 months |  | 12 months or more |  | Total
As of December 31, 2022 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
AFS fixed maturity securities portfolio by type: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 122,272 |  |  | $ | (52,639) |  |  | $ | 108,498 |  |  | $ | (19,855) |  |  | $ | 230,770 |  |  | $ | (72,494) |
U.S. state, municipal and political subdivisions |  | 2,321,404 |  |  | (605,698) |  |  | 1,780,984 |  |  | (628,176) |  |  | 4,102,388 |  |  | (1,233,874) |
Corporate |  | 14,792,384 |  |  | (2,114,695) |  |  | 17,943,907 |  |  | (5,869,646) |  |  | 32,736,291 |  |  | (7,984,341) |
RMBS |  | 3,998,737 |  |  | (442,543) |  |  | 2,068,529 |  |  | (391,669) |  |  | 6,067,266 |  |  | (834,212) |
CBOs |  | 1,351,552 |  |  | (103,499) |  |  | 1,482,099 |  |  | (114,274) |  |  | 2,833,651 |  |  | (217,773) |
CMBS |  | 4,054,053 |  |  | (445,168) |  |  | 2,338,517 |  |  | (389,567) |  |  | 6,392,570 |  |  | (834,735) |
CLOs |  | 1,862,608 |  |  | (139,766) |  |  | 636,014 |  |  | (60,394) |  |  | 2,498,622 |  |  | (200,160) |
ABSs |  | 1,610,876 |  |  | (113,285) |  |  | 832,635 |  |  | (115,365) |  |  | 2,443,511 |  |  | (228,650) |
Total AFS fixed maturity securities in a continuous loss position |  | $ | 30,113,886 |  |  | $ | (4,017,293) |  |  | $ | 27,191,183 |  |  | $ | (7,588,946) |  |  | $ | 57,305,069 |  |  | $ | (11,606,239) |
|  | Less than 12 months |  | 12 months or more |  | Total
As of December 31, 2021 |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses
AFS fixed maturity securities portfolio by type: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 311,096 |  |  | $ | (4,768) |  |  | $ | — |  |  | $ | — |  |  | $ | 311,096 |  |  | $ | (4,768) |
U.S. state, municipal and political subdivisions |  | 2,802,309 |  |  | (55,240) |  |  | — |  |  | — |  |  | 2,802,309 |  |  | (55,240) |
Corporate |  | 30,385,514 |  |  | (688,648) |  |  | — |  |  | — |  |  | 30,385,514 |  |  | (688,648) |
RMBS |  | 3,196,876 |  |  | (113,359) |  |  | — |  |  | — |  |  | 3,196,876 |  |  | (113,359) |
CBOs |  | 2,152,790 |  |  | (27,466) |  |  | — |  |  | — |  |  | 2,152,790 |  |  | (27,466) |
CMBS |  | 3,405,774 |  |  | (56,523) |  |  | — |  |  | — |  |  | 3,405,774 |  |  | (56,523) |
CLOs |  | 1,172,330 |  |  | (5,776) |  |  | — |  |  | — |  |  | 1,172,330 |  |  | (5,776) |
ABSs |  | 1,348,356 |  |  | (22,070) |  |  | — |  |  | — |  |  | 1,348,356 |  |  | (22,070) |
Total AFS fixed maturity securities in a continuous loss position |  | $ | 44,775,045 |  |  | $ | (973,850) |  |  | $ | — |  |  | $ | — |  |  | $ | 44,775,045 |  |  | $ | (973,850) |
Purchased Credit Deteriorated Securities | These securities are identified as PCD, and a reconciliation of the difference between the purchase price and the par value of these PCD securities is below:
| Years Ended December 31,
| 2022 |  | 2021
Purchase price of PCD securities acquired during the current period | $ | 24,005 |  |  | $ | 1,734,352 |
Allowance for credit losses at acquisition | 707 |  |  | 128,967 |
Discount (premium) attributable to other factors | 1,710 |  |  | 311,729 |
Par value | $ | 26,422 |  |  | $ | 2,175,048 |
