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Variable Interest Entities (Tables) - Consolidated investment entities | 6 Months Ended
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Jun. 30, 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:
| June 30, 2025
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Corporate debt securities | $ | — |  |  | $ | 63 |  |  | $ | — |  |  | $ | 63 |
Common stocks | — |  |  | 3 |  |  | — |  |  | 3 |
Syndicated loans | — |  |  | 2,349 |  |  | 175 |  |  | 2,524 |
Total investments | — |  |  | 2,415 |  |  | 175 |  |  | 2,590 |
Receivables | — |  |  | 24 |  |  | — |  |  | 24 |
Total assets at fair value | $ | — |  |  | $ | 2,439 |  |  | $ | 175 |  |  | $ | 2,614 |
Liabilities |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 2,726 |  |  | $ | — |  |  | $ | 2,726 |
Other liabilities | — |  |  | 250 |  |  | — |  |  | 250 |
Total liabilities at fair value | $ | — |  |  | $ | 2,976 |  |  | $ | — |  |  | $ | 2,976 |
| 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 $2.7 billion and $2.4 billion as of June 30, 2025 and December 31, 2024, respectively.
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 |  |
|  | (in millions) |  |
Balance at April 1, 2025 |  |  | $ | 130 |  |  |
Total gains (losses) included in: |  |  |  |  |
Net income |  |  | — |  | (1) |
Purchases |  |  | 50 |  |  |
Sales |  |  | (7) |  |  |
Settlements |  |  | (1) |  |  |
Transfers into Level 3 |  |  | 61 |  |  |
Transfers out of Level 3 |  |  | (58) |  |  |
Balance at June 30, 2025 |  |  | $ | 175 |  |  |
Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2025 |  |  | $ | 1 |  | (1) |
| Common Stocks |  | Syndicated Loans |  |
(in millions) |  |
Balance at April 1, 2024 | $ | 1 |  |  | $ | 65 |  |  |
Total gains (losses) included in: |  |  |  |  |
Net income | — |  |  | (5) |  | (1) |
Purchases | — |  |  | 47 |  |  |
Transfers into Level 3 | 2 |  |  | 25 |  |  |
Transfers out of Level 3 | (1) |  |  | (46) |  |  |
Balance at June 30, 2024 | $ | 2 |  |  | $ | 86 |  |  |
Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2024 | $ | — |  |  | $ | (4) |  | (1) |
| Common Stocks |  | Syndicated Loans |  |
(in millions)
Balance at January 1, 2025 | $ | 1 |  |  | $ | 118 |  |  |
Total gains (losses) included in: |  |  |  |  |
Net income | — |  |  | (2) |  | (1) |
Purchases | — |  |  | 66 |  |  |
Sales | — |  |  | (7) |  |  |
Settlements | — |  |  | (2) |  |  |
Transfers into Level 3 | — |  |  | 128 |  |  |
Transfers out of Level 3 | (1) |  |  | (126) |  |  |
Balance at June 30, 2025 | $ | — |  |  | $ | 175 |  |  |
Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2025 | $ | — |  |  | $ | (1) |  | (1) |
| Common Stocks |  | Syndicated Loans |  |  |
(in millions) |  |
Balance at January 1, 2024 | $ | — |  |  | $ | 63 |  |  |  |
Total gains (losses) included in: |  |  |  |  |  |
Net income | — |  |  | (7) |  | (1) |  |
Purchases | — |  |  | 84 |  |  |  |
Transfers into Level 3 | 3 |  |  | 40 |  |  |  |
Transfers out of Level 3 | (1) |  |  | (94) |  |  |  |
Balance at June 30, 2024 | $ | 2 |  |  | $ | 86 |  |  |  |
Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2024 | $ | — |  |  | $ | (6) |  | (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:
| June 30, 2025 |  | December 31, 2024
(in millions)
Syndicated loans |  |  |
Unpaid principal balance | $ | 2,605 |  |  | $ | 2,406 |
Excess unpaid principal over fair value | (81) |  |  | (72) |
Fair value | $ | 2,524 |  |  | $ | 2,334 |
Fair value of loans more than 90 days past due | $ | — |  |  | $ | 1 |
Fair value of loans in nonaccrual status | $ | 5 |  |  | $ | 1 |
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | $ | 13 |  |  | $ | 5 |
Debt |  |  |
Unpaid principal balance | $ | 2,964 |  |  | $ | 2,633 |
Excess unpaid principal over fair value | (238) |  |  | (204) |
Carrying value (1) | $ | 2,726 |  |  | $ | 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 $2.7 billion and $2.4 billion as of June 30, 2025 and December 31, 2024, respectively.
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
June 30, 2025 |  | December 31, 2024 | June 30, 2025 |  | December 31, 2024
(in millions) |
Debt of consolidated CLOs due 2030 - 2038 | $ | 2,726 |  |  | $ | 2,429 |  |  | 5.6 | % |  | 5.9 | %

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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