INVESTMENTS

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

INVESTMENTS

INVESTMENTS

Investments consist of the following:

	June 30, 2024		December 31, 2023
Asset Management and Strategic Holdings
Private Equity	$	33,772,195	$	32,742,484
Credit	7,925,996		8,274,904
Investments of Consolidated CFEs	24,890,663		24,996,298
Real Assets	13,245,951		12,000,008
Equity Method - Other	8,249,013		8,163,831
Equity Method - Capital Allocation-Based Income	9,241,215		7,877,904
Other Investments	4,721,953		4,579,372
Investments - Asset Management and Strategic Holdings	$	102,046,987	$	98,634,801
Insurance
Fixed Maturity Securities, Available-for-sale, at Fair Value(1)	$	73,822,837	$	69,414,188
Mortgage and Other loan Receivables	46,820,112		39,177,927
Fixed Maturity Securities, Trading, at Fair Value(2)	24,851,300		18,805,470
Other Investments	13,755,206		9,683,326
Funds Withheld Receivable at Interest	2,621,913		2,713,645
Policy Loans	1,609,396		1,556,030
Equity Securities at Fair Value	21,497		19,737
Investments - Insurance	$	163,502,261	$	141,370,323
Total Investments	$	265,549,248	$	240,005,124

(1)Amortized cost of $83.8 billion and $78.7 billion, net of credit loss allowances of $215.2 million and $268.7 million, respectively.

(2)Amortized cost of $27.1 billion and $20.5 billion, respectively. Trading fixed maturity securities are held to back funds withheld payable at interest. The investment performance on these investments is ceded to third-party reinsurers.

As of June 30, 2024 and December 31, 2023, there were no investments which represented greater than 5% of total investments.

Fixed maturity securities

The cost or amortized cost and fair value for AFS fixed maturity securities were as follows:

	Cost or Amortized Cost		Allowance for Credit Losses (1)(2)		Gross Unrealized				Fair Value
As of June 30, 2024					Gains		Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$	2,692,499	$	—	$	3,946	$	(103,068)	$	2,593,377
U.S. State, Municipal and Political Subdivisions	5,148,330		—		11,136		(1,023,745)		4,135,721
Corporate	46,812,242		(64,610)		95,151		(7,225,518)		39,617,265
Residential Mortgage-backed Securities, or “RMBS”	11,528,424		(107,667)		35,851		(744,752)		10,711,856
Commercial Mortgage-backed Securities, or “CMBS”	8,148,249		(22,643)		7,542		(543,926)		7,589,222
Collateralized Bond Obligations, or “CBOs”	2,804,013		(1,366)		—		(135,757)		2,666,890
CLOs	3,723,617		(9,175)		13,506		(37,703)		3,690,245
Asset-Backed Securities, or “ABSs”	2,939,066		(9,753)		18,222		(129,274)		2,818,261
Total AFS Fixed Maturity Securities	$	83,796,440	$	(215,214)	$	185,354	$	(9,943,743)	$	73,822,837

(1)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.

(2)Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(6.5) million.

	Cost or Amortized Cost		Allowance for Credit Losses (1)(2)		Gross Unrealized				Fair Value
As of December 31, 2023					Gains		Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$	1,209,507	$	—	$	62,514	$	(68,929)	$	1,203,092
U.S. State, Municipal and Political Subdivisions	5,562,826		—		29,699		(985,133)		4,607,392
Corporate	46,378,337		(49,008)		211,570		(6,592,143)		39,948,756
RMBS	8,734,629		(152,067)		38,206		(674,550)		7,946,218
CMBS	7,491,743		(35,953)		4,195		(731,358)		6,728,627
CBOs	2,951,511		(1,214)		—		(143,818)		2,806,479
CLOs	3,493,731		(19,077)		6,483		(52,365)		3,428,772
ABSs	2,901,573		(11,393)		14,358		(159,686)		2,744,852
Total AFS Fixed Maturity Securities	$	78,723,857	$	(268,712)	$	367,025	$	(9,407,982)	$	69,414,188

(1)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.

(2)Includes credit loss allowances on purchase-credit deteriorated fixed-maturity securities of $(12.8) million.

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. Structured securities are shown separately as they have periodic payments and are not due at a single maturity.

