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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Text Block [Abstract] |
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables provide quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of September 3 0, 2020 and December 31, 2019:
In millions |  | Fair Value as of September 30, 2020 |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  | $ | 114 |  |  | Market prices adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee (2) |  |  | -28% -110% (20%) (1) |
Loan repurchase commitments |  |  | 530 |  |  | Discounted cash flow |  | Recovery rates (3) Breach rates (3) |  |  |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 294 |  |  | Market prices of VIE assets adjusted for financial guarantees provided |  | Impact of financial guarantee |  |  | 29% - 74% (59%) (1) |
Credit derivative liabilities – CMBS |  |  | 8 |  |  | Direct Price Model |  | Nonperformance risk |  |  | 54% - 54% (54%) |
Other derivative liabilities |  |  | 38 |  |  | Discounted cash flow |  | Cash flows |  |  | $0 - $49 ($25) (4) |
(1) - | Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
(2) - | Negative percentage represents financial guarantee policies in a receivable position.
(3) - | Recovery rates include assumptions about legal risk in the enforcement of the Company’s contract and breach rates represent estimates of the percentage of ineligible loans.
(4) - | Midpoint of cash flows are used for the weighted average.
In millions |  | Fair Value as of December 31, 2019 |  |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average) |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  | $ | 136 |  |  | Market prices adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee (1) |  |  | -20% - 99% (22%) |
Loan repurchase commitments |  |  | 486 |  |  | Discounted cash flow |  | Recovery rates (2) Breach rates (2) |  |  |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 347 |  |  | Market prices of VIE assets adjusted for financial guarantees provided |  | Impact of financial guarantee |  |  | 37% - 76% (61%) |
Credit derivative liabilities – CMBS |  |  | 7 |  |  | Direct Price Model |  | Nonperformance risk |  |  | 54% - 54% (54%) |
Other derivative liabilities |  |  | 34 |  |  | Discounted cash flow |  | Cash flows |  |  | $0 - $49 ($25) (3) |
(1) - | Negative percentage represents financial guarantee policies in a receivable position.
(2) - | Recovery rates include assumptions about legal risk in the enforcement of the Company’s contract and breach rates represent estimates of the percentage of ineligible loans.
(3) - | Midpoint of cash flows are used for the weighted average.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of September 30, 2020 and December 31, 2019:
|  | Fair Value Measurements at Reporting Date Using
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance as of September 30, 2020
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 901 |  |  | $ | 109 |  |  | $ | - |  |  | $ | 1,010 |
State and municipal bonds |  |  | - |  |  |  | 191 |  |  |  | - |  |  |  | 191 |
Foreign governments |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | 16 |
Corporate obligations |  |  | - |  |  |  | 1,019 |  |  |  | - |  |  |  | 1,019 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 296 |  |  |  | - |  |  |  | 296 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 26 |  |  |  | - |  |  |  | 26 |
Commercial mortgage-backed |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | 19 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 124 |  |  |  | - |  |  |  | 124 |
Other asset-backed |  |  | - |  |  |  | 109 |  |  |  | - |  |  |  | 109 |
Total fixed-maturity investments |  |  | 901 |  |  |  | 1,909 |  |  |  | - |  |  |  | 2,810 |
Money market securities |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | 20 |
Perpetual debt and equity securities |  |  | 33 |  |  |  | 20 |  |  |  | - |  |  |  | 53 |
Fixed-income fund |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 49 | (1)
Cash and cash equivalents |  |  | 107 |  |  |  | - |  |  |  | - |  |  |  | 107 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
|  | Fair Value Measurements at Reporting Date Using |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance as of September 30, 2020
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 41 |  |  |  | - |  |  |  | 41 |
Commercial mortgage-backed |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | 16 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
Other asset-backed |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
Cash |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 114 |  |  |  | 114 |
Loan repurchase commitments |  |  | - |  |  |  | - |  |  |  | 530 |  |  |  | 530 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 12 |
Other |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | 13 |
Total assets |  | $ | 1,065 |  |  | $ | 2,008 |  |  | $ | 669 |  |  | $ | 3,791 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 101 |  |  | $ | 101 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | 2 |  |  |  | 8 |  |  |  | 10 |
Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 180 |  |  |  | - |  |  |  | 180 |
Other |  |  | - |  |  |  | - |  |  |  | 38 |  |  |  | 38 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | 49 |  |  |  | 294 |  |  |  | 343 |
Total liabilities |  | $ | - |  |  | $ | 231 |  |  | $ | 441 |  |  | $ | 672 |
(1) - | Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy.
