Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At June 30, 2026
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	418,056	$	—	$	5	$	(31,097)	$	386,964	2
States, municipalities, and political subdivisions	3,425,038		—		22,865		(479,879)		2,968,024		17
Foreign governments	46,371		—		329		(7,699)		39,001		—
Corporates, by sector:
Industrials	8,015,069		—		141,850		(684,998)		7,471,921		42
Financial	5,051,600		—		92,973		(367,486)		4,777,087		26

Utilities	2,202,223		—		52,705		(103,774)		2,151,154		12
Total corporates	15,268,892		—		287,528		(1,156,258)		14,400,162		80

Other asset-backed securities	148,938		(3,297)		565		(168)		146,038		1
Total fixed maturities	$	19,307,295	$	(3,297)	$	311,292	$	(1,675,101)	$	17,940,189	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	409,170	$	—	$	161	$	(25,478)	$	383,853	2
States, municipalities, and political subdivisions	3,385,433		—		26,955		(531,762)		2,880,626		16
Foreign governments	47,448		—		138		(8,040)		39,546		—
Corporates, by sector:
Industrials	7,787,885		—		175,164		(645,363)		7,317,686		42
Financial	4,982,187		—		134,105		(333,966)		4,782,326		27

Utilities	2,093,010		—		71,582		(93,086)		2,071,506		12
Total corporates	14,863,082		—		380,851		(1,072,415)		14,171,518		81

Other asset-backed securities	115,331		(3,297)		1,877		(112)		113,799		1
Total fixed maturities	$	18,820,464	$	(3,297)	$	409,982	$	(1,637,807)	$	17,589,342	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $354 million and $313 million in fixed maturities at June 30, 2026 and December 31, 2025, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2026, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At June 30, 2026
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	188,169	$	188,860
Due after one year through five years	786,743		801,418
Due after five years through ten years	1,918,894		1,949,955
Due after ten years through twenty years	9,027,667		8,459,979
Due after twenty years	7,236,877		6,393,932
Mortgage-backed and asset-backed securities	145,648		146,045
	$	19,303,998	$	17,940,189

Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2026 and 2025 is summarized as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025		% Change	2026		2025		% Change
Fixed maturities available for sale	$	248,601	$	245,205	1	$	494,420	$	487,415	1
Policy loans	14,656		13,850		6	28,937		27,508		5
Mortgage loans	8,274		5,350		55	15,860		12,018		32
Other long-term investments(1)	27,279		21,438		27	53,359		44,517		20
Short-term investments	2,550		3,059			5,419		4,535
	301,360		288,902		4	597,995		575,993		4
Less investment expense	(7,540)		(6,733)		12	(14,351)		(13,210)		9
Net investment income	$	293,820	$	282,169	4	$	583,644	$	562,783	4

(1)For the three months ended June 30, 2026 and 2025 the investment funds, accounted for under the fair value option method, recorded $21.9 million and $18.1 million in net investment income, respectively. For the six months ended June 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $43.1 million and $37.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturities available for sale:
Proceeds from sales(1)	$	60,947	$	218,156	$	75,713	$	272,067
Gross realized gains	713		1,617		962		3,095
Gross realized losses	(1,449)		(7,026)		(1,449)		(8,490)

(1)During the three and six months ended June 30, 2026, the Company had $0 unsettled trades. There were $0 unsettled trades for the same periods in 2025.

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	2,464	$	(12,837)	$	1,747	$	(12,049)

Provision for credit losses	—		—		—		40
Fair value option—change in fair value	(3,055)		(8,476)		2,516		(6,105)
Mortgage loans	(110)		(126)		(251)		307
Other investments	(630)		(264)		(1,954)		(1,342)
Realized gains (losses) from investments	(1,331)		(21,703)		2,058		(19,149)

Other gains (losses)	8,469		3,129		3,602		660
Total realized gains (losses)	7,138		(18,574)		5,660		(18,489)
Applicable tax	(1,499)		3,900		(1,188)		3,882
Realized gains (losses), net of tax	$	5,639	$	(14,674)	$	4,472	$	(14,607)

(1)During the three months ended June 30, 2026 and 2025, the Company recorded $28.7 million and $72.6 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.2) million net realized gains (losses), respectively. During the six months ended June 30, 2026 and 2025, the Company recorded $29.0 million and $128.3 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.1) million net realized gains (losses), respectively.

