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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:
|  |  | Fair Value as of |  |  |  |  |  |  | Range
|  |  | March 31, |  |  |  |  |  |  | (Weighted
In millions |  | 2025 |  |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets: |  |  |  |  |  |  |  |  |
| Equity Investments |  | $ | 52 |  |  | Discounted cash flow |  | Discount rate (1) |  |
|  |  |  |  |  |  |  | EBITDA multiple (1) |  |
|  |  |  |  |  | Type certificate |  | Discount rate (1) |  |
|  |  |  |  |  |  |  | EBITDA royalty share (1) |  |
| Loans carried at fair value |  |  | 14 |  |  | Discounted cash flow |  | Discount rate (1) |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  |  | 30 |  |  | Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  | 7% - 7% (7%) (2)
(1) - Ranges for discount rate, EBITDA multiple and EBITDA royalty share are not meaningful. (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 |  | 2024 |  |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets: |  |  |  |  |  |  |  |  |
| Equity Investments |  | $ | 52 |  |  | Discounted cash flow |  | Discount rate (1) |  |
|  |  |  |  |  |  |  | EBITDA multiple (1) |  |
|  |  |  |  |  | Type certificate |  | Discount rate (1) |  |
|  |  |  |  |  |  |  | EBITDA royalty share (1) |  |
| Loans carried at fair value |  |  | 15 |  |  | Discounted cash flow |  | Discount rate (1) |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  |  | 28 |  |  | Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  | 27% - 27% (27%) (2)
(1) - Ranges for discount rate, EBITDA multiples, EBITDA royalty share are not meaningful. (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 March 31, 2025 and December 31, 2024:
|  |  |  |  |  | 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 |  |  | March 31, |  |
In millions |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2025 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 495 |  |  | $ | - |  |  | $ | - |  |  | $ | 495 |  |
| State and municipal bonds |  |  | - |  |  |  | 102 |  |  |  | - |  |  |  | 102 |  |
| Foreign governments |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | 6 |  |
| Corporate obligations |  |  | - |  |  |  | 434 |  |  |  | 15 |  | (1) |  | 449 |  |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  |  | 113 |  |  |  | - |  |  |  | 113 |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | 16 |  |
|  | Commercial mortgage-backed |  |  | - |  |  |  | 20 |  |  |  | - |  |  |  | 20 |  |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  |  | 79 |  |  |  | - |  |  |  | 79 |  |
|  | Other asset-backed |  |  | - |  |  |  | 169 |  |  |  | - |  |  |  | 169 |  |
|  |  | Total fixed-maturity investments |  |  | 495 |  |  |  | 939 |  |  |  | 15 |  |  |  | 1,449 |  |
Money market securities |  |  | 84 |  |  |  | - |  |  |  | - |  |  |  | 84 |  |
Equity investments |  |  | 37 |  |  |  | 7 |  |  |  | 52 |  |  |  | 106 |  | (2)
Cash and cash equivalents |  |  | 61 |  |  |  | - |  |  |  | - |  |  |  | 61 |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |  |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 30 |  |
Total assets |  | $ | 679 |  |  | $ | 946 |  |  | $ | 97 |  |  | $ | 1,732 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | 37 |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured credit derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 27 |  |  |  | 27 |  |
| Currency derivatives |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | 6 |  |
Total liabilities |  | $ | - |  |  | $ | 1 |  |  | $ | 70 |  |  | $ | 71 |  |
(1) - Includes loans carried at fair value of $14 million. (2) - Includes $10 million of an exchange-traded bond fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds. The fund is measured at fair value by applying the net asset value per share practical expedient, and is not required to be classified in the fair value hierarchy.
