Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Financial Assets and Liabilities Recorded at Fair Value

The following summarizes the Company’s financial assets and liabilities recorded at fair value hierarchy level:


	December 31, 2025
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	3,350	$	—	$	—		$	—	$	3,350
Restricted cash and cash equivalents	19		—		—			—		19
Cash and cash equivalents of consolidated VIEs	327		—		—			—		327

Investments	232		82		1,197		1	185		1,696
Investments of consolidated VIEs	1		5		2,939			133		3,078
Due from related parties2	—		—		15			—		15
Derivative assets3	—		—		7			—		7
Total Assets – Asset Management	3,929		87		4,158			318		8,492
Retirement Services
AFS Securities
U.S. government and agencies	16,898		—		—			—		16,898
U.S. state, municipal and political subdivisions	—		759		—			—		759
Foreign governments	516		1,131		12			—		1,659
Corporate	10		82,771		6,650			—		89,431
CLO	—		26,272		—			—		26,272
ABS	—		13,255		22,207			—		35,462
CMBS	—		13,043		41			—		13,084
RMBS	—		8,593		439			—		9,032
Total AFS securities	17,424		145,824		29,349			—		192,597
Trading securities	24		6,367		18			—		6,409
Equity securities	185		629		8			—		822
Mortgage loans	—		—		91,918			—		91,918

Funds withheld at interest – embedded derivative	—		—		(2,409)			—		(2,409)
Derivative assets	206		8,982		2			—		9,190
Short-term investments	—		33		—			—		33
Other investments	—		1,057		761			—		1,818
Cash and cash equivalents	14,994		—		—			—		14,994
Restricted cash and cash equivalents	1,332		—		—			—		1,332
Investments in related parties
AFS securities
Corporate	—		1,117		1,200			—		2,317
CLO	—		5,870		1,333			—		7,203
ABS	—		1,089		15,277			—		16,366
CMBS	—		161		—			—		161
Total AFS securities – related parties	—		8,237		17,810			—		26,047
Trading securities	—		—		454			—		454
Equity securities	—		—		266			—		266
Mortgage loans	—		—		1,486			—		1,486
Investment funds	—		—		1,318			—		1,318
Funds withheld at interest – embedded derivative	—		—		(356)			—		(356)

Other investments	—		—		344			—		344
Reinsurance recoverable	—		—		1,911			—		1,911
Other assets5	—		—		214			—		214
(Continued)


	December 31, 2025
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		683		2,437		—		3,120

Mortgage loans	—		—		2,140		—		2,140
Investment funds	—		—		286		23,602		23,888

Cash and cash equivalents	569		—		—		—		569
Total Assets – Retirement Services	34,734		171,812		147,957		23,602		378,105
Total Assets	$	38,663	$	171,899	$	152,115	$	23,920	$	386,597
Liabilities
Asset Management


Contingent consideration obligations4	$	—	$	—	$	72	$	—	$	72
Derivative liabilities3	—		7		—		—		7

Total Liabilities – Asset Management	—		7		72		—		79
Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		14,749		—		14,749
Universal life benefits	—		—		766		—		766
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block	—		—		1,085		—		1,085
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits	—		—		530		—		530
Market risk benefits5	—		—		4,930		—		4,930
Derivative liabilities	9		5,733		—		—		5,742
Other liabilities	—		—		254		—		254
Total Liabilities – Retirement Services	9		5,733		22,314		—		28,056
Total Liabilities	$	9	$	5,740	$	22,386	$	—	$	28,135

(Continued)


	December 31, 2024
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	2,692	$	—	$	—		$	—	$	2,692
Restricted cash and cash equivalents	3		—		—			—		3
Cash and cash equivalents of consolidated VIEs	158		—		—			—		158

Investments	238		22		1,052		1	72		1,384
Investments of consolidated VIEs	191		111		2,258			234		2,794
Due from related parties2	—		—		27			—		27
Derivative assets3	—		40		29			—		69
Total Assets – Asset Management	3,282		173		3,366			306		7,127

Retirement Services
AFS Securities
U.S. government and agencies	7,149		2		—			—		7,151
U.S. state, municipal and political subdivisions	—		921		—			—		921
Foreign governments	658		881		29			—		1,568
Corporate	11		79,253		4,321			—		83,585
CLO	—		29,182		—			—		29,182
ABS	—		7,672		16,529			—		24,201
CMBS	—		10,741		—			—		10,741
RMBS	—		7,759		256			—		8,015
Total AFS securities	7,818		136,411		21,135			—		165,364
Trading securities	22		1,539		22			—		1,583
Equity securities	190		1,073		27			—		1,290
Mortgage loans	—		—		63,239			—		63,239