The maturity distribution for AFS fixed maturity securities is as follows:

As of June 30, 2024	Cost or Amortized Cost (Net of Allowance)		Fair Value
Due in One Year or Less	$	1,329,075	$	1,305,155
Due After One Year Through Five Years	13,855,349		13,413,774
Due After Five Years Through Ten Years	7,331,464		6,820,971
Due After Ten Years	32,072,573		24,806,463
Subtotal	54,588,461		46,346,363
RMBS	11,420,757		10,711,856
CMBS	8,125,606		7,589,222
CBOs	2,802,647		2,666,890
CLOs	3,714,442		3,690,245
ABSs	2,929,313		2,818,261
Total AFS Fixed Maturity Securities	$	83,581,226	$	73,822,837

Securities in a continuous unrealized loss position

The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized loss position:

	Less Than 12 months				12 months or More				Total
As of June 30, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$	1,952,172	$	(26,359)	$	253,096	$	(76,709)	$	2,205,268	$	(103,068)
U.S. State, Municipal and Political Subdivisions	232,819		(2,375)		3,568,898		(1,021,370)		3,801,717		(1,023,745)
Corporate	6,962,052		(235,497)		24,557,419		(6,990,021)		31,519,471		(7,225,518)
RMBS	3,393,010		(96,345)		4,363,414		(648,407)		7,756,424		(744,752)
CMBS	880,997		(5,984)		5,440,403		(537,942)		6,321,400		(543,926)
CBOs	2,969		(167)		2,663,922		(135,590)		2,666,891		(135,757)
CLOs	595,198		(1,264)		432,627		(36,439)		1,027,825		(37,703)
ABSs	443,668		(6,475)		1,715,971		(122,799)		2,159,639		(129,274)
Total AFS Fixed Maturity Securities in a Continuous Loss Position	$	14,462,885	$	(374,466)	$	42,995,750	$	(9,569,277)	$	57,458,635	$	(9,943,743)

	Less Than 12 months				12 months or More				Total
As of December 31, 2023	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$	94,807	$	(2,512)	$	198,750	$	(66,417)	$	293,557	$	(68,929)
U.S. State, Municipal and Political Subdivisions	112,468		(4,140)		3,829,447		(980,993)		3,941,915		(985,133)
Corporate	4,360,234		(189,026)		27,108,292		(6,403,117)		31,468,526		(6,592,143)
RMBS	1,371,230		(66,550)		4,354,902		(608,000)		5,726,132		(674,550)
CMBS	332,095		(4,535)		6,031,766		(726,823)		6,363,861		(731,358)
CBOs	1,867		(118)		2,804,612		(143,700)		2,806,479		(143,818)
CLOs	246,728		(868)		1,679,813		(51,497)		1,926,541		(52,365)
ABSs	553,438		(15,760)		1,742,373		(143,926)		2,295,811		(159,686)
Total AFS Fixed Maturity Securities in a Continuous Loss Position	$	7,072,867	$	(283,509)	$	47,749,955	$	(9,124,473)	$	54,822,822	$	(9,407,982)

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 $667.8 million and $694.6 million as of June 30, 2024 and December 31, 2023, respectively. The single largest unrealized loss on AFS fixed maturity securities was $53.8 million and $53.4 million as of June 30, 2024 and December 31, 2023, respectively. Global Atlantic had 6,386 and 5,886 securities in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 4,808 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.

Mortgage and other loan receivables

Mortgage and other loan receivables consist of the following:

	June 30, 2024		December 31, 2023
Commercial Mortgage Loans(1)	$	23,388,168	$	21,861,245
Residential Mortgage Loans(1)	18,048,717		12,722,778
Consumer Loans	4,548,750		4,424,882
Other Loan Receivables(2)	1,435,733		771,465
Total Mortgage and Other Loan Receivables	47,421,368		39,780,370
Allowance for Credit Losses(3)	(601,256)		(602,443)
Total Mortgage and Other Loan Receivables, Net of Allowance for Credit Losses	$	46,820,112	$	39,177,927

(1)Includes $603.2 million and $697.4 million of loans carried at fair value using the fair value option as of June 30, 2024 and December 31, 2023, respectively. The fair value option was elected for these loans for asset-liability matching purposes. These loans had unpaid principal balances of $683.7 million and $785.2 million as of June 30, 2024 and December 31, 2023, respectively.