|  | Fair Value Measurements at Reporting Date Using |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance as of December 31, 2019
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 791 |  |  | $ | 97 |  |  | $ | - |  |  | $ | 888 |
State and municipal bonds |  |  | - |  |  |  | 200 |  |  |  | - |  |  |  | 200 |
Foreign governments |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Corporate obligations |  |  | - |  |  |  | 1,266 |  |  |  | - |  |  |  | 1,266 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 330 |  |  |  | - |  |  |  | 330 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | 19 |
Commercial mortgage-backed |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 22 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 140 |  |  |  | - |  |  |  | 140 |
Other asset-backed |  |  | - |  |  |  | 326 |  |  |  | 1 |  |  |  | 327 |
Total fixed-maturity investments |  |  | 791 |  |  |  | 2,410 |  |  |  | 1 |  |  |  | 3,202 |
Money market securities |  |  | 154 |  |  |  | - |  |  |  | - |  |  |  | 154 |
Perpetual debt and equity securities |  |  | 30 |  |  |  | 25 |  |  |  | - |  |  |  | 55 |
Fixed-income fund |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 51 | (1)
Cash and cash equivalents |  |  | 75 |  |  |  | - |  |  |  | - |  |  |  | 75 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
|  | Fair Value Measurements at Reporting Date Using |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance as of December 31, 2019
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 8 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 45 |  |  |  | - |  |  |  | 45 |
Commercial mortgage-backed |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | 16 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | 6 |
Other asset-backed |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 8 |
Cash |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 8 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 136 |  |  |  | 136 |
Loan repurchase commitments |  |  | - |  |  |  | - |  |  |  | 486 |  |  |  | 486 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | 8 |
Other |  |  | - |  |  |  | - |  |  |  | 18 |  |  |  | 18 |
Total assets |  | $ | 1,058 |  |  | $ | 2,519 |  |  | $ | 649 |  |  | $ | 4,277 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 108 |  |  | $ | 108 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | 2 |  |  |  | 7 |  |  |  | 9 |
Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 132 |  |  |  | - |  |  |  | 132 |
Other |  |  | - |  |  |  | - |  |  |  | 34 |  |  |  | 34 |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other payable |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 4 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | 56 |  |  |  | 347 |  |  |  | 403 |
Total liabilities |  | $ | - |  |  | $ | 190 |  |  | $ | 500 |  |  | $ | 690 |
(1) - | Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy.
Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value Balance as of September 30, 2020 |  | Carry Value Balance as of September 30, 2020
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held-to-maturity |  | $ | - |  |  | $ | - |  |  | $ | 575 |  |  | $ | 575 |  |  | $ | 575 |
Total assets |  | $ | - |  |  | $ | - |  |  | $ | 575 |  |  | $ | 575 |  |  | $ | 575 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | - |  |  | $ | 724 |  |  | $ | - |  |  | $ | 724 |  |  | $ | 2,318 |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 379 |  |  |  | 379 |  |  |  | 583 |
Investment agreements |  |  | - |  |  |  | - |  |  |  | 408 |  |  |  | 408 |  |  |  | 293 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | 264 |  |  |  | 575 |  |  |  | 839 |  |  |  | 844 |
Total liabilities |  | $ | - |  |  | $ | 988 |  |  | $ | 1,362 |  |  | $ | 2,350 |  |  | $ | 4,038 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 595 |  |  | $ | 595 |  |  | $ | (378 | )
Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 41 |  |  |  | 41 |  |  |  | (18 | )
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value Balance as of December 31, 2019 |  | Carry Value Balance as of December 31, 2019
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held-to-maturity |  | $ | - |  |  | $ | - |  |  | $ | 892 |  |  | $ | 892 |  |  | $ | 890 |
Total assets |  | $ | - |  |  | $ | - |  |  | $ | 892 |  |  | $ | 892 |  |  | $ | 890 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | - |  |  | $ | 1,073 |  |  | $ | - |  |  | $ | 1,073 |  |  | $ | 2,228 |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 396 |  |  |  | 396 |  |  |  | 570 |
Investment agreements |  |  | - |  |  |  | - |  |  |  | 394 |  |  |  | 394 |  |  |  | 304 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | 261 |  |  |  | 892 |  |  |  | 1,153 |  |  |  | 1,136 |
