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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables summarize the valuation of assets and liabilities measured and reported at fair value by the fair value hierarchy. Investments classified as Equity Method - Other, for which the fair value option has not been elected, and Equity Method - Capital Allocation-Based Income have been excluded from the tables below. Assets, at fair value:
| December 31, 2022
| Level I |  | Level II |  | Level III |  | Total
Asset Management |  |  |  |  |  |  |
Private Equity | $ | 1,057,025 |  |  | $ | 213,706 |  |  | $ | 25,336,957 |  |  | $ | 26,607,688 |
Credit | 187,504 |  |  | 1,830,862 |  |  | 5,786,026 |  |  | 7,804,392 |
Investments of Consolidated CFEs | — |  |  | 22,492,366 |  |  | — |  |  | 22,492,366 |
Real Assets | — |  |  | 961,254 |  |  | 17,015,112 |  |  | 17,976,366 |
Equity Method - Other | 435,315 |  |  | 883,652 |  |  | 1,624,420 |  |  | 2,943,387 |
Other Investments | 395,972 |  |  | 63,060 |  |  | 3,334,366 |  |  | 3,793,398 |
Total Investments | $ | 2,075,816 |  |  | $ | 26,444,900 |  |  | $ | 53,096,881 |  |  | $ | 81,617,597 |
Foreign Exchange Contracts and Options | — |  |  | 668,716 |  |  | — |  |  | 668,716 |
Other Derivatives | 9 |  |  | 7,510 |  |  | — |  |  | 7,519 |
Total Assets at Fair Value - Asset Management | $ | 2,075,825 |  |  | $ | 27,121,126 |  |  | $ | 53,096,881 |  |  | $ | 82,293,832 |
Insurance |  |  |  |  |  |  |
AFS fixed maturity securities: |  |  |  |  |  |  |
U.S. government and agencies | $ | 283,402 |  |  | $ | 83,339 |  |  | $ | — |  |  | $ | 366,741 |
U.S. state, municipal and political subdivisions | — |  |  | 4,410,960 |  |  | — |  |  | 4,410,960 |
Corporate | — |  |  | 28,006,275 |  |  | 8,310,657 |  |  | 36,316,932 |
Structured securities | — |  |  | 19,425,455 |  |  | 1,419,441 |  |  | 20,844,896 |
Total AFS fixed maturity securities | $ | 283,402 |  |  | $ | 51,926,029 |  |  | $ | 9,730,098 |  |  | $ | 61,939,529 |
Trading fixed maturity securities: |  |  |  |  |  |  |
U.S. government and agencies | $ | 93,697 |  |  | $ | 59,940 |  |  | $ | — |  |  | $ | 153,637 |
U.S. state, municipal and political subdivisions | — |  |  | 705,836 |  |  | — |  |  | 705,836 |
Corporate | — |  |  | 7,218,354 |  |  | 672,023 |  |  | 7,890,377 |
Structured securities | — |  |  | 2,645,186 |  |  | 643,811 |  |  | 3,288,997 |
Total trading fixed maturity securities | $ | 93,697 |  |  | $ | 10,629,316 |  |  | $ | 1,315,834 |  |  | $ | 12,038,847 |
Equity securities | 2,213 |  |  | — |  |  | 16,286 |  |  | 18,499 |
Mortgage and other loan receivables | — |  |  | — |  |  | 787,515 |  |  | 787,515 |
Other investments(3) | — |  |  | — |  |  | 4,883,441 |  |  | 4,883,441 |
Funds withheld receivable at interest | — |  |  | — |  |  | 12,785 |  |  | 12,785 |
Reinsurance recoverable | — |  |  | — |  |  | 981,775 |  |  | 981,775 |
Derivative assets: |  |  |  |  |  |  |
Equity market contracts | 31,025 |  |  | 595,366 |  |  | — |  |  | 626,391 |
Interest rate contracts | 4,856 |  |  | 177,878 |  |  | — |  |  | 182,734 |
Foreign currency contracts | — |  |  | 127,440 |  |  | — |  |  | 127,440 |
Impact of netting(4) | (7,079) |  |  | (205,096) |  |  | — |  |  | (212,175) |
Total derivative assets | $ | 28,802 |  |  | $ | 695,588 |  |  | $ | — |  |  | $ | 724,390 |
Separate account assets | 4,130,794 |  |  | — |  |  | — |  |  | 4,130,794 |
Total Assets at Fair Value - Insurance | $ | 4,538,908 |  |  | $ | 63,250,933 |  |  | $ | 17,727,734 |  |  | $ | 85,517,575 |
Total Assets at Fair Value | $ | 6,614,733 |  |  | $ | 90,372,059 |  |  | $ | 70,824,615 |  |  | $ | 167,811,407 |
| December 31, 2021
| Level I |  | Level II |  | Level III |  | Total
Asset Management |  |  |  |  |  |  |
Private Equity | $ | 2,044,380 |  |  | $ | 318,736 |  |  | $ | 23,322,634 |  |  | $ | 25,685,750 |
Credit | — |  |  | 2,122,912 |  |  | 5,826,661 |  |  | 7,949,573 |
Investments of Consolidated CFEs | — |  |  | 22,076,809 |  |  | — |  |  | 22,076,809 |
Real Assets | — |  |  | 1,111,219 |  |  | 11,389,530 |  |  | 12,500,749 |
Equity Method - Other | 482,061 |  |  | 105,647 |  |  | 1,013,807 |  |  | 1,601,515 |
Other Investments | 759,002 |  |  | 146,081 |  |  | 3,240,013 |  |  | 4,145,096 |
Total Investments | $ | 3,285,443 |  |  | $ | 25,881,404 |  |  | $ | 44,792,645 |  |  | $ | 73,959,492 |
Foreign Exchange Contracts and Options | — |  |  | 590,637 |  |  | — |  |  | 590,637 |
Other Derivatives | — |  |  | 12 |  |  | 479 |  | (1) | 491 |
Total Assets at Fair Value - Asset Management | $ | 3,285,443 |  |  | $ | 26,472,053 |  |  | $ | 44,793,124 |  |  | $ | 74,550,620 |
Insurance |  |  |  |  |  |  |
AFS fixed maturity securities: |  |  |  |  |  |  |
U.S. government and agencies | $ | 500,325 |  |  | $ | 284,222 |  |  | $ | — |  |  | $ | 784,547 |
U.S. state, municipal and political subdivisions | — |  |  | 5,109,697 |  |  | — |  |  | 5,109,697 |
Corporate | — |  |  | 33,281,727 |  |  | 7,650,660 |  |  | 40,932,387 |
Structured securities | — |  |  | 21,215,854 |  |  | 828,401 |  |  | 22,044,255 |
Total AFS fixed maturity securities | $ | 500,325 |  |  | $ | 59,891,500 |  |  | $ | 8,479,061 |  |  | $ | 68,870,886 |
Trading fixed maturity securities: |  |  |  |  |  |  |
U.S. government and agencies | $ | 371,366 |  |  | $ | 252,266 |  |  | $ | — |  |  | $ | 623,632 |
U.S. state, municipal and political subdivisions | — |  |  | 879,463 |  |  | — |  |  | 879,463 |
Corporate | — |  |  | 8,486,922 |  |  | 565,025 |  |  | 9,051,947 |
Structured securities | — |  |  | 2,779,757 |  |  | 418,774 |  |  | 3,198,531 |
Total trading fixed maturity securities | $ | 371,366 |  |  | $ | 12,398,408 |  |  | $ | 983,799 |  |  | $ | 13,753,573 |
Equity securities | 256,196 |  |  | — |  |  | 32,937 |  |  | 289,133 |
Mortgage and other loan receivables(2) | — |  |  | — |  |  | 832,674 |  |  | 832,674 |
Other investments(3) | — |  |  | — |  |  | 1,603,345 |  |  | 1,603,345 |
Funds withheld receivable at interest | — |  |  | — |  |  | 31,740 |  |  | 31,740 |
Reinsurance recoverable | — |  |  | — |  |  | 1,293,791 |  |  | 1,293,791 |