Funds withheld at interest – embedded derivative	—		—		(3,035)			—		(3,035)
Derivative assets	121		8,032		1			—		8,154
Short-term investments	—		86		169			—		255
Other investments	—		711		895			—		1,606
Cash and cash equivalents	12,733		—		—			—		12,733
Restricted cash and cash equivalents	943		—		—			—		943
Investments in related parties
AFS securities
Corporate	—		1,029		1,108			—		2,137
CLO	—		5,339		696			—		6,035
ABS	—		890		9,741			—		10,631
Total AFS securities – related parties	—		7,258		11,545			—		18,803
Trading securities	—		—		573			—		573
Equity securities	—		—		234			—		234
Mortgage loans	—		—		1,297			—		1,297
Investment funds	—		—		1,139			—		1,139
Funds withheld at interest – embedded derivative	—		—		(615)			—		(615)

Other investments	—		—		331			—		331
Reinsurance recoverable	—		—		1,661			—		1,661
Other assets5	—		—		313			—		313
Assets of consolidated VIEs
Trading securities	—		347		1,954			—		2,301

Mortgage loans	—		—		2,579			—		2,579
Investment funds	—		—		770			16,890		17,660

(Continued)


	December 31, 2024
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Other investments	4		—		103		—		107
Cash and cash equivalents	583		—		—		—		583
Total Assets – Retirement Services	22,414		155,457		104,337		16,890		299,098
Total Assets	$	25,696	$	155,630	$	107,703	$	17,196	$	306,225
Liabilities
Asset Management


Contingent consideration obligations4	$	—	$	—	$	67	$	—	$	67


Total Liabilities – Asset Management	—		—		67		—		67


Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		11,242		—		11,242
Universal life benefits	—		—		742		—		742
Future policy benefits
AmerUs Closed Block	—		—		1,102		—		1,102
ILICO Closed Block and life benefits	—		—		538		—		538
Market risk benefits5	—		—		4,028		—		4,028
Derivative liabilities	19		3,536		1		—		3,556
Other liabilities	—		—		225		—		225
Total Liabilities – Retirement Services	19		3,536		17,878		—		21,433
Total Liabilities	$	19	$	3,536	$	17,945	$	—	$	21,500

(Concluded)


1 Investments as of December 31, 2025 and December 31, 2024 excludes $235 million and $248 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
2 Due from related parties represents a receivable from a fund.
3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the consolidated statements of financial condition.
4 Other liabilities includes profit sharing payable related to contingent obligations classified as Level 3.

5 Other assets consist of market risk benefits assets. See note 11 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

Schedule of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

December 31, 2025

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

850

Discounted cash flow

Discount rate

5.7% – 52.8%

17.3%

154

Direct capitalization

Capitalization rate

7.0%

193

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

357

Discounted cash flow

Discount rate

6.7% – 13.9%

8.9%

740

Adjusted transaction value

N/A

Equity securities

392

Discounted cash flow

Discount rate

10.0% – 13.5%

12.8%

1,014

Adjusted transaction value

N/A

Option model

Volatility rate

100.0% – 105.0%

102.9%

Bonds

430

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

31,915

Discounted cash flow

Discount rate

2.8% – 22.9%

6.4%

Mortgage loans2

95,524

Discounted cash flow

Discount rate

1.0% – 31.5%

6.5%

Recoverability

Estimated proceeds

N/A

Investment funds2

1,313

Discounted cash flow

Discount rate

13.0% – 14.0%

13.1%

286

Recoverability

Estimated proceeds

N/A

Reported net asset value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 24.0%

22.9%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

14,749

Discounted cash flow

Nonperformance risk

0.4% – 1.0%

0.6%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.0% – 14.2%

9.6%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2024

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

765

Discounted cash flow

Discount rate

13.5% – 52.8%

17.8%

128

Direct capitalization

Capitalization rate

6.7%

159

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.0%

Derivative assets

Option model

Volatility rate

52.5%

Investments of consolidated VIEs

Bank loans

168

Discounted cash flow

Discount rate

5.6% – 23.4%

9.0%

179

Adjusted transaction value

N/A

Equity securities

495

Dividend discount model

Discount rate

14.1%

417

Discounted cash flow

Discount rate

8.3% – 13.3%

13.3%

Adjusted transaction value

N/A

Option model

Volatility rate

84.8% – 117.5%

110.7%

Bonds

412

Discounted cash flow

Discount rate

6.6% – 11.7%

7.0%

491

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

28,655

Discounted cash flow

Discount rate

4.7% – 20.0%

7.1%

Mortgage loans2

67,115

Discounted cash flow

Discount rate

1.8% – 43.1%

6.7%

Investment funds2

1,909

Discounted cash flow

Discount rate

6.6% – 14.0%

10.8%

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

23.6%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

11,242

Discounted cash flow

Nonperformance risk

0.4% – 1.1%

0.7%

Option budget

0.5% – 6.0%

2.8%

Surrender rate

6.0% – 14.2%

9.0%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	December 31, 2025
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,716	Discounted cash flow	Nonperformance risk	0.4	%	1.0	%	0.9	%	1	Decrease
				Option budget	0.5	%	5.9	%	2.6	%	2	Decrease
				Surrender rate	3.8	%	7.9	%	5.2	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.3	%	3	Increase