Total liabilities |  | $ | - |  |  | $ | 1,334 |  |  | $ | 1,682 |  |  | $ | 3,016 |  |  | $ | 4,238 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 556 |  |  | $ | 556 |  |  | $ | (311 | )
Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 56 |  |  |  | 56 |  |  |  | 24 |
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis | Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2020
In millions |  | Balance, Beginning of Period |  | Total Gains / (Losses) Included in Earnings |  | Unrealized Gains / (Losses) Included in OCI (1) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2020 |  | Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of September 30, 2020 (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other asset-backed |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable- residential |  |  | 116 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 114 |  |  |  | 1 |  |  |  | - |
Loan repurchase commitments |  |  | 524 |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 530 |  |  |  | 6 |  |  |  | - |
Currency derivatives |  |  | 14 |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | (2 | ) |  |  | - |
Other |  |  | 14 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | (1 | ) |  |  | - |
Total assets |  | $ | 669 |  |  | $ | 5 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (5 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 669 |  |  | $ | 4 |  |  | $ | - |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2019
In millions |  | Balance, Beginning of Period |  |  | Total Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 (1) |  |  | Transfers out of Level 3 (1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2019 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed |  | $ | 4 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | (3 | ) |  | $ | - |  |  | $ | - |
Other asset-backed |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable- residential |  |  | 154 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 146 |  |  |  | (3 | )
Loan repurchase commitments |  |  | 428 |  |  |  | 50 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 478 |  |  |  | 50 |
Currency derivatives |  |  | 11 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | (4 | )
Other |  |  | 15 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 2 |
Total assets |  | $ | 613 |  |  | $ | 46 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (6 | ) |  | $ | - |  |  | $ | - |  |  | $ | (3 | ) |  | $ | 650 |  |  | $ | 45 |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2020
In millions |  | Balance, Beginning of Period |  | Total Gains / (Losses) Included in Earnings |  | Unrealized Gains / (Losses) Included in OCI (1) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2020 |  | Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of September 30, 2200 (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other asset-backed |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable- residential |  |  | 136 |  |  |  | (11 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 114 |  |  |  | (13 | ) |  |  | - |
Loan repurchase commitments |  |  | 486 |  |  |  | 44 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 530 |  |  |  | 44 |  |  |  | - |
Currency derivatives |  |  | 8 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 4 |  |  |  | - |
Other |  |  | 18 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | (5 | ) |  |  | - |
Total assets |  | $ | 649 |  |  | $ | 32 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (12 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 669 |  |  | $ | 30 |  |  | $ | - |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2019
In millions |  | Balance, Beginning of Year |  |  | Total Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 (1) |  |  | Transfers out of Level 3 (1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2019 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed |  | $ | 7 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (4 | ) |  | $ | - |  |  | $ | - |  |  | $ | (3 | ) |  | $ | - |  |  | $ | - |
Other asset-backed |  |  | 3 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | - |
Collateralized debt obligations |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loans receivable- residential |  |  | 172 |  |  |  | 40 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18 | ) |  |  | (48 | ) |  |  | - |  |  |  | - |  |  |  | 146 |  |  |  | 35 |
Loan repurchase commitments |  |  | 418 |  |  |  | 60 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 478 |  |  |  | 60 |
Currency derivatives |  |  | 17 |  |  |  | (9 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | (9 | )
Other |  |  | 14 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 3 |
