Variable Interest Entities

8. Variable Interest Entities

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.

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

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
June 30, 2026
Assets:
Bonds available-for-sale	$23	$—	$23
Other bond securities	25	—	25
Mortgage and other loans receivable	—	1,565	1,565
Other invested assets
Alternative investments(a)	2,478	—	2,478
Investment real estate	448	—	448
Short-term investments	81	—	81
Cash	36	—	36
Accrued investment income	—	4	4
Other assets	44	—	44
Total assets(b)	$3,135	$1,569	$4,704
Liabilities:
Debt of consolidated investment entities	$415	$842	$1,257
Other liabilities	54	—	54
Total liabilities	$469	$842	$1,311


(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
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

(a)Composed primarily of investments in real estate joint ventures at June 30, 2026 and December 31, 2025.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 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 $0.2 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 June 30, 2026
Total revenue	$16	$12	$28
Net (loss) attributable to noncontrolling interests	$(3)	$—	$(3)
Net income attributable to Corebridge	$16	$7	$23
Three Months Ended June 30, 2025
Total revenue	$46	$17	$63
Net (loss) attributable to noncontrolling interests	$(9)	$—	$(9)
Net income attributable to Corebridge	$41	$12	$53
Six Months Ended June 30, 2026
Total revenue	$(1)	$28	$27
Net (loss) attributable to noncontrolling interests	$(14)	$—	$(14)
Net income attributable to Corebridge	$3	$18	$21
Six Months Ended June 30, 2025
Total revenue	$74	$35	$109
Net (loss) attributable to noncontrolling interests	$(4)	$—	$(4)
Net income attributable to Corebridge	$58	$24	$82

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.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our

maximum exposure to loss associated with these VIEs:


		Maximum Exposure to Loss
(in millions)	Total VIE Assets		On-Balance Sheet(b)	Off-Balance Sheet (c)	Total
June 30, 2026
Real estate and investment entities(a)	$511,760		$6,315	$3,221	$9,536
Total	$511,760		$6,315	$3,221	$9,536
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

(a)Composed primarily of hedge funds and private equity funds.

(b)At June 30, 2026 and December 31, 2025, $6.3 billion and $6.2 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

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 June 30, 2026, the total VIE assets of these securitizations are $2.4 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.