| Schedule of Variable Interest Entities |
The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (Dollars in millions) | | Available-for-sale fixed maturity securities | $ | 226 | | | $ | 74 | | | Equity securities | 187 | | | 693 | | | Mortgage loans on real estate, net of allowance | 458 | | | 248 | | | Private loans, net of allowance | 1,953 | | | 2,007 | | | Investment real estate | 2,875 | | | 2,660 | | | Real estate partnerships | 1,668 | | | 1,479 | | | Investment funds | 3,052 | | | 2,604 | | | Short-term investments | — | | | 2 | | Other invested assets | 831 | | | 326 | | | Cash and cash equivalents | 350 | | | 293 | | | Other assets | 143 | | | 166 | | | Total assets of consolidated VIEs | $ | 11,743 | | | $ | 10,552 | | | | | | | Notes payable | $ | 206 | | | $ | 205 | | | Other liabilities | 751 | | | 733 | | | Total liabilities of consolidated VIEs | $ | 957 | | | $ | 938 | |
The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Carrying Amount | | Maximum Exposure to Loss | | Carrying Amount | | Maximum Exposure to Loss | | (Dollars in millions) | | Available-for-sale fixed maturity securities | $ | 4,612 | | | $ | 5,149 | | | $ | 2,829 | | | $ | 3,137 | | | | | | | | | | | Mortgage loans on real estate, net of allowance | 494 | | | 494 | | | 562 | | | 562 | | | Private loans, net of allowance | 2,157 | | | 2,184 | | | 1,809 | | | 1,809 | | | | | | | | | | | Real estate partnerships | 2,691 | | | 2,695 | | | 2,681 | | | 2,685 | | | Investment funds | 3,532 | | | 5,602 | | | 2,182 | | | 3,470 | | | | | | | | | | | Other invested assets | 1,017 | | | 1,164 | | | 524 | | | 524 | | | | | | | | | | | Total | $ | 14,503 | | | $ | 17,288 | | | $ | 10,587 | | | $ | 12,187 | |
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