Derivative assets: |  |  |  |  |  |  |
Equity market contracts | 66,510 |  |  | 1,150,333 |  |  | — |  |  | 1,216,843 |
Interest rate contracts | 44,472 |  |  | 154,186 |  |  | — |  |  | 198,658 |
Foreign currency contracts | — |  |  | 32,464 |  |  | — |  |  | 32,464 |
Impact of netting(4) | (25,588) |  |  | (126,427) |  |  | — |  |  | (152,015) |
Total derivative assets | $ | 85,394 |  |  | $ | 1,210,556 |  |  | $ | — |  |  | $ | 1,295,950 |
Separate account assets | 5,586,428 |  |  | — |  |  | — |  |  | 5,586,428 |
Total Assets at Fair Value - Insurance | $ | 6,799,709 |  |  | $ | 73,500,464 |  |  | $ | 13,257,347 |  |  | $ | 93,557,520 |
Total Assets at Fair Value | $ | 10,085,152 |  |  | $ | 99,972,517 |  |  | $ | 58,050,471 |  |  | $ | 168,108,140 |
(1)Includes derivative assets that were valued using a third-party valuation firm. The approach used to estimate the fair value of these derivative assets was generally the discounted cash flow method, which includes consideration of the current portfolio, projected portfolio construction, projected portfolio realizations, portfolio volatility (based on the volatility, correlation, and size of each underlying asset class), and the discounting of future cash flows to the reporting date. (2)Includes related party balance of $27.3 million in Level III for mortgage and other loan receivables as of December 31, 2021. (3)Other investments excluded from the fair value hierarchy include certain real estate and private equity funds for which fair value is measured at net asset value per share as a practical expedient. As of December 31, 2022 and 2021, the fair value of these investments was $148.9 million and $108.7 million, respectively. (4)Represents netting of derivative exposures covered by qualifying master netting agreements. Liabilities, at fair value:
| December 31, 2022
| Level I |  | Level II |  | Level III |  | Total
Asset Management |  |  |  |  |  |  |
Securities Sold Short | $ | 158,751 |  |  | $ | — |  |  | $ | — |  |  | $ | 158,751 |
Foreign Exchange Contracts and Options | — |  |  | 406,746 |  |  | — |  |  | 406,746 |
Unfunded Revolver Commitments | — |  |  | — |  |  | 137,315 |  | (1) | 137,315 |
Other Derivatives | — |  |  | 11,018 |  |  | — |  |  | 11,018 |
Debt Obligations of Consolidated CFEs | — |  |  | 22,273,242 |  |  | — |  |  | 22,273,242 |
Total Liabilities at Fair Value - Asset Management | $ | 158,751 |  |  | $ | 22,691,006 |  |  | $ | 137,315 |  |  | $ | 22,987,072 |
Insurance |  |  |  |  |  |  |
Policy liabilities | $ | — |  |  | $ | — |  |  | $ | 394,638 |  |  | $ | 394,638 |
Closed block policy liabilities | — |  |  | — |  |  | 1,016,313 |  |  | 1,016,313 |
Funds withheld payable at interest | — |  |  | — |  |  | (3,487,766) |  |  | (3,487,766) |
Derivative instruments payable: |  |  |  |  |  |  |
Equity market contracts | 2,692 |  |  | 88,652 |  |  | — |  |  | 91,344 |
Interest rate contracts | 9,693 |  |  | 952,636 |  |  | — |  |  | 962,329 |
Foreign currency contracts | — |  |  | 91,680 |  |  | — |  |  | 91,680 |
Credit contracts | — |  |  | 929 |  |  | — |  |  | 929 |
Impact of netting(2) | (7,079) |  |  | (205,096) |  |  | — |  |  | (212,175) |
Total derivative instruments payable | 5,306 |  |  | 928,801 |  |  | — |  |  | 934,107 |
Embedded derivative – indexed universal life products | — |  |  | — |  |  | 337,860 |  |  | 337,860 |
Embedded derivative – annuity products | — |  |  | — |  |  | 1,855,366 |  |  | 1,855,366 |
Total Liabilities at Fair Value - Insurance | $ | 5,306 |  |  | $ | 928,801 |  |  | $ | 116,411 |  |  | $ | 1,050,518 |
Total Liabilities at Fair Value | $ | 164,057 |  |  | $ | 23,619,807 |  |  | $ | 253,726 |  |  | $ | 24,037,590 |
| December 31, 2021
| Level I |  | Level II |  | Level III |  | Total
Asset Management |  |  |  |  |  |  |
Securities Sold Short | $ | 249,383 |  |  | $ | — |  |  | $ | — |  |  | $ | 249,383 |
Foreign Exchange Contracts and Options | — |  |  | 319,511 |  |  | — |  |  | 319,511 |
Unfunded Revolver Commitments | — |  |  | — |  |  | 64,276 |  | (1) | 64,276 |
Other Derivatives | — |  |  | 45,003 |  |  | — |  |  | 45,003 |
Debt Obligations of Consolidated CFEs | — |  |  | 21,271,084 |  |  | — |  |  | 21,271,084 |
Total Liabilities at Fair Value - Asset Management | $ | 249,383 |  |  | $ | 21,635,598 |  |  | $ | 64,276 |  |  | $ | 21,949,257 |
Insurance |  |  |  |  |  |  |
Policy liabilities | $ | — |  |  | $ | — |  |  | $ | 519,454 |  |  | $ | 519,454 |
Closed block policy liabilities | — |  |  | — |  |  | 1,350,224 |  |  | 1,350,224 |
Funds withheld payable at interest | — |  |  | — |  |  | (49,491) |  |  | (49,491) |
Derivative instruments payable: |  |  |  |  |  |  |
Equity market contracts | 33,933 |  |  | 152,821 |  |  | — |  |  | 186,754 |
Interest rate contracts | 14,009 |  |  | 87,236 |  |  | — |  |  | 101,245 |
Foreign currency contracts | — |  |  | 7,639 |  |  | — |  |  | 7,639 |
Credit contracts | — |  |  | 1,540 |  |  | — |  |  | 1,540 |
Impact of netting(2) | (25,588) |  |  | (126,427) |  |  | — |  |  | (152,015) |
Total derivative instruments payable | 22,354 |  |  | 122,809 |  |  | — |  |  | 145,163 |
Embedded derivative – indexed universal life products | — |  |  | — |  |  | 557,276 |  |  | 557,276 |
Embedded derivative – annuity products | — |  |  | — |  |  | 1,983,949 |  |  | 1,983,949 |
Total Liabilities at Fair Value - Insurance | $ | 22,354 |  |  | $ | 122,809 |  |  | $ | 4,361,412 |  |  | $ | 4,506,575 |
Total Liabilities at Fair Value | $ | 271,737 |  |  | $ | 21,758,407 |  |  | $ | 4,425,688 |  |  | $ | 26,455,832 |
(1)These unfunded revolver commitments are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. (2)Represents netting of derivative exposures covered by qualifying master netting agreement. The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level III inputs have been used to determine fair value for the years ended December 31, 2022 and 2021, respectively. For certain insurance disclosures, the beginning of the period represents balances as of the GA Acquisition Date.
