
	June 30, 2022		December 31, 2021
Asset Management
Private Equity	$	24,560,222	$	25,685,750
Credit	6,934,358		7,949,573
Investments of Consolidated CFEs	21,817,361		22,076,809
Real Assets	17,023,908		12,500,749
Equity Method - Other	6,160,487		4,877,592
Equity Method - Capital Allocation-Based Income	8,130,792		11,539,945
Other Investments	3,564,400		4,145,096
Investments - Asset Management	$	88,191,528	$	88,775,514

Insurance
Fixed maturity securities, available-for-sale, at fair value(1)	$	59,774,599	$	68,870,886
Mortgage and other loan receivables	34,700,540		28,876,759
Fixed maturity securities, trading, at fair value(2)	10,689,145		13,753,573
Other investments	10,590,831		8,208,566
Funds withheld receivable at interest	2,910,706		2,999,448
Policy loans	820,964		765,310
Equity securities at fair value	20,997		289,133
Investments - Insurance	$	119,507,782	$	123,763,675

Total Investments	$	207,699,310	$	212,539,189


	Cost or amortized cost		Allowance for Credit Losses (2)(3)		Gross unrealized				Fair value
As of June 30, 2022					gains		losses
AFS fixed maturity securities portfolio by type:
U.S. government and agencies	$	508,496	$	—	$	113	$	(53,904)	$	454,705
U.S. state, municipal and political subdivisions	5,267,311		—		2,469		(926,378)		4,343,402
Corporate	39,719,567		(7,842)		24,969		(6,604,273)		33,132,421
Residential mortgage-backed securities ("RMBS")	7,528,128		(71,206)		27,223		(504,820)		6,979,325
Commercial mortgage-backed securities ("CMBS")	7,295,229		(7,577)		2,479		(578,734)		6,711,397
Collateralized bond obligations ("CBOs")	3,085,670		(34)		—		(156,330)		2,929,306
Collateralized loan obligations ("CLOs")	2,693,875		(6,729)		32		(146,429)		2,540,749
All other structured securities(1)	2,839,199		(8,905)		6,264		(153,264)		2,683,294
Total AFS fixed maturity securities	$	68,937,475	$	(102,293)	$	63,549	$	(9,124,132)	$	59,774,599

(2) Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment (losses) gains) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment.


	Cost or amortized cost		Allowance for Credit Losses (2)(3)		Gross unrealized				Fair value
As of December 31, 2021					gains		losses
AFS fixed maturity securities portfolio by type:
U.S. government and agencies	$	785,144	$	—	$	4,171	$	(4,768)	$	784,547
U.S. state, municipal and political subdivisions	5,122,651		—		42,286		(55,240)		5,109,697
Corporate	41,433,757		(3,238)		190,516		(688,648)		40,932,387
RMBS	7,703,030		(50,975)		126,662		(113,359)		7,665,358
CMBS	5,952,656		(282)		16,332		(56,523)		5,912,183
CBOs	3,111,620		(22,160)		6,862		(27,466)		3,068,856
CLOs	2,985,098		(639)		6,554		(5,776)		2,985,237
All other structured securities(1)	2,425,540		(10,839)		19,990		(22,070)		2,412,621
Total AFS fixed maturity securities	$	69,519,496	$	(88,133)	$	413,373	$	(973,850)	$	68,870,886

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations back to the issuers.