	December 31, 2024
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	3,715	Discounted cash flow	Nonperformance risk	0.4	%	1.1	%	1.0	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.3	%	2	Decrease
				Surrender rate	3.3	%	7.2	%	4.6	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	84.9	%	3	Increase

	December 31, 2023
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	3,373	Discounted cash flow	Nonperformance risk	0.4	%	1.4	%	1.2	%	1	Decrease
				Option budget	0.5	%	6.0	%	1.9	%	2	Decrease
				Surrender rate	3.2	%	6.4	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	83.6	%	3	Increase

1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	Year ended December 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,081	$	44	$	—	$	79	$	—	$	1,204	$	—	$	—
Investments of consolidated VIEs	2,258		370		—		399		(88)		2,939		(31)		—
Total Level 3 assets – Asset Management	$	3,339	$	414	$	—	$	478	$	(88)	$	4,143	$	(31)	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	(16)	$	—	$	12	$	—	$	—
Corporate	4,321		49		38		3,801		(1,559)		6,650		29		56

ABS	16,529		114		487		10,764		(5,687)		22,207		48		435
CMBS	—		(23)		(4)		47		21		41		—		22
RMBS	256		18		(1)		232		(66)		439		—		(1)
Trading securities	22		(2)		—		12		(14)		18		3		—
Equity securities	27		(1)		—		(18)		—		8		(1)		—
Mortgage loans	63,239		2,202		—		26,477		—		91,918		2,110		—

Funds withheld at interest – embedded derivative	(3,035)		626		—		—		—		(2,409)		—		—
Derivative assets	1		1		—		—		—		2		—		—
Short-term investments	169		—		—		(150)		(19)		—		—		—
Other investments	895		7		—		(141)		—		761		2		—
Investments in related parties
AFS securities
Corporate	1,108		—		(7)		96		3		1,200		—		(7)
CLO	696		(1)		—		3		635		1,333		—		—
ABS	9,741		5		101		5,958		(528)		15,277		—		57
Trading securities	573		(9)		—		(186)		76		454		11		—
Equity securities	234		32		—		—		—		266		32		—
Mortgage loans	1,297		76		—		113		—		1,486		75		—
Investment funds	1,139		174		—		5		—		1,318		174		—

Funds withheld at interest – embedded derivative	(615)		259		—		—		—		(356)		—		—
Other investments	331		13		—		—		—		344		13		—
Reinsurance recoverable	1,661		74		—		176		—		1,911		—		—
Assets of consolidated VIEs
Trading securities	1,954		221		—		(289)		551		2,437		155		—

Mortgage loans	2,579		149		—		(587)		(1)		2,140		106		—
Investment funds	770		(9)		—		(498)		23		286		(2)		—
Other investments	103		3		—		507		(613)		—		—		—
Total Level 3 assets – Retirement Services	$	104,024	$	3,977	$	614	$	46,306	$	(7,178)	$	147,743	$	2,755	$	562

															(Continued)


	Year ended December 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Contingent consideration obligations	$	67	$	23	$	—	$	(18)	$	—	$	72	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	23	$	—	$	(18)	$	—	$	72	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(11,242)	$	(1,047)	$	—	$	(2,460)	$	—	$	(14,749)	$	—	$	—
Universal life benefits	(742)		(24)		—		—		—		(766)		—		—
Future policy benefits
AmerUs Closed Block	(1,102)		17		—		—		—		(1,085)		—		—
ILICO Closed Block and life benefits	(538)		8		—		—		—		(530)		—		—
Derivative liabilities	(1)		1		—		—		—		—		—		—
Other liabilities	(225)		(115)		—		86		—		(254)		—		—
Total Level 3 liabilities – Retirement Services	$	(13,850)	$	(1,160)	$	—	$	(2,374)	$	—	$	(17,384)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.