|  |  |  |  |  | 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) |  |  | 2024 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 481 |  |  | $ | - |  |  | $ | - |  |  | $ | 481 |  |
| State and municipal bonds |  |  | - |  |  |  | 102 |  |  |  | - |  |  |  | 102 |  |
| Foreign governments |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |  |
| Corporate obligations |  |  | - |  |  |  | 435 |  |  |  | 16 |  | (1) |  | 451 |  |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  |  | 111 |  |  |  | - |  |  |  | 111 |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  |  | 41 |  |  |  | - |  |  |  | 41 |  |
|  | Commercial mortgage-backed |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |  |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | 101 |  |
|  | Other asset-backed |  |  | - |  |  |  | 52 |  |  |  | - |  |  |  | 52 |  |
|  |  | Total fixed-maturity investments |  |  | 481 |  |  |  | 859 |  |  |  | 16 |  |  |  | 1,356 |  |
Money market securities |  |  | 181 |  |  |  | - |  |  |  | - |  |  |  | 181 |  |
Equity investments |  |  | 48 |  |  |  | 7 |  |  |  | 52 |  |  |  | 117 |  | (2)
Cash and cash equivalents |  |  | 84 |  |  |  | - |  |  |  | - |  |  |  | 84 |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 28 |  |
Total assets |  | $ | 797 |  |  | $ | 866 |  |  | $ | 96 |  |  | $ | 1,769 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 35 |  |  | $ | 35 |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured credit derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 31 |  |  |  | 31 |  |
| Currency derivatives |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | 6 |  |
Total liabilities |  | $ | - |  |  | $ | 1 |  |  | $ | 72 |  |  | $ | 73 |  |
(1) - Includes loans carried at fair value of $15 million. (2) - Includes $10 million of an exchange-traded bond fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds. The fund is measured at fair value by applying the net asset value per share practical expedient, and is not required 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 |  |  |  |  |  |  |  |
|  |  | 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 |  |  | March 31, |  |  | March 31, |  |
In millions |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2025 |  |  | 2025 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |
Total assets |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  |  | $ | 310 |  |  | $ | - |  |  | $ | 310 |  |  | $ | 2,780 |  |
| Medium-term notes |  |  | - |  |  |  | - |  |  |  | 226 |  |  |  | 226 |  |  |  | 408 |  | (1)
| Investment agreements |  |  | - |  |  |  | - |  |  |  | 216 |  |  |  | 216 |  |  |  | 203 |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity loans payable |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |
Total liabilities |  | $ | - |  |  | $ | 310 |  |  | $ | 448 |  |  | $ | 758 |  |  | $ | 3,397 |  |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 695 |  |  | $ | 695 |  |  | $ | 522 |  |
| Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 18 |  |  |  | 18 |  |  |  | 18 |  |
(1) - The carry value includes the complex interest calculations embedded in an MTN elected to be accounted for as a separate derivative that is reported together with the host contract. As of March 31, 2025, the Company had an embedded derivative liability of $1 million.
|  |  | 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) |  |  | 2024 |  |  | 2024 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |
Total assets |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  |  | $ | 305 |  |  | $ | - |  |  | $ | 305 |  |  | $ | 2,741 |  |
| Medium-term notes |  |  | - |  |  |  | - |  |  |  | 217 |  |  |  | 217 |  |  |  | 403 |  | (1)
| Investment agreements |  |  | - |  |  |  | - |  |  |  | 217 |  |  |  | 217 |  |  |  | 204 |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity loans payable |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 12 |  |  |  | 12 |  |
Total liabilities |  | $ | - |  |  | $ | 305 |  |  | $ | 446 |  |  | $ | 751 |  |  | $ | 3,360 |  |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 764 |  |  | $ | 764 |  |  | $ | 540 |  |
| Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 19 |  |  |  | 19 |  |  |  | 18 |  |
(1) - The carry value includes the complex interest calculations embedded in an MTN elected to be accounted for as a separate derivative that is reported together with the host contract. As of December 31, 2024, the Company had an embedded derivative liability of $2 million.
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 March 31, 2025
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  | March 31, |  |  | March 31, |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2025 |  |  | 2025(1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 16 |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15 |  | (3) | $ | (1 | ) |  | $ | - |
Equity investments |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 52 |  |  |  | - |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable - residential |  |  | 28 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 2 |  |  |  | - |
Total assets |  | $ | 96 |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 97 |  |  | $ | 1 |  |  | $ | - |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2024
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  | March 31, |  |  | March 31, |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2024 |  |  | 2024(1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 6 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7 |  | (3) | $ | - |  |  | $ | - |
Equity investments |  |  | 108 |  |  |  | (6 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 102 |  |  |  | (6 | ) |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable- residential |  |  | 35 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 36 |  |  |  | 2 |  |  |  | - |
Other |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |
Total assets |  | $ | 146 |  |  | $ | (4 | ) |  | $ | - |  |  | $ | 6 |  |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 147 |  |  | $ | (4 | ) |  | $ | - |
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held |  |  | still held |
