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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

The following table presents pre-tax net investment income for 2019, 2018 and 2017:



	Year Ended December 31,
Millions	2019			2018			2017
Fixed maturity investments	$	32.4		$	35.1		$	44.9
Short-term investments	5.0			8.0			1.8
Common equity securities	13.5			15.1			10.6
Other long-term investments	30.1			3.8			1.2
Total investment income	81.0			62.0			58.5
Third-party investment expenses	(1.3		)	(3.0		)	(2.5		)
Net investment income, pre-tax	$	79.7		$	59.0		$	56.0

Net Realized and Unrealized Investment Gains and Losses

The following table presents net realized and unrealized investment gains (losses) for 2019, 2018 and 2017:



	Year Ended December 31,
Millions	2019			2018			2017
Net realized investment gains (losses), pre-tax ⁽¹⁾	$	96.6		$	(12.9	)	$	24.1
Net unrealized investment gains (losses), pre-tax ⁽²⁾	336.6			(95.4		)	109.2
Net realized and unrealized investment gains (losses), pre-tax	433.2			(108.3		)	133.3
Income tax (expense) benefit attributable to net realized and unrealized investment gains (losses)	(87.0		)	18.2			(12.9		)
Net realized and unrealized investment gains (losses), after-tax	$	346.2		$	(90.1	)	$	120.4

⁽¹⁾ Excludes $67.5 realized gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled Realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions.”

⁽²⁾ Includes $114.7 unrealized investment gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled Realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions.”

Realized Gain (Loss) on Investments

The following tables present net realized investment gains (losses) for the years ended 2019, 2018 and 2017:



	Year Ended December 31, 2019
Millions	Net Realized Gains			Net Foreign Exchange Gains (Losses)		Total Net Realized Gains Reflected in Earnings
Fixed maturity investments	$	4.9		$	—	$	4.9
Short-term investments	.2			—		.2
Common equity securities	85.9			—		85.9
Other long-term investments ⁽¹⁾	5.6			—		5.6
Net realized investment gains, pre-tax	96.6			—		96.6
Income tax expense attributable to net realized investment gains	(10.6		)	—		(10.6		)
Net realized investment gains, after-tax	$	86.0		$	—	$	86.0



	Year Ended December 31, 2018
Millions	Net Realized (Losses) Gains			Net Foreign Exchange Gains (Losses)			Total Net Realized (Losses) Gains Reflected in Earnings
Fixed maturity investments	$	(29.8	)	$	18.2		$	(11.6	)
Short-term investments	(.8		)	—			(.8		)
Common equity securities	6.6			—			6.6
Other long-term investments	.1			(7.2		)	(7.1		)
Net realized investment (losses) gains, pre-tax	(23.9		)	11.0			(12.9		)
Income tax benefit attributable to net realized investment (losses) gains	9.1			—			9.1
Net realized investment (losses) gains, after-tax	$	(14.8	)	$	11.0		$	(3.8	)



	Year Ended December 31, 2017
Millions	Net Realized (Losses) Gains			Net Foreign Exchange Gains (Losses)			Total Net Realized Gains (Losses) Reflected in Earnings
Fixed maturity investments	$	(1.6	)	$	4.1		$	2.5
Short-term investments	(.3		)	—			(.3		)
Common equity securities	18.1			6.0			24.1
Other long-term investments	19.1			(21.3		)	(2.2		)
Net realized investment gains (losses), pre-tax	35.3			(11.2		)	24.1
Income tax expense attributable to net realized investment gains (losses)	(8.9		)	—			(8.9		)
Net realized investment gains (losses), after-tax	$	26.4		$	(11.2	)	$	15.2

Unrealized Gain (Loss) on Investments

The following tables present net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value for the years ended 2019, 2018 and 2017:



	Year Ended December 31, 2019
Millions	Net Unrealized Gains			Net Foreign Exchange Losses			Total Net Unrealized Gains Reflected in Earnings
Fixed maturity investments	$	38.6		$	—		$	38.6
Common equity securities	109.8			—			109.8
Other long-term investments ⁽¹⁾	188.5			(.3		)	188.2
Net unrealized investment gains (losses), pre-tax	336.9			(.3		)	336.6
Income tax expense attributable to net unrealized investment gains	(76.4		)	—			(76.4		)
Net unrealized investment gains (losses), after-tax	$	260.5		$	(.3	)	$	260.2

⁽¹⁾ Includes $114.7 unrealized investment gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled Realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions.”



