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Variable Interest Entities (Tables) - Consolidated investment entities

9 Months Ended

Sep. 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:

			September 30, 2025
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Investments:
Corporate debt securities			$	—					$	70					$	—					$	70
Common stocks			—						1						—						1
Syndicated loans			—						2,444						125						2,569
Total investments			—						2,515						125						2,640
Receivables			—						79						—						79
Total assets at fair value			$	—					$	2,594					$	125					$	2,719
Liabilities
Debt (1)			$	—					$	2,607					$	—					$	2,607
Other liabilities			—						243						—						243
Total liabilities at fair value			$	—					$	2,850					$	—					$	2,850

			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 $2.6 billion and $2.4 billion as of September 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 July 1, 2025									$	175
Total gains (losses) included in:
Net income									(2)			(1)
Purchases									37
Sales									(45)
Settlements									(4)
Transfers into Level 3									39
Transfers out of Level 3									(75)
Balance at September 30, 2025									$	125
Changes in unrealized gains (losses) included in net income relating to assets held at September 30, 2025									$	(2)		(1)

			Common Stocks						Syndicated Loans
			(in millions)
Balance at July 1, 2024			$	2					$	86
Total gains (losses) included in:
Net income			(1)						1			(1)
Purchases			—						27
Sales			(1)						—
Settlements			—						(2)
Transfers into Level 3			—						27
Transfers out of Level 3			—						(63)
Balance at September 30, 2024			$	—					$	76

			Common Stocks						Syndicated Loans
			(in millions)
Balance at January 1, 2025			$	1					$	118
Total gains (losses) included in:
Net income			—						(4)			(1)
Purchases			—						103
Sales			—						(52)
Settlements			—						(6)
Transfers into Level 3			—						167
Transfers out of Level 3			(1)						(201)
Balance at September 30, 2025			$	—					$	125
Changes in unrealized gains (losses) included in net income relating to assets held at September 30, 2025			$	—					$	(3)		(1)

			Common Stocks						Syndicated Loans
			(in millions)
Balance at January 1, 2024			$	—					$	63
Total gains (losses) included in:
Net income			(1)						(6)			(1)
Purchases			—						111
Sales			(1)						—
Settlements			—						(2)
Transfers into Level 3			3						67
Transfers out of Level 3			(1)						(157)
Balance at September 30, 2024			$	—					$	76

(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:

			September 30, 2025						December 31, 2024
			(in millions)
Syndicated loans
Unpaid principal balance			$	2,632					$	2,406
Excess unpaid principal over fair value			(63)						(72)
Fair value			$	2,569					$	2,334
Fair value of loans more than 90 days past due			$	—					$	1
Fair value of loans in nonaccrual status			$	—					$	1
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both			$	4					$	5
Debt
Unpaid principal balance			$	2,820					$	2,633
Excess unpaid principal over fair value			(213)						(204)
Carrying value (1)			$	2,607					$	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 $2.6 billion and $2.4 billion as of September 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
			September 30, 2025						December 31, 2024						September 30, 2025						December 31, 2024
			(in millions)
Debt of consolidated CLOs due 2030- 2038			$	2,607					$	2,429					5.5		%				5.9		%

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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