Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:


(dollars in millions)	Cost/ Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

June 30, 2026*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	13	$	—	$	—	$	13
Obligations of states, municipalities, and political subdivisions	57		—		(3)		54
Commercial paper	58		—		—		58
Non-U.S. government and government sponsored entities	139		1		(3)		137
Corporate debt	1,088		5		(45)		1,048
Mortgage-backed, asset-backed, and collateralized:
RMBS	207		1		(18)		190
CMBS	20		—		(2)		18
CDO/ABS	70		—		(1)		69
Total	$	1,652	$	7	$	(72)	$	1,587

December 31, 2025*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	13	$	—	$	—	$	13
Obligations of states, municipalities, and political subdivisions	59		—		(3)		56
Commercial paper	—		—		—		—
Non-U.S. government and government sponsored entities	159		1		(3)		157
Corporate debt	1,057		11		(38)		1,030
Mortgage-backed, asset-backed, and collateralized:
RMBS	206		1		(17)		190
CMBS	24		—		(2)		22
CDO/ABS	66		—		(2)		64
Total	$	1,584	$	13	$	(65)	$	1,532

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of June 30, 2026 and December 31, 2025. There were no material amounts reversed from investment revenue for available-for-sale securities for the three and six months ended June 30, 2026 and 2025.


	Less Than 12 Months				12 Months or Longer				Total
(dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

June 30, 2026
U.S. government and government sponsored entities	$	5	$	—	$	8	$	—	$	13	$	—
Obligations of states, municipalities, and political subdivisions	4		—		43		(3)		47		(3)

Non-U.S. government and government sponsored entities	30		—		31		(3)		61		(3)
Corporate debt	283		(4)		490		(41)		773		(45)
Mortgage-backed, asset-backed, and collateralized:
RMBS	32		—		117		(18)		149		(18)
CMBS	2		—		14		(2)		16		(2)
CDO/ABS	33		—		23		(1)		56		(1)
Total	$	389	$	(4)	$	726	$	(68)	$	1,115	$	(72)

December 31, 2025
U.S. government and government sponsored entities	$	—	$	—	$	8	$	—	$	8	$	—
Obligations of states, municipalities, and political subdivisions	1		—		48		(3)		49		(3)

Non-U.S. government and government sponsored entities	23		—		37		(3)		60		(3)
Corporate debt	73		—		545		(38)		618		(38)
Mortgage-backed, asset-backed, and collateralized:
RMBS	6		—		124		(17)		130		(17)
CMBS	1		—		19		(2)		20		(2)
CDO/ABS	6		—		28		(2)		34		(2)
Total	$	110	$	—	$	809	$	(65)	$	919	$	(65)

On a lot basis, we had 1,556 and 1,355 investment securities in an unrealized loss position at June 30, 2026 and December 31, 2025, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of June 30, 2026, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of June 30, 2026, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the three and six months ended June 30, 2026 and 2025, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three and six months ended June 30, 2026 and 2025.

The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2026 totaled $24 million and $62 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2025 totaled $21 million and $42 million, respectively. The net realized gains and losses were immaterial during the three and six months ended June 30, 2026 and 2025.

Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2026 were as follows:


(dollars in millions)	Fair Value		Amortized Cost

Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$	203	$	205
Due after 1 year through 5 years	596		613
Due after 5 years through 10 years	371		382
Due after 10 years	140		155
Mortgage-backed, asset-backed, and collateralized securities	277		297
Total	$	1,587	$	1,652

Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.

Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment. Net unrealized gains and losses on other securities held were immaterial for the three and six months ended June 30, 2026 and 2025. Net realized gains and losses on other securities sold or redeemed were immaterial for the three and six months ended June 30, 2026 and 2025.