(2)As of June 30, 2024, other loan receivables consisted primarily of renewable energy development loans, warehouse facility loans backed by agricultural mortgages, loans collateralized by aircraft and loans collateralized by residential mortgages of $454.7 million, $427.0 million, $347.5 million and $200.0 million, respectively. As of December 31, 2023, other loan receivables consisted primarily of loans collateralized by aircraft and loans collateralized by residential mortgages of $315.4 million and $200.0 million, respectively.

(3)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(74.2) million and $(91.7) million as of June 30, 2024 and December 31, 2023, respectively.

The maturity distribution for residential and commercial mortgage loans was as follows as of June 30, 2024:

Years	Residential		Commercial		Total Mortgage Loans
Remainder of 2024	$	38,199	$	1,397,343	$	1,435,542
2025	13,554		4,172,761		4,186,315
2026	718,315		6,519,410		7,237,725
2027	705,246		4,778,327		5,483,573
2028	132,725		1,629,779		1,762,504
2029	12,568		1,058,119		1,070,687
Thereafter	16,428,110		3,832,429		20,260,539
Total	$	18,048,717	$	23,388,168	$	41,436,885

Actual maturities could differ from contractual maturities because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced.

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, 2024				December 31, 2023
Pacific	$	10,404,460	25.1	%	$	8,649,256	25.0	%
West South Central	4,905,114		11.8	%	4,202,501		12.2	%
South Atlantic	11,436,329		27.6	%	9,653,955		27.9	%
Middle Atlantic	5,124,146		12.4	%	4,436,129		12.8	%
East North Central	1,387,501		3.3	%	1,166,460		3.4	%
Mountain	3,887,484		9.4	%	3,262,801		9.4	%
New England	1,596,074		3.9	%	1,470,741		4.3	%
East South Central	882,066		2.1	%	731,053		2.1	%
West North Central	434,126		1.0	%	358,609		1.0	%
Other regions	1,379,585		3.4	%	652,518		1.9	%
Total by Geographic Region	$	41,436,885	100.0	%	$	34,584,023	100.0	%

Mortgage Loans – Carrying Value by Property Type	June 30, 2024				December 31, 2023
Residential	$	18,048,717	43.6	%	$	12,722,778	36.8	%
Office Building	4,395,821		10.6	%	4,586,277		13.3	%
Multi-family	11,681,149		28.2	%	11,495,638		33.2	%
Industrial	5,667,852		13.7	%	4,415,819		12.8	%
Retail	487,948		1.2	%	493,596		1.4	%
Warehouse	341,488		0.8	%	291,116		0.8	%
Other Property Types	813,910		1.9	%	578,799		1.7	%
Total by Property Type	$	41,436,885	100.0	%	$	34,584,023	100.0	%

As of June 30, 2024 and December 31, 2023, Global Atlantic had $392.1 million and $510.9 million of mortgage loans that were 90 days or more past due or are in the process of foreclosure, respectively, and have been classified as non-income producing (non-accrual status). Global Atlantic ceases accrual of interest on loans that are more than 90 days past due or are in the process of foreclosure and recognizes income as cash is received.

Credit quality indicators

Mortgage and loan receivable performance status

The following table represents the portfolio of mortgage and loan receivables by origination year and performance status as of June 30, 2024 and December 31, 2023:

	By Year of Origination
Performance Status as of June 30, 2024	2024		2023		2022		2021		2020		Prior		Total
Commercial Mortgage Loans
Gross Charge-offs for the Six Months Ended June 30, 2024	$	—	$	—	$	—	$	(43,298)	$	(10,695)	$	(44,611)	$	(98,604)
Current	$	1,853,348	$	3,539,657	$	6,408,684	$	6,596,440	$	622,724	$	4,183,327	$	23,204,180
30 to 59 Days Past Due	—		—		—		—		—		—		—
60 to 89 Days Past Due	—		—		—		—		—		—		—
90 days or More Past Due or in Process of Foreclosure	—		—		—		138,573		—		45,415		183,988
Total Commercial Mortgage Loans	$	1,853,348	$	3,539,657	$	6,408,684	$	6,735,013	$	622,724	$	4,228,742	$	23,388,168
Residential Mortgage Loans
Gross Charge-offs for the Six Months Ended June 30, 2024	$	(6)	$	(7)	$	(530)	$	(1,403)	$	(418)	$	(418)	$	(2,782)
Current	$	3,950,152	$	4,353,437	$	1,958,298	$	4,290,436	$	1,336,736	$	1,613,202	$	17,502,261
30 to 59 Days Past Due	85,723		43,443		26,092		27,062		4,694		81,575		268,589
60 to 89 Days Past Due	1,141		11,112		7,786		19,770		1,203		28,739		69,751
90 days or More Past Due or in Process of Foreclosure	—		12,460		21,473		50,993		7,767		115,423		208,116
Total Residential Mortgage Loans	$	4,037,016	$	4,420,452	$	2,013,649	$	4,388,261	$	1,350,400	$	1,838,939	$	18,048,717
Consumer Loans
Gross Charge-offs for the Six Months Ended June 30, 2024	$	(62)	$	(2,040)	$	(12,021)	$	(41,055)	$	(11,436)	$	(15,823)	$	(82,437)
Current	$	115,898	$	481,349	$	508,131	$	1,556,029	$	632,189	$	1,155,580	$	4,449,176
30 to 59 Days Past Due	140		1,953		3,973		25,195		3,344		14,789		49,394
60 to 89 Days Past Due	124		1,223		2,045		10,695		2,194		6,254		22,535
90 days or More Past Due or in Process of Foreclosure	35		1,480		3,683		10,909		2,716		8,822		27,645
Total Consumer Loans	$	116,197	$	486,005	$	517,832	$	1,602,828	$	640,443	$	1,185,445	$	4,548,750
Total Mortgage and Consumer Loan Receivables	$	6,006,561	$	8,446,114	$	8,940,165	$	12,726,102	$	2,613,567	$	7,253,126	$	45,985,635

    

	By Year of Origination
Performance Status as of December 31, 2023	2023		2022		2021		2020		2019		Prior		Total
Commercial Mortgage Loans
Gross Charge-offs for the Year Ended December 31, 2023	$	—	$	—	$	—	$	—	$	(14,000)	$	(7,616)	$	(21,616)
Current	$	3,600,652	$	6,278,419	$	6,633,293	$	624,457	$	1,395,717	$	2,969,381	$	21,501,919
30 to 59 Days Past Due	—		—		—		—		—		—		—
60 to 89 Days Past Due	—		—		—		—		—		79,635		79,635
90 days or More Past Due or in Process of Foreclosure	—		—		182,069		36,859		—		60,763		279,691
Total Commercial Mortgage Loans	$	3,600,652	$	6,278,419	$	6,815,362	$	661,316	$	1,395,717	$	3,109,779	$	21,861,245
Residential Mortgage Loans
Gross Charge-offs for the Year Ended December 31, 2023	$	(6)	$	(1,228)	$	(2,244)	$	(913)	$	(1,412)	$	(2,373)	$	(8,176)
Current	$	2,794,600	$	1,981,373	$	4,518,357	$	1,358,200	$	221,566	$	1,365,231	$	12,239,327
30 to 59 Days Past Due	43,432		22,291		37,082		3,554		5,461		84,079		195,899
60 to 89 Days Past Due	8,467		8,520		9,991		1,437		1,389		26,565		56,369
90 days or More Past Due or in Process of Foreclosure	2,518		19,326		72,753		12,048		9,265		115,273		231,183
Total Residential Mortgage Loans	$	2,849,017	$	2,031,510	$	4,638,183	$	1,375,239	$	237,681	$	1,591,148	$	12,722,778
Consumer Loans
Gross Charge-offs for the Year Ended December 31, 2023	$	(185)	$	(18,117)	$	(83,147)	$	(23,273)	$	(15,740)	$	(19,783)	$	(160,245)
Current	$	109,393	$	497,113	$	1,726,280	$	701,655	$	610,988	$	656,270	$	4,301,699
30 to 59 Days Past Due	1,707		4,229		28,966		5,082		4,497		12,686		57,167
60 to 89 Days Past Due	1,193		2,548		14,872		3,298		2,561		6,756		31,228
90 days or More Past Due or in Process of Foreclosure	2,597		3,991		13,461		4,281		3,907		6,551		34,788
Total Consumer Loans	$	114,890	$	507,881	$	1,783,579	$	714,316	$	621,953	$	682,263	$	4,424,882
Total Mortgage and Consumer Loan Receivables	$	6,564,559	$	8,817,810	$	13,237,124	$	2,750,871	$	2,255,351	$	5,383,190	$	39,008,905