As of June 30, 2022	Cost or amortized cost (net of allowance)		Fair value
Due in one year or less	$	689,782	$	683,598
Due after one year through five years	8,090,814		7,674,820
Due after five years through ten years	9,498,707		8,728,400
Due after ten years	27,208,229		20,843,710
Subtotal	45,487,532		37,930,528
RMBS	7,456,922		6,979,325
CMBS	7,287,652		6,711,397
CBOs	3,085,636		2,929,306
CLOs	2,687,146		2,540,749
All other structured securities	2,830,294		2,683,294
Total AFS fixed maturity securities	$	68,835,182	$	59,774,599

Certain securities purchased by Global Atlantic were assessed at acquisition as having experienced a more-than-insignificant deterioration in credit quality since their origination. These securities are identified as PCD, and a reconciliation of the difference between the purchase price and the par value of these PCD securities is below:


	Six Months Ended June 30,
	2022		2021
Purchase price of PCD securities acquired during the current period	$	15,951	$	1,669,211
Allowance for credit losses at acquisition	707		126,523
Discount (premium) attributable to other factors	1,057		300,530
Par value	$	17,715	$	2,096,264


	Less than 12 months				12 months or more				Total
As of June 30, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
AFS fixed maturity securities portfolio by type:
U.S. government and agencies	$	223,570	$	(44,077)	$	89,725	$	(9,827)	$	313,295	$	(53,904)
U.S. state, municipal and political subdivisions	3,989,579		(878,693)		217,658		(47,685)		4,207,237		(926,378)
Corporate	25,942,556		(5,712,238)		4,424,375		(892,035)		30,366,931		(6,604,273)
RMBS	4,839,521		(343,035)		1,278,907		(161,785)		6,118,428		(504,820)
CBOs	2,155,785		(112,242)		773,521		(44,088)		2,929,306		(156,330)
CMBS	6,292,378		(557,022)		216,484		(21,712)		6,508,862		(578,734)
CLOs	2,404,405		(141,272)		85,058		(5,157)		2,489,463		(146,429)
All other structured securities	2,135,205		(131,150)		214,601		(22,114)		2,349,806		(153,264)
Total AFS fixed maturity securities in a continuous loss position	$	47,982,999	$	(7,919,729)	$	7,300,329	$	(1,204,403)	$	55,283,328	$	(9,124,132)


	Less than 12 months				12 months or more				Total
As of December 31, 2021	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
AFS fixed maturity securities portfolio by type:
U.S. government and agencies	$	311,096	$	(4,768)	$	—	$	—	$	311,096	$	(4,768)
U.S. state, municipal and political subdivisions	2,802,309		(55,240)		—		—		2,802,309		(55,240)
Corporate	30,385,514		(688,648)		—		—		30,385,514		(688,648)
RMBS	3,196,876		(113,359)		—		—		3,196,876		(113,359)
CBOs	2,152,790		(27,466)		—		—		2,152,790		(27,466)
CMBS	3,405,774		(56,523)		—		—		3,405,774		(56,523)
CLOs	1,172,330		(5,776)		—		—		1,172,330		(5,776)
All other structured securities	1,348,356		(22,070)		—		—		1,348,356		(22,070)
Total AFS fixed maturity securities in a continuous loss position	$	44,775,045	$	(973,850)	$	—	$	—	$	44,775,045	$	(973,850)

Unrealized gains and losses can be created by changing interest rates or several other factors, including changing credit spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $537.7 million and $77.0 million as of June 30, 2022 and December 31, 2021, respectively. The single largest unrealized loss on AFS fixed maturity securities was $46.8 million and $7.3 million as of June 30, 2022 and December 31, 2021, respectively. Global Atlantic had 5,799 and 4,370 securities in an unrealized loss position as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 898 debt securities. These debt securities primarily relate to Corporate, RMBS, and U.S. state, municipal and political subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these debt securities since Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data and industry analyst reports.


	June 30, 2022		December 31, 2021
Commercial mortgage loans(1)	$	18,236,321	$	13,824,772
Residential mortgage loans(1)	10,350,220		8,724,904
Consumer loans	5,780,344		5,617,925
Other loan receivables(2)(3)	745,540		1,083,235
Total mortgage and other loan receivables	35,112,425		29,250,836
Allowance for credit losses(4)	(411,885)		(374,077)
Total mortgage and other loan receivables, net of allowance for loan losses	$	34,700,540	$	28,876,759

(1) Includes $873.2 million and $805.4 million of loans carried at fair value using the fair value option as of June 30, 2022 and December 31, 2021, respectively. The fair value option was elected for these loans for asset-liability matching purposes. These loans had unpaid principal balances of $911.6 million and $794.1 million as of June 30, 2022 and December 31, 2021, respectively.

