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INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
Investments [Abstract] |
INVESTMENTS | 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. As of both December 31, 2022 and 2021, there were no investments which represented greater than 5% of total investments. For certain disclosures a comparison to prior period is not provided when the amounts relate to investments held by Global Atlantic, which was acquired by KKR on February 1, 2021. Equity Method KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. During the years ended December 31, 2022 and 2021, there were no impairment charges related to equity method investments. During the year ended December 31, 2020, KKR recognized an $88.3 million impairment charge in Net Gains (Losses) from Investment Activities to reduce the carrying value of one of its equity method investments that is accounted for under the equity method of accounting to its fair value. KKR determined that the growth expectations of the investment had declined significantly and the estimated fair value of the investment had declined meaningfully. Therefore, KKR performed a valuation to determine whether the fair value of the investment had declined below its carrying value using a discounted cash flow analysis, a Level III fair value methodology. Based on the discounted cash flow analysis, KKR concluded that the fair value of its investment had declined below its carrying value and that the decline was other than temporary. Summarized Financial Information KKR evaluates each of its equity method investments to determine if any are significant as defined in the regulations promulgated by the U.S. Securities and Exchange Commission (the "SEC"). As of and for the years ended December 31, 2022, 2021, and 2020, no individual equity method investment held by KKR met the significance criteria. As such, KKR is not required to present separate financial statements for any of its 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 |
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 |
Purchased credit deteriorated securities Certain securities purchased by Global Atlantic were assessed at acquisition as having experienced a more-than-insignificant deterioration in credit quality since their origination. 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 |
Securities in a continuous unrealized loss position 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) |
Unrealized gains and losses can be created by changing interest rates or several other factors, including changing credit spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $836.3 million and $77.0 million as of December 31, 2022 and 2021, respectively. The single largest unrealized loss on AFS fixed maturity securities was $60.4 million and $7.3 million as of December 31, 2022 and 2021, respectively. Global Atlantic had 6,328 and 4,370 securities in an unrealized loss position as of December 31, 2022 and 2021, respectively. As of December 31, 2022, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 3,234 debt securities. These debt securities primarily relate to Corporate, RMBS, and U.S. state, municipal and political subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these debt securities since there are no specific securities that, as of the balance sheet date, Global Atlantic intends to sell or believes it is more likely than not that it will be required to sell before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry analyst reports. Mortgage and other loan receivables 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. 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 |
Actual maturities could differ from contractual maturities, because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced. Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce concentration risk. 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 | %
As of December 31, 2022 and 2021, Global Atlantic had $192.3 million and $202.7 million of mortgage loans that were 90 days or more past due or in the process of foreclosure, respectively. Global Atlantic ceases accrual of interest on loans that are more than 90 days past due and recognizes income as cash is received. As of December 31, 2022 and 2021, there were $192.3 million and $202.7 million of mortgage loans that were non-income producing, respectively. As of December 31, 2022 and 2021, less than 1% and 1%, respectively, of residential mortgage loans have been granted forbearance for reasons including COVID-19. This forbearance, which generally involves a 3-month period in which payments are not required (though must subsequently be made up), is not considered to result in troubled debt restructurings for the years ended December 31, 2022 and 2021. Interest continues to accrue on loans in temporary forbearance. As of December 31, 2022 and 2021, Global Atlantic had $10.2 million and $5.1 million of consumer loans that were delinquent by more than 120 days or in default, respectively. Purchased credit deteriorated loans 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 |
Credit quality indicators Mortgage and loan receivable performance status 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 ratio on mortgage loans The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the underlying collateral. 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 |
Changing economic conditions affect the valuation of commercial mortgage loans. Changing vacancies and rents are incorporated into the discounted cash flow analysis that Global Atlantic performs for monitored loans and may contribute to the establishment of (or increase or decrease in) a commercial mortgage loan valuation allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events or have deteriorating credit. The weighted average loan-to-value ratio for the residential mortgage loans was 64% and 68% as of December 31, 2022 and 2021, respectively. Other investments 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. The total amount of other investments accounted for using the equity method of accounting was $1.1 billion and $1.2 billion as of December 31, 2022 and 2021, respectively. Global Atlantic's maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $21.0 million and $22.4 million as of December 31, 2022 and 2021, respectively. In addition, Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The carrying amount of these investments was $264.9 million and $147.8 million as of December 31, 2022 and 2021, respectively. Funding agreements Certain Global Atlantic subsidiaries are members of regional banks in the FHLB system. These subsidiaries have also entered into funding agreements with their respective FHLB. The funding agreements are issued in exchange for cash. The funding agreements require that Global Atlantic pledge eligible assets, such as commercial mortgage loans, as collateral. With respect to certain classes of eligible assets, the FHLB holds the pledged eligible assets in custody at the respective FHLB. The liabilities for the funding agreements are included in policy liabilities in the consolidated statements of financial condition. 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 |
In addition, in January 2021, Global Atlantic launched an inaugural funding agreement backed note ("FABN") program, through which GA Global Funding Trust, a special purpose statutory trust, was established to offer its senior secured medium-term notes. Net proceeds from each sale of the aforementioned notes are used to purchase one or more funding agreements from Forethought Life Insurance Company, an insurance subsidiary of Global Atlantic. As of December 31, 2022 and 2021, Global Atlantic had $5.5 billion and $3.5 billion of such funding agreements outstanding, with $4.5 billion and $6.5 billion of remaining capacity under the program, respectively. Repurchase agreement transactions As of December 31, 2022 and 2021, Global Atlantic participated in third-party repurchase agreements with a notional value of $798.9 million and $300.4 million, respectively. As collateral for these transactions, as of December 31, 2022 and 2021, Global Atlantic posted fixed maturity securities with a fair value and amortized cost of $833.6 million and $1.1 billion, and $313.0 million and $317.0 million, respectively, which are included in Insurance - Investments in the consolidated statements of financial condition. 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 |
Other As of December 31, 2022 and December 31, 2021, the cost or amortized cost and fair value of the assets on deposit with various state and governmental authorities were $185.2 million and $142.7 million, and $182.6 million and $180.8 million, respectively.

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