| For the Year Ended December 31, 2022 |  |  |  |
| Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Issuances/Sales/Settlements | Net Unrealized and Realized Gains (Losses) | Change in OCI | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Equity | $ | 23,322,634 |  | $ | (49,000) |  | $ | — |  | $ | (138,220) |  | $ | 2,496,973 |  | $ | (295,430) |  | $ | — |  | $ | 25,336,957 |  | $ | (593,364) |  | $ | — |  |  |  |  |  |  |  |  |  |  |
Credit | 5,826,661 |  | 34,245 |  | 9,617 |  | (96,218) |  | 362,875 |  | (346,686) |  | (4,468) |  | 5,786,026 |  | (278,038) |  | — |  |  |  |  |  |  |  |  |  |  |
Real Assets | 11,389,530 |  | — |  | — |  | — |  | 5,115,282 |  | 510,300 |  | — |  | 17,015,112 |  | 114,614 |  | — |  |  |  |  |  |  |  |  |  |  |
Equity Method - Other | 1,013,807 |  | 156,183 |  | — |  | — |  | 603,992 |  | (149,562) |  | — |  | 1,624,420 |  | (142,352) |  | — |  |  |  |  |  |  |  |  |  |  |
Other Investments | 3,240,013 |  | 513,875 |  | — |  | (839) |  | 93,743 |  | (512,426) |  | — |  | 3,334,366 |  | (459,482) |  | — |  |  |  |  |  |  |  |  |  |  |
Other Derivatives | 479 |  | — |  | — |  | — |  | 30,593 |  | (31,072) |  | — |  | — |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Total Assets - Asset Management | $ | 44,793,124 |  | $ | 655,303 |  | $ | 9,617 |  | $ | (235,277) |  | $ | 8,703,458 |  | $ | (824,876) |  | $ | (4,468) |  | $ | 53,096,881 |  | $ | (1,358,622) |  | $ | — |  |  |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities | $ | 7,650,660 |  | $ | — |  | $ | — |  | $ | (88,076) |  | $ | 1,177,295 |  | $ | (59,342) |  | $ | (369,880) |  | $ | 8,310,657 |  | $ | — |  | $ | (328,184) |  |  |  |  |  |  |  |  |  |  |
Structured securities | 828,401 |  | — |  | 343,338 |  | — |  | 368,742 |  | (7,296) |  | (113,744) |  | 1,419,441 |  | — |  | (123,614) |  |  |  |  |  |  |  |  |  |  |
Total AFS fixed maturity securities | 8,479,061 |  | — |  | 343,338 |  | (88,076) |  | 1,546,037 |  | (66,638) |  | (483,624) |  | 9,730,098 |  | — |  | (451,798) |  |  |  |  |  |  |  |  |  |  |
Trading fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities | 565,025 |  | — |  | 11,826 |  | (44,273) |  | 219,892 |  | (80,447) |  | — |  | 672,023 |  | (79,031) |  | — |  |  |  |  |  |  |  |  |  |  |
Structured securities | 418,774 |  | — |  | 128,744 |  | (31,741) |  | 232,211 |  | (104,177) |  | — |  | 643,811 |  | (107,122) |  | — |  |  |  |  |  |  |  |  |  |  |
Total trading fixed maturity securities | 983,799 |  | — |  | 140,570 |  | (76,014) |  | 452,103 |  | (184,624) |  | — |  | 1,315,834 |  | (186,153) |  | — |  |  |  |  |  |  |  |  |  |  |
Equity securities | 32,937 |  | — |  | — |  | — |  | 195 |  | (16,846) |  | — |  | 16,286 |  | (16,846) |  | — |  |  |  |  |  |  |  |  |  |  |
Mortgage and other loan receivables | 832,674 |  | — |  | — |  | — |  | 54,239 |  | (99,398) |  | — |  | 787,515 |  | (84,219) |  | — |  |  |  |  |  |  |  |  |  |  |
Other investments | 1,603,345 |  | — |  | — |  | — |  | 3,167,542 |  | 112,554 |  | — |  | 4,883,441 |  | 42,996 |  | — |  |  |  |  |  |  |  |  |  |  |
Funds withheld receivable at interest | 31,740 |  | — |  | — |  | — |  | 10,435 |  | (29,390) |  | — |  | 12,785 |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverable | 1,293,791 |  | — |  | — |  | — |  | (11,088) |  | (300,928) |  | — |  | 981,775 |  | — |  | — |  |  |  |  |  |  |  |  |  |  |
Total Assets - Insurance | $ | 13,257,347 |  | $ | — |  | $ | 483,908 |  | $ | (164,090) |  | $ | 5,219,463 |  | $ | (585,270) |  | $ | (483,624) |  | $ | 17,727,734 |  | $ | (244,222) |  | $ | (451,798) |  |  |  |  |  |  |  |  |  |  |
Total | $ | 58,050,471 |  | $ | 655,303 |  | $ | 493,525 |  | $ | (399,367) |  | $ | 13,922,921 |  | $ | (1,410,146) |  | $ | (488,092) |  | $ | 70,824,615 |  | $ | (1,602,844) |  | $ | (451,798) |  |  |  |  |  |  |  |  |  |  |
| For the Year Ended December 31, 2021 |
| Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Issuances/Sales/Settlements | Net Unrealized and Realized Gains (Losses) | Change in OCI | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Equity | $ | 15,234,904 |  | $ | — |  | $ | 5,034 |  | $ | (504,112) |  | $ | 2,672,278 |  | $ | 5,914,530 |  | $ | — |  | $ | 23,322,634 |  | $ | 5,610,159 |  | $ | — |  |  |  |  |  |  |  |  |  |
Credit | 9,172,848 |  | (5,461,589) |  | 86,135 |  | — |  | 1,898,617 |  | 120,236 |  | 10,414 |  | 5,826,661 |  | 143,647 |  | 10,414 |  |  |  |  |  |  |  |  |  |
Real Assets | 5,924,575 |  | (208,518) |  | 17,567 |  | (1,914,962) |  | 5,996,313 |  | 1,574,555 |  | — |  | 11,389,530 |  | 1,443,458 |  | — |  |  |  |  |  |  |  |  |  |
Equity Method - Other | 1,014,378 |  | — |  | — |  | (22,601) |  | (250,391) |  | 272,421 |  | — |  | 1,013,807 |  | 222,087 |  | — |  |  |  |  |  |  |  |  |  |
Other Investments | 2,341,981 |  | (2,879) |  | 18,780 |  | (115,274) |  | 518,817 |  | 478,588 |  | — |  | 3,240,013 |  | 520,477 |  | — |  |  |  |  |  |  |  |  |  |
Other Derivatives | 6,668 |  | — |  | — |  | — |  | 49,978 |  | (56,167) |  | — |  | 479 |  | (56,167) |  | — |  |  |  |  |  |  |  |  |  |
Total Assets - Asset Management | $ | 33,695,354 |  | $ | (5,672,986) |  | $ | 127,516 |  | $ | (2,556,949) |  | $ | 10,885,612 |  | $ | 8,304,163 |  | $ | 10,414 |  | $ | 44,793,124 |  | $ | 7,883,661 |  | $ | 10,414 |  |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities | $ | 3,504,578 |  | $ | — |  | $ | 111,805 |  | $ | (65,664) |  | $ | 4,112,225 |  | $ | — |  | $ | (12,284) |  | $ | 7,650,660 |  | $ | — |  | $ | 5,973 |  |  |  |  |  |  |  |  |  |