Certain residential mortgage loans purchased by Global Atlantic were assessed at acquisition as having experienced a more-than-insignificant deterioration in credit quality since their origination. These loans are identified as PCD, and a reconciliation of the difference between the purchase price and the par value of these PCD loans is below:
|  |  | Year Ended December 31,
|  |  | 2021
Purchase price of PCD loans acquired during the current period |  |  | $ | 4,231,426 |
Allowance for credit losses at acquisition |  |  | 121,895 |
Discount (premium) attributable to other factors |  |  | (136,174) |
Par value |  |  | $ | 4,217,147 |
Mortgage and Other Loans Receivable | Mortgage and other loan receivables consist of the following:
| December 31, 2022 |  | December 31, 2021
Commercial mortgage loans(1) | $ | 18,830,780 |  |  | $ | 13,824,772 |
Residential mortgage loans(1) | 10,688,972 |  |  | 8,724,904 |
Consumer loans | 5,228,534 |  |  | 5,617,925 |
Other loan receivables(2)(3) | 902,640 |  |  | 1,083,235 |
Total mortgage and other loan receivables | 35,650,926 |  |  | 29,250,836 |
Allowance for credit losses(4) | (560,228) |  |  | (374,077) |
Total mortgage and other loan receivables, net of allowance for loan losses | $ | 35,090,698 |  |  | $ | 28,876,759 |
(1)Includes $787.5 million and $805.4 million of loans carried at fair value using the fair value option as of December 31, 2022 and 2021, respectively. The fair value option was elected for these loans for asset-liability matching purposes. These loans had unpaid principal balances of $871.2 million and $794.1 million as of December 31, 2022 and 2021, respectively. (2)As of December 31, 2022 and 2021, other loan receivables consisted primarily of loans collateralized by aircraft of $282.3 million and $850.1 million, respectively. (3)Includes a $27.3 million loan to a related party renewable energy developer, carried at fair value using the fair value option as of December 31, 2021. This loan had an unpaid principal balance of $27.3 million as of December 31, 2021. (4)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(106.2) million and $(77.9) million as of December 31, 2022 and 2021, respectively.
Maturity Distribution by Contractual Maturity for Residential and Commercial Mortgage Loans | The maturity distribution for residential and commercial mortgage loans was as follows as of December 31, 2022:
Years | Residential |  | Commercial |  | Total mortgage loans
2023 | $ | 178,323 |  |  | $ | 1,615,198 |  |  | $ | 1,793,521 |
2024 | 504,410 |  |  | 2,328,346 |  |  | 2,832,756 |
2025 | 16,045 |  |  | 3,668,931 |  |  | 3,684,976 |
2026 | 919,299 |  |  | 3,386,558 |  |  | 4,305,857 |
2027 | 814,581 |  |  | 2,843,214 |  |  | 3,657,795 |
2028 and thereafter | 8,256,314 |  |  | 4,988,533 |  |  | 13,244,847 |
Total | $ | 10,688,972 |  |  | $ | 18,830,780 |  |  | $ | 29,519,752 |
Mortgage Loan Portfolio by Geographic Region and Property Type | The following tables present the mortgage loans by geographic region and property type:
Mortgage loans - carrying value by geographic region | December 31, 2022 |  | December 31, 2021
Pacific | $ | 7,197,110 |  |  | 24.4 | % |  | $ | 6,675,064 |  |  | 29.6 | %
West South Central | 3,582,648 |  |  | 12.1 | % |  | 2,675,890 |  |  | 11.9 | %
South Atlantic | 8,051,653 |  |  | 27.3 | % |  | 4,996,043 |  |  | 22.2 | %
Middle Atlantic | 3,590,530 |  |  | 12.2 | % |  | 3,142,973 |  |  | 13.9 | %
East North Central | 1,240,264 |  |  | 4.2 | % |  | 590,911 |  |  | 2.6 | %