	Year ended December 31, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,201	$	(24)	$	—	$	(28)	$	(68)	$	1,081	$	26	$	—
Investments of consolidated VIEs	1,492		(15)		—		579		202		2,258		(17)		—
Total Level 3 assets – Asset Management	$	2,693	$	(39)	$	—	$	551	$	134	$	3,339	$	9	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	40	$	—	$	1	$	(12)	$	—	$	29	$	—	$	1
Corporate	2,525		(20)		36		2,815		(1,035)		4,321		(18)		38

ABS	6,943		47		(128)		9,812		(145)		16,529		(3)		(130)
CMBS	21		3		(5)		—		(19)		—		—		—
RMBS	265		8		—		83		(100)		256		—		(1)
Trading securities	28		1		—		(21)		14		22		(1)		—
Equity securities	26		—		—		1		—		27		—		—
Mortgage loans	44,115		(192)		—		19,316		—		63,239		(145)		—

Funds withheld at interest – embedded derivative	(3,379)		344		—		—		—		(3,035)		—		—
Derivative assets	—		—		—		—		1		1		—		—
Short-term investments	105		(1)		(1)		145		(79)		169		—		(1)
Other investments	630		(24)		—		289		—		895		(6)		—

															(Continued)


	Year ended December 31, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate	1,171		(2)		40		53		(154)		1,108		—		24
CLO	506		—		13		177		—		696		—		14
ABS	7,826		48		(12)		1,879		—		9,741		—		(14)
Trading securities	838		(1)		—		(264)		—		573		(3)		—
Equity securities	255		(16)		—		(5)		—		234		(15)		—
Mortgage loans	1,281		17		—		(1)		—		1,297		17		—
Investment funds	1,082		(49)		—		106		—		1,139		(49)		—
Funds withheld at interest – embedded derivative	(721)		106		—		—		—		(615)		—		—

Other investments	343		(12)		—		—		—		331		(12)		—
Reinsurance recoverable	1,367		(61)		—		355		—		1,661		—		—
Assets of consolidated VIEs
Trading securities	1,852		(80)		—		50		132		1,954		(87)		—

Mortgage loans	2,173		(62)		—		447		21		2,579		(64)		—
Investment funds	977		(68)		—		331		(470)		770		(16)		—
Other investments	101		(10)		—		32		(20)		103		(9)		—
Total Level 3 assets – Retirement Services	$	70,370	$	(24)	$	(56)	$	35,588	$	(1,854)	$	104,024	$	(411)	$	(69)

Liabilities – Asset Management
Contingent consideration obligations	$	93	$	79	$	—	$	(105)	$	—	$	67	$	—	$	—

Total Level 3 liabilities – Asset Management	$	93	$	79	$	—	$	(105)	$	—	$	67	$	—	$	—




Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(9,059)	$	(174)	$	—	$	(2,009)	$	—	$	(11,242)	$	—	$	—
Universal life benefits	(834)		92		—		—		—		(742)		—		—
Future policy benefits
AmerUs Closed Block	(1,178)		76		—		—		—		(1,102)		—		—
ILICO Closed Block and life benefits	(522)		(16)		—		—		—		(538)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(330)		(13)		—		54		64		(225)		—		—
Total Level 3 liabilities – Retirement Services	$	(11,924)	$	(35)	$	—	$	(1,955)	$	64	$	(13,850)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Year ended December 31, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	95	$	—	$	(16)	$	—	$	79	$	—	$	—	$	—
Investments of consolidated VIEs	5,338		—		(4,939)		—		399		43		(131)		(88)
Total Level 3 assets – Asset Management	$	5,433	$	—	$	(4,955)	$	—	$	478	$	43	$	(131)	$	(88)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(16)	$	(16)	$	—	$	—	$	—
Corporate	4,607		—		(189)		(617)		3,801		253		(1,812)		(1,559)

ABS	13,869		—		(180)		(2,925)		10,764		479		(6,166)		(5,687)
CMBS	47		—		—		—		47		35		(14)		21
RMBS	315		—		(1)		(82)		232		—		(66)		(66)
Trading securities	15		—		—		(3)		12		—		(14)		(14)
Equity securities	—		—		—		(18)		(18)		—		—		—
Mortgage loans	41,074		—		(397)		(14,200)		26,477		—		—		—



Short-term investments	30		—		—		(180)		(150)		—		(19)		(19)
Other investments	199		—		—		(340)		(141)		—		—		—
Investments in related parties
AFS securities
Corporate	107		—		—		(11)		96		3		—		3
CLO	376		—		—		(373)		3		635		—		635
ABS	10,620		—		(179)		(4,483)		5,958		271		(799)		(528)
Trading securities	104		—		(91)		(199)		(186)		76		—		76

Mortgage loans	238		—		(15)		(110)		113		—		—		—
Investment funds	5		—		—		—		5		—		—		—



Reinsurance recoverable	—		191		—		(15)		176		—		—		—
Assets of consolidated VIEs
Trading securities	617		—		(906)		—		(289)		574		(23)		551

