A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
December 31, 2025
Assets:
Bonds available-for-sale	$	33	$	—	$	33
Other bond securities	37		—		37
Equity securities	—		—		—
Mortgage and other loans receivable	—		1,750		1,750
Other invested assets
Alternative investments(a)	2,575		—		2,575
Investment real estate	492		—		492
Short-term investments	93		—		93
Cash	38		—		38
Accrued investment income	—		5		5
Other assets	50		—		50
Total assets(b)	$	3,318	$	1,755	$	5,073
Liabilities:
Debt of consolidated investment entities	$	409	$	883	$	1,292
Other liabilities	39		—		39
Total liabilities	$	448	$	883	$	1,331

December 31, 2024
Assets:
Bonds available-for-sale	$	38	$	—	$	38
Other bond securities	44		—		44
Equity securities	2		—		2
Mortgage and other loans receivable	—		1,919		1,919
Other invested assets
Alternative investments(a)	2,433		—		2,433
Investment real estate	926		—		926
Short-term investments	131		1		132
Cash	75		—		75
Accrued investment income	2		5		7
Other assets	77		—		77
Total assets(b)	$	3,728	$	1,925	$	5,653
Liabilities:
Debt of consolidated investment entities	$	658	$	977	$	1,635
Other liabilities	78		—		78
Total liabilities	$	736	$	977	$	1,713

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At December 31, 2025 and December 31, 2024, the Company had commitments to internal parties of $0.9 billion and $0.7 billion and commitments to external parties of $0.3 billion and $0.4 billion, respectively.

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Consolidated Statements of Income (Loss):


	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total








Year Ended December 31, 2025
Total revenue	$	45	$	67	$	112
Net (loss) attributable to noncontrolling interests	(24)		—		(24)
Net income attributable to Corebridge	32		45		77
Year Ended December 31, 2024
Total revenue	$	104	$	68	$	172
Net (loss) attributable to noncontrolling interests	(27)		—		(27)
Net income attributable to Corebridge	47		42		89
Year Ended December 31, 2023
Total revenue	$	11	$	131	$	142
Net (loss) attributable to noncontrolling interests	(68)		—		(68)
Net income attributable to Corebridge	13		94		107

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.


			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
December 31, 2025
Real estate and investment entities(a)	$	501,904		$	6,249	$	3,405	$	9,654

Total	$	501,904		$	6,249	$	3,405	$	9,654
December 31, 2024
Real estate and investment entities(a)	$	463,464		$	5,837	$	2,800	$	8,637

Total	$	463,464		$	5,837	$	2,800	$	8,637

Through our insurance operations and Corebridge Real Estate Investors Inc., we are an investor in various real estate investment entities, some of which are VIEs. These investments are typically with unaffiliated third-party developers via a partnership or limited liability company structure. The VIEs’ activities consist of the development or redevelopment of commercial, industrial and residential real estate. Our involvement varies from being a passive equity investor or finance provider to actively managing the activities of the VIEs.

Our insurance operations participate as passive investors in the equity interests issued by certain third party-managed hedge and private equity funds that are VIEs. Our insurance operations typically are not involved in the design or establishment of these VIEs, nor do they actively participate in the management of the VIEs.

We created certain VIEs that hold investments, primarily in investment grade debt securities and loans, and issued beneficial interests in these investments. Some of these VIEs were created to facilitate our purchase of asset-backed securities. In these situations, all of the beneficial interests are owned by Corebridge and affiliated entities and are consolidated by Corebridge. In other instances, we have created VIEs that are securitizations of residential mortgage loans or other forms of collateralized loan obligations or we repackage loans and other assets into pass-through securities. Corebridge subsidiaries or affiliated entities own some of the beneficial interests of these VIEs, and we maintain the power to direct the activities of the VIEs that most significantly impact their economic performance. Accordingly, we consolidate these entities and those beneficial interests issued to third parties are reported as debt of consolidated investment entities. This debt is non-recourse to Corebridge.

Primarily through our insurance operations, we are a passive investor in RMBS, CMBS, other ABS and CLOs, the majority of which are issued by domestic special purpose entities. We generally do not sponsor or transfer assets to, or act as the servicer to these asset-backed structures and were not involved in the design of these entities.

Our maximum exposure in these types of structures is limited to our investment in securities issued by these entities and, where applicable, any unfunded commitments to these entities. Conditional unfunded commitments for these unconsolidated entities are $797 million at December 31, 2025. Based on the nature of our investments and our passive involvement in these types of structures, we have determined that we are not the primary beneficiary of these entities. We have not included these entities in the above tables; however, the fair values of our investments in these structures are reported in Notes 4 and 5.

Additionally, Corebridge is a passive investor in certain investment vehicles that securitized certain secured loans, bank loans and residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 4 and 5. As of December 31, 2025, the total VIE assets of these securitizations are $2.5 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.5 billion. As of December 31, 2024, the total VIE assets of these securitizations were $2.6 billion, of which Corebridge’s maximum exposure to loss is $2.5 billion.