Mountain | 3,152,895 |  |  | 10.7 | % |  | 1,957,099 |  |  | 8.7 | %
New England | 1,414,897 |  |  | 4.8 | % |  | 1,099,157 |  |  | 4.9 | %
East South Central | 712,886 |  |  | 2.4 | % |  | 1,035,764 |  |  | 4.6 | %
West North Central | 349,079 |  |  | 1.2 | % |  | 350,546 |  |  | 1.6 | %
Other regions | 227,790 |  |  | 0.7 | % |  | 26,229 |  |  | — | %
Total by geographic region | $ | 29,519,752 |  |  | 100.0 | % |  | $ | 22,549,676 |  |  | 100.0 | %
Mortgage loans - carrying value by property type | December 31, 2022 |  | December 31, 2021
Residential | $ | 10,688,972 |  |  | 36.2 | % |  | $ | 8,724,904 |  |  | 38.7 | %
Office building | 4,594,238 |  |  | 15.6 | % |  | 4,185,146 |  |  | 18.6 | %
Apartment | 9,698,728 |  |  | 32.9 | % |  | 6,194,819 |  |  | 27.5 | %
Industrial | 3,139,163 |  |  | 10.6 | % |  | 1,981,713 |  |  | 8.8 | %
Retail | 630,455 |  |  | 2.1 | % |  | 780,071 |  |  | 3.5 | %
Other property types | 582,479 |  |  | 2.0 | % |  | 483,560 |  |  | 2.1 | %
Warehouse | 185,717 |  |  | 0.6 | % |  | 199,463 |  |  | 0.8 | %
Total by property type | $ | 29,519,752 |  |  | 100.0 | % |  | $ | 22,549,676 |  |  | 100.0 | %
Receivables by Credit Quality Indicator | The following table represents the portfolio of mortgage and loan receivables by origination year and performance status as of December 31, 2022 and 2021:
| December 31,
Performance status as of December 31, 2022 | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 6,081,261 |  |  | $ | 6,845,839 |  |  | $ | 809,254 |  |  | $ | 1,529,897 |  |  | $ | 1,260,593 |  |  | $ | 2,303,936 |  |  | $ | 18,830,780 |
30 to 59 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60 to 89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Over 90 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial mortgage loans | $ | 6,081,261 |  |  | $ | 6,845,839 |  |  | $ | 809,254 |  |  | $ | 1,529,897 |  |  | $ | 1,260,593 |  |  | $ | 2,303,936 |  |  | $ | 18,830,780 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 1,855,038 |  |  | $ | 4,802,333 |  |  | $ | 1,879,606 |  |  | $ | 264,050 |  |  | $ | 13,670 |  |  | $ | 1,485,244 |  |  | $ | 10,299,941 |
30 to 59 days past due | 10,534 |  |  | 49,169 |  |  | 6,144 |  |  | 6,471 |  |  | — |  |  | 80,357 |  |  | 152,675 |
60 to 89 days past due | 796 |  |  | 13,143 |  |  | 2,016 |  |  | 955 |  |  | — |  |  | 27,114 |  |  | 44,024 |
Over 90 days past due | 7,598 |  |  | 35,978 |  |  | 11,483 |  |  | 8,389 |  |  | 2,438 |  |  | 126,446 |  |  | 192,332 |
Total residential mortgage loans | $ | 1,873,966 |  |  | $ | 4,900,623 |  |  | $ | 1,899,249 |  |  | $ | 279,865 |  |  | $ | 16,108 |  |  | $ | 1,719,161 |  |  | $ | 10,688,972 |
Total mortgage loans | $ | 7,955,227 |  |  | $ | 11,746,462 |  |  | $ | 2,708,503 |  |  | $ | 1,809,762 |  |  | $ | 1,276,701 |  |  | $ | 4,023,097 |  |  | $ | 29,519,752 |
|  | December 31,
Performance status as of December 31, 2021 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 6,831,655 |  |  | $ | 976,369 |  |  | $ | 1,883,908 |  |  | $ | 1,373,865 |  |  | $ | 817,954 |  |  | $ | 1,941,021 |  |  | $ | 13,824,772 |