Structured securities | 197,970 |  | — |  | 398,477 |  | (4,150) |  | 240,561 |  | — |  | (4,457) |  | 828,401 |  | — |  | (808) |  |  |  |  |  |  |  |  |  |
Total AFS fixed maturity securities | 3,702,548 |  | — |  | 510,282 |  | (69,814) |  | 4,352,786 |  | — |  | (16,741) |  | 8,479,061 |  | — |  | 5,165 |  |  |  |  |  |  |  |  |  |
Trading fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities | 676,650 |  | — |  | — |  | — |  | (111,516) |  | (109) |  | — |  | 565,025 |  | (1,332) |  | — |  |  |  |  |  |  |  |  |  |
Structured securities | 14,661 |  | — |  | 172,721 |  | (4,150) |  | 235,581 |  | (39) |  | — |  | 418,774 |  | 940 |  | — |  |  |  |  |  |  |  |  |  |
Total trading fixed maturity securities | 691,311 |  | — |  | 172,721 |  | (4,150) |  | 124,065 |  | (148) |  | — |  | 983,799 |  | (392) |  | — |  |  |  |  |  |  |  |  |  |
Equity securities | 66,660 |  | — |  | — |  | — |  | (86,778) |  | 53,055 |  | — |  | 32,937 |  | 20,292 |  | — |  |  |  |  |  |  |  |  |  |
Mortgage and other loan receivables | 928,673 |  | — |  | — |  | — |  | (98,120) |  | 2,121 |  | — |  | 832,674 |  | (1,515) |  | — |  |  |  |  |  |  |  |  |  |
Other investments | 437,275 |  | — |  | 5,003 |  | — |  | 630,457 |  | 530,610 |  | — |  | 1,603,345 |  | 3,666 |  | — |  |  |  |  |  |  |  |  |  |
Funds withheld receivable at interest | — |  | — |  | — |  | — |  | — |  | 31,740 |  | — |  | 31,740 |  | — |  | — |  |  |  |  |  |  |  |  |  |
Reinsurance recoverable | 1,339,702 |  | — |  | — |  | — |  | (9,864) |  | (36,047) |  | — |  | 1,293,791 |  | — |  | — |  |  |  |  |  |  |  |  |  |
Total Assets - Insurance | $ | 7,166,169 |  | $ | — |  | $ | 688,006 |  | $ | (73,964) |  | $ | 4,912,546 |  | $ | 581,331 |  | $ | (16,741) |  | $ | 13,257,347 |  | $ | 22,051 |  | $ | 5,165 |  |  |  |  |  |  |  |  |  |
Total | $ | 40,861,523 |  | $ | (5,672,986) |  | $ | 815,522 |  | $ | (2,630,913) |  | $ | 15,798,158 |  | $ | 8,885,494 |  | $ | (6,327) |  | $ | 58,050,471 |  | $ | 7,905,712 |  | $ | 15,579 |  |  |  |  |  |  |  |  |  |
|  | For the Year Ended December 31, 2022
|  |  |  |  |  |  | Purchases | Issuances | Sales | Settlements | Net Purchases/ Issuances/ Sales/ Settlements
Assets |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |
Private Equity |  |  |  |  |  |  | $ | 3,026,251 |  | $ | — |  | $ | (529,278) |  | $ | — |  | $ | 2,496,973 |
Credit |  |  |  |  |  |  | 2,468,167 |  | — |  | (1,526,492) |  | (578,800) |  | 362,875 |
Real Assets |  |  |  |  |  |  | 6,906,707 |  | — |  | (1,736,916) |  | (54,509) |  | 5,115,282 |
Equity Method - Other |  |  |  |  |  |  | 612,818 |  | — |  | (8,826) |  | — |  | 603,992 |
Other Investments |  |  |  |  |  |  | 497,617 |  | — |  | (382,290) |  | (21,584) |  | 93,743 |
Other Derivatives |  |  |  |  |  |  | 64,500 |  | — |  | (33,907) |  | — |  | 30,593 |
Total Assets - Asset Management |  |  |  |  |  |  | $ | 13,576,060 |  | $ | — |  | $ | (4,217,709) |  | $ | (654,893) |  | $ | 8,703,458 |
Insurance |  |  |  |  |  |  |  |  |  |  |
AFS fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities |  |  |  |  |  |  | $ | 3,175,479 |  | $ | — |  | $ | (204,292) |  | $ | (1,793,892) |  | $ | 1,177,295 |
Structured securities |  |  |  |  |  |  | 589,561 |  | — |  | (13) |  | (220,806) |  | 368,742 |
Total AFS fixed maturity securities |  |  |  |  |  |  | 3,765,040 |  | — |  | (204,305) |  | (2,014,698) |  | 1,546,037 |
Trading fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities |  |  |  |  |  |  | 300,744 |  | — |  | (606) |  | (80,246) |  | 219,892 |
Structured securities |  |  |  |  |  |  | 322,291 |  | — |  | (4,700) |  | (85,380) |  | 232,211 |
Total trading fixed maturity securities |  |  |  |  |  |  | 623,035 |  | — |  | (5,306) |  | (165,626) |  | 452,103 |
Equity securities |  |  |  |  |  |  | 195 |  | — |  | — |  | — |  | 195 |
Mortgage and other loan receivables |  |  |  |  |  |  | 239,013 |  | — |  | (7,302) |  | (177,472) |  | 54,239 |
Other investments |  |  |  |  |  |  | 3,665,360 |  | — |  | (497,818) |  | — |  | 3,167,542 |
Funds withheld receivable at interest |  |  |  |  |  |  | — |  | 10,435 |  | — |  | — |  | 10,435 |
Reinsurance recoverable |  |  |  |  |  |  | — |  | — |  | — |  | (11,088) |  | (11,088) |
Total Assets - Insurance |  |  |  |  |  |  | $ | 8,292,643 |  | $ | 10,435 |  | $ | (714,731) |  | $ | (2,368,884) |  | $ | 5,219,463 |
Total |  |  |  |  |  |  | $ | 21,868,703 |  | $ | 10,435 |  | $ | (4,932,440) |  | $ | (3,023,777) |  | $ | 13,922,921 |
|  |  |  |  | For the Year Ended December 31, 2021
|  |  |  |  |  |  |  |  |  |  |  | Purchases | Issuances | Sales | Settlements | Net Purchases/ Issuances/ Sales/ Settlements
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Equity |  |  |  |  |  |  |  |  |  |  |  | $ | 3,400,895 |  | $ | — |  | $ | (728,617) |  | $ | — |  | $ | 2,672,278 |
Credit |  |  |  |  |  |  |  |  |  |  |  | 5,840,132 |  | — |  | (3,612,448) |  | (329,067) |  | 1,898,617 |
Real Assets |  |  |  |  |  |  |  |  |  |  |  | 8,124,055 |  | — |  | (2,127,742) |  | — |  | 5,996,313 |
Equity Method - Other |  |  |  |  |  |  |  |  |  |  |  | 23,110 |  | — |  | (273,501) |  | — |  | (250,391) |
Other Investments |  |  |  |  |  |  |  |  |  |  |  | 921,181 |  | — |  | (402,364) |  | — |  | 518,817 |
Other Derivatives |  |  |  |  |  |  |  |  |  |  |  | 49,978 |  | — |  | — |  | — |  | 49,978 |
Total Assets - Asset Management |  |  |  |  |  |  |  |  |  |  |  | $ | 18,359,351 |  | $ | — |  | $ | (7,144,672) |  | $ | (329,067) |  | $ | 10,885,612 |
