Our fixed maturity securities investments have been designated as available-for-sale ("AFS"), and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in Accumulated Other Comprehensive Income ("AOCI"), net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments as of September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,986	$	(12)	$	264	$	(275)	$	15,963
Commercial mortgage-backed securities	5,359		(49)		61		(192)		5,179
Corporates	23,673		(5)		396		(2,092)		21,972
Hybrids	609		—		6		(19)		596
Municipals	1,682		—		20		(187)		1,515
Residential mortgage-backed securities	2,617		(1)		61		(77)		2,600
U.S. Government	800		—		9		(6)		803
Foreign Governments	344		—		5		(37)		312
Total available-for-sale securities	$	51,070	$	(67)	$	822	$	(2,885)	$	48,940


	December 31, 2023
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	14,631	$	(11)	$	191	$	(469)	$	14,342
Commercial mortgage-backed/asset-backed securities	4,797		(22)		23		(323)		4,475
Corporates	20,133		(6)		186		(2,417)		17,896
Hybrids	668		—		3		(53)		618
Municipals	1,826		—		14		(229)		1,611
Residential mortgage-backed securities	2,507		(3)		29		(104)		2,429
U.S. Government	679		—		8		(9)		678
Foreign Governments	365		—		3		(44)		324
Total available-for-sale securities	$	45,606	$	(42)	$	457	$	(3,648)	$	42,373

As of September 30, 2024 and December 31, 2023, the Company's accrued interest receivable balance was $531 million and $481 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $5,123 million and $4,345 million as of September 30, 2024 and December 31, 2023, respectively.


	September 30, 2024				December 31, 2023
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	890	$	885	$	703	$	687
Due after one year through five years	4,996		4,985		4,320		4,209
Due after five years through ten years	4,975		4,981		3,195		3,048
Due after ten years	16,247		14,347		15,453		13,183
Subtotal	27,108		25,198		23,671		21,127
Other securities, which provide for periodic payments:
Asset-backed securities	15,986		15,963		14,631		14,342
Commercial mortgage-backed securities	5,359		5,179		4,797		4,475

Residential mortgage-backed securities	2,617		2,600		2,507		2,429
Subtotal	23,962		23,742		21,935		21,246
Total fixed maturity available-for-sale securities	$	51,070	$	48,940	$	45,606	$	42,373

We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:

We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage-backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise.

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible (generally based on proximity to expected credit loss), an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI. As of September 30, 2024 and December 31, 2023, our allowance for expected credit losses for AFS securities was $67 million and $42 million, respectively.

The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	583	$	(19)	$	3,447	$	(237)	$	4,030	$	(256)
Commercial mortgage-backed securities	209		(5)		1,682		(168)		1,891		(173)
Corporates	1,382		(8)		10,698		(2,084)		12,080		(2,092)
Hybrids	47		(1)		393		(18)		440		(19)
Municipals	82		(1)		1,089		(186)		1,171		(187)
Residential mortgage-backed securities	188		(3)		447		(68)		635		(71)
U.S. Government	268		(1)		130		(5)		398		(6)
Foreign Government	23		(2)		170		(36)		193		(38)
Total available-for-sale securities	$	2,782	$	(40)	$	18,056	$	(2,802)	$	20,838	$	(2,842)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											585
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,393
Total number of available-for-sale securities in an unrealized loss position											2,978


	December 31, 2023
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	1,707	$	(56)	$	5,835	$	(404)	$	7,542	$	(460)
Commercial mortgage-backed securities	819		(53)		1,922		(235)		2,741		(288)
Corporates	2,387		(134)		10,739		(2,283)		13,126		(2,417)
Hybrids	60		(2)		483		(51)		543		(53)
Municipals	399		(49)		920		(179)		1,319		(228)
Residential mortgage-backed securities	336		(5)		662		(89)		998		(94)
U.S. Government	84		—		159		(9)		243		(9)
Foreign Government	49		(3)		188		(41)		237		(44)
Total available-for-sale securities	$	5,841	$	(302)	$	20,908	$	(3,291)	$	26,749	$	(3,593)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,035
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,846
Total number of available-for-sale securities in an unrealized loss position											3,881

The unrealized losses as of September 30, 2024 and December 31, 2023 were caused by higher treasury rates compared to those at the time of the F&G acquisition or purchase of the security if later. For securities in an unrealized loss position as of September 30, 2024, our allowance for expected credit loss was $67 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of September 30, 2024 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

Commercial mortgage loans (“CMLs”) represented approximately 4% and 5% of our total investments as of September 30, 2024 and December 31, 2023, respectively. The mortgage loans in our investment portfolio are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties, and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:


	September 30, 2024				December 31, 2023
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)