30 to 59 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60 to 89 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Over 90 days past due |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial mortgage loans |  | $ | 6,831,655 |  |  | $ | 976,369 |  |  | $ | 1,883,908 |  |  | $ | 1,373,865 |  |  | $ | 817,954 |  |  | $ | 1,941,021 |  |  | $ | 13,824,772 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 4,505,537 |  |  | $ | 1,576,342 |  |  | $ | 393,153 |  |  | $ | 123,995 |  |  | $ | 65,070 |  |  | $ | 1,711,156 |  |  | $ | 8,375,253 |
30 to 59 days past due |  | 24,955 |  |  | 6,028 |  |  | 5,818 |  |  | 1,155 |  |  | 739 |  |  | 75,104 |  |  | 113,799 |
60 to 89 days past due |  | 4,247 |  |  | 1,243 |  |  | 607 |  |  | — |  |  | — |  |  | 27,028 |  |  | 33,125 |
Over 90 days past due |  | 5,305 |  |  | 14,272 |  |  | 21,985 |  |  | 2,686 |  |  | — |  |  | 158,479 |  |  | 202,727 |
Total residential mortgage loans |  | $ | 4,540,044 |  |  | $ | 1,597,885 |  |  | $ | 421,563 |  |  | $ | 127,836 |  |  | $ | 65,809 |  |  | $ | 1,971,767 |  |  | $ | 8,724,904 |
Total mortgage loans |  | $ | 11,371,699 |  |  | $ | 2,574,254 |  |  | $ | 2,305,471 |  |  | $ | 1,501,701 |  |  | $ | 883,763 |  |  | $ | 3,912,788 |  |  | $ | 22,549,676 |
The following table represents the portfolio of consumer loan receivables by performance status:
Performance status | December 31, 2022 |  | December 31, 2021
Consumer loans |  |  |
Current | $ | 5,113,507 |  |  | $ | 5,556,923 |
30 to 59 days past due | 62,742 |  |  | 34,048 |
60 to 89 days past due | 31,371 |  |  | 16,817 |
Over 90 days past due | 20,914 |  |  | 10,137 |
Total consumer loans | $ | 5,228,534 |  |  | $ | 5,617,925 |
Loan-To-Value Ratios | The following table summarizes the loan-to-value ratios for commercial mortgage loans as of December 31, 2022 and 2021:
Loan-to-value as of December 31, 2022, by year of origination |  | Carrying value loan-to-value 70% and less |  | Carrying value loan-to-value 71% - 90% |  | Carrying value loan-to-value over 90% |  | Total carrying value
2022 |  | $ | 5,677,763 |  |  | $ | 403,498 |  |  | $ | — |  |  | $ | 6,081,261 |
2021 |  | 4,971,346 |  |  | 1,758,748 |  |  | 115,745 |  |  | 6,845,839 |
2020 |  | 650,825 |  |  | 123,343 |  |  | 35,086 |  |  | 809,254 |
2019 |  | 1,211,523 |  |  | 215,050 |  |  | 103,324 |  |  | 1,529,897 |
2018 |  | 1,061,566 |  |  | 18,885 |  |  | 180,142 |  |  | 1,260,593 |
2017 |  | 699,144 |  |  | — |  |  | 18,160 |  |  | 717,304 |
Prior |  | 1,586,632 |  |  | — |  |  | — |  |  | 1,586,632 |
Total commercial mortgage loans |  | $ | 15,858,799 |  |  | $ | 2,519,524 |  |  | $ | 452,457 |  |  | $ | 18,830,780 |
Loan-to-value as of December 31, 2021, by year of origination |  | Carrying value loan-to-value 70% and less |  | Carrying value loan-to-value 71% - 90% |  | Carrying value loan-to-value over 90% |  | Total carrying value
2021 |  | $ | 4,910,170 |  |  | $ | 1,921,485 |  |  | $ | — |  |  | $ | 6,831,655 |
2020 |  | 819,406 |  |  | 121,997 |  |  | 34,966 |  |  | 976,369 |
2019 |  | 1,747,656 |  |  | 136,252 |  |  | — |  |  | 1,883,908 |
2018 |  | 1,324,807 |  |  | 49,058 |  |  | — |  |  | 1,373,865 |
2017 |  | 772,989 |  |  | 44,965 |  |  | — |  |  | 817,954 |
2016 |  | 425,926 |  |  | 2,440 |  |  | — |  |  | 428,366 |
Prior |  | 1,497,503 |  |  | 15,152 |  |  | — |  |  | 1,512,655 |
Total commercial mortgage loans |  | $ | 11,498,457 |  |  | $ | 2,291,349 |  |  | $ | 34,966 |  |  | $ | 13,824,772 |