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  | $ | 7,165,017 |  | $ | — |  | $ | (71,254) |  | $ | (2,981,538) |  | $ | 4,112,225 |
Structured securities |  |  |  |  |  |  |  |  |  |  |  | 268,050 |  | — |  | — |  | (27,489) |  | 240,561 |
Total AFS fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  | 7,433,067 |  | — |  | (71,254) |  | (3,009,027) |  | 4,352,786 |
Trading fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  | 893,521 |  | — |  | (2,114) |  | (1,002,923) |  | (111,516) |
Structured securities |  |  |  |  |  |  |  |  |  |  |  | 240,119 |  | — |  | — |  | (4,538) |  | 235,581 |
Total trading fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  | 1,133,640 |  | — |  | (2,114) |  | (1,007,461) |  | 124,065 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  | 4,077 |  | — |  | (83,864) |  | (6,991) |  | (86,778) |
Mortgage and other loan receivables |  |  |  |  |  |  |  |  |  |  |  | 413,335 |  | — |  | (26,676) |  | (484,779) |  | (98,120) |
Other investments |  |  |  |  |  |  |  |  |  |  |  | 1,164,713 |  | — |  | (534,256) |  | — |  | 630,457 |
Reinsurance recoverable |  |  |  |  |  |  |  |  |  |  |  | — |  | — |  | — |  | (9,864) |  | (9,864) |
Total Assets - Insurance |  |  |  |  |  |  |  |  |  |  |  | $ | 10,148,832 |  | $ | — |  | $ | (718,164) |  | $ | (4,518,122) |  | $ | 4,912,546 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 28,508,183 |  | $ | — |  | $ | (7,862,836) |  | $ | (4,847,189) |  | $ | 15,798,158 |
| For the Year Ended December 31, 2022
| Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Sales/Settlements/Issuances | Net Unrealized and Realized Gains (Losses) | Change in OCI | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |
Unfunded Revolver Commitments | $ | 64,276 |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,749 |  | $ | 71,290 |  | $ | — |  | $ | 137,315 |  | $ | 66,957 |
Total Liabilities - Asset Management | $ | 64,276 |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,749 |  | $ | 71,290 |  | $ | — |  | $ | 137,315 |  | $ | 66,957 |
Insurance |  |  |  |  |  |  |  |  |
Policy liabilities | $ | 519,454 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (107,374) |  | $ | (17,442) |  | $ | 394,638 |  | $ | — |
Closed block policy liabilities | 1,350,224 |  | — |  | — |  | — |  | (3,479) |  | (327,226) |  | (3,206) |  | 1,016,313 |  | — |
Funds withheld payable at interest | (49,491) |  | — |  | — |  | — |  | 10,435 |  | (3,448,710) |  | — |  | (3,487,766) |  | — |
Embedded derivative – indexed universal life products | 557,276 |  | — |  | — |  | — |  | 12,645 |  | (232,061) |  | — |  | 337,860 |  | — |
Embedded derivative – annuity products | 1,983,949 |  | — |  | — |  | — |  | 688,872 |  | (817,455) |  | — |  | 1,855,366 |  | — |
Total Liabilities - Insurance | $ | 4,361,412 |  | $ | — |  | $ | — |  | $ | — |  | $ | 708,473 |  | $ | (4,932,826) |  | $ | (20,648) |  | $ | 116,411 |  | $ | — |
Total | $ | 4,425,688 |  | $ | — |  | $ | — |  | $ | — |  | $ | 710,222 |  | $ | (4,861,536) |  | $ | (20,648) |  | $ | 253,726 |  | $ | 66,957 |
| For the Year Ended December 31, 2021
| Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Sales/Settlements/Issuances | Net Unrealized and Realized Gains (Losses) | Change in OCI | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |
Unfunded Revolver Commitments | $ | 46,340 |  | $ | — |  | $ | — |  | $ | — |  | $ | 311 |  | $ | 17,625 |  | $ | — |  | $ | 64,276 |  | $ | 17,625 |
Total Liabilities - Asset Management | $ | 46,340 |  | $ | — |  | $ | — |  | $ | — |  | $ | 311 |  | $ | 17,625 |  | $ | — |  | $ | 64,276 |  | $ | 17,625 |
Insurance |  |  |  |  |  |  |  |  |
Policy liabilities | $ | 637,729 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (118,275) |  | $ | — |  | $ | 519,454 |  | $ | — |
Closed block policy liabilities | 1,395,746 |  | — |  | — |  | — |  | (41,829) |  | (4,463) |  | 770 |  | 1,350,224 |  | — |
Funds withheld payable at interest | — |  | — |  | — |  | — |  | — |  | (49,491) |  | — |  | (49,491) |  | — |
Embedded derivative – indexed universal life products | 386,746 |  | — |  | — |  | — |  | (2,702) |  | 173,232 |  | — |  | 557,276 |  | — |
Embedded derivative – annuity products | 1,024,601 |  | — |  | — |  | — |  | 311,778 |  | 647,570 |  | — |  | 1,983,949 |  | — |
Total Liabilities - Insurance | $ | 3,444,822 |  | $ | — |  | $ | — |  | $ | — |  | $ | 267,247 |  | $ | 648,573 |  | $ | 770 |  | $ | 4,361,412 |  | $ | — |
Total | $ | 3,491,162 |  | $ | — |  | $ | — |  | $ | — |  | $ | 267,558 |  | $ | 666,198 |  | $ | 770 |  | $ | 4,425,688 |  | $ | 17,625 |
|  |  | Year Ended December 31, 2022
|  |  |  |  | Issuances | Settlements | Net Issuances/Settlements
Liabilities |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |
Unfunded Revolver Commitments |  |  |  |  | $ | 19,141 |  | $ | (17,392) |  | $ | 1,749 |
Total Liabilities - Asset Management |  |  |  |  | $ | 19,141 |  | $ | (17,392) |  | $ | 1,749 |
Insurance |  |  |  |  |  |  |
Closed block policy liabilities |  |  |  |  | $ | — |  | $ | (3,479) |  | $ | (3,479) |
Funds withheld payable at interest |  |  |  |  | 10,435 |  | — |  | 10,435 |
Embedded derivative – indexed universal life products |  |  |  |  | 29,068 |  | (16,423) |  | 12,645 |
Embedded derivative – annuity products |  |  |  |  | 688,872 |  | — |  | 688,872 |
Total Liabilities - Insurance |  |  |  |  | $ | 728,375 |  | $ | (19,902) |  | $ | 708,473 |
Total |  |  |  |  | $ | 747,516 |  | $ | (37,294) |  | $ | 710,222 |
|  |  | Year Ended December 31, 2021
|  |  |  |  | Issuances | Settlements | Net Issuances/Settlements