Mortgage loans	177		—		(462)		(302)		(587)		—		(1)		(1)
Investment funds	—		—		(498)		—		(498)		—		23		23
Other investments	580		—		(73)		—		507		—		(613)		(613)
Total Level 3 assets – Retirement Services	$	72,980	$	191	$	(2,991)	$	(23,874)	$	46,306	$	2,326	$	(9,504)	$	(7,178)


Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(18)	$	(18)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(18)	$	(18)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(3,463)	$	—	$	1,003	$	(2,460)	$	—	$	—	$	—





Other liabilities	—		—		—		86		86		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(3,463)	$	—	$	1,089	$	(2,374)	$	—	$	—	$	—


	Year ended December 31, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	36	$	—	$	(64)	$	—	$	(28)	$	—	$	(68)	$	(68)
Investments of consolidated VIEs	4,009		—		(3,430)		—		579		452		(250)		202
Total Level 3 assets – Asset Management	$	4,045	$	—	$	(3,494)	$	—	$	551	$	452	$	(318)	$	134

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(12)	$	(12)	$	—	$	—	$	—
Corporate	3,146		—		(41)		(290)		2,815		166		(1,201)		(1,035)

ABS	11,886		—		(423)		(1,651)		9,812		769		(914)		(145)
CMBS	—		—		—		—		—		—		(19)		(19)
RMBS	99		—		—		(16)		83		—		(100)		(100)
Trading securities	—		—		—		(21)		(21)		14		—		14
Equity securities	2		—		(1)		—		1		9		(9)		—
Mortgage loans	27,596		—		(106)		(8,174)		19,316		—		—		—


Derivative assets	—		—		—		—		—		1		—		1
Short-term investments	172		—		(6)		(21)		145		—		(79)		(79)
Other investments	289		—		—		—		289		—		—		—
Investments in related parties
AFS securities
Corporate	63		—		(1)		(9)		53		—		(154)		(154)
CLO	177		—		—		—		177		—		—		—
ABS	7,197		—		(504)		(4,814)		1,879		—		—		—
Trading securities	4		—		—		(268)		(264)		—		—		—
Equity securities	—		—		(5)		—		(5)		—		—		—
Mortgage loans	87		—		—		(88)		(1)		—		—		—
Investment funds	106		—		—		—		106		—		—		—


Reinsurance recoverable	—		359		—		(4)		355		—		—		—
Assets of consolidated VIEs
Trading securities	235		—		(178)		(7)		50		220		(88)		132

Mortgage loans	558		—		—		(111)		447		21		—		21
Investment funds	341		—		(10)		—		331		—		(470)		(470)
Other investments	56		—		(24)		—		32		—		(20)		(20)

Total Level 3 assets – Retirement Services	$	52,014	$	359	$	(1,299)	$	(15,486)	$	35,588	$	1,200	$	(3,054)	$	(1,854)
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(105)	$	(105)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(105)	$	(105)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(3,010)	$	—	$	1,001	$	(2,009)	$	—	$	—	$	—





Other liabilities	—		—		—		54		54		64		—		64

Total Level 3 liabilities – Retirement Services	$	—	$	(3,010)	$	—	$	1,055	$	(1,955)	$	64	$	—	$	64

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	Year ended December 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,081	$	44	$	—	$	79	$	—	$	1,204	$	—	$	—
Investments of consolidated VIEs	2,258		370		—		399		(88)		2,939		(31)		—
Total Level 3 assets – Asset Management	$	3,339	$	414	$	—	$	478	$	(88)	$	4,143	$	(31)	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	(16)	$	—	$	12	$	—	$	—
Corporate	4,321		49		38		3,801		(1,559)		6,650		29		56

ABS	16,529		114		487		10,764		(5,687)		22,207		48		435
CMBS	—		(23)		(4)		47		21		41		—		22
RMBS	256		18		(1)		232		(66)		439		—		(1)
Trading securities	22		(2)		—		12		(14)		18		3		—
Equity securities	27		(1)		—		(18)		—		8		(1)		—
Mortgage loans	63,239		2,202		—		26,477		—		91,918		2,110		—

Funds withheld at interest – embedded derivative	(3,035)		626		—		—		—		(2,409)		—		—
Derivative assets	1		1		—		—		—		2		—		—
Short-term investments	169		—		—		(150)		(19)		—		—		—
Other investments	895		7		—		(141)		—		761		2		—
Investments in related parties
AFS securities
Corporate	1,108		—		(7)		96		3		1,200		—		(7)
CLO	696		(1)		—		3		635		1,333		—		—
ABS	9,741		5		101		5,958		(528)		15,277		—		57
Trading securities	573		(9)		—		(186)		76		454		11		—
Equity securities	234		32		—		—		—		266		32		—
Mortgage loans	1,297		76		—		113		—		1,486		75		—
Investment funds	1,139		174		—		5		—		1,318		174		—