|  | Balance, |  |  | Included |  |  | Included |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | as of |  |  | as of |
|  | Beginning |  |  | in |  |  | in |  |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Ending |  |  | March 31, |  |  | March 31, |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2025 |  |  | 2025(2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 35 |  |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 37 |  |  | $ | 2 |  |  | $ | - |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 31 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 27 |  |  |  | - |  |  |  | - |
Currency derivatives |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | - |
Total liabilities |  | $ | 72 |  |  | $ | 4 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (6 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 70 |  |  | $ | 2 |  |  | $ | - |
(1) - Reported within the "Unrealized gains (losses) on available-for-sale securities" on the Company's consolidated statements of comprehensive income (loss). (2) - Reported within the "Instrument-specific credit risk of liabilities measured at fair value" on the Company's consolidated statements of comprehensive income (loss). (3) - Includes loans carried at fair value of $14 million.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  | March 31, |  |  | March 31, |  |
In millions |  | of Period |  |  | Earnings |  |  | in OCI(2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Level 3 |  |  | Level 3 |  |  | Balance |  |  | 2024 |  |  | 2024(2) |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 40 |  |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 36 |  |  | $ | (2 | ) |  | $ | (2 | ) |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 78 |  |  |  | 25 |  |  |  | (20 | ) |  |  | - |  |  |  | - |  |  |  | (37 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 46 |  |  |  | - |  |  |  | (1 | ) |
Currency derivatives |  |  | 14 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 1 |  |  |  | - |  |
Total liabilities |  | $ | 132 |  |  | $ | 24 |  |  | $ | (22 | ) |  | $ | - |  |  | $ | - |  |  | $ | (37 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 97 |  |  | $ | (1 | ) |  | $ | (3 | ) |
(1) - Reported within the "Unrealized gains (losses) on available-for-sale securities" on the Company's consolidated statements of comprehensive income (loss). (2) - Reported within the "Instrument-specific credit risk of liabilities measured at fair value" on the Company's consolidated statements of comprehensive income (loss). (3) - Includes loans carried at fair value of $6 million
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 March 31, 2025 and 2024 are reported on the Company’s consolidated statements of operations as follows:
|  | Three Months Ended March 31, 2025 |  |  | Three Months Ended March 31, 2024 |
|  |  |  |  | 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 |  |  | March 31, |  |  | Included |  |  | March 31, |
In millions | in Earnings |  |  | 2025 |  |  | in Earnings |  |  | 2024 |
Revenues: |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments at fair value and foreign exchange | $ | (3 | ) |  | $ | (3 | ) |  | $ | (4 | ) |  | $ | (4 | )
| Revenues of consolidated VIEs (1) |  | - |  |  |  | 2 |  |  |  | (24 | ) |  |  | 1 |
Total | $ | (3 | ) |  | $ | (1 | ) |  | $ | (28 | ) |  | $ | (3 | )
(1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" and "Other net realized gains (losses)-VIE" on the Company's consolidated statements of operations.
Effects Of Derivative Instruments On Consolidated Statements Of Operations | The following tables present the effects of derivative instruments on the Company's consolidated statements of operations for the three months ended March 31, 2025 and 2024:
In millions |  |  |  |  |  |  |  |
Derivatives Not Designated |  |  |  | Three Months Ended March 31, |
as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivative |  | 2025 |  |  | 2024 |
Interest rate swaps |  | Net gains (losses) on financial instruments at fair value and foreign exchange |  | $ | 1 |  |  | $ | - |
Currency swaps-VIE |  | Net gains (losses) on financial instruments at fair value and foreign exchange-VIE |  |  | - |  |  |  | (1 | )
Total |  |  |  | $ | 1 |  |  | $ | (1 | )
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 months ended March 31, 2025 and 2024 for financial instruments for which the fair value option was elected:
|  | Three Months Ended March 31, |
In millions | 2025 |  |  | 2024 |
Investments carried at fair value (1) | $ | (2 | ) |  | $ | (4 | )
Loans receivable at fair value: |  |  |  |  |
| Residential mortgage loans (2) |  | 2 |  |  |  | 2 |
Medium-term notes (1) |  | (2 | ) |  |  | 2 |
Variable interest entity notes (2) |  | (2 | ) |  |  | (25 | )
(1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange" on the Company's consolidated statements of operations. (2) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" and/or "Other net realized gains (losses)-VIE" on the Company'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 March 31, 2025 and December 31, 2024 for loans and notes for which the fair value option was elected:
|  | As of March 31, 2025 |  |  | As of December 31, 2024 |
|  | Contractual |  |  |  |  |  |  |  |  | Contractual |  |  |  |  |  |  |
|  | Outstanding |  |  | Fair |  |  |  |  |  | Outstanding |  |  | Fair |  |  |  |
In millions | Principal |  |  | Value |  |  | Difference |  |  | Principal |  |  | Value |  |  | Difference |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans - current | $ | 12 |  |  | $ | 12 |  |  | $ | - |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | - |
| Residential mortgage loans (90 days or more past due) |  | 49 |  |  |  | 18 |  |  |  | 31 |  |  |  | 48 |  |  |  | 16 |  |  |  | 32 |
| Corporate loans - current |  | 17 |  |  |  | 14 |  |  |  | 3 |  |  |  | 16 |  |  |  | 15 |  |  |  | 1 |
Total loans receivable at fair value | $ | 78 |  |  | $ | 44 |  |  | $ | 34 |  |  | $ | 76 |  |  | $ | 43 |  |  | $ | 33 |
Variable interest entity notes | $ | 40 |  |  | $ | 27 |  |  | $ | 13 |  |  | $ | 45 |  |  | $ | 31 |  |  | $ | 14 |
Medium-term notes | $ | 54 |  |  | $ | 37 |  |  | $ | 17 |  |  | $ | 52 |  |  | $ | 35 |  |  | $ | 17 |

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