Liabilities |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |
Unfunded Revolver Commitments |  |  |  |  | $ | 12,169 |  | $ | (11,858) |  | $ | 311 |
Total Liabilities - Asset Management |  |  |  |  | $ | 12,169 |  | $ | (11,858) |  | $ | 311 |
Insurance |  |  |  |  |  |  |
Closed block policy liabilities |  |  |  |  | $ | — |  | $ | (41,829) |  | $ | (41,829) |
Embedded derivative – indexed universal life products |  |  |  |  | 15,549 |  | (18,251) |  | (2,702) |
Embedded derivative – annuity products |  |  |  |  | 311,778 |  | — |  | 311,778 |
Total Liabilities - Insurance |  |  |  |  | $ | 327,327 |  | $ | (60,080) |  | $ | 267,247 |
Total |  |  |  |  | $ | 339,496 |  | $ | (71,938) |  | $ | 267,558 |
Total realized and unrealized gains and losses recorded for Asset Management - Level III assets and liabilities are reported in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations while Insurance - Level III assets and liabilities are reported in Net Investment Gains and Policy Benefits and Claims in the accompanying consolidated statements of operations. The following table presents additional information about valuation methodologies and significant unobservable inputs used for financial assets and liabilities that are measured and reported at fair value and categorized within Level III as of December 31, 2022. Because input information includes only those items for which information is reasonably available, balances shown below may not equal total amounts reported for such Level III assets and liabilities:
Level III Assets |  | Fair Value December 31, 2022 |  | Valuation Methodologies |  | Unobservable Input(s) (1) |  | Weighted Average (2) |  | Range |  | Impact to Valuation from an Increase in Input (3)
ASSET MANAGEMENT |  |  |  |  |  |  |  |  |
Private Equity |  | $ | 25,336,957 |  |  |  |  |  |  |  |  |  |  |
Private Equity |  | $ | 22,763,550 |  |  | Inputs to market comparables, discounted cash flow and transaction price |  | Illiquidity Discount |  | 6.5% |  | 5.0% - 15.0% |  | Decrease
|  |  |  |  | Weight Ascribed to Market Comparables |  | 29.2% |  | 0.0% - 75.0% |  | (4)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 68.9% |  | 0.0% - 100.0% |  | (5)
|  |  |  |  | Weight Ascribed to Transaction Price |  | 1.9% |  | 0.0% - 80.0% |  | (6)
|  |  |  | Market comparables |  | Enterprise Value/LTM EBITDA Multiple |  | 17.5x |  | 7.7x - 51.1x |  | Increase
|  |  |  |  | Enterprise Value/Forward EBITDA Multiple |  | 15.8x |  | 7.4x - 30.7x |  | Increase
|  |  |  | Discounted cash flow |  | Weighted Average Cost of Capital |  | 10.2% |  | 5.9% - 14.4% |  | Decrease
|  |  |  |  | Enterprise Value/LTM EBITDA Exit Multiple |  | 14.3x |  | 6.0x - 27.6x |  | Increase
Level III Assets |  | Fair Value December 31, 2022 |  | Valuation Methodologies |  | Unobservable Input(s) (1) |  | Weighted Average (2) |  | Range |  | Impact to Valuation from an Increase in Input (3)
Growth Equity |  | $ | 2,573,407 |  |  | Inputs to market comparables, discounted cash flow and milestones |  | Illiquidity Discount |  | 9.5% |  | 5.0% - 50.0% |  | Decrease
|  |  |  |  | Weight Ascribed to Market Comparables |  | 27.7% |  | 0.0% - 100.0% |  | (4)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 0.2% |  | 0.0% - 10.0% |  | (5)
|  |  |  |  | Weight Ascribed to Milestones |  | 72.1% |  | 0.0% - 100.0% |  | (6)
|  |  |  | Scenario Weighting |  | Base |  | 73.7% |  | 60.0% - 75.0% |  | Increase
|  |  |  |  | Downside |  | 3.6% |  | 0.0% - 25.0% |  | Decrease
|  |  |  |  | Upside |  | 22.7% |  | 15.0% - 25.0% |  | Increase
Credit |  | $ | 5,786,026 |  |  | Yield Analysis |  | Yield |  | 11.5% |  | 0.0% - 21.6% |  | Decrease
|  |  |  |  | Net Leverage |  | 6.1x |  | 0.2x - 24.9x |  | Decrease
|  |  |  |  | EBITDA Multiple |  | 12.4x |  | 0.3x - 33.0x |  | Increase
Real Assets |  | $ | 17,015,112 |  |  |  |  |  |  |  |  |  |  |
Energy |  | $ | 1,804,385 |  |  | Inputs to market comparables and discounted cash flow |  | Weight Ascribed to Market Comparables |  | 48.3% |  | 0.0% - 50.0% |  | (4)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 51.7% |  | 50.0% - 100.0% |  | (5)
|  |  |  | Market comparables |  | Enterprise Value/LTM EBITDA Multiple |  | 4.2x |  | 4.2x - 4.2x |  | Increase
|  |  |  |  | Enterprise Value/Forward EBITDA Multiple |  | 6.6x |  | 3.0x- 7.7x |  | Increase
|  |  |  | Discounted cash flow |  | Weighted Average Cost of Capital |  | 12.3% |  | 11.2% - 14.6% |  | Decrease
|  |  |  |  |  | Average Price Per BOE (8) |  | $52.96 |  | $50.49 - $57.28 |  | Increase
Infrastructure |  | $ | 7,105,673 |  |  | Inputs to market comparables, discounted cash flow and transaction price |  | Illiquidity Discount |  | 5.7% |  | 5.0% - 10.0% |  | Decrease
|  |  |  |  | Weight Ascribed to Market Comparables |  | 1.5% |  | 0.0% - 25.0% |  | (4)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 84.2% |  | 0.0% - 100.0% |  | (5)
|  |  |  |  | Weight Ascribed to Transaction Price |  | 14.3% |  | 0.0% - 100.0% |  | (6)
|  |  |  | Market comparables |  | Enterprise Value/LTM EBITDA Multiple |  | 10.9x |  | 10.9x - 10.9x |  | Increase
|  |  |  |  | Enterprise Value/Forward EBITDA Multiple |  | 14.7x |  | 10.8x - 20.5x |  | Increase
|  |  |  | Discounted cash flow |  | Weighted Average Cost of Capital |  | 7.2% |  | 5.1% - 8.5% |  | Decrease
|  |  |  |  | Enterprise Value/LTM EBITDA Exit Multiple |  | 13.1x |  | 1.4x - 22.0x |  | Increase