(3) Includes $32.8 million and $27.3 million of related party loans carried at fair value using the fair value option as of June 30, 2022 and December 31, 2021, respectively. These loans had unpaid principal balances of $32.8 million and $27.3 million as of June 30, 2022 and December 31, 2021, respectively.

(4) Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(80.3) million and $(77.9) million as of June 30, 2022 and December 31, 2021, respectively.


Years	Residential		Commercial		Total mortgage loans
Remainder of 2022	$	187,764	$	494,215	$	681,979
2023	169,220		1,420,756		1,589,976
2024	506,075		2,283,266		2,789,341
2025	17,381		3,084,954		3,102,335
2026	1,034,021		3,266,541		4,300,562
2027	609,702		2,865,813		3,475,515
2028 and thereafter	7,826,057		4,820,776		12,646,833
Total	$	10,350,220	$	18,236,321	$	28,586,541

Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce concentration risk. The following tables present the mortgage loans by geographic region and property type:


Mortgage loans - carrying value by geographic region	June 30, 2022		December 31, 2021
Pacific	$	7,340,634	$	6,675,064
West South Central	3,385,411		2,675,890
South Atlantic	7,748,269		4,996,043
Middle Atlantic	3,632,694		3,142,973
East North Central	1,205,061		590,911
Mountain	2,858,012		1,957,099
New England	1,298,289		1,099,157
East South Central	700,352		1,035,764
West North Central	353,278		350,546
Other regions	64,541		26,229
Total by geographic region	$	28,586,541	$	22,549,676


Mortgage loans - carrying value by property type	June 30, 2022		December 31, 2021
Residential	$	10,350,220	$	8,724,904
Office building	4,665,134		4,185,146
Apartment	9,151,408		6,194,819
Industrial	2,807,738		1,981,713
Retail	671,035		780,071
Other property types	632,777		483,560
Warehouse	308,229		199,463
Total by property type	$	28,586,541	$	22,549,676

As of June 30, 2022 and December 31, 2021, Global Atlantic had $199.9 million and $202.7 million of mortgage loans that were 90 days or more past due or in the process of foreclosure, respectively. Global Atlantic ceases accrual of interest on loans that are more than 90 days past due and recognizes income as cash is received. As of June 30, 2022 and December 31, 2021, there were $199.9 million and $202.7 million of mortgage loans that were non-income producing, respectively.

As of both June 30, 2022 and December 31, 2021, 1% of residential mortgage loans have been granted forbearance due to COVID-19. This forbearance, which generally involves a 3-month period in which payments are not required (though must subsequently be made up), is not considered to result in troubled debt restructurings for the three and six months ended June 30, 2022 and 2021. Interest continues to accrue on loans in temporary forbearance.

Certain residential mortgage loans purchased by Global Atlantic were assessed at acquisition as having experienced a more-than-insignificant deterioration in credit quality since their origination. These loans are identified as PCD, and a reconciliation of the difference between the purchase price and the par value of these PCD loans is below:


	Six Months Ended June 30,
	2021
Purchase price of PCD loans acquired during the current period	$	4,231,426
Allowance for credit losses at acquisition	121,896
Discount (premium) attributable to other factors	(136,174)
Par value	$	4,217,148