Funds withheld at interest – embedded derivative	(615)		259		—		—		—		(356)		—		—
Other investments	331		13		—		—		—		344		13		—
Reinsurance recoverable	1,661		74		—		176		—		1,911		—		—
Assets of consolidated VIEs
Trading securities	1,954		221		—		(289)		551		2,437		155		—

Mortgage loans	2,579		149		—		(587)		(1)		2,140		106		—
Investment funds	770		(9)		—		(498)		23		286		(2)		—
Other investments	103		3		—		507		(613)		—		—		—
Total Level 3 assets – Retirement Services	$	104,024	$	3,977	$	614	$	46,306	$	(7,178)	$	147,743	$	2,755	$	562

															(Continued)


	Year ended December 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Contingent consideration obligations	$	67	$	23	$	—	$	(18)	$	—	$	72	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	23	$	—	$	(18)	$	—	$	72	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(11,242)	$	(1,047)	$	—	$	(2,460)	$	—	$	(14,749)	$	—	$	—
Universal life benefits	(742)		(24)		—		—		—		(766)		—		—
Future policy benefits
AmerUs Closed Block	(1,102)		17		—		—		—		(1,085)		—		—
ILICO Closed Block and life benefits	(538)		8		—		—		—		(530)		—		—
Derivative liabilities	(1)		1		—		—		—		—		—		—
Other liabilities	(225)		(115)		—		86		—		(254)		—		—
Total Level 3 liabilities – Retirement Services	$	(13,850)	$	(1,160)	$	—	$	(2,374)	$	—	$	(17,384)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.


	Year ended December 31, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,201	$	(24)	$	—	$	(28)	$	(68)	$	1,081	$	26	$	—
Investments of consolidated VIEs	1,492		(15)		—		579		202		2,258		(17)		—
Total Level 3 assets – Asset Management	$	2,693	$	(39)	$	—	$	551	$	134	$	3,339	$	9	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	40	$	—	$	1	$	(12)	$	—	$	29	$	—	$	1
Corporate	2,525		(20)		36		2,815		(1,035)		4,321		(18)		38

ABS	6,943		47		(128)		9,812		(145)		16,529		(3)		(130)
CMBS	21		3		(5)		—		(19)		—		—		—
RMBS	265		8		—		83		(100)		256		—		(1)
Trading securities	28		1		—		(21)		14		22		(1)		—
Equity securities	26		—		—		1		—		27		—		—
Mortgage loans	44,115		(192)		—		19,316		—		63,239		(145)		—

Funds withheld at interest – embedded derivative	(3,379)		344		—		—		—		(3,035)		—		—
Derivative assets	—		—		—		—		1		1		—		—
Short-term investments	105		(1)		(1)		145		(79)		169		—		(1)
Other investments	630		(24)		—		289		—		895		(6)		—

															(Continued)


	Year ended December 31, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate	1,171		(2)		40		53		(154)		1,108		—		24
CLO	506		—		13		177		—		696		—		14
ABS	7,826		48		(12)		1,879		—		9,741		—		(14)
Trading securities	838		(1)		—		(264)		—		573		(3)		—
Equity securities	255		(16)		—		(5)		—		234		(15)		—
Mortgage loans	1,281		17		—		(1)		—		1,297		17		—
Investment funds	1,082		(49)		—		106		—		1,139		(49)		—
Funds withheld at interest – embedded derivative	(721)		106		—		—		—		(615)		—		—

Other investments	343		(12)		—		—		—		331		(12)		—
Reinsurance recoverable	1,367		(61)		—		355		—		1,661		—		—
Assets of consolidated VIEs
Trading securities	1,852		(80)		—		50		132		1,954		(87)		—

Mortgage loans	2,173		(62)		—		447		21		2,579		(64)		—
Investment funds	977		(68)		—		331		(470)		770		(16)		—
Other investments	101		(10)		—		32		(20)		103		(9)		—
Total Level 3 assets – Retirement Services	$	70,370	$	(24)	$	(56)	$	35,588	$	(1,854)	$	104,024	$	(411)	$	(69)

Liabilities – Asset Management
Contingent consideration obligations	$	93	$	79	$	—	$	(105)	$	—	$	67	$	—	$	—

Total Level 3 liabilities – Asset Management	$	93	$	79	$	—	$	(105)	$	—	$	67	$	—	$	—




Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(9,059)	$	(174)	$	—	$	(2,009)	$	—	$	(11,242)	$	—	$	—
Universal life benefits	(834)		92		—		—		—		(742)		—		—
Future policy benefits
AmerUs Closed Block	(1,178)		76		—		—		—		(1,102)		—		—
ILICO Closed Block and life benefits	(522)		(16)		—		—		—		(538)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(330)		(13)		—		54		64		(225)		—		—
Total Level 3 liabilities – Retirement Services	$	(11,924)	$	(35)	$	—	$	(1,955)	$	64	$	(13,850)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Year ended December 31, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	95	$	—	$	(16)	$	—	$	79	$	—	$	—	$	—
Investments of consolidated VIEs	5,338		—		(4,939)		—		399		43		(131)		(88)
Total Level 3 assets – Asset Management	$	5,433	$	—	$	(4,955)	$	—	$	478	$	43	$	(131)	$	(88)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(16)	$	(16)	$	—	$	—	$	—
Corporate	4,607		—		(189)		(617)		3,801		253		(1,812)		(1,559)

ABS	13,869		—		(180)		(2,925)		10,764		479		(6,166)		(5,687)
CMBS	47		—		—		—		47		35		(14)		21
RMBS	315		—		(1)		(82)		232		—		(66)		(66)
Trading securities	15		—		—		(3)		12		—		(14)		(14)
Equity securities	—		—		—		(18)		(18)		—		—		—
Mortgage loans	41,074		—		(397)		(14,200)		26,477		—		—		—



Short-term investments	30		—		—		(180)		(150)		—		(19)		(19)
Other investments	199		—		—		(340)		(141)		—		—		—
Investments in related parties
AFS securities
Corporate	107		—		—		(11)		96		3		—		3
CLO	376		—		—		(373)		3		635		—		635
ABS	10,620		—		(179)		(4,483)		5,958		271		(799)		(528)
Trading securities	104		—		(91)		(199)		(186)		76		—		76

Mortgage loans	238		—		(15)		(110)		113		—		—		—
Investment funds	5		—		—		—		5		—		—		—



Reinsurance recoverable	—		191		—		(15)		176		—		—		—
Assets of consolidated VIEs
Trading securities	617		—		(906)		—		(289)		574		(23)		551

Mortgage loans	177		—		(462)		(302)		(587)		—		(1)		(1)
Investment funds	—		—		(498)		—		(498)		—		23		23
Other investments	580		—		(73)		—		507		—		(613)		(613)
Total Level 3 assets – Retirement Services	$	72,980	$	191	$	(2,991)	$	(23,874)	$	46,306	$	2,326	$	(9,504)	$	(7,178)


Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(18)	$	(18)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(18)	$	(18)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(3,463)	$	—	$	1,003	$	(2,460)	$	—	$	—	$	—





Other liabilities	—		—		—		86		86		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(3,463)	$	—	$	1,089	$	(2,374)	$	—	$	—	$	—


	Year ended December 31, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	36	$	—	$	(64)	$	—	$	(28)	$	—	$	(68)	$	(68)
Investments of consolidated VIEs	4,009		—		(3,430)		—		579		452		(250)		202
Total Level 3 assets – Asset Management	$	4,045	$	—	$	(3,494)	$	—	$	551	$	452	$	(318)	$	134

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(12)	$	(12)	$	—	$	—	$	—
Corporate	3,146		—		(41)		(290)		2,815		166		(1,201)		(1,035)

ABS	11,886		—		(423)		(1,651)		9,812		769		(914)		(145)
CMBS	—		—		—		—		—		—		(19)		(19)
RMBS	99		—		—		(16)		83		—		(100)		(100)
Trading securities	—		—		—		(21)		(21)		14		—		14
Equity securities	2		—		(1)		—		1		9		(9)		—
Mortgage loans	27,596		—		(106)		(8,174)		19,316		—		—		—


Derivative assets	—		—		—		—		—		1		—		1
Short-term investments	172		—		(6)		(21)		145		—		(79)		(79)
Other investments	289		—		—		—		289		—		—		—
Investments in related parties
AFS securities
Corporate	63		—		(1)		(9)		53		—		(154)		(154)
CLO	177		—		—		—		177		—		—		—
ABS	7,197		—		(504)		(4,814)		1,879		—		—		—
Trading securities	4		—		—		(268)		(264)		—		—		—
Equity securities	—		—		(5)		—		(5)		—		—		—
Mortgage loans	87		—		—		(88)		(1)		—		—		—
Investment funds	106		—		—		—		106		—		—		—


Reinsurance recoverable	—		359		—		(4)		355		—		—		—
Assets of consolidated VIEs
Trading securities	235		—		(178)		(7)		50		220		(88)		132