Real Estate |  | $ | 8,105,054 |  |  | Inputs to direct income capitalization, discounted cash flow and transaction price |  | Weight Ascribed to Direct Income Capitalization |  | 23.0% |  | 0.0% - 100.0% |  | (7)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 75.2% |  | 0.0% - 100.0% |  | (5)
|  |  |  |  | Weight Ascribed to Transaction Price |  | 1.8% |  | 0.0% - 100.0% |  | (6)
|  |  |  | Direct income capitalization |  | Current Capitalization Rate |  | 5.0% |  | 2.3% - 7.7% |  | Decrease
|  |  |  | Discounted cash flow |  | Unlevered Discount Rate |  | 6.6% |  | 2.6% - 18.0% |  | Decrease
Equity Method - Other |  | $ | 1,624,420 |  |  | Inputs to market comparables, discounted cash flow and transaction price |  | Illiquidity Discount |  | 6.3% |  | 5.0% - 10.0% |  | Decrease
|  |  |  | Weight Ascribed to Market Comparables |  | 48.0% |  | 0.0% - 100.0% |  | (4)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 23.7% |  | 0.0% - 100.0% |  | (5)
|  |  |  |  | Weight Ascribed to Transaction Price |  | 28.3% |  | 0.0% - 100.0% |  | (6)
|  |  |  | Market comparables |  | Enterprise Value/LTM EBITDA Multiple |  | 19.7x |  | 4.2x - 41.7x |  | Increase
|  |  |  |  | Enterprise Value/Forward EBITDA Multiple |  | 17.1x |  | 3.9x - 33.4x |  | Increase
|  |  |  | Discounted cash flow |  | Weighted Average Cost of Capital |  | 10.0% |  | 6.6% - 18.3% |  | Decrease
|  |  |  |  | Enterprise Value/LTM EBITDA Exit Multiple |  | 19.5x |  | 6.0x - 41.7x |  | Increase
Other Investments |  | $ | 3,334,366 |  | (9) | Inputs to market comparables, discounted cash flow and transaction price |  | Illiquidity Discount |  | 10.8% |  | 6.4% - 20.0% |  | Decrease
|  |  |  | Weight Ascribed to Market Comparables |  | 17.9% |  | 0.0% - 100.0% |  | (4)
|  |  |  |  | Weight Ascribed to Discounted Cash Flow |  | 55.2% |  | 0.0% - 100.0% |  | (5)
|  |  |  |  | Weight Ascribed to Transaction Price |  | 26.9% |  | 0.0% - 100.0% |  | (6)
|  |  |  | Market comparables |  | Enterprise Value/LTM EBITDA Multiple |  | 12.0x |  | 6.3x - 26.1x |  | Increase
|  |  |  |  | Enterprise Value/Forward EBITDA Multiple |  | 11.6x |  | 7.3x - 20.3x |  | Increase
|  |  |  | Discounted cash flow |  | Weighted Average Cost of Capital |  | 14.0% |  | 8.2% - 44.0% |  | Decrease
|  |  |  |  | Enterprise Value/LTM EBITDA Exit Multiple |  | 8.4x |  | 6.0x - 11.0x |  | Increase
Level III Assets |  | Fair Value December 31, 2022 |  | Valuation Methodologies |  | Unobservable Input(s) (1) |  | Weighted Average (2) |  | Range |  | Impact to Valuation from an Increase in Input (3)
INSURANCE |  |  |  |  |  |  |  |  |  |  |  |
Corporate fixed maturity securities |  | $ | 1,851,939 |  |  | Discounted cash flow |  | Discount Spread |  | 3.05% |  | 0.22% - 6.02% |  | Decrease
Structured securities |  | $ | 93,561 |  |  | Discounted cash flow |  | Discount Spread |  | 3.55% |  | 2.93% - 6.58% |  | Decrease
|  |  |  |  |  | Constant Prepayment Rate |  | 7.39% |  | 5.00% - 15.00% |  | Increase/Decrease
|  |  |  |  |  | Constant Default Rate |  | 1.20% |  | 1.00% - 2.50% |  | Decrease
|  |  |  |  |  | Loss Severity |  |  |  | 100% |  | Decrease
Other investments |  | $ | 4,639,349 |  |  | Direct capitalization |  | Current Capitalization Rate |  |  |  | 5.30% |  | Decrease
|  |  |  |  | Vacancy rate |  | 3.30% |  | —% - 5.00% |  | Decrease
|  |  |  | Discounted cash flow |  | Rate |  | 7.23% |  | 5.50% - 7.57% |  | Decrease
|  |  |  |  |  | Terminal capitalization rate |  | 6.11% |  | 4.25% - 6.46% |  | Decrease
Funds withheld receivable at interest |  | $ | 12,785 |  |  | Discounted cash flow |  | Duration/Weighted Average Life |  | 8.49 years |  | 0.0 years - 20.3 years |  | Increase
|  |  |  |  | Contractholder Persistency |  | 7.09% |  | 3.60% - 16.70% |  | Increase
|  |  |  |  | Nonperformance Risk |  | 0.98% |  | 0.61% - 1.42% |  | Decrease
Reinsurance recoverable |  | $ | 981,775 |  |  | Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. |  | Expense assumption |  | $17.2 |  | The average expense assumption is between $8.23 and $78.00 per policy, increased by inflation. The annual inflation rate was increased by 2.50%. |  | Increase
|  |  |  | Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities. |  | Expense risk margin |  |  |  | 9.42% |  | Decrease
|  |  |  |  |  | Cost of capital |  | 9.7% |  | 3.69% - 13.85% |  | Increase
|  |  |  | Discounted cash flow |  | Mortality Rate |  |  |  | 5.46% |  | Increase
|  |  |  |  | Surrender Rate |  |  |  | 2.01% |  | Increase
(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization. (2)Inputs were weighted based on the fair value of the investments included in the range. (3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4)The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price. (5)The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach, transaction price and direct income capitalization approach. (6)The directional change from an increase in the weight ascribed to the transaction price or milestones would increase the fair value of the Level III investments if the transaction price or milestones results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price or milestones results in a lower valuation than the market comparables approach and discounted cash flow approach. (7)The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach. (8)The total energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent ("BOE"), is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 83% liquids and 17% natural gas. (9)Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit, equity method - other or investments of consolidated CFEs.
