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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
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 30, 2023 and December 31, 2022:
|  |  | Fair Value as of |  |  |  |  |  |  | Range
|  |  | September 30, |  |  |  |  |  |  | (Weighted
In millions |  | 2023 |  |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets: |  |  |  |  |  |  |  |  |
| Equity Investments |  | $ | 115 |  |  | Discounted cash flow |  | EBITDA multiples (1) |  |
|  |  |  |  |  |  |  | Discount rate (1) |  |
|  |  |  |  |  | Sum of the parts |  | Hard asset values (1) |  |
|  |  |  |  |  |  |  | Type certificate values (1) |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  |  | 32 |  |  | Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  | 32% - 32% (32%) (2)
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 78 |  |  | Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities |  | Impact of financial guarantee |  | 74% - 74% (74%) (2)
(1) - Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
|  |  | Fair Value as of |  |  |  |  |  |  | Range
|  |  | December 31, |  |  |  |  |  |  | (Weighted
In millions |  | 2022 |  |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets: |  |  |  |  |  |  |  |  |
| Equity Investments |  | $ | 115 |  |  | Discounted cash flow |  | EBITDA multiples (1) |  |
|  |  |  |  |  |  |  | Discount rate (1) |  |
|  |  |  |  |  | Sum of the parts |  | Hard asset values (1) |  |
|  |  |  |  |  |  |  | Type certificate values (1) |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  |  | 78 |  |  | Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  | 12% - 88% (52%) (2)
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 172 |  |  | Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities |  | Impact of financial guarantee |  | 34% - 82% (68%) (2)
(1) - Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
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, 2023 and December 31, 2022:
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |  |
|  |  |  |  |  | Quoted Prices in |  |  | Significant |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  |  | Other |  |  | Significant |  |  |  |
|  |  |  |  |  | for Identical |  |  | Observable |  |  | Unobservable |  |  | Balance as of |
|  |  |  |  |  | Assets |  |  | Inputs |  |  | Inputs |  |  | September 30, |
In millions |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 379 |  |  | $ | 52 |  |  | $ | - |  |  | $ | 431 |
| State and municipal bonds |  |  | - |  |  |  | 118 |  |  |  | - |  |  |  | 118 |
| Foreign governments |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 22 |
| Corporate obligations |  |  | - |  |  |  | 799 |  |  |  | 1 |  |  |  | 800 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  |  | 183 |  |  |  | - |  |  |  | 183 |
|  | Residential mortgage-backed non-agency |  |  | - |  |  |  | 34 |  |  |  | - |  |  |  | 34 |
|  | Commercial mortgage-backed |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 22 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  |  | 161 |  |  |  | - |  |  |  | 161 |
|  | Other asset-backed |  |  | - |  |  |  | 65 |  |  |  | - |  |  |  | 65 |
|  |  | Total fixed-maturity investments |  |  | 379 |  |  |  | 1,456 |  |  |  | 1 |  |  |  | 1,836 |
Money market securities |  |  | 338 |  |  |  | - |  |  |  | - |  |  |  | 338 |
Equity investments |  |  | 37 |  |  |  | 19 |  |  |  | 115 |  |  |  | 171 |
Cash and cash equivalents |  |  | 70 |  |  |  | - |  |  |  | - |  |  |  | 70 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  |  | 11 |  |  |  | - |  |  |  | 11 |
|  | Commercial mortgage-backed |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 9 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
|  | Other asset-backed |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
| Cash |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | 32 |
| Other assets |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
Total assets |  | $ | 828 |  |  | $ | 1,497 |  |  | $ | 150 |  |  | $ | 2,475 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | 37 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |
| Insured credit derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
| Non-insured interest rate derivatives |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 22 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 78 |  |  |  | 78 |
| Currency derivatives |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | 11 |
Total liabilities |  | $ | - |  |  | $ | 23 |  |  | $ | 126 |  |  | $ | 149 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |  |
|  |  |  |  |  | Quoted Prices in |  |  | Significant |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  |  | Other |  |  | Significant |  |  |  |
|  |  |  |  |  | for Identical |  |  | Observable |  |  | Unobservable |  |  | Balance as of |
|  |  |  |  |  | Assets |  |  | Inputs |  |  | Inputs |  |  | December 31, |
In millions |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 463 |  |  | $ | 54 |  |  | $ | - |  |  | $ | 517 |
| State and municipal bonds |  |  | - |  |  |  | 323 |  |  |  | - |  |  |  | 323 |