Total assets |  | $ | 637 |  |  | $ | 93 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (25 | ) |  | $ | (49 | ) |  | $ | - |  |  | $ | (6 | ) |  | $ | 650 |  |  | $ | 89 |
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
In millions |  | Balance, Beginning of Period |  | Total (Gains) / Losses Included in Earnings |  | Unrealized (Gains) / Losses Included in in OCI (2) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of September 30, 2020 |  | Change in Unrealized (Gains) Losses for the Period Included in OCI for Liabilities still held as of September 30, 2020 (2)
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 96 |  |  | $ | 8 |  |  | $ | (3 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 101 |  |  | $ | 8 |  |  | $ | (3 | )
Credit derivatives |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |
Other derivatives |  |  | 37 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 38 |  |  |  | 1 |  |  |  | - |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 291 |  |  |  | 10 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 294 |  |  |  | 8 |  |  |  | (2 | )
Total liabilities |  | $ | 432 |  |  | $ | 19 |  |  | $ | (6 | ) |  | $ | - |  |  | $ | - |  |  | $ | (4 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 441 |  |  | $ | 17 |  |  | $ | (5 | )
(1) - | Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
(2) - | Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
In millions |  | Balance, Beginning of Period |  |  | Total Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 (1) |  |  | Transfers out of Level 3 (1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Liabilities still held as of September 30, 2019 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 110 |  |  | $ | 1 |  |  | $ | (5 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 106 |  |  | $ | 1 |
Credit derivatives |  |  | 18 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | (9 | )
Other derivatives |  |  | 16 |  |  |  | 14 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 14 |
Other payable |  |  | 3 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 1 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 342 |  |  |  | 3 |  |  |  | 10 |  |  |  | - |  |  |  | 3 |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 348 |  |  |  | (11 | )
Total liabilities |  | $ | 489 |  |  | $ | 20 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 3 |  |  | $ | (19 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 498 |  |  | $ | (4 | )
(1) - | Transferred in and out at the end of the period.
In millions |  | Balance, Beginning of Period |  | Total Gains / (Losses) Included in Earnings |  | Unrealized Gains / (Losses) Included in OCI (2) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Liabilities still held as of September 30, 2020 |  | Change in Unrealized Gains (Losses) for the Period Included in OCI for Liabilities still held as of September 30, 2200 (12
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 108 |  |  | $ | 8 |  |  | $ | (15 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 101 |  |  | $ | 8 |  |  | $ | (15 | )
Credit derivatives |  |  | 7 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | 1 |  |  |  | - |
Other derivatives |  |  | 34 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 38 |  |  |  | 4 |  |  |  | - |
Other payable |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 347 |  |  |  | 2 |  |  |  | (41 | ) |  |  | - |  |  |  | - |  |  |  | (14 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 294 |  |  |  | (4 | ) |  |  | (39 | )
Total liabilities |  | $ | 500 |  |  | $ | 15 |  |  | $ | (56 | ) |  | $ | - |  |  | $ | - |  |  | $ | (18 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 441 |  |  | $ | 9 |  |  | $ | (54 | )
(1) - | Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
(2) | Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
In millions |  | Balance, Beginning of Year |  |  | Total (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in OCI |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 (1) |  |  | Transfers out of Level 3 (1) |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of September 30, 2019 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 102 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | (3 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 106 |  |  | $ | 1 |
Credit derivatives |  |  | 33 |  |  |  | (12 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | (23 | )
Other derivatives |  |  | 7 |  |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 23 |
Other payable |  |  | 5 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 2 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 366 |  |  |  | 53 |  |  |  | 3 |  |  |  | - |  |  |  | 7 |  |  |  | (21 | ) |  |  | (60 | ) |  |  | - |  |  |  | - |  |  |  | 348 |  |  |  | 32 |
