Net investment income for Global Atlantic is comprised primarily of interest income, including amortization of premiums and accretion of discounts, based on yields that change due to expectations in projected cash flows, dividend income from common and preferred stock, earnings from investments accounted for under equity method accounting, and lease income on other investments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed Maturity Securities – Interest and Other Income	$	1,428,699	$	1,128,962	$	4,173,336	$	3,265,774
Mortgage and Other Loan Receivables	725,463		491,922		1,914,700		1,423,142
Investments in Transportation and Other Leased Assets	87,321		81,365		249,827		236,280
Investments in Renewable Energy	24,044		41,061		49,446		78,990
Investments in Real Estate	86,491		42,447		184,729		121,908
Short-term and Other Investment Income	170,157		52,072		462,408		184,366
Income Assumed from Funds Withheld Receivable at Interest	20,717		23,765		61,433		71,547
Policy Loans	20,180		9,588		64,260		28,289

Income Ceded to Funds Withheld Payable at Interest	(640,254)		(331,691)		(1,746,618)		(950,174)
Gross Investment Income	1,922,818		1,539,491		5,413,521		4,460,122
Less Investment Expenses:
Investment Management and Administration	146,693		83,424		379,015		248,902
Transportation, Renewable Energy and Real-estate Asset Depreciation and Maintenance	51,797		45,931		151,716		152,319
Interest Expense on Derivative Collateral and Repurchase Agreements	22,502		(1,994)		80,564		35,019
Net Investment Income	$	1,701,826	$	1,412,130	$	4,802,226	$	4,023,882

Net investment-related losses from insurance operations primarily consists of (i) realized gains (losses) from the disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate investments accounted for under investment company accounting, and investments with fair value remeasurements recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Realized Losses on Available-for-sale Fixed Maturity Debt Securities	$	(285,352)	$	(15,156)	$	(387,975)	$	(67,195)
Credit Loss Allowances on Available-for-sale Securities	(59,195)		24,916		(50,455)		(82,024)
Credit Loss Allowances on Mortgage and Other Loan Receivables	(92,293)		(29,824)		(263,749)		(124,515)
Allowances on Unfunded Commitments	(1,663)		(5,100)		25,598		26,494
Impairment of Available-for-sale Fixed Maturity Debt Securities Due to Intent to Sell	—		—		—		(26,741)
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading	1,056,483		(594,218)		471,647		(284,555)
Unrealized Gains (Losses) on Investments Recognized under the Fair-value Option and Equity Investments	20,589		(6,750)		(56,579)		(65,963)
Unrealized Losses on Real Estate Investments Recognized at Fair Value Under Investment Company Accounting	(26,503)		(26,442)		(133,280)		(6,621)
Net (Losses) Gains on Derivative Instruments	(877,533)		314,380		(451,747)		44,399
Realized (Losses) Gains on Funds Withheld at Interest Payable Portfolio	(20,158)		5,720		50,147		13,332
Realized (Losses) Gains on Funds Withheld at Interest Receivable Portfolio	(24,194)		(4,821)		(47,242)		892

Other Realized Gains (Losses)	73,848		(935)		63,558		(7,116)
Net Investment-Related Losses	$	(235,971)	$	(338,230)	$	(780,077)	$	(579,613)


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Corporate		Structured		Total		Corporate		Structured		Total
Balance, as of Beginning of Period	$	64,610	$	150,604	$	215,214	$	49,008	$	219,704	$	268,712
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance	19,132		292		19,424		41,475		1,552		43,027

Accretion of Initial Credit Loss Allowance on PCD Securities	—		125		125		—		440		440
Reductions due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance	(38)		(3,145)		(3,183)		(278)		(11,972)		(12,250)

Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance	105		39,666		39,771		17,233		(9,805)		7,428
Balances Charged Off	(22,840)		—		(22,840)		(46,469)		(12,377)		(58,846)

Balance, as of End of Period	$	60,969	$	187,542	$	248,511	$	60,969	$	187,542	$	248,511


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	Corporate		Structured		Total		Corporate		Structured		Total
Balance, as of beginning of period	$	22,951	$	206,347	$	229,298	$	1,298	$	127,034	$	128,332
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance	111		6,325		6,436		20,848		53,333		74,181

Accretion of Initial Credit Loss Allowance on PCD Securities	—		237		237		—		924		924
Reductions due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance	(584)		(3,836)		(4,420)		(584)		(10,497)		(11,081)

Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance	(4,038)		(27,314)		(31,352)		(3,122)		10,965		7,843


Balance, as of End of Period	$	18,440	$	181,759	$	200,199	$	18,440	$	181,759	$	200,199


	Three Months Ended September 30, 2024								Nine Months Ended September 30, 2024
	Commercial Mortgage Loans		Residential Mortgage Loans		Consumer and Other Loan Receivables		Total		Commercial Mortgage Loans		Residential Mortgage Loans		Consumer and Other Loan Receivables		Total
Balance, as of Beginning of Period	$	308,367	$	90,234	$	202,655	$	601,256	$	319,631	$	107,204	$	175,608	$	602,443
Net Provision (Release)	64,482		8,263		19,548		92,293		151,822		(5,925)		117,852		263,749