Loan-to-value ratio on mortgage loans

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 Global Atlantic's loan-to-value ratios for its commercial mortgage loans as of June 30, 2024 and December 31, 2023:

Loan-to-value as of June 30, 2024, 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
2024	$	1,853,348	$	—	$	—	$	1,853,348
2023	3,539,657		—		—		3,539,657
2022	6,042,790		365,894		—		6,408,684
2021	4,864,697		1,552,069		318,247		6,735,013
2020	495,159		92,375		35,190		622,724
2019	1,249,252		54,831		38,589		1,342,672
Prior	2,730,291		53,666		102,113		2,886,070
Total Commercial Mortgage Loans	$	20,775,194	$	2,118,835	$	494,139	$	23,388,168

Loan-to-value as of December 31, 2023, 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
2023	$	3,600,652	$	—	$	—	$	3,600,652
2022	5,912,623		365,796		—		6,278,419
2021	5,110,011		1,483,763		221,588		6,815,362
2020	496,085		93,210		72,021		661,316
2019	1,257,983		93,661		44,073		1,395,717
2018	881,620		52,640		114,989		1,049,249
Prior	1,991,780		—		68,750		2,060,530
Total Commercial Mortgage Loans	$	19,250,754	$	2,089,070	$	521,421	$	21,861,245

Changing economic conditions and updated assumptions affect Global Atlantic's assessment of the collectibility of commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis that Global Atlantic performs to measure the 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.

The weighted average loan-to-value ratio for Global Atlantic's residential mortgage loans was 63% as of both June 30, 2024 and December 31, 2023.

Loan modifications

Global Atlantic may modify the terms of a loan when the borrower is experiencing financial difficulties, as a means to optimize recovery of amounts due on the loan. Modifications may involve temporary relief, such as payment forbearance for a short period time (where interest continues to accrue) or may involve more substantive changes to a loan. Changes to the terms of a loan, pursuant to a modification agreement, are factored into the analysis of the loan’s expected credit losses, under the allowance model applicable to the loan.

For commercial mortgage loans, modifications for borrowers experiencing financial difficulty are tailored for individual loans and may include interest rate relief, maturity extensions or, less frequently, principal forgiveness. For both residential mortgage loans and consumer loans, the most common modifications for borrowers experiencing financial difficulty, aside from insignificant delays in payment, typically involve deferral of missed payments to the end of the loan term, interest rate relief, or maturity extensions.

The tables below present the carrying value of loans to borrowers experiencing financial difficulty, for which modifications have been granted during the six months ended June 30, 2024 and 2023:

Six Months Ended June 30, 2024 by Loan Type	Deferral of Amounts Due		Interest Rate Relief		Maturity Extension		Combination(1)		Total		Percentage of Total Carrying Value Outstanding
Commercial Mortgage Loans	$	—	$	—	$	—	$	221,089	$	221,089	0.95	%
Residential Mortgage Loans(2)	3,291		—		148		8,227		11,666		0.06	%
Consumer Loans	1,607		667		20,329		24,207		46,810		1.03	%
Total	$	4,898	$	667	$	20,477	$	253,523	$	279,565

(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.

(2)Certain loans that were modified in the prior quarter have since been repaid in full.

Six Months Ended June 30, 2023 by Loan Type	Deferral of Amounts Due		Interest Rate Relief		Maturity Extension		Combination(1)		Total		Percentage of Total Carrying Value Outstanding
Commercial Mortgage Loans	$	—	$	—	$	—	$	198,371	$	198,371	1.01	%
Residential Mortgage Loans(2)	1,090		1,201		29,493		2,292		34,076		0.30	%
Consumer Loans	4,266		1,395		44,074		9,513		59,248		1.23	%
Total	$	5,356	$	2,596	$	73,567	$	210,176	$	291,695

(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.

(2)Certain loans that were modified in the prior quarter have since been repaid in full.

All of the commercial mortgage loans that had a combination of modifications had both interest rate relief and maturity extensions. For these loans, the interest rate relief generally involved either a change from a floating rate or a decrease in fixed rate to a weighted average rate of 4.7% and 4.0%, for the six months ended June 30, 2024 and 2023, respectively. The maturity extensions for these loans added a weighted-average of 3.7 years and 2.5 years to the life of the loans, for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, Global Atlantic has commitments to lend additional funds of $9.3 million for the modified commercial mortgage loans disclosed above.