Total liabilities |  | $ | 513 |  |  | $ | 72 |  |  | $ | 4 |  |  | $ | - |  |  | $ | 7 |  |  | $ | (38 | ) |  | $ | (60 | ) |  | $ | - |  |  | $ | - |  |  | $ | 498 |  |  | $ | 35 |
(1) - | Transferred in and out at the end of the period.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities |
|  | Three Months Ended September 30, 2020 |  |  | Three Months Ended September 30, 2019 |
In millions |  | Total Gains (Losses) Included in Earnings |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of September 30, 2020 |  |  | Total Gains (Losses) Included in Earnings |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of September 30, 2019 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on insured derivatives |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 9 |
Realized gains (losses) and other settlements on insured derivatives |  |  | - |  |  |  | - |  |  |  | (10 | ) |  |  | - |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (9 | ) |  |  | (9 | ) |  |  | (15 | ) |  |  | (15 | )
Other net realized gains (losses) |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | (1 | )
Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (5 | ) |  |  | (4 | ) |  |  | 43 |  |  |  | 56 |
Total |  | $ | (14 | ) |  | $ | (13 | ) |  | $ | 26 |  |  | $ | 49 |
Gains and losses (realized and unrealized) included in earnings relating to Level 3 assets and liabilities for the nine months ended September 30, 2020 and 2019 are reported on the Company’s consolidated statements of operations as follows:
|  | Nine Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2019 |
In millions |  | Total Gains (Losses) Included in Earnings |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of September 30, 2020 |  |  | Total Gains (Losses) Included in Earnings |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of September 30, 2019 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on insured derivatives |  | $ | (1 | ) |  | $ | (1 | ) |  | $ | 23 |  |  | $ | 23 |
Realized gains (losses) and other settlements on insured derivatives |  |  | - |  |  |  | - |  |  |  | (11 | ) |  |  | - |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (12 | ) |  |  | (12 | ) |  |  | (24 | ) |  |  | (24 | )
Net investment losses related to other-than-temporary impairments |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | - |
Other net realized gains (losses) |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | (2 | )
Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 30 |  |  |  | 34 |  |  |  | 41 |  |  |  | 57 |
Total |  | $ | 17 |  |  | $ | 21 |  |  | $ | 26 |  |  | $ | 54 |
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Investments carried at fair value (1) |  | $ | 4 |  |  | $ | 2 |  |  | $ | (3 | ) |  | $ | 13 |
Fixed-maturity securities held at fair value-VIE (2) |  |  | 4 |  |  |  | 38 |  |  |  | 2 |  |  |  | 94 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans (2) |  |  | 2 |  |  |  | (3 | ) |  |  | (11 | ) |  |  | 40 |
Loan repurchase commitments (2) |  |  | 6 |  |  |  | 50 |  |  |  | 44 |  |  |  | 60 |
Other assets-VIE (2) |  |  | (1 | ) |  |  | 2 |  |  |  | (5 | ) |  |  | 3 |
Medium-term notes (1) |  |  | (8 | ) |  |  | (1 | ) |  |  | (8 | ) |  |  | (1 | )
Other liabilities (3) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | )
Variable interest entity notes (2) |  |  | (11 | ) |  |  | 3 |  |  |  | (1 | ) |  |  | (77 | )
(1) - | Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations.
(2) - | Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” on MBIA’s consolidated statements of operations.
(3) - | Reported within “Other net realized gains (losses)” on MBIA’s consolidated statements of operations.
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding |
|  | As of September 30, 2020 |  | As of December 31, 2019
|  | Contractual |  |  |  |  |  | Contractual |  |  |  |
|  | Outstanding |  | Fair |  |  |  | Outstanding |  | Fair |  |
In millions |  | Principal |  | Value |  | Difference |  | Principal |  | Value |  | Difference
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - current |  | $ | 88 |  |  | $ | 88 |  |  | $ | - |  |  | $ | 107 |  |  | $ | 107 |  |  | $ | - |
Residential mortgage loans (90 days or more past due) |  |  | 134 |  |  |  | 26 |  |  |  | 108 |  |  |  | 154 |  |  |  | 29 |  |  |  | 125 |
Total loans receivable and other instruments at fair value |  | $ | 222 |  |  | $ | 114 |  |  | $ | 108 |  |  | $ | 261 |  |  | $ | 136 |  |  | $ | 125 |
Variable interest entity notes |  | $ | 1,107 |  |  | $ | 343 |  |  | $ | 764 |  |  | $ | 1,126 |  |  | $ | 403 |  |  | $ | 723 |
Medium-term notes |  | $ | 117 |  |  | $ | 101 |  |  | $ | 16 |  |  | $ | 112 |  |  | $ | 108 |  |  | $ | 4 |

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