| Foreign governments |  |  | - |  |  |  | 21 |  |  |  | - |  |  |  | 21 |
| Corporate obligations |  |  | - |  |  |  | 797 |  |  |  | - |  |  |  | 797 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  |  | 207 |  |  |  | - |  |  |  | 207 |
|  | Residential mortgage-backed non-agency |  |  | - |  |  |  | 95 |  |  |  | - |  |  |  | 95 |
|  | Commercial mortgage-backed |  |  | - |  |  |  | 24 |  |  |  | - |  |  |  | 24 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  |  | 159 |  |  |  | - |  |  |  | 159 |
|  | Other asset-backed |  |  | - |  |  |  | 127 |  |  |  | - |  |  |  | 127 |
|  |  | Total fixed-maturity investments |  |  | 463 |  |  |  | 1,807 |  |  |  | - |  |  |  | 2,270 |
Money market securities |  |  | 234 |  |  |  | - |  |  |  | - |  |  |  | 234 |
Equity investments |  |  | 38 |  |  |  | 19 |  |  |  | 115 |  |  |  | 172 |
Cash and cash equivalents |  |  | 50 |  |  |  | - |  |  |  | - |  |  |  | 50 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 22 |
|  | Commercial mortgage-backed |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 9 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
|  | Other asset-backed |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
| Cash |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | 16 |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 78 |  |  |  | 78 |
| Other assets |  | - |  |  |  | - |  |  |  | 23 |  |  |  | 23 |
Total assets |  | $ | 801 |  |  | $ | 1,873 |  |  | $ | 216 |  |  | $ | 2,890 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 41 |  |  |  | 41 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured interest rate derivatives |  |  | - |  |  |  | 49 |  |  |  | - |  |  |  | 49 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 172 |  |  |  | 172 |
| Currency derivatives |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | 6 |
Total liabilities |  | $ | - |  |  | $ | 49 |  |  | $ | 219 |  |  | $ | 268 |
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 |  |  |  |  |  |  |
|  |  | Quoted Prices in |  |  | Significant |  |  | Significant |  |  | Fair Value |  |  | Carry Value |
|  |  | Active Markets for |  |  | Other Observable |  |  | Unobservable |  |  | Balance as of |  |  | Balance as of |
|  |  | Identical Assets |  |  | Inputs |  |  | Inputs |  |  | September 30, |  |  | September 30, |
In millions |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2023 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  |  | $ | - |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |
Total assets |  | $ | - |  |  | $ | - |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  |  | $ | 272 |  |  | $ | - |  |  | $ | 272 |  |  | $ | 2,546 |
| Medium-term notes |  |  | - |  |  |  | - |  |  |  | 286 |  |  |  | 286 |  |  |  | 457 |
| Investment agreements |  |  | - |  |  |  | - |  |  |  | 238 |  |  |  | 238 |  |  |  | 225 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity loans payable |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 3 |  |  |  | 3 |
Total liabilities |  | $ | - |  |  | $ | 272 |  |  | $ | 527 |  |  | $ | 799 |  |  | $ | 3,231 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 764 |  |  | $ | 764 |  |  | $ | 513 |
| Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 19 |  |  |  | 19 |  |  |  | 17 |
|  |  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |  |
|  |  | Quoted Prices in |  |  | Significant |  |  | Significant |  |  | Fair Value |  |  | Carry Value |
|  |  | Active Markets for |  |  | Other Observable |  |  | Unobservable |  |  | Balance as of |  |  | Balance as of |
|  |  | Identical Assets |  |  | Inputs |  |  | Inputs |  |  | December 31, |  |  | December 31, |
In millions |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2022 |  |  | 2022 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  |  | $ | 330 |  |  | $ | - |  |  | $ | 330 |  |  | $ | 2,428 |
| Medium-term notes |  |  | - |  |  |  | - |  |  |  | 310 |  |  |  | 310 |  |  |  | 458 |
| Investment agreements |  |  | - |  |  |  | - |  |  |  | 257 |  |  |  | 257 |  |  |  | 233 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity loans payable |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Total liabilities |  | $ | - |  |  | $ | 330 |  |  | $ | 569 |  |  | $ | 899 |  |  | $ | 3,121 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 864 |  |  | $ | 864 |  |  | $ | 568 |
| Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 21 |  |  |  | 21 |  |  |  | 15 |
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, 2023
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for |  |  | (Losses) for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings |  |  | OCI |
|  |  |  |  | Gains / |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | for Assets |  |  | for Assets |
|  |  |  |  | (Losses) |  |  | Gains / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2023 |  |  | 2023(1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |
Equity investments |  |  | 115 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 115 |  |  |  | - |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable - residential |  |  | 70 |  |  |  | (7 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | (29 | ) |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | (8 | ) |  |  | - |
Other |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |
Total assets |  | $ | 188 |  |  | $ | (7 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (2 | ) |  | $ | (29 | ) |  | $ | - |  |  | $ | - |  |  | $ | 150 |  |  | $ | (8 | ) |  | $ | - |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2022
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for |  |  | (Losses) for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | OCI for |
|  |  |  |  | Gains / |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets |  |  | Assets |
|  |  |  |  | (Losses) |  |  | Gains / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2022 |  |  | 2022(1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage- backed non-agency |  | $ | 55 |  |  | $ | - |  |  | $ | (2 | ) |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | - |  |  | $ | (3 | )
Equity investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable- residential |  |  | 68 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 79 |  |  |  | 11 |  |  |  | - |
Currency derivatives |  |  | 9 |  |  |  | (9 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9 | ) |  |  | - |
Other |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | - |
Total assets |  | $ | 148 |  |  | $ | 4 |  |  | $ | (2 | ) |  | $ | 102 |  |  | $ | - |  |  | $ | (2 | ) |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 233 |  |  | $ | 2 |  |  | $ | (3 | )
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2023
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for |  |  | (Losses) for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | OCI for |
|  |  |  |  | Gains / |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets |  |  | Assets |
|  |  |  |  | (Losses) |  |  | Gains / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance |  |  | Included |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Year |  |  | Earnings |  |  | in OCI(1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2023 |  |  | 2023(1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |
Equity investments |  |  | 115 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 115 |  |  |  | - |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable - residential |  |  | 78 |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | (29 | ) |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | (3 | ) |  |  | - |
Other |  |  | 23 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (24 | ) |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | (1 | ) |  |  | - |
Total assets |  | $ | 216 |  |  | $ | (7 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (7 | ) |  | $ | (53 | ) |  | $ | 1 |  |  | $ | - |  |  | $ | 150 |  |  | $ | (4 | ) |  | $ | - |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2022
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for |  |  | (Losses) for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | Earnings for |
|  |  |  |  | Gains / |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets |  |  | Assets |
|  |  |  |  | (Losses) |  |  | Gains / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Year |  |  | Earnings |  |  | in OCI(1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2022 |  |  | 2022(1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage- backed non-agency |  | $ | - |  |  | $ | - |  |  | $ | (6 | ) |  | $ | 60 |  |  | $ | - |  |  | $ | - |  |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | - |  |  | $ | - |
Equity securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loans receivable - residential |  |  | 77 |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 79 |  |  |  | 2 |  |  |  | - |
Currency derivatives |  |  | 9 |  |  |  | (9 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9 | ) |  |  | - |
Other |  |  | 14 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | 2 |  |  |  | - |
Total assets |  | $ | 104 |  |  | $ | 1 |  |  | $ | (6 | ) |  | $ | 161 |  |  | $ | - |  |  | $ | (10 | ) |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 233 |  |  | $ | (5 | ) |  | $ | - |
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains) |  |  | (Gains) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for |  |  | Losses for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | OCI for |
|  |  |  |  | (Gains) / |  |  | (Gains) / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities |  |  | Liabilities |
|  |  |  |  | Losses |  |  | Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37 |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | in |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2023 |  |  | 2023(2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 38 |  |  | $ | (3 | ) |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | (3 | ) |  | $ | 2 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 183 |  |  |  | 15 |  |  |  | (14 | ) |  |  | - |  |  |  | - |  |  |  | (21 | ) |  |  | (85 | ) |  |  | - |  |  |  | - |  |  |  | 78 |  |  |  | 2 |  |  |  | - |