	Year Ended December 31, 2018
Millions	Net Unrealized (Losses) Gains			Net Foreign Exchange (Losses) Gains			Total Net Unrealized (Losses) Gains Reflected in Earnings
Fixed maturity investments	$	(8.3	)	$	(14.8	)	$	(23.1	)
Common equity securities	(105.5		)	—			(105.5		)
Other long-term investments	30.2			3.0			33.2
Net unrealized investment losses, pre-tax	(83.6		)	(11.8		)	(95.4		)
Income tax benefit attributable to net unrealized investment losses	9.1			—			9.1
Net unrealized investment losses, after-tax	$	(74.5	)	$	(11.8	)	$	(86.3	)



	Year Ended December 31, 2017
Millions	Net Unrealized Gains (Losses)			Net Foreign Exchange Gains (Losses)			Total Net Unrealized Gains (Losses) Reflected in Earnings
Fixed maturity investments	$	13.8		$	12.7		$	26.5
Common equity securities	99.3			—			99.3
Other long-term investments	(15.6		)	(1.0		)	(16.6		)
Net unrealized investment gains, pre-tax	97.5			11.7			109.2
Income tax expense attributable to net unrealized investment gains	(4.0		)	—			(4.0		)
Net unrealized investment gains, after-tax	$	93.5		$	11.7		$	105.2

Net unrealized investment gains (losses) for Level 3 investments

The following table presents total gains (losses) included in earnings attributable to net unrealized investment gains (losses) for Level 3 investments for the years ended December 31, 2019, 2018 and 2017 for investments held as of December 31, 2019, 2018 and 2017:



	Year Ended December 31,
Millions	2019		2018		2017
Other long-term investments	$	181.9	$	22.6	$	(15.4	)

Investment holdings, fixed maturity investments

The following tables present the cost or amortized cost, gross unrealized investment gains (losses) and carrying values of White Mountains’s fixed maturity investments as of December 31, 2019 and 2018.



	December 31, 2019
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
U.S. Government and agency obligations	$	231.7	$	1.0	$	(.2	)	$	232.5
Debt securities issued by corporations	454.9		12.5		(.2		)	467.2
Municipal obligations	284.7		12.5		(.1		)	297.1
Mortgage and asset-backed securities	206.6		2.7		(.3		)	209.0
Total fixed maturity investments	$	1,177.9	$	28.7	$	(.8	)	$	1,205.8



	December 31, 2018
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
U.S. Government and agency obligations	$	154.0	$	.1	$	(.9	)	$	153.2
Debt securities issued by corporations	519.0		1.0		(9.5		)	510.5
Municipal obligations	279.0		2.4		(1.1		)	280.3
Mortgage and asset-backed securities	136.1		.1		(2.7		)	133.5
Total fixed maturity investments	$	1,088.1	$	3.6	$	(14.2	)	$	1,077.5

Schedule of contractual maturities of fixed maturities

The following table presents the cost or amortized cost and carrying value of White Mountains’s fixed maturity investments by contractual maturity as of December 31, 2019. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.