Hotel	$	17	1	%	$	18	1	%
Industrial	617		24		616		24
Mixed Use	11		—		11		—
Multifamily	1,006		39		1,012		40
Office	356		14		316		13
Retail	99		4		102		4
Student Housing	83		3		83		3
Other	401		15		392		15
Total commercial mortgage loans, gross of valuation allowance	$	2,590	100	%	$	2,550	100	%
Allowance for expected credit loss	(18)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,572			$	2,538

U.S. Region:
East North Central	$	98	4	%	$	151	6	%
East South Central	75		3		75		3
Middle Atlantic	354		14		354		14
Mountain	409		16		352		14
New England	164		6		168		6
Pacific	713		27		766		30
South Atlantic	595		23		563		22
West North Central	22		1		4		—
West South Central	160		6		117		5

Total commercial mortgage loans, gross of valuation allowance	$	2,590	100	%	$	2,550	100	%
Allowance for expected credit loss	(18)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,572			$	2,538


	September 30, 2024

	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	140	$	221	$	289	$	1,253	$	469	$	209	$	2,581
30-89 days past due	—		—		—		—		—		9		9
90 days or more past due	—		—		—		—		—		—		—
Total CMLs	$	140	$	221	$	289	$	1,253	$	469	$	218	$	2,590

Charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	December 31, 2023

	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528

Charge offs	$	—	$	—	$	—	$	—	$	—	$	3	$	3

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.


	Debt-Service Coverage Ratios						Total Amount	% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
September 30, 2024	(In millions)
LTV Ratios:
Less than 50.00%	$	499	$	8	$	9		$	516	20	%	$	501	21	%
50.00% to 59.99%	749		59		12			820		31		752		32
60.00% to 74.99%	1,182		57		—			1,239		48		1,074		46
75.00% to 84.99%	—		6		9			15		1		15		1
CMLs	$	2,430	$	130	$	30		$	2,590	100	%	$	2,342	100	%

December 31, 2023
LTV Ratios:
Less than 50.00%	$	519	$	4	$	10		$	533	21	%	$	510	23	%
50.00% to 59.99%	764		—		—			764		30		679		30
60.00% to 74.99%	1,160		56		—			1,216		48		1,028		46
75.00% to 84.99%	—		6		9			15		1		14		1
CMLs (a)	$	2,443	$	66	$	19		$	2,528	100	%	$	2,231	100	%


	September 30, 2024

	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	58	$	93	$	18	$	74	$	189	$	84	$	516
50.00% to 59.99%	59		53		149		267		158		134		820
60.00% to 74.99%	23		69		113		912		122		—		1,239
75.00% to 84.99%	—		6		9		—		—		—		15
Total CMLs	$	140	$	221	$	289	$	1,253	$	469	$	218	$	2,590
Commercial mortgages
DSCR
Greater than 1.25x	$	72	$	161	$	278	$	1,241	$	469	$	209	$	2,430
1.00x - 1.25x	67		60		3		—		—		—		130
Less than 1.00x	1		—		8		12		—		9		30
Total CMLs	$	140	$	221	$	289	$	1,253	$	469	$	218	$	2,590


	December 31, 2023

	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	85	$	17	$	77	$	232	$	—	$	122	$	533
50.00% to 59.99%	53		149		267		158		—		137		764
60.00% to 74.99%	69		113		912		122		—		—		1,216
75.00% to 84.99%	6		9		—		—		—		—		15
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
Commercial mortgages
DSCR
Greater than 1.25x	$	154	$	276	$	1,256	$	512	$	—	$	245	$	2,443
1.00x - 1.25x	59		3		—		—		—		4		66
Less than 1.00x	—		9		—		—		—		10		19
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At September 30, 2024, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table above compared to none at December 31, 2023.

Residential mortgage loans (“RMLs”) represented approximately 5% of our total investments as of September 30, 2024 and December 31, 2023. Our RMLs are primarily closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:


	September 30, 2024
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	160	5	%


All other states (a)	2,945		95
Total RMLs, gross of valuation allowance	3,105		100	%
Allowance for expected credit loss	(51)
Total RMLs, net of valuation allowance	$	3,054


	December 31, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	163	6	%
New York	129		5
Texas	129		5




All other states (a)	2,431		84
Total RMLs, gross of valuation allowance	2,852		100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,798

RMLs have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of September 30, 2024 and December 31, 2023, was as follows:


	September 30, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	3,031	98	%	$	2,795	98	%
Non-performing	74		2		57		2
Total RMLs, gross of valuation allowance	3,105		100	%	2,852		100	%
Allowance for expected loan loss	(51)				(54)
Total RMLs, net of valuation allowance	$	3,054			$	2,798

