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INVESTMENTS - Gross Unrealized Losses (Details) $ in Thousands | Jun. 30, 2024 USD ($) security | Dec. 31, 2023 USD ($) security
--- | --- | ---
Fair value |  |
12 months or greater | $ 4,967,984 | $ 6,293,107
Less than 12 months | 3,566,492 | 1,617,343
Total | 8,534,476 | 7,910,450
Unrealized losses |  |
12 months or greater | (423,271) | (453,997)
Less than 12 months | (42,514) | (26,518)
Total | $ (465,785) | $ (480,515)
Number of securities in unrealized loss position | security | 4,248 | 3,535
Number of securities in a continuous unrealized loss position | security | 2,909 | 3,212
Below Investment Grade or Not Rated |  |
Unrealized losses |  |
Total | $ (12,000) | $ (13,000)
U.S. government and agency |  |
Fair value |  |
12 months or greater | 613,647 | 846,503
Less than 12 months | 1,129,410 | 867,733
Total | 1,743,057 | 1,714,236
Unrealized losses |  |
12 months or greater | (36,799) | (42,465)
Less than 12 months | (10,500) | (12,663)
Total | (47,299) | (55,128)
Non-U.S. government |  |
Fair value |  |
12 months or greater | 211,122 | 233,038
Less than 12 months | 348,236 | 115,112
Total | 559,358 | 348,150
Unrealized losses |  |
12 months or greater | (18,833) | (18,178)
Less than 12 months | (4,417) | (683)
Total | (23,250) | (18,861)
Corporate debt |  |
Fair value |  |
12 months or greater | 2,173,470 | 2,623,304
Less than 12 months | 1,202,422 | 240,813
Total | 3,375,892 | 2,864,117
Unrealized losses |  |
12 months or greater | (194,191) | (210,512)
Less than 12 months | (16,646) | (5,966)
Total | (210,837) | (216,478)
Agency RMBS |  |
Fair value |  |
12 months or greater | 765,043 | 778,656
Less than 12 months | 501,789 | 218,606
Total | 1,266,832 | 997,262
Unrealized losses |  |
12 months or greater | (87,306) | (80,070)
Less than 12 months | (6,712) | (2,968)
Total | (94,018) | (83,038)
CMBS |  |
Fair value |  |
12 months or greater | 666,929 | 703,411
Less than 12 months | 81,346 | 75,242
Total | 748,275 | 778,653
Unrealized losses |  |
12 months or greater | (47,722) | (54,856)
Less than 12 months | (2,290) | (3,552)
Total | (50,012) | (58,408)
Non-agency RMBS |  |
Fair value |  |
12 months or greater | 77,872 | 98,483
Less than 12 months | 10,373 | 10,017
Total | 88,245 | 108,500
Unrealized losses |  |
12 months or greater | (11,582) | (13,013)
Less than 12 months | (42) | (20)
Total | (11,624) | (13,033)
ABS |  |
Fair value |  |
12 months or greater | 342,311 | 879,743
Less than 12 months | 272,328 | 83,582
Total | 614,639 | 963,325
Unrealized losses |  |
12 months or greater | (17,096) | (24,747)
Less than 12 months | (1,403) | (274)
Total | (18,499) | (25,021)
Municipals |  |
Fair value |  |
12 months or greater | 117,590 | 129,969
Less than 12 months | 20,588 | 6,238
Total | 138,178 | 136,207
Unrealized losses |  |
12 months or greater | (9,742) | (10,156)
Less than 12 months | (504) | (392)
Total | $ (10,246) | $ (10,548)

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