	December 31, 2019
Millions	Cost or Amortized Cost		Carrying Value
Due in one year or less	$	190.0	$	190.8
Due after one year through five years	481.6		489.3
Due after five years through ten years	165.3		173.2
Due after ten years	134.4		143.5
Mortgage and asset-backed securities	206.6		209.0
Total	$	1,177.9	$	1,205.8

Investment holdings, equity securities, convertible fixed maturities and other long-term investments

The following tables present the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency losses, and carrying values of White Mountains’s common equity securities and other long-term investments as of December 31, 2019 and 2018:



	December 31, 2019
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Net Foreign Currency Losses			Carrying Value
Common equity securities	$	553.3	$	130.6	$	—		$	—		$	683.9
Other long-term investments	$	667.4	$	255.2	$	(64.1	)	$	(2.2	)	$	856.3



	December 31, 2018
Millions	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Net Foreign Currency Losses			Carrying Value
Common equity securities	$	904.7	$	51.0	$	(30.1	)	$	—		$	925.6
Other long-term investments	$	330.3	$	52.2	$	(54.9	)	$	(2.0	)	$	325.6

Fair value measurements by level, investment securities

The following tables present White Mountains’s fair value measurements for investments as of December 31, 2019 and 2018 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing mortgage and asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and common equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Bloomberg Barclays U.S. Intermediate Aggregate and S&P 500 indices.



	December 31, 2019
Millions	Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations	$	232.5	$	232.5	$	—	$	—
Debt securities issued by corporations:
Financials	144.8		—		144.8		—
Industrial	59.0		—		59.0		—
Healthcare	52.6		—		52.6		—
Consumer	50.9		—		50.9		—
Energy	44.9		—		44.9		—
Technology	41.2		—		41.2		—
Communications	31.3		—		31.3		—
Utilities	25.0		—		25.0		—
Materials	17.5		—		17.5		—
Total debt securities issued by corporations	467.2		—		467.2		—

Municipal obligations	297.1		—		297.1		—
Mortgage and asset-backed securities	209.0		—		209.0		—
Total fixed maturity investments	1,205.8		232.5		973.3		—

Short-term investments ⁽¹⁾	201.2		189.4		11.8		—

Common equity securities:

Exchange traded funds ⁽²⁾	536.4		521.6		14.8		—
Other ⁽³⁾	147.5		25.9		121.5		0.1
Total common equity securities	683.9		547.5		136.3		0.1
Other long-term investments	654.0		—		—		654.0
Other long-term investments — NAV⁽⁴⁾	202.3		—		—		—
Total investments	$	2,947.2	$	969.4	$	1,121.4	$	654.1

⁽¹⁾Short-term investments are measured at amortized cost, which approximates fair value.

⁽²⁾ ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a Level 2 measurement.

⁽³⁾Primarily consists of two investments in unit trusts that predominantly invest in international equities and an open-end mutual fund that invests in domestic large-cap companies.

⁽⁴⁾ Consists of private equity funds, one hedge fund and ILS funds for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.



	December 31, 2018
Millions	Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and agency obligations	$	153.2	$	153.2	$	—	$	—

Debt securities issued by corporations:
Financials	143.4		—		143.4		—
Consumer	68.5		—		68.5		—
Technology	60.5		—		60.5		—
Energy	57.6		—		57.6		—
Healthcare	55.0		—		55.0		—
Industrial	47.6		—		47.6		—
Communications	31.8		—		31.8		—
Materials	26.3		—		26.3		—
Utilities	19.8		—		19.8		—
Total debt securities issued by corporations	510.5		—		510.5		—

Municipal obligations	280.3		—		280.3		—
Mortgage and asset-backed securities	133.5		—		133.5		—
Total fixed maturity investments	1,077.5		153.2		924.3		—

Short-term investments ⁽¹⁾	214.2		204.4		9.8		—

Common equity securities:
Exchange traded funds ⁽²⁾	675.3		617.0		58.3		—
Healthcare	14.0		14.0		—		—
Financials	13.5		13.5		—		—
Communications	12.7		12.7		—		—
Industrial	11.4		11.4		—		—
Technology	7.4		7.4		—		—
Consumer	6.2		6.2		—		—
Energy	4.1		4.1		—		—
Materials	3.1		3.1		—		—
Other ⁽³⁾	177.9		—		177.9		—
Total common equity securities	925.6		689.4		236.2		—
Other long-term investments	138.7		—		—		138.7
Other long-term investments — NAV ⁽⁴⁾	186.9		—		—		—
Total investments	$	2,542.9	$	1,047.0	$	1,170.3	$	138.7

⁽¹⁾Short-term investments are measured at amortized cost, which approximates fair value.