Level III Liabilities |  | Fair Value December 31, 2022 |  | Valuation Methodologies |  | Unobservable Input(s) (1) |  | Weighted Average (2) |  | Range |  | Impact to Valuation from an Increase in Input (3)
ASSET MANAGEMENT |  |  |  |  |  |  |  |  |  |
Unfunded Revolver Commitments |  | $ | 137,315 |  |  | Yield Analysis |  | Yield |  | 13.4% |  | 8.0% - 39.6% |  | Decrease
INSURANCE |  |  |  |  |  |  |  |  |  |  |  |
Policy liabilities |  | $ | 394,638 |  |  | Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the variability of the cash flows. |  | Risk Margin Rate |  | 1.26% |  | 0.65% - 1.94% |  | Decrease
|  |  | Policyholder behavior is also a significant unobservable input, including surrender and mortality. |  | Surrender Rate |  | 5.88% |  | 3.60% - 6.83% |  | Decrease
|  |  |  |  | Mortality Rate |  | 4.53% |  | 3.61% - 9.14% |  | Increase
Closed block policy liabilities |  | $ | 1,016,313 |  |  | Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. |  | Expense assumption |  | $17.2 |  | The average expense assumption is between $8.23 and $78.00 per policy, increased by inflation. The annual inflation rate was increased by 2.50%. |  | Increase
|  |  | Nonperformance Risk |  |  |  | 0.98% |  | 0.61% - 1.42% |  | Decrease
|  |  | Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities. |  | Expense Risk Margin |  |  |  | 9.42% |  | Decrease
|  |  |  |  | Cost of Capital |  | 9.7% |  | 3.69% - 13.85% |  | Increase
|  |  | Discounted cash flow |  | Mortality Rate |  |  |  | 5.46% |  | Increase
|  |  |  |  | Surrender Rate |  |  |  | 2.01% |  | Increase
Funds withheld payable at interest |  | $ | (3,487,766) |  |  | Discounted cash flow |  | Duration/Weighted Average Life |  | 8.56 years |  | 0.0 years - 17.37 years |  | Decrease
|  |  |  | Contractholder Persistency |  | 7.09% |  | 3.60% - 16.70% |  | Decrease
|  |  |  |  |  | Nonperformance Risk |  | 0.98% |  | 0.61% - 1.42% |  | Decrease
Embedded derivative – indexed universal life products |  | $ | 337,860 |  |  | Policy persistency is a significant unobservable input. |  | Lapse Rate |  |  |  | 3.45% |  | Decrease
|  |  |  |  | Mortality Rate |  |  |  | 0.72% |  | Decrease
|  |  | Future costs for options used to hedge the contract obligations |  | Option Budge Assumption |  |  |  | 3.66% |  | Increase
|  |  |  |  | Nonperformance Risk |  | 0.98% |  | 0.61% - 1.42% |  | Decrease
Level III Liabilities |  | Fair Value December 31, 2022 |  | Valuation Methodologies |  | Unobservable Input(s) (1) |  | Weighted Average (2) |  | Range |  | Impact to Valuation from an Increase in Input (3)
Embedded derivative – annuity products |  | $ | 1,855,366 |  |  | Policyholder behavior is a significant unobservable input, including utilization and lapse. |  | Utilization: |  |  |  |  |  |
|  |  |  |  | Fixed-indexed annuity |  | 3.49% |  |  |  | Decrease
|  |  |  |  | Variable annuity |  | 4.28% |  | 2.50% - 32.84% |  | Decrease
|  |  |  |  | Surrender Rate: |  |  |  |  |  |
|  |  |  |  | Retail FIA |  | 10.81% |  |  |  | Decrease
|  |  |  |  | Institutional FIA |  | 17.26% |  |  |  | Decrease
|  |  |  |  | Variable annuity |  |  |  | 3.45% - 41.68% |  | Decrease
|  |  |  |  | Mortality Rate: |  |  |  |  |  |
|  |  |  |  | Retail FIA |  | 2.12% |  |  |  | Decrease
|  |  |  |  | Institutional FIA |  | 2.01% |  |  |  | Decrease
|  |  |  |  | Variable annuity |  |  |  | 1.46% - 7.55% |  | Decrease
|  |  | Future costs for options used to hedge the contract obligations |  | Option Budge Assumption: |  |  |  |  |  |
|  |  |  |  | Retail RIA |  | 1.99% |  |  |  | Increase
|  |  |  |  | Institutional FIA |  | 2.36% |  |  |  | Increase
|  |  |  |  | Variable annuity |  | n/a |  |  |  |
|  |  |  |  | Nonperformance Risk |  | 0.98% |  | 0.61% - 1.42% |  | Decrease
(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization. (2)Inputs were weighted based on the fair value of the investments included in the range. (3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements as noted in the table above. Financial Instruments Not Carried At Fair Value Asset management financial instruments are primarily measured at fair value on a recurring basis, except as disclosed in Note 17 "Debt Obligations." The following tables present carrying amounts and fair values of Global Atlantic’s financial instruments which are not carried at fair value as of December 31, 2022 and 2021:
|  |  | Fair Value Hierarchy |  |
As of December 31, 2022 | Carrying Value |  | Level I |  | Level II |  | Level III |  | Fair Value
($ in thousands) |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |
Mortgage and other loan receivables | $ | 34,303,183 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,256,107 |  |  | $ | 31,256,107 |
Policy loans | 868,911 |  |  | — |  |  | — |  |  | 789,726 |  |  | 789,726 |
FHLB common stock and other investments | 163,289 |  |  | — |  |  | — |  |  | 163,289 |  |  | 163,289 |
Funds withheld receivables at interest | 2,855,251 |  |  | — |  |  | 2,855,251 |  |  | — |  |  | 2,855,251 |
Cash and cash equivalents | 6,118,231 |  |  | 6,118,231 |  |  | — |  |  | — |  |  | 6,118,231 |
Restricted cash and cash equivalents | 308,383 |  |  | 308,383 |  |  | — |  |  | — |  |  | 308,383 |
Total financial assets | $ | 44,617,248 |  |  | $ | 6,426,614 |  |  | $ | 2,855,251 |  |  | $ | 32,209,122 |  |  | $ | 41,490,987 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |
Other contractholder deposit funds | $ | 38,200,664 |  |  | $ | — |  |  | $ | 35,908,184 |  |  | $ | — |  |  | $ | 35,908,184 |
Supplementary contracts without life contingencies | 12,148 |  |  | — |  |  | — |  |  | 12,349 |  |  | 12,349 |
Funding agreements | 2,464,295 |  |  | — |  |  | — |  |  | 2,399,611 |  |  | 2,399,611 |
Funds withheld payables at interest | 26,227,183 |  |  | — |  |  | 26,227,183 |  |  | — |  |  | 26,227,183 |
Debt obligations | 2,128,166 |  |  | — |  |  | — |  |  | 1,698,526 |  |  | 1,698,526 |
Securities sold under agreements to repurchase | 805,316 |  |  | — |  |  | 805,316 |  |  | — |  |  | 805,316 |
Total financial liabilities | $ | 69,837,772 |  |  | $ | — |  |  | $ | 62,940,683 |  |  | $ | 4,110,486 |  |  | $ | 67,051,169 |
|  |  | Fair Value Hierarchy |  |
As of December 31, 2021 | Carrying Value |  | Level I |  | Level II |  | Level III |  | Fair Value
($ in thousands) |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |
Mortgage and other loan receivables | $ | 28,044,085 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,645,675 |  |  | $ | 28,645,675 |
Policy loans | 765,310 |  |  | — |  |  | — |  |  | 754,530 |  |  | 754,530 |
FHLB common stock and other investments | 171,842 |  |  | — |  |  | — |  |  | 171,842 |  |  | 171,842 |
Funds withheld receivables at interest | 2,967,708 |  |  | — |  |  | 2,967,708 |  |  | — |  |  | 2,967,708 |
Cash and cash equivalents | 3,391,934 |  |  | 3,391,934 |  |  | — |  |  | — |  |  | 3,391,934 |
Restricted cash and cash equivalents | 300,404 |  |  | 300,404 |  |  | — |  |  | — |  |  | 300,404 |
Total financial assets | $ | 35,641,283 |  |  | $ | 3,692,338 |  |  | $ | 2,967,708 |  |  | $ | 29,572,047 |  |  | $ | 36,232,093 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |
Other contractholder deposit funds | $ | 30,295,965 |  |  | $ | — |  |  | $ | 28,419,520 |  |  | $ | — |  |  | $ | 28,419,520 |
Supplementary contracts without life contingencies | 31,118 |  |  | — |  |  | — |  |  | 31,311 |  |  | 31,311 |
Funding agreements | 2,566,410 |  |  | — |  |  | — |  |  | 2,549,494 |  |  | 2,549,494 |
Funds withheld payables at interest | 23,509,744 |  |  | — |  |  | 23,509,744 |  |  | — |  |  | 23,509,744 |
Debt obligations | 1,908,006 |  |  | — |  |  | — |  |  | 1,953,631 |  |  | 1,953,631 |
Securities sold under agreements to repurchase | 300,446 |  |  | — |  |  | 300,446 |  |  | — |  |  | 300,446 |
Total financial liabilities | $ | 58,611,689 |  |  | $ | — |  |  | $ | 52,229,710 |  |  | $ | 4,534,436 |  |  | $ | 56,764,146 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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