[1]

Transfers out of Level III represent a transfer of $19.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2023.

[2]

Transfers out of Level III represent a transfer of $14.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2022.(2)

[3]

Transfers into Level III represent a transfer of $1.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2023.


	Year Ended December 31, 2022
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives			Total
Balance, December 31, 2021	$	392,432		$	20,992		$	31,632		$	23,062		$	(2,412	)	$	465,706
Transfers out of Level III¹		(14,172	)		-			-			-			-			(14,172	)
Transfers into Level III²		3,815			-			-			-			-			3,815
Net accretion		9,054			-			4,044			-			-			13,098
Purchases		146,017			6,861			-			-			-			152,878
Sales/Paydowns/Return of Capital		(108,369	)		(4,696	)		(6,194	)		-			2,075			(117,184	)
Total realized gain (loss) included in earnings		(15,763	)		1,257			(14,762	)		-			(2,095	)		(31,363	)
Change in unrealized gain (loss) included in earnings		(2,870	)		(2,509	)		5,733			(4,394	)		2,432			(1,608	)
Balance, December 31, 2022	$	410,144		$	21,905		$	20,453		$	18,668		$	-		$	471,170
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(15,256	)	$	(2,250	)	$	3,315		$	(4,394	)	$	(10	)	$	(18,595	)

(1)

[4]

Transfers into Level III represent a transfer of $3.8 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2022.