⁽²⁾ETFs traded on foreign exchanges are priced using the fund’s published NAV to account for the difference in market close times and are therefore designated a Level 2 measurement.

⁽³⁾Consists of two investments in unit trusts that predominantly invest in international equities.

⁽⁴⁾Consists of private equity funds, one hedge fund, White Mountains’s non-controlling equity interest in Kudu prior to consolidation and one unconsolidated entity for which fair value is measured at NAV using the practical expedient. Investments for which fair value is measured at NAV are not classified within the fair value hierarchy.

Debt securities issued by corporations, credit ratings

The following table presents the ratings of debt securities issued by corporations held in White Mountains’s investment portfolio as of December 31, 2019 and 2018:



	Fair Value at December 31,
Millions	2019		2018
AAA	$	9.5	$	8.9
AA	73.9		88.7
A	288.5		270.5
BBB	95.3		142.4
Debt securities issued by corporations ⁽¹⁾	$	467.2	$	510.5


⁽¹⁾	Credit ratings are based upon issuer credit ratings provided by Standard & Poor’s Financial Services LLC (“Standard & Poor’s”), or if unrated by Standard & Poor’s, long-term obligation ratings provided by Moody’s Investor Service, Inc

Mortgage-backed, asset-backed securities

The following table presents the fair value of White Mountains’s mortgage and asset-backed securities as of December 31, 2019 and 2018:



	December 31, 2019						December 31, 2018
Millions	Fair Value		Level 2		Level 3		Fair Value		Level 2		Level 3
Mortgage-backed securities:
Agency:
FNMA	$	88.6	$	88.6	$	—	$	53.6	$	53.6	$	—
FHLMC	60.5		60.5		—		38.1		38.1		—
GNMA	30.8		30.8		—		23.7		23.7		—
Total agency ⁽¹⁾	179.9		179.9		—		115.4		115.4		—
Total mortgage-backed securities	179.9		179.9		—		115.4		115.4		—
Other asset-backed securities:
Vehicle receivables	15.1		15.1		—		9.2		9.2		—
Credit card receivables	14.0		14.0		—		8.9		8.9		—
Total other asset-backed securities	29.1		29.1		—		18.1		18.1		—
Total mortgage and asset-backed securities	$	209.0	$	209.0	$	—	$	133.5	$	133.5	$	—

⁽¹⁾

Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. Government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).

Other Investments Not Readily Marketable

The following table presents the carrying values of White Mountains’s other long-term investments as of December 31, 2019 and 2018:



	Carrying Value at
Millions	December 31, 2019		December 31, 2018
Kudu’s Participation Contracts ⁽¹⁾⁽²⁾	$	266.5	$	—
MediaAlpha ⁽¹⁾⁽³⁾	180.0		—
PassportCard/DavidShield ⁽¹⁾	90.0		75.0
Elementum ⁽¹⁾	55.1		—
Other unconsolidated entities ⁽¹⁾⁽⁴⁾	31.2		60.0
Kudu ⁽⁵⁾	—		30.7
Total unconsolidated entities ⁽¹⁾	622.8		165.7
Private equity funds and hedge funds	161.1		146.1
Insurance-linked securities funds	41.2		—
Other	31.2		13.8
Total other long-term investments	$	856.3	$	325.6

⁽¹⁾See Fair Value Measurements by Level table.

⁽²⁾ Includes Kudu’s non-controlling equity interests in the form of revenue and earnings participation contracts. As of December 31, 2019, White Mountains consolidates Kudu. See Note 2 — “Significant Transactions”.