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2026 and December 31, 2025:


	Fair Value Measurement at June 30, 2026:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	386,964		$	—		$	386,964
States, municipalities, and political subdivisions	—			2,965,047			2,977			2,968,024
Foreign governments	—			39,001			—			39,001
Corporates, by sector:

Financial	—			4,648,035			129,052			4,777,087

Utilities	—			2,018,134			133,020			2,151,154
Other corporate sectors	—			7,394,364			77,557			7,471,921
Total corporates	—			14,060,533			339,629			14,400,162

Other asset-backed securities	—			16,062			129,976			146,038
Total fixed maturities	$	—		$	17,467,607		$	472,582		$	17,940,189
Percentage of total	—		%	97		%	3		%	100		%


	Fair Value Measurement at December 31, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	383,853		$	—		$	383,853
States, municipalities, and political subdivisions	—			2,880,626			—			2,880,626
Foreign governments	—			39,546			—			39,546
Corporates, by sector:
Industrials	—			7,232,179			85,507			7,317,686
Financial	—			4,661,175			121,151			4,782,326

Utilities	—			1,968,840			102,666			2,071,506
Total corporates	—			13,862,194			309,324			14,171,518

Other asset-backed securities	—			27,898			85,901			113,799
Total fixed maturities	$	—		$	17,194,117		$	395,225		$	17,589,342
Percentage of total	—		%	98		%	2		%	100		%

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2026	$	85,901		$	—		$	—		$	309,324		$	395,225

Included in realized gains / losses	—			—			—			747			747
Included in other comprehensive income	177			—			—			(5,541)			(5,364)
Acquisitions	45,334			—			2,977			44,000			92,311
Sales	—			—			—			(4,480)			(4,480)
Amortization	—			—			—			(5)			(5)
Other(1)	(1,436)			—			—			(4,416)			(5,852)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at June 30, 2026	$	129,976		$	—		$	2,977		$	339,629		$	472,582
Percent of total fixed maturities	1		%	—		%	—		%	2		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	—		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			—			(4)			(592)
Included in other comprehensive income	71			—			—			(3,328)			(3,257)
Acquisitions	21,339			—			—			17,515			38,854
Sales	—			(36,398)			—			—			(36,398)
Amortization	—			1,893			—			13			1,906
Other(1)	—			(7,773)			—			(15,864)			(23,637)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at June 30, 2025	$	32,593		$	—		$	—		$	418,397		$	450,990
Percent of total fixed maturities	—		%	—		%	—		%	3		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:


	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		States, Municipalities and Political Subdivisions Debt Obligations		Corporates		Total
At June 30, 2026	$	177	$	—	$	—	$	(5,541)	$	(5,364)
At June 30, 2025	71		—		—		(3,328)		(3,257)

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets become available for identical assets/liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

June 30, 2026

Fair Value

Valuation Technique

Significant Unobservable
Input

Range

Weighted-

Average(1)

Corporates

339,629

Discounted cash flow

Credit rating

BB to AA

A-

States, municipalities and political subdivisions

2,977

Discounted cash flow

Credit rating

AAA

Asset-backed securities

129,976

Discounted cash flow

Credit rating

CC to A

BBB

472,582

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Level 3 securities are valued based on the contractual cash flows discounted by a rate determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of June 30, 2026	509	1,555	2,064
As of December 31, 2025	395	1,583	1,978

Globe Life's entire fixed maturity portfolio consisted of 2,628 issues by 1,013 different issuers at June 30, 2026 and 2,576 issues by 1,010 different issuers at December 31, 2025. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of June 30, 2026 and A as of December 31, 2025.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses


	At June 30, 2026
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	22,492	$	(290)	$	361,770	$	(30,807)	$	384,262	$	(31,097)
States, municipalities, and political subdivisions	577,998		(13,249)		1,729,875		(466,467)		2,307,873		(479,716)
Foreign governments	—		—		24,893		(7,699)		24,893		(7,699)
Corporates, by sector:
Industrials	1,019,521		(27,839)		3,460,943		(614,025)		4,480,464		(641,864)
Financial	716,497		(39,257)		1,780,569		(313,186)		2,497,066		(352,443)

Utilities	440,898		(9,613)		546,684		(87,402)		987,582		(97,015)
Total corporates	2,176,916		(76,709)		5,788,196		(1,014,613)		7,965,112		(1,091,322)

Other asset-backed securities	14,794		(107)		1,247		(61)		16,041		(168)
Total investment grade securities	2,792,200		(90,355)		7,905,981		(1,519,647)		10,698,181		(1,610,002)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,796		(163)		1,796		(163)


Industrials	61,696		(5,007)		130,832		(38,127)		192,528		(43,134)
Financial	18,636		(377)		87,111		(14,666)		105,747		(15,043)

Utilities	13,773		(248)		36,852		(6,511)		50,625		(6,759)
Total corporates	94,105		(5,632)		254,795		(59,304)		348,900		(64,936)

Other asset-backed securities	482		—		—		—		482		—
Total below investment grade securities	94,587		(5,632)		256,591		(59,467)		351,178		(65,099)
Total fixed maturities	$	2,886,787	$	(95,987)	$	8,162,572	$	(1,579,114)	$	11,049,359	$	(1,675,101)


	At December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,894	$	(454)	$	368,750	$	(25,024)	$	373,644	$	(25,478)
States, municipalities, and political subdivisions	535,186		(12,491)		1,731,104		(519,061)		2,266,290		(531,552)
Foreign governments	5,616		(26)		25,370		(8,014)		30,986		(8,040)
Corporates, by sector:
Industrials	680,126		(14,131)		3,667,956		(591,006)		4,348,082		(605,137)
Financial	469,436		(29,118)		1,806,739		(294,440)		2,276,175		(323,558)

