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Variable Interest Entities (Tables) - Consolidated investment entities

3 Months Ended

Mar. 31, 2025

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, 2025
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Investments:
Corporate debt securities			$	—					$	58					$	—					$	58
Common stocks			—						3						—						3
Syndicated loans			—						2,195						130						2,325
Total investments			—						2,256						130						2,386
Receivables			—						37						—						37
Total assets at fair value			$	—					$	2,293					$	130					$	2,423
Liabilities
Debt (1)			$	—					$	2,395					$	—					$	2,395
Other liabilities			—						157						—						157
Total liabilities at fair value			$	—					$	2,552					$	—					$	2,552

			December 31, 2024
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Investments:
Corporate debt securities			$	—					$	50					$	—					$	50
Common stocks			—						2						1						3
Syndicated loans			—						2,216						118						2,334
Total investments			—						2,268						119						2,387
Receivables			—						31						—						31
Other assets			—						2						—						2
Total assets at fair value			$	—					$	2,301					$	119					$	2,420
Liabilities
Debt (1)			$	—					$	2,429					$	—					$	2,429
Other liabilities			—						314						—						314
Total liabilities at fair value			$	—					$	2,743					$	—					$	2,743

(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, 2025 and December 31, 2024.

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:

			Common Stocks						Syndicated Loans
			(in millions)
Balance at January 1, 2025			$	1					$	118
Total gains (losses) included in:
Net income			—						(2)			(1)
Purchases			—						16
Settlements			—						(1)
Transfers into Level 3			—						67
Transfers out of Level 3			(1)						(68)
Balance at March 31, 2025			$	—					$	130
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2025			$	—					$	(1)		(1)

			Common Stocks						Syndicated Loans
			(in millions)
Balance at January 1, 2024			$	—					$	63
Total gains (losses) included in:
Net income			—						(2)			(1)
Purchases			—						37
Transfers into Level 3			1						15
Transfers out of Level 3			—						(48)
Balance at March 31, 2024			$	1					$	65
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2024			$	—					$	(3)		(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, 2025						December 31, 2024
			(in millions)
Syndicated loans
Unpaid principal balance			$	2,415					$	2,406
Excess unpaid principal over fair value			(90)						(72)
Fair value			$	2,325					$	2,334
Fair value of loans more than 90 days past due			$	1					$	1
Fair value of loans in nonaccrual status			14						1
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both			17						5
Debt
Unpaid principal balance			$	2,610					$	2,633
Excess unpaid principal over fair value			(215)						(204)
Carrying value (1)			$	2,395					$	2,429

(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, 2025 and December 31, 2024.

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, 2025						December 31, 2024						March 31, 2025						December 31, 2024
			(in millions)
Debt of consolidated CLOs due 2030 -2038			$	2,395					$	2,429					5.6		%				5.9		%

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