⁽³⁾ The MediaAlpha Transaction was completed on February 26, 2019. See Note 2 — “Significant Transactions”.

⁽⁴⁾Includes White Mountains’s non-controlling equity interests in certain private common equity securities, limited liability companies and convertible preferred securities.

⁽⁵⁾ Includes White Mountains’s non-controlling equity interest in Kudu prior to consolidation. See Note 2 — “Significant Transactions”.

Other long-term investments

The following table presents investments and unfunded commitments in private equity funds and hedge funds by investment objective and sector as of December 31, 2019 and 2018:



	December 31, 2019				December 31, 2018
Millions	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments

Private equity funds
Manufacturing/Industrial	$	57.7	$	4.1	$	42.9	$	10.5
Aerospace/Defense/Government	33.8		23.3		27.6		34.9
Financial services	15.0		22.8		8.3		13.6
Direct lending	—		—		13.0		17.7
Total private equity funds	106.5		50.2		91.8		76.7

Hedge funds
Long/short banks and financial	54.6		—		54.3		—
Total hedge funds	54.6		—		54.3		—
Total private equity funds and hedge funds included in other long-term investments	$	161.1	$	50.2	$	146.1	$	76.7

Fair Value of private equity funds subject to lock-up periods

The following table presents investments in private equity funds that were subject to lock-up periods as of December 31, 2019:



Millions	1 – 3 years		3 – 5 years		5 – 10 years		>10 years		Total
Private equity funds — expected lock-up period remaining	$	4.8	$	51.9	$	40.2	$	9.6	$	106.5

Rollforward of fair value investments by level

The following tables present the changes in White Mountains’s fair value measurements by level for the years ended December 31, 2019 and 2018:



							Level 3 Investments					Other Long-term Investments Measured at NAV ⁽³⁾
Millions	Level 1 Investments			Level 2 Investments			Common Equity Securities		Other Long-term Investments⁽²⁾			Other Long-term Investments Measured at NAV ⁽³⁾			Total
Balance at December 31, 2018	$	842.6		$	1,160.5		$	—	$	138.7		$	186.9		$	2,328.7		⁽¹⁾
Net realized and unrealized gains	163.0			76.1			—		181.2			12.7			433.0			⁽²⁾⁴⁾
Amortization/accretion	.2			(1.8		)	—		—			—			(1.6		)
Purchases	165.3			404.5			.1		185.4			110.8			866.1
Sales	(391.1		)	(529.7		)	—		—			(29.5		)	(950.3		)
Effect of Kudu Transaction	—			—			—		141.8			(71.7		)	70.1
Transfers in	—			—			—		10.9			4.0			14.9
Transfers out	—			—			—		(4.0		)	(10.9		)	(14.9		)
Balance at December 31, 2019	$	780.0		$	1,109.6		$	.1	$	654.0		$	202.3		$	2,746.0		⁽¹⁾

⁽¹⁾Excludes carrying value of $201.2 and $214.2 as of December 31, 2019 and 2018 classified as short-term investments.


⁽²⁾	Includes $114.7 unrealized investment gain associated with the MediaAlpha Transaction, which is recorded in a separate line item in the statement of operations titled Realized gain and unrealized investment gain from the MediaAlpha Transaction. See Note 2 — “Significant Transactions”.

⁽³⁾Includes private equity funds, hedge funds, ILS funds and unconsolidated entities for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy. See Note 1 — “Basis of Presentation and Significant Accounting Policies”.

⁽⁴⁾ Excludes realized and unrealized losses associated with short-term investments of $0.2 for the year ended December 31, 2019.