Currency derivatives |  |  | 12 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | (1 | ) |  |  | - |
Total liabilities |  | $ | 233 |  |  | $ | 11 |  |  | $ | (12 | ) |  | $ | - |  |  | $ | - |  |  | $ | (21 | ) |  | $ | (85 | ) |  | $ | - |  |  | $ | - |  |  | $ | 126 |  |  | $ | (2 | ) |  | $ | 2 |
(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.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains) |  |  | (Gains) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for |  |  | Losses for |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |  |
|  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | OCI for |  |
|  |  |  |  | (Gains) / |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities |  |  | Liabilities |  |
|  |  |  |  | Losses |  |  | (Gains) / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |  |
|  | Balance, |  |  | Included |  |  | Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |  |
|  | Beginning |  |  | in |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |  |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2022 |  |  | 2022(2) |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 42 |  |  | $ | (8 | ) |  | $ | 4 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 38 |  |  | $ | (8 | ) |  | $ | 4 |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 217 |  |  |  | 33 |  |  |  | (25 | ) |  |  | - |  |  |  | - |  |  |  | (52 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 173 |  |  |  | (2 | ) |  |  | 1 |  |
Currency derivatives |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 5 |  |  |  | - |  |
Total liabilities |  | $ | 259 |  |  | $ | 30 |  |  | $ | (21 | ) |  | $ | - |  |  | $ | - |  |  | $ | (52 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 216 |  |  | $ | (5 | ) |  | $ | 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.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains) |  |  | (Gains) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for |  |  | Losses for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | OCI for |
|  |  |  |  | (Gains) / |  |  | (Gains) / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities |  |  | Liabilities |
|  |  |  |  | Losses |  |  | Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | Included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | Credit Risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Year |  |  | Earnings |  |  | in OCI(2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2023 |  |  | 2023(2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 41 |  |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | (2 | ) |  | $ | (2 | )
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 172 |  |  |  | 48 |  |  |  | (39 | ) |  |  | - |  |  |  | 62 |  |  |  | (45 | ) |  |  | (120 | ) |  |  | - |  |  |  | - |  |  |  | 78 |  |  |  | 3 |  |  |  | 1 |
Currency derivatives |  |  | 6 |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | 5 |  |  |  | - |
Total liabilities |  | $ | 219 |  |  | $ | 51 |  |  | $ | (41 | ) |  | $ | - |  |  | $ | 62 |  |  | $ | (45 | ) |  | $ | (120 | ) |  | $ | - |  |  | $ | - |  |  | $ | 126 |  |  | $ | 6 |  |  | $ | (1 | )
(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.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains) |  |  | (Gains) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for |  |  | Losses for |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period |  |  | the Period |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in |  |  | Included in |
|  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for |  |  | OCI for |
|  |  |  |  | (Gains) / |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities |  |  | Liabilities |
|  |  |  |  | Losses |  |  | (Gains) / |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | September 30, |  |  | September 30, |
In millions |  | of Year |  |  | Earnings |  |  | in OCI(2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2022 |  |  | 2022(2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 98 |  |  | $ | (29 | ) |  | $ | 17 |  |  | $ | - |  |  | $ | - |  |  | $ | (48 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 38 |  |  | $ | (28 | ) |  | $ | 18 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 291 |  |  |  | 8 |  |  |  | (6 | ) |  |  | - |  |  |  | - |  |  |  | (120 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 173 |  |  |  | (9 | ) |  |  | 4 |
Currency derivatives |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 5 |  |  |  | - |
Total liabilities |  | $ | 389 |  |  | $ | (16 | ) |  | $ | 11 |  |  | $ | - |  |  | $ | - |  |  | $ | (168 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 216 |  |  | $ | (32 | ) |  | $ | 22 |
(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.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities | Gains and losses (realized and unrealized) included in earnings related to Level 3 assets and liabilities for the three months ended September 30, 2023 and 2022 are reported on the Company’s consolidated statements of operations as follows:
|  | Three Months Ended September 30, 2023 |  |  | Three Months Ended September 30, 2022 |
|  |  |  |  | Change in |  |  |  |  |  | Change in |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  |  |  |  | Gains (Losses) |  |  |  |  |  | Gains (Losses) |
|  |  |  |  | for the |  |  |  |  |  | for the |
|  |  |  |  | Period Included |  |  |  |  |  | Period Included |
|  |  |  |  | in Earnings |  |  |  |  |  | in Earnings |
|  |  |  |  | for Assets |  |  |  |  |  | for Assets |
|  |  |  |  | and |  |  |  |  |  | and |
|  | Total Gains |  |  | Liabilities still |  |  | Total Gains |  |  | Liabilities still |
|  | (Losses) |  |  | held as of |  |  | (Losses) |  |  | held as of |
|  | Included |  |  | September 30, |  |  | Included |  |  | September 30, |
In millions | in Earnings |  |  | 2023 |  |  | in Earnings |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments at fair value and foreign exchange | $ | 3 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 8 |
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments at fair value and foreign exchange |  | (14 | ) |  |  | (9 | ) |  |  | (34 | ) |  |  | (1 | )
| Other net realized gains (losses) |  | (7 | ) |  |  | - |  |  |  | - |  |  |  | - |
Total | $ | (18 | ) |  | $ | (6 | ) |  | $ | (26 | ) |  | $ | 7 |
Gains and losses (realized and unrealized) included in earnings relating to Level 3 assets and liabilities for the nine months ended September 30, 2023 and 2022 are reported on the Company’s consolidated statements of operations as follows:
|  | Nine Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2022 |
|  |  |  |  | Change in |  |  |  |  |  | Change in |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  |  |  |  | Gains (Losses) |  |  |  |  |  | Gains (Losses) |
|  |  |  |  | for the |  |  |  |  |  | for the |
|  |  |  |  | Period Included |  |  |  |  |  | Period Included |
|  |  |  |  | in Earnings |  |  |  |  |  | in Earnings |
|  |  |  |  | for Assets |  |  |  |  |  | for Assets |
|  |  |  |  | and |  |  |  |  |  | and |
|  | Total Gains |  |  | Liabilities still |  |  | Total Gains |  |  | Liabilities still |
|  | (Losses) |  |  | held as of |  |  | (Losses) |  |  | held as of |
|  | Included |  |  | September 30, |  |  | Included |  |  | September 30, |
In millions | in Earnings |  |  | 2023 |  |  | in Earnings |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments at fair value and foreign exchange | $ | 2 |  |  | $ | 2 |  |  | $ | 29 |  |  | $ | 28 |
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments at fair value and foreign exchange |  | (32 | ) |  |  | (12 | ) |  |  | (12 | ) |  |  | (1 | )
| Other net realized gains (losses) |  | (28 | ) |  |  | - |  |  |  | - |  |  |  | - |
Total | $ | (58 | ) |  | $ | (10 | ) |  | $ | 17 |  |  | $ | 27 |
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations | The following table presents the gains and (losses) included in the Company's consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 for financial instruments for which the fair value option was elected:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
In millions | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Investments carried at fair value (1) | $ | (2 | ) |  | $ | (7 | ) |  | $ | 1 |  |  | $ | (33 | )
Fixed-maturity securities held at fair value-VIE (3) |  | - |  |  |  | (1 | ) |  |  | (4 | ) |  |  | (4 | )
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans (2) |  | (7 | ) |  |  | 13 |  |  |  | (10 | ) |  |  | 8 |
Other assets-VIE (3) |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 2 |
Medium-term notes (1) |  | 3 |  |  |  | 8 |  |  |  | 2 |  |  |  | 29 |
Variable interest entity notes (3) |  | (15 | ) |  |  | (35 | ) |  |  | (48 | ) |  |  | (12 | )
(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 "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" and "Other net realized gains (losses)-VIE" on MBIA's consolidated statements of operations.
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of September 30, 2023 and December 31, 2022 for loans and notes for which the fair value option was elected:
|  | As of September 30, 2023 |  |  | As of December 31, 2022 |
|  | Contractual |  |  |  |  |  |  |  |  | Contractual |  |  |  |  |  |  |
|  | Outstanding |  |  | Fair |  |  |  |  |  | Outstanding |  |  | Fair |  |  |  |
In millions | Principal |  |  | Value |  |  | Difference |  |  | Principal |  |  | Value |  |  | Difference |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans - current | $ | 18 |  |  | $ | 18 |  |  | $ | - |  |  | $ | 39 |  |  | $ | 39 |  |  | $ | - |
| Residential mortgage loans (90 days or more past due) |  | 57 |  |  |  | 14 |  |  |  | 43 |  |  |  | 149 |  |  |  | 39 |  |  |  | 110 |
Total loans receivable and other instruments at fair value | $ | 75 |  |  | $ | 32 |  |  | $ | 43 |  |  | $ | 188 |  |  | $ | 78 |  |  | $ | 110 |
Variable interest entity notes | $ | 329 |  |  | $ | 78 |  |  | $ | 251 |  |  | $ | 780 |  |  | $ | 172 |  |  | $ | 608 |
Medium-term notes | $ | 53 |  |  | $ | 37 |  |  | $ | 16 |  |  | $ | 53 |  |  | $ | 41 |  |  | $ | 12 |

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