There were no charge offs recorded by RMLs during the nine months ended September 30, 2024 or during the year ended December 31, 2023. RMLs segregated by aging of the loans (by year of origination) as of September 30, 2024 and December 31, 2023, were as follows, gross of valuation allowances:


	September 30, 2024

	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	387	$	372	$	928	$	822	$	168	$	317	$	2,994
30-89 days past due	6		3		9		8		4		7		37
90 days or more past due	—		2		9		28		10		25		74
Total residential mortgages	$	393	$	377	$	946	$	858	$	182	$	349	$	3,105


	December 31, 2023

	Amortized Cost by Origination Year

	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	373	$	985	$	854	$	192	$	183	$	192	$	2,779
30-89 days past due	—		4		7		3		—		2		16
90 days or more past due	—		6		16		13		21		1		57
Total residential mortgages	$	373	$	995	$	877	$	208	$	204	$	195	$	2,852

Non-accrual loans by amortized cost as of September 30, 2024 and December 31, 2023, were as follows:

It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of September 30, 2024 and December 31, 2023, we had $74 million and $57 million, respectively, of mortgage loans that were over 90 days past due.

Under certain circumstances, modifications are granted to mortgage loans. Generally, the types of concessions may include interest rate reduction, term extension, payment deferrals, principal forgiveness, or a combination of these concessions. We had an immaterial amount of mortgage loans modified during the three and nine month periods ended September 30, 2024 and 2023.

We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.


	Three months ended September 30, 2024			Nine months ended September 30, 2024
		(In millions)						(In millions)

		Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance		$	(50)	$	(14)	$	(64)	$	(54)	$	(12)	$	(66)
Provision (expense) benefit for loan losses		(1)		(4)		(5)		3		(6)		(3)




Ending Balance		$	(51)	$	(18)	$	(69)	$	(51)	$	(18)	$	(69)


	Three months ended September 30, 2023			Nine months ended September 30, 2023
		(In millions)						(In millions)

		Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance		$	(51)	$	(13)	$	(64)	$	(32)	$	(10)	$	(42)
Provision (expense) benefit for loan losses		2		(2)		—		(17)		(5)		(22)




Ending Balance		$	(49)	$	(15)	$	(64)	$	(49)	$	(15)	$	(64)

An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial for the three and nine months ended September 30, 2024 and 2023.


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In millions)				(In millions)
Fixed maturity securities, available-for-sale	$	583	$	493	$	1,679	$	1,405
Equity securities	8		8		26		24
Preferred securities	7		12		25		39
Mortgage loans	69		59		200		167

Invested cash and short-term investments	72		39		172		106

Limited partnerships	84		69		234		171
Tax deferred property exchange income	36		44		102		128
Other investments	32		25		88		63
Gross investment income	891		749		2,526		2,103
Investment expense	(76)		(63)		(218)		(188)
Interest and investment income	$	815	$	686	$	2,308	$	1,915

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $181 million and $102 million for the three months ended September 30, 2024 and 2023, respectively, and $463 million and $236 million for the nine months ended September 30, 2024 and 2023, respectively.


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In millions)				(In millions)
Net realized (losses) gains on fixed maturity available-for-sale securities	$	(1)	$	(32)	$	3	$	(137)
Net realized/unrealized gains (losses) on equity securities (1)	48		(33)		48		(37)
Net realized/unrealized gains (losses) on preferred securities (2)	17		1		29		(7)
Net realized/unrealized gains (losses) on other invested assets	3		9		73		(20)
Change in allowance for expected credit losses	—		(7)		(32)		(30)
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	30		(30)		65		(184)
Unrealized gains (losses) on certain derivative instruments	347		(297)		450		14
Change in fair value of reinsurance related embedded derivatives (3)	(178)		36		(186)		34
Change in fair value of other derivatives and embedded derivatives	3		(3)		6		—
Realized gains (losses) on derivatives and embedded derivatives	202		(294)		335		(136)
Recognized gains and losses, net	$	269	$	(356)	$	456	$	(367)

(1) Includes net valuation gains (losses) of $31 million and $(22) million for the three months ended September 30, 2024 and 2023, respectively, and net valuation losses of $(42) million and $(12) million for the nine months ended September 30, 2024 and 2023, respectively.

Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, were $177 million and $(186) million for the three and nine months ended September 30, 2024, respectively, and $43 million and $42 million for the three and nine months ended September 30, 2023.

We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary,’ a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.

and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities included in fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.

Our maximum loss exposure with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).


	September 30, 2024				December 31, 2023
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	3,666	$	4,814	$	3,071	$	4,806
Fixed maturity securities	23,343		24,120		20,837		22,346
Total unconsolidated VIE investments	$	27,009	$	28,934	$	23,908	$	27,152