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Variable Interest Entities (Tables) - Consolidated investment entities | 3 Months Ended
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Mar. 31, 2023
Assets and liabilities measured at fair value |
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
| March 31, 2023
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Corporate debt securities | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 34 |
Common stocks | — |  |  | 4 |  |  | — |  |  | 4 |
Syndicated loans | — |  |  | 2,206 |  |  | 50 |  |  | 2,256 |
Total investments | — |  |  | 2,244 |  |  | 50 |  |  | 2,294 |
Receivables | — |  |  | 23 |  |  | — |  |  | 23 |
Other assets | — |  |  | 1 |  |  | — |  |  | 1 |
Total assets at fair value | $ | — |  |  | $ | 2,268 |  |  | $ | 50 |  |  | $ | 2,318 |
Liabilities |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 2,367 |  |  | $ | — |  |  | $ | 2,367 |
Other liabilities | — |  |  | 86 |  |  | — |  |  | 86 |
Total liabilities at fair value | $ | — |  |  | $ | 2,453 |  |  | $ | — |  |  | $ | 2,453 |
| December 31, 2022
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Corporate debt securities | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | $ | 35 |
Common stocks | — |  |  | 3 |  |  | — |  |  | 3 |
Syndicated loans | — |  |  | 2,191 |  |  | 125 |  |  | 2,316 |
Total investments | — |  |  | 2,229 |  |  | 125 |  |  | 2,354 |
Receivables | — |  |  | 20 |  |  | — |  |  | 20 |
Other assets | — |  |  | 1 |  |  | 1 |  |  | 2 |
Total assets at fair value | $ | — |  |  | $ | 2,250 |  |  | $ | 126 |  |  | $ | 2,376 |
Liabilities |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 2,363 |  |  | $ | — |  |  | $ | 2,363 |
Other liabilities | — |  |  | 119 |  |  | — |  |  | 119 |
Total liabilities at fair value | $ | — |  |  | $ | 2,482 |  |  | $ | — |  |  | $ | 2,482 |
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion as of both March 31, 2023 and December 31, 2022.
Summary of changes in Level 3 assets measured at fair value on a recurring basis | The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:
|  |  | Syndicated Loans |  | Other Assets
|  | (in millions)
Balance at January 1, 2023 |  |  | $ | 125 |  |  | $ | 1 |
Total gains (losses) included in: |  |  |  |  |
Net income |  |  | (1) |  | (1) | — |
Purchases |  |  | 17 |  |  | — |
Sales |  |  | (7) |  |  | — |
Settlements |  |  | (15) |  |  | — |
Transfers into Level 3 |  |  | 21 |  |  | — |
Transfers out of Level 3 |  |  | (90) |  |  | (1) |
Balance at March 31, 2023 |  |  | $ | 50 |  |  | $ | — |
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2023 |  |  | $ | — |  | (1) | $ | — |
|  |  | Syndicated Loans |  | Other Assets
|  | (in millions)
Balance at January 1, 2022 |  |  | $ | 64 |  |  | $ | 3 |
Total gains (losses) included in: |  |  |  |  |
Net income |  |  | (1) |  | (1) | — |
Purchases |  |  | 15 |  |  | — |
Sales |  |  | (1) |  |  | — |
Transfers into Level 3 |  |  | 62 |  |  | — |
Transfers out of Level 3 |  |  | (42) |  |  | (3) |
Balance at March 31, 2022 |  |  | $ | 97 |  |  | $ | — |
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2022 |  |  | $ | (1) |  | (1) | $ | — |
(1) Included in Net investment income.
Schedule of fair value and unpaid principal balance of loans and debt for which fair value option has been elected | The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
| March 31, 2023 |  | December 31, 2022
(in millions)
Syndicated loans |  |  |
Unpaid principal balance | $ | 2,427 |  |  | $ | 2,525 |
Excess unpaid principal over fair value | (171) |  |  | (209) |
Fair value | $ | 2,256 |  |  | $ | 2,316 |
Fair value of loans more than 90 days past due | $ | — |  |  | $ | — |
Fair value of loans in nonaccrual status | 22 |  |  | 23 |
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 53 |  |  | 48 |
Debt |  |  |
Unpaid principal balance | $ | 2,605 |  |  | $ | 2,636 |
Excess unpaid principal over fair value | (238) |  |  | (273) |
Carrying value (1) | $ | 2,367 |  |  | $ | 2,363 |
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion as of both March 31, 2023 and December 31, 2022.
Schedule of debt and stated interest rates | Debt of the consolidated investment entities and the stated interest rates were as follows:
| Carrying Value |  | Weighted Average Interest Rate
March 31, 2023 |  | December 31, 2022 | March 31, 2023 |  | December 31, 2022
(in millions) |
Debt of consolidated CLOs due 2028-2034 | $ | 2,367 |  |  | $ | 2,363 |  |  | 5.9 | % |  | 5.3 | %

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