FHLB Investment and Funding Agreements | Information related to the FHLB investment and funding agreements as of December 31, 2022 and 2021 is as follows:
| Investment in common stock |  | Funding agreements issued to FHLB member banks |  | Collateral
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021
FHLB Indianapolis | $ | 79,073 |  |  | $ | 80,640 |  |  | $ | 1,606,262 |  |  | $ | 1,619,765 |  |  | $ | 2,309,054 |  |  | $ | 2,577,698 |
FHLB Des Moines | 31,120 |  |  | 34,600 |  |  | 536,338 |  |  | 620,006 |  |  | 823,735 |  |  | 1,004,530 |
FHLB Boston | 19,065 |  |  | 22,520 |  |  | 321,695 |  |  | 326,639 |  |  | 437,780 |  |  | 553,384 |
Total | $ | 129,258 |  |  | $ | 137,760 |  |  | $ | 2,464,295 |  |  | $ | 2,566,410 |  |  | $ | 3,570,569 |  |  | $ | 4,135,612 |
Schedule of Repurchase Agreements | The fair value of securities pledged for repurchase agreements by class of collateral and remaining contractual maturity as of December 31, 2022 and 2021 is presented in the following tables:
As of December 31, 2022 |  | Overnight |  | <30 Days |  | 30 - 90 Days |  | > 90 Days |  | Total
Corporate Securities |  | $ | — |  |  | $ | — |  |  | $ | 507,656 |  |  | $ | 325,912 |  |  | $ | 833,568 |
Total borrowing |  | $ | — |  |  | $ | — |  |  | $ | 507,656 |  |  | $ | 325,912 |  |  | $ | 833,568 |
As of December 31, 2021 |  | Overnight |  | <30 Days |  | 30 - 90 Days |  | > 90 Days |  | Total
Corporate Securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 312,965 |  |  | $ | 312,965 |
Total borrowing |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 312,965 |  |  | $ | 312,965 |
Schedule of Equity Method Investments | The following table shows summarized financial information relating to the statements of financial condition for all of KKR's equity method investments assuming 100% ownership as of December 31, 2022 and 2021:
| December 31, 2022 |  | December 31, 2021
Asset Management |  |  |
Total Assets | $ | 236,214,688 |  |  | $ | 154,165,237 |
Total Liabilities | $ | 78,864,977 |  |  | $ | 20,176,773 |
Total Equity | $ | 157,349,711 |  |  | $ | 133,988,464 |
Insurance |  |  |
Total Assets | $ | 12,304,705 |  |  | $ | 14,031,374 |
Total Liabilities | $ | 3,382,255 |  |  | $ | 3,360,701 |
The following table shows summarized financial information relating to the statements of operations for all of KKR's equity method investments assuming 100% ownership for the years ended December 31, 2022, 2021 and 2020:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Asset Management |  |  |  |  |
Investment Related Revenues | $ | 28,379,991 |  |  | $ | 5,812,879 |  |  | $ | 3,957,091 |
Other Revenues | 826,557 |  |  | 3,919,200 |  |  | 3,526,681 |
Investment Related Expenses | 4,297,342 |  |  | 2,504,491 |  |  | 2,347,521 |
Other Expenses | 223,953 |  |  | 2,949,799 |  |  | 2,534,041 |
Net Realized and Unrealized Gain/(Loss) from Investments | (16,279,901) |  |  | 31,380,451 |  |  | 8,007,682 |
| $ | 8,405,352 |  |  | $ | 35,658,240 |  |  | $ | 10,609,892 |
Insurance |  |  |  |  |
Revenues | $ | 1,365,222 |  |  | $ | 1,225,099 |  |  | $ | — |
Expenses | 708,229 |  |  | 588,724 |  |  | — |
| $ | 656,993 |  |  | $ | 636,375 |  |  | $ | — |
Net Income (Loss) | $ | 9,062,345 |  |  | $ | 36,294,615 |  |  | $ | 10,609,892 |

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