The table below presents the performance status of the loans modified during the twelve months ended June 30, 2024:

Performance Status as of June 30, 2024 by Loan Type	Current		30-59 Days Past Due		60-89 Days Past Due		90 days or More Past Due or in Process of Foreclosure		Total
Commercial Mortgage Loans	$	531,915	$	—	$	—	$	—	$	531,915
Residential Mortgage Loans	11,149		1,935		308		4,354		17,746
Consumer Loans	59,958		10,178		3,964		3,006		77,106
Total(1)	$	603,022	$	12,113	$	4,272	$	7,360	$	626,767

(1)Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table. In addition, certain loans that were modified in prior quarters have since been repaid in full.

Other investments

Other investments consist of the following:

	June 30, 2024		December 31, 2023
Investments in Real Estate(1)	$	7,172,981	$	4,778,431
Investments in Renewable Energy(2)	1,349,150		1,348,080
Investments in Transportation and Other Leased Assets(3)	3,033,344		2,972,469
Other Investment Funds and Partnerships	1,812,143		179,469
Federal Home Loan Bank (FHLB), Common Stock and Other Investments	387,588		404,877
Total Other Investments	$	13,755,206	$	9,683,326

(1)Primarily comprised of investments in real estate that are held in consolidated investment companies that use fair value accounting.

(2)Net of accumulated depreciation attributed to consolidated renewable energy assets of $172.8 million and $154.1 million as of June 30, 2024 and December 31, 2023, respectively.

(3)Net of accumulated depreciation of $371.8 million and $313.6 million as of June 30, 2024 and December 31, 2023, respectively.

The total amount of other investments accounted for using the equity method of accounting was $1.5 billion and $143.3 million as of June 30, 2024 and December 31, 2023, respectively. 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 $194.8 million and $19.7 million as of June 30, 2024 and December 31, 2023, 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 $474.5 million and $175.3 million as of June 30, 2024 and December 31, 2023, respectively.

Repurchase agreement transactions

As of June 30, 2024 and December 31, 2023, Global Atlantic participated in repurchase agreements with a notional value of $565.0 million and $1.4 billion, respectively. As collateral for these transactions, Global Atlantic typically posts AFS fixed maturity securities and residential mortgage loans, which are included in Insurance - Investments in the consolidated statements of financial condition. The gross obligation for repurchase agreements is reported in other liabilities in the consolidated statements of financial condition.

The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity of the repurchase agreements as of June 30, 2024 and December 31, 2023 is presented in the following tables:

As of June 30, 2024	Overnight		<30 Days		30 - 90 Days		> 90 Days		Total
AFS Corporate Securities	$	—	$	516,929	$	—	$	—	$	516,929
Residential Mortgage Loans	—		2,608		34,040		34,830		71,478
Total Assets Pledged	$	—	$	519,537	$	34,040	$	34,830	$	588,407

As of December 31, 2023	Overnight		<30 Days		30 - 90 Days		> 90 Days		Total
AFS Corporate Securities	$	—	$	—	$	524,411	$	849,368	$	1,373,779
Residential Mortgage Loans	—		39,289		—		—		39,289
Total Assets Pledged	$	—	$	39,289	$	524,411	$	849,368	$	1,413,068

Other pledges and restrictions

Certain Global Atlantic subsidiaries are members of regional banks in the FHLB system and such membership requires the members to own stock in these FHLBs. Global Atlantic owns an aggregate of $129.1 million and $131.7 million (accounted for at cost basis) of stock in FHLBs as of June 30, 2024 and December 31, 2023, respectively. In addition, Global Atlantic insurance company subsidiaries have entered into funding agreements with the FHLB, which require that Global Atlantic pledge eligible assets, such as fixed maturity securities and mortgage loans, as collateral. Assets pledged as collateral for these funding agreements had a carrying value of $3.9 billion and $3.6 billion as of June 30, 2024 and December 31, 2023, respectively.

The capital stock of one of Global Atlantic’s equity method investments has been pledged as collateral security for the due payment and performance of the debt obligations of the investee. Global Atlantic’s investment subject to this pledge had a carrying value of $710.3 million as of June 30, 2024.

Insurance – statutory deposits

As of June 30, 2024 and December 31, 2023, the carrying value of the assets on deposit with various state and U.S. governmental authorities were $142.4 million and $148.5 million, respectively.