	As of June 30, 2022
Performance status	2022		2021		2020		2019		2018		Prior		Total
Commercial mortgage loans
Current	$	5,236,096	$	6,694,966	$	933,196	$	1,524,004	$	1,301,526	$	2,546,533	$	18,236,321
30 to 59 days past due	—		—		—		—		—		—		—
60 to 89 days past due	—		—		—		—		—		—		—
Over 90 days past due	—		—		—		—		—		—		—
Total commercial mortgage loans	$	5,236,096	$	6,694,966	$	933,196	$	1,524,004	$	1,301,526	$	2,546,533	$	18,236,321
Residential mortgage loans
Current	$	1,228,568	$	5,122,225	$	1,731,606	$	288,781	$	17,618	$	1,576,595	$	9,965,393
30 to 59 days past due	16,995		44,775		4,453		4,593		—		72,019		142,835
60 to 89 days past due	250		11,344		834		1,263		590		27,766		42,047
Over 90 days past due	—		18,934		16,186		12,393		3,461		148,971		199,945
Total residential mortgage loans	$	1,245,813	$	5,197,278	$	1,753,079	$	307,030	$	21,669	$	1,825,351	$	10,350,220






Total mortgage loans	$	6,481,909	$	11,892,244	$	2,686,275	$	1,831,034	$	1,323,195	$	4,371,884	$	28,586,541


	As of December 31, 2021
Performance status	2021		2020		2019		2018		2017		Prior		Total
Commercial mortgage loans
Current	$	6,831,655	$	976,369	$	1,883,908	$	1,373,865	$	817,954	$	1,941,021	$	13,824,772
30 to 59 days past due	—		—		—		—		—		—		—
60 to 89 days past due	—		—		—		—		—		—		—
Over 90 days past due	—		—		—		—		—		—		—
Total commercial mortgage loans	$	6,831,655	$	976,369	$	1,883,908	$	1,373,865	$	817,954	$	1,941,021	$	13,824,772
Residential mortgage loans
Current	$	4,505,537	$	1,576,342	$	393,153	$	123,995	$	65,070	$	1,711,156	$	8,375,253
30 to 59 days past due	24,955		6,028		5,818		1,155		739		75,104		113,799
60 to 89 days past due	4,247		1,243		607		—		—		27,028		33,125
Over 90 days past due	5,305		14,272		21,985		2,686		—		158,479		202,727
Total residential mortgage loans	$	4,540,044	$	1,597,885	$	421,563	$	127,836	$	65,809	$	1,971,767	$	8,724,904
Total mortgage loans	$	11,371,699	$	2,574,254	$	2,305,471	$	1,501,701	$	883,763	$	3,912,788	$	22,549,676


Performance status	June 30, 2022		December 31, 2021
Consumer loans
Current	$	5,687,859	$	5,556,923
30 to 59 days past due	52,023		34,048
60 to 89 days past due	23,121		16,817
Over 90 days past due	17,341		10,137
Total consumer loans	$	5,780,344	$	5,617,925

The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the underlying collateral. The following table summarizes the loan-to-value ratios for commercial mortgage loans as of June 30, 2022 and December 31, 2021:


Loan-to-value as of June 30, 2022, by year of origination	Carrying value loan-to-value 70% and less		Carrying value loan-to-value 71% - 90%		Carrying value loan-to-value over 90%		Total carrying value
2022	$	4,871,004	$	365,092	$	—	$	5,236,096
2021	4,779,142		1,915,824		—		6,694,966
2020	776,202		121,968		35,026		933,196
2019	1,349,948		174,056		—		1,524,004
2018	1,252,813		48,713		—		1,301,526
2017	749,265		44,690		—		793,955
Prior	1,752,578		—		—		1,752,578
Total commercial mortgage loans	$	15,530,952	$	2,670,343	$	35,026	$	18,236,321