Mortgage loans	558		—		—		(111)		447		21		—		21
Investment funds	341		—		(10)		—		331		—		(470)		(470)
Other investments	56		—		(24)		—		32		—		(20)		(20)

Total Level 3 assets – Retirement Services	$	52,014	$	359	$	(1,299)	$	(15,486)	$	35,588	$	1,200	$	(3,054)	$	(1,854)
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(105)	$	(105)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(105)	$	(105)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(3,010)	$	—	$	1,001	$	(2,009)	$	—	$	—	$	—





Other liabilities	—		—		—		54		54		64		—		64

Total Level 3 liabilities – Retirement Services	$	—	$	(3,010)	$	—	$	1,055	$	(1,955)	$	64	$	—	$	64

Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option

The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:


(In millions)	December 31, 2025		December 31, 2024
Commercial mortgage loans	$	38,869	$	32,544
Commercial mortgage loans under development	1,787		1,987
Total commercial mortgage loans	40,656		34,531
Mark to fair value	(1,585)		(2,099)
Commercial mortgage loans	39,071		32,432
Residential mortgage loans	55,613		35,223
Mark to fair value	860		(540)
Residential mortgage loans	56,473		34,683
Mortgage loans	$	95,544	$	67,115

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:


	Years ended December 31,
(In millions)		2025		2024		2023
Trading securities		$	372	$	(156)	$	66
Mortgage loans		2,427		(237)		183
Investment funds		174		(59)		77
Future policy benefits		17		76		(14)
Other		29		28		(113)
Total gains (losses)		$	3,019	$	(348)	$	199

The following summarizes information for fair value option mortgage loans, including related parties and VIEs:


(In millions)	December 31, 2025		December 31, 2024
Unpaid principal balance	$	96,269	$	69,754
Mark to fair value	(725)		(2,639)
Fair value	$	95,544	$	67,115

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	December 31, 2025		December 31, 2024
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	992	$	195
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(337)		(102)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	655	$	93

Fair value of commercial mortgage loans 90 days or more past due	$	274	$	31
Fair value of commercial mortgage loans in non-accrual status	655		93

The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	December 31, 2025		December 31, 2024
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	826	$	898
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	(85)		(51)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	741	$	847

Fair value of residential mortgage loans 90 days or more past due1	$	741	$	847
Fair value of residential mortgage loans in non-accrual status	678		765

1 As of December 31, 2025 and December 31, 2024, includes $63 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:


	Years ended December 31,
(In millions)		2025		2024		2023
Mortgage loans		$	(61)	$	(58)	$	(53)

Schedule of Financial Instruments not Measured at Fair Value

The following represents Athene’s financial instruments not carried at fair value on the consolidated statements of financial condition:


	December 31, 2025
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	108	$	108	$	108	$	—	$	—	$	—
Policy loans	301		301		—		—		301		—
Funds withheld at interest	17,822		17,822		—		—		—		17,822
Short-term investments	1,049		1,049		—		—		907		142
Other investments	57		67		—		—		—		67
Investments in related parties
Investment funds	831		831		831		—		—		—
Funds withheld at interest	4,571		4,571		—		—		—		4,571
Short-term investments	18		18		—		—		18		—





Total financial assets not carried at fair value	$	24,757	$	24,767	$	939	$	—	$	1,226	$	22,602

Financial liabilities
Interest sensitive contract liabilities	$	257,022	$	254,089	$	—	$	—	$	—	$	254,089
Debt	7,848		7,498		—		576		6,922		—
Securities to repurchase	6,043		6,043		—		—		6,043		—
Funds withheld liability	5,946		5,946		—		—		—		5,946
Total financial liabilities not carried at fair value	$	276,859	$	273,576	$	—	$	576	$	12,965	$	260,035


	December 31, 2024
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	107	$	107	$	107	$	—	$	—	$	—
Policy loans	318		318		—		—		318		—
Funds withheld at interest	21,901		21,901		—		—		—		21,901
Short-term investments	192		192		—		—		—		192
Other investments	93		101		—		—		—		101
Investments in related parties
Investment funds	714		714		714		—		—		—
Funds withheld at interest	5,665		5,665		—		—		—		5,665
Short-term investments	743		743		—		—		743		—





Total financial assets not carried at fair value	$	29,733	$	29,741	$	821	$	—	$	1,061	$	27,859

Financial liabilities
Interest sensitive contract liabilities	$	200,278	$	192,025	$	—	$	—	$	—	$	192,025
Debt	6,309		5,844		—		581		5,263		—
Securities to repurchase	5,716		5,716		—		—		5,716		—
Funds withheld liability	4,331		4,331		—		—		—		4,331
Total financial liabilities not carried at fair value	$	216,634	$	207,916	$	—	$	581	$	10,979	$	196,356

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details