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 Condensed Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
March 31, 2026
Assets:
Bonds available-for-sale	$	25	$	—	$	25
Other bond securities	28		—		28
Equity securities	—		—		—
Mortgage and other loans receivable	—		1,654		1,654
Other invested assets
Alternative investments(a)	2,501		—		2,501
Investment real estate	468		—		468
Short-term investments	111		—		111
Cash	35		—		35
Accrued investment income	—		5		5
Other assets	45		—		45
Total assets(b)	$	3,213	$	1,659	$	4,872
Liabilities:
Debt of consolidated investment entities	$	444	$	864	$	1,308
Other liabilities	38		—		38
Total liabilities	$	482	$	864	$	1,346

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

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At March 31, 2026 and December 31, 2025, the Company had commitments to internal parties of $0.8 billion and $0.9 billion and commitments to external parties of $0.3 billion and $0.3 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 Condensed Consolidated Statements of Income (Loss):


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








Three Months Ended March 31, 2026
Total revenue	$	(17)	$	16	$	(1)
Net (loss) attributable to noncontrolling interests	(11)		—		(11)
Net income (loss) attributable to Corebridge	(13)		11		(2)
Three Months Ended March 31, 2025
Total revenue	$	28	$	18	$	46
Net income attributable to noncontrolling interests	5		—		5
Net income attributable to Corebridge	17		12		29

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
March 31, 2026
Real estate and investment entities(a)	$	501,838		$	6,685	$	3,139	$	9,824

Total	$	501,838		$	6,685	$	3,139	$	9,824
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

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 March 31, 2026, 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, 2025, the total VIE assets of these securitizations are $2.5 billion, of which Corebridge’s maximum exposure to loss is $2.5 billion.