Loan-to-value as of December 31, 2021, by year of origination	Carrying value loan-to-value 70% and less		Carrying value loan-to-value 71% - 90%		Carrying value loan-to-value over 90%		Total carrying value
2021	$	4,910,170	$	1,921,485	$	—	$	6,831,655
2020	819,406		121,997		34,966		976,369
2019	1,747,656		136,252		—		1,883,908
2018	1,324,807		49,058		—		1,373,865
2017	772,989		44,965		—		817,954
2016	425,926		2,440		—		428,366
Prior	1,497,503		15,152		—		1,512,655
Total commercial mortgage loans	$	11,498,457	$	2,291,349	$	34,966	$	13,824,772

Changing economic conditions affect the valuation of commercial mortgage loans. Changing vacancies and rents are incorporated into the discounted cash flow analysis that Global Atlantic performs for monitored loans and may contribute to the establishment of (or increase or decrease in) a commercial mortgage loan valuation allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events, or have deteriorating credit.


	June 30, 2022		December 31, 2021
Investments in real estate(1)	$	3,955,688	$	1,564,853
Investments in renewable energy(2)	3,485,106		3,573,811
Investments in transportation and other leased assets(3)	2,698,997		2,663,759
Other investment partnerships	256,317		234,301
FHLB common stock and other investments	194,723		171,842
Total other investments	$	10,590,831	$	8,208,566

The total amount of other investments accounted for using the equity method of accounting was $1.2 billion as of both June 30, 2022 and December 31, 2021. Global Atlantic's maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $21.1 million and $22.4 million as of June 30, 2022 and December 31, 2021, respectively.

In addition, Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The carrying amount of these investments was $184.1 million and $147.8 million as of June 30, 2022 and December 31, 2021, respectively.

Certain Global Atlantic subsidiaries are members of regional banks in the Federal Home Loan Bank ("FHLB") system. These subsidiaries have also entered into funding agreements with their respective FHLB. The funding agreements are issued in exchange for cash. The funding agreements require that Global Atlantic pledge eligible assets, such as commercial mortgage loans, as collateral. With respect to certain classes of eligible assets, the FHLB holds the pledged eligible assets in custody at the respective FHLB. The liabilities for the funding agreements are included in policy liabilities in the consolidated statements of financial condition.


	Investment in common stock				Funding agreements issued to FHLB member banks				Collateral
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
FHLB Indianapolis	$	80,640	$	80,640	$	1,612,765	$	1,619,765	$	2,423,183	$	2,577,698
FHLB Des Moines	34,600		34,600		619,532		620,006		902,358		1,004,530
FHLB Boston	22,520		22,520		324,167		326,639		468,433		553,384
Total	$	137,760	$	137,760	$	2,556,464	$	2,566,410	$	3,793,974	$	4,135,612

In addition, in January 2021, Global Atlantic launched an inaugural funding agreement backed note ("FABN") program, through which GA Global Funding Trust, a special purpose statutory trust, was established to offer its senior secured medium-term notes. Net proceeds from each sale of the aforementioned notes are used to purchase one or more funding agreements from Forethought Life Insurance Company, an insurance subsidiary of Global Atlantic. As of June 30, 2022 and December 31, 2021, Global Atlantic had $5.5 billion and $3.5 billion of such funding agreements outstanding, with $4.5 billion and $6.5 billion of remaining capacity under the program, respectively.

As of June 30, 2022 and December 31, 2021, Global Atlantic participated in third-party repurchase agreements with a notional value of $803.8 million and $300.4 million, respectively. As collateral for these transactions, as of June 30, 2022 and December 31, 2021, Global Atlantic posted fixed maturity securities with a fair value and amortized cost of $836.1 million and $1,044.8 million, and $313.0 million and $317.0 million, respectively, which are included in Insurance - Investments in the consolidated statements of financial condition.

The fair value of securities pledged for repurchase agreements by class of collateral and remaining contractual maturity as of June 30, 2022 and December 31, 2021 is presented in the following tables:

As of June 30, 2022 and December 31, 2021, the cost or amortized cost and fair value of the assets on deposit with various state and governmental authorities were $183.6 million and $149.7 million, and $182.6 million and $180.8 million, respectively.