Charge-offs	(44,487)		(2,334)		(34,932)		(81,753)		(143,091)		(5,116)		(117,496)		(265,703)
Recoveries of Amounts Previously Charged-off	3,564		—		5,884		9,448		3,564		—		17,191		20,755
Balance, as of End of Period	$	331,926	$	96,163	$	193,155	$	621,244	$	331,926	$	96,163	$	193,155	$	621,244


	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	Commercial Mortgage Loans		Residential Mortgage Loans		Consumer and Other Loan Receivables		Total		Commercial Mortgage Loans		Residential Mortgage Loans		Consumer and Other Loan Receivables		Total
Balance, as of Beginning of Period	$	239,866	$	139,936	$	198,247	$	578,049	$	227,315	$	125,824	$	207,089	$	560,228
Net Provision (Release)	21,725		(14,663)		22,762		29,824		48,276		2,871		73,368		124,515

Charge-offs	—		(2,648)		(41,520)		(44,168)		(14,000)		(6,070)		(111,468)		(131,538)
Recoveries of Amounts Previously Charged-off	—		—		5,334		5,334		—		—		15,834		15,834
Balance, as of End of Period	$	261,591	$	122,625	$	184,823	$	569,039	$	261,591	$	122,625	$	184,823	$	569,039


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
AFS Fixed Maturity Securities:
Proceeds from Voluntary Sales	$	6,975,389	$	1,180,675	$	15,934,858	$	4,316,003
Gross Gains	$	51,468	$	15,152	$	95,192	$	45,717
Gross Losses	$	(334,092)	$	(27,499)	$	(453,105)	$	(108,355)


	Nine Months Ended September 30, 2024
	Fixed Rate Annuities		Fixed Indexed Annuities		Interest Sensitive Life		Other		Total
Balance, as of the Beginning of the Period	$	373,863	$	481,970	$	132,079	$	166,785	$	1,154,697
Capitalizations	178,589		292,109		6,266		112,252		589,216
Amortization Expense	(78,606)		(67,183)		(6,486)		(13,849)		(166,124)
Balance, as of the End of the Period	$	473,846	$	706,896	$	131,859	$	265,188	$	1,577,789


	Nine Months Ended September 30, 2023
	Fixed Rate Annuities		Fixed Indexed Annuities		Interest Sensitive Life		Other		Total
Balance, as of the Beginning of the Period	$	221,679	$	367,813	$	116,021	$	115,457	$	820,970
Capitalizations	134,484		129,891		21,601		52,379		338,355
Amortization Expense	(45,989)		(43,608)		(5,357)		(10,985)		(105,939)
Balance, as of the End of the Period	$	310,174	$	454,096	$	132,265	$	156,851	$	1,053,386


	Nine Months Ended September 30, 2024
	Fixed Rate Annuities		Fixed Indexed Annuities		Interest Sensitive Life		Variable Annuities		Other		Total
Balance, as of the Beginning of the Period	$	44,922	$	621,372	$	262,942	$	245,042	$	78,706	$	1,252,984


Amortization Expense	(2,784)		(32,223)		(10,212)		(15,491)		(5,040)		(65,750)

Balance, as of the End of the Period	$	42,138	$	589,149	$	252,730	$	229,551	$	73,666	$	1,187,234


	Nine Months Ended September 30, 2023
	Fixed Rate Annuities		Fixed Indexed Annuities		Interest Sensitive Life		Variable Annuities		Other		Total
Balance, as of the Beginning of the Period	$	48,762	$	663,296	$	276,795	$	241,778	$	85,898	$	1,316,529


Amortization Expense	(2,893)		(31,020)		(10,338)		(18,414)		(5,448)		(68,113)
Balance, as of the End of the Period	$	45,869	$	632,276	$	266,457	$	223,364	$	80,450	$	1,248,416


	Nine Months Ended September 30, 2024
	Fixed Rate Annuities		Fixed Indexed Annuities		Interest Sensitive Life		Variable Annuities		Other		Total
Balance, as of the Beginning of the Period	$	65,966	$	106,538	$	421,213	$	91,295	$	182,920	$	867,932


Amortization Expense	(17,221)		(24,518)		(22,349)		(4,622)		(10,053)		(78,763)
Balance, as of the End of the Period	$	48,745	$	82,020	$	398,864	$	86,673	$	172,867	$	789,169


	Nine Months Ended September 30, 2023
	Fixed Rate Annuities		Fixed Indexed Annuities		Interest Sensitive Life		Variable Annuities		Other		Total
Balance, as of the Beginning of the Period	$	98,342	$	145,610	$	461,592	$	99,776	$	198,804	$	1,004,124


Amortization Expense	(24,725)		(29,519)		(26,634)		(6,897)		(12,420)		(100,195)
Balance, as of the End of the Period	$	73,617	$	116,091	$	434,958	$	92,879	$	186,384	$	903,929

Global Atlantic considers surrender rates, mortality rates, and other relevant policy decrements in determining the expected life of the contract. As a part of Global Atlantic's actual experience update for the nine months ended September 30, 2024, Global Atlantic concluded that there was no material change in relevant inputs, judgments, or assumptions requiring an update of the amortization rate for DAC and related amortization amounts. For the nine months ended September 30, 2023, Global Atlantic updated mortality and surrender rates. These updates reduced the amortization rate for DAC and related amortization amounts by $1.1 million per quarter.