							Level 3 Investments		Other Long-term Investments Measured at NAV ⁽³⁾
Millions	Level 1 Investments			Level 2 Investments			Other Long- term Investments		Other Long-term Investments Measured at NAV ⁽³⁾			Total
Balance at December 31, 2017	$	890.4		$	2,105.4		$	77.2	$	135.3		$	3,208.3		⁽¹⁾⁽²⁾
Net realized and unrealized (losses) gains	(64.9		)	(64.4		)	16.2		13.3			(99.8		)	⁽⁴⁾
Amortization/accretion	.2			(2.7		)	—		—			(2.5		)
Purchases	514.7			783.8			45.3		50.5			1,394.3
Sales	(497.8		)	(1,661.6		)	—		(12.2		)	(2,171.6		)
Transfers in	—			—			—		—			—
Transfers out	—			—			—		—			—
Balance at December 31, 2018	$	842.6		$	1,160.5		$	138.7	$	186.9		$	2,328.7		⁽²⁾

⁽¹⁾Excludes carrying value of $(3.7) as of December 31, 2017 associated with foreign currency forward contracts.

⁽²⁾Excludes carrying value of $214.2 and $176.1 as of December 31, 2018 and 2017 classified as short-term investments.


⁽³⁾	Includes private equity funds, hedge funds and unconsolidated entities for which fair value is measured at NAV using the practical expedient are no longer classified within the fair value hierarchy See Note 1 — “Basis of Presentation and Significant Accounting Policies”.

⁽⁴⁾Excludes realized and unrealized losses associated with foreign currency forward contracts, foreign currency on cash and open trades and short-term investments of $3.5, $4.2 and $0.8 for the year ended December 31, 2018.

Schedule of significant unobservable inputs used in estimating the fair value of investment securities

The following tables present significant unobservable inputs used in estimating the fair value of other long-term investments, other than private equity funds, hedge funds and ILS funds, classified within Level 3 as of December 31, 2019 and 2018. The fair value of investments in private equity funds, hedge funds and ILS funds are generally estimated using the NAV of the funds.



$ in Millions	December 31, 2019
Description	Valuation Technique(s)	Fair Value ⁽¹⁾	Unobservable Inputs
			Discount Rate ⁽²⁾	Terminal Cash Flow Exit Multiple (x) or Terminal Revenue Growth Rate (%) ⁽²⁾
Kudu’s Participation Contracts	Discounted cash flow	$266.5	15% - 22%	6x - 12x
MediaAlpha	Discounted cash flow	$180.0	15%	4%
PassportCard/DavidShield	Discounted cash flow	$90.0	22%	4%
Elementum Holdings, L.P.	Discounted cash flow	$55.1	20%	4%
Private debt instruments	Discounted cash flow	$23.7	4% - 9%	N/A
All other	Discounted cash flow	$23.7	25% - 32%	4%

Compare.com	Estimated net realizable value	$2.5	Net asset value:	$2.5

⁽¹⁾Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.

⁽²⁾Increases (decreases) to the discount rates in isolation would result in lower (higher) fair value measurements, while increases (decreases) to the terminal cash flow exit multiples or terminal revenue growth rates in isolation would result in higher (lower) fair value measurements.



$ in Millions	December 31, 2018
Description	Valuation Technique(s)	Fair Value ⁽¹⁾	Unobservable Inputs
			Discount Rate ⁽²⁾	Terminal Revenue Exit Multiple (x) ⁽²⁾
PassportCard/DavidShield	Discounted cash flow	$75.0	18%	1x
Compare.com	Discounted cash flow	$16.9	22%	3x
Private debt instrument	Discounted cash flow	$10.0	9%	N/A
All other	Discounted cash flow	$30.0	23%	2x - 4x

Galvanic Applied Sciences	Multiple of EBITDA	$3.1	EBITDA multiple:	6x

⁽¹⁾Includes the net unrealized investment gains (losses) associated with foreign currency; foreign currency effects based on observable inputs.

⁽²⁾Increases (decreases) to the discount rates in isolation would result in lower (higher) fair value measurements, while increases (decreases) to the terminal revenue exit multiples in isolation would result in higher (lower) fair value measurements.