Utilities	302,325		(4,274)		555,085		(82,694)		857,410		(86,968)
Total corporates	1,451,887		(47,523)		6,029,780		(968,140)		7,481,667		(1,015,663)

Other asset-backed securities	18,217		(62)		1,379		(50)		19,596		(112)
Total investment grade securities	2,015,800		(60,556)		8,156,383		(1,520,289)		10,172,183		(1,580,845)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,751		(210)		1,751		(210)

Corporates, by sector:
Industrials	35,564		(6,631)		141,446		(33,595)		177,010		(40,226)
Financial	6,185		(36)		101,427		(10,372)		107,612		(10,408)

Utilities	5,025		(60)		38,121		(6,058)		43,146		(6,118)
Total corporates	46,774		(6,727)		280,994		(50,025)		327,768		(56,752)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	46,774		(6,727)		282,745		(50,235)		329,519		(56,962)
Total fixed maturities	$	2,062,574	$	(67,283)	$	8,439,128	$	(1,570,524)	$	10,501,702	$	(1,637,807)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect the holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Allowance for credit losses beginning balance	$	3,297	$	10,355	$	3,297	$	10,395
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	—		—		—		(40)
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	—		—		—		—
Allowance for credit losses ending balance	$	3,297	$	10,355	$	3,297	$	10,355

As of June 30, 2026, the Company had one fixed maturity security in non-accrual status with an amortized cost of $5.5 million and an allowance of $3.3 million. As of December 31, 2025, the Company had two fixed maturity securities in non-accrual status with an amortized cost of $9.2 million and an allowance of $3.3 million.

Mortgage Loans (commercial mortgage loans): Investments in commercial mortgage loans are made through direct investments and through investment funds. We have total commercial mortgage loan investments made directly and through investment funds of $1.01 billion at June 30, 2026 and $1.04 billion at December 31, 2025. The commercial mortgage loan summaries provided in this section pertain only to those commercial mortgage loans made directly.

Summaries of commercial mortgage loans by property type and geographical location at June 30, 2026 and December 31, 2025 are as follows:


	June 30, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	166,662	39	$	155,208	36
Hospitality	100,894		24	99,492		23
Multi-family	119,087		28	99,212		23
Retail	40,663		9	76,059		18
Office	2,973		1	3,061		1


Total recorded investment	430,279		101	433,032		101
Less allowance for credit losses	(4,766)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	425,513	100	$	428,517	100


	June 30, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	130,687	31	$	88,681	21
Texas	67,329		16	66,597		15
North Carolina	43,553		10	42,358		10
Minnesota	31,117		7	31,084		7
California	29,196		7	28,450		7
New York	21,424		5	31,948		7
Other	106,973		25	143,914		34
Total recorded investment	430,279		101	433,032		101
Less allowance for credit losses	(4,766)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	425,513	100	$	428,517	100

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than or equal to 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equate to higher risk of loss.


	June 30, 2026
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	84,531	$	55,879	$	282,207	$	422,617	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	7,662		—		—		7,662		2
Total	$	92,193	$	55,879	$	282,207	430,279		100
Less allowance for credit losses							(4,766)
Total, net of allowance for credit losses							$	425,513

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.


	December 31, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	61,159	$	50,009	$	313,634	$	424,802	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,389	$	50,009	$	313,634	433,032		100
Less allowance for credit losses							(4,515)
Total, net of allowance for credit losses							$	428,517

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

As of June 30, 2026, the Company had 37 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined no loans were collateral dependent or likely to foreclose.

For the six months ended June 30, 2026, the allowance for credit losses increased by $251 thousand to $4.8 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Allowance for credit losses beginning balance	$	4,656	$	6,731	$	4,515	$	7,644

Provision (reversal) for credit losses	110		110		251		(138)
Reduction in allowance due to dispositions	—		(212)		—		(877)
Allowance for credit losses ending balance	$	4,766	$	6,629	$	4,766	$	6,629

As of June 30, 2026 and December 31, 2025, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $1 million and no delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $18 million as of June 30, 2026.

Other Long-Term Investments: Other long-term investments consist of the following assets:



	June 30, 2026		December 31, 2025
Investment funds	$	1,097,834	$	1,109,719
Company-owned life insurance(1)	327,966		243,721
Other	41,058		42,624
Total	$	1,466,858	$	1,396,064

(1) Company-owned life insurance is reported at cash surrender value.

The following table presents additional information about the Company's investment funds as of June 30, 2026 and December 31, 2025 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	June 30, 2026		December 31, 2025		June 30, 2026		Redemption Term/Notice(1)






Commercial mortgage loans	$	584,373	$	614,080	$	471,848	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	227,624		223,665		201,728		Fully redeemable and non-redeemable with varying terms.


Infrastructure	201,040		187,964		32,711		Fully redeemable and non-redeemable with varying terms.


Other	84,797		84,010		55,359		Non-redeemable with varying terms
Total investment funds	$	1,097,834	$	1,109,719	$	761,646

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of June 30, 2026, unfunded commitments totaled $935 million, including funds past the investment period.

The Company had $75 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $762 million as of June 30, 2026.