Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at March 31, 2025 and December 31, 2024, 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 March 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	$	407,846	$	—	$	61	$	(31,928)	$	375,979	2
States, municipalities, and political subdivisions	3,295,133		—		27,554		(561,706)		2,760,981		16
Foreign governments	37,681		—		20		(9,320)		28,381		—
Corporates, by sector:
Industrials	7,971,906		(7,058)		138,014		(717,612)		7,385,250		42
Financial	5,026,161		—		107,057		(371,016)		4,762,202		27
Utilities	2,104,309		—		57,954		(101,935)		2,060,328		12
Total corporates	15,102,376		(7,058)		303,025		(1,190,563)		14,207,780		81
Collateralized debt obligations	36,609		—		5,046		—		41,655		—
Other asset-backed securities	94,722		(3,297)		69		(1,303)		90,191		1
Total fixed maturities	$	18,974,367	$	(10,355)	$	335,775	$	(1,794,820)	$	17,504,967	100

(1)Amount reported in the balance sheet.

(2)At fair value.

	At December 31, 2024
	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	$	401,753	$	—	$	1	$	(42,794)	$	358,960	2
States, municipalities, and political subdivisions	3,300,901		—		20,662		(534,759)		2,786,804		16
Foreign governments	36,883		—		18		(8,870)		28,031		—
Corporates, by sector:
Industrials	7,889,074		(7,098)		105,610		(805,330)		7,182,256		42
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27
Utilities	2,081,366		—		39,716		(118,007)		2,003,075		12
Total corporates	14,976,815		(7,098)		227,924		(1,336,380)		13,861,261		81
Collateralized debt obligations	36,923		—		5,943		—		42,866		—
Other asset-backed securities	82,534		(3,297)		39		(2,186)		77,090		1
Total fixed maturities	$	18,835,809	$	(10,395)	$	254,587	$	(1,924,989)	$	17,155,012	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $155 million and $167 million in fixed maturities at March 31, 2025 and December 31, 2024, respectively.

The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $397 million (2% of the total fixed maturity portfolio) and $405 million (2% of the total fixed maturity portfolio) at March 31, 2025 and December 31, 2024, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at March 31, 2025, 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 March 31, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	117,643	$	117,820
Due after one year through five years	767,696		787,970
Due after five years through ten years	1,925,094		1,963,237
Due after ten years through twenty years	8,804,536		8,303,529
Due after twenty years	7,221,009		6,200,565
Mortgage-backed and asset-backed securities	128,034		131,846
	$	18,964,012	$	17,504,967

Analysis of Investment Operations: "Net investment income" for the three month periods ended March 31, 2025 and 2024 is summarized as follows:

	Three Months Ended March 31,
	2025		2024		% Change
Fixed maturities available for sale	$	242,210	$	246,098	(2)
Policy loans	13,658		12,816		7
Mortgage loans	6,668		6,760		(1)
Other long-term investments(1)	23,079		19,663		17
Short-term investments	1,476		1,688
	287,091		287,025		—
Less investment expense	(6,477)		(4,447)		46
Net investment income	$	280,614	$	282,578	(1)

(1)For the three months ended March 31, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $19.2 million and $18.9 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 March 31,
	2025		2024
Fixed maturities available for sale:
Proceeds from sales(1)	$	53,911	$	27,853
Gross realized gains	1,478		175
Gross realized losses	(1,464)		(35)

(1)As of March 31, 2025 and 2024, the Company had $0 million and $0 of unsettled trades, respectively.

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

	Three Months Ended March 31,
	2025		2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	788	$	140
Provision for credit losses	40		88
Fair value option—change in fair value	2,371		(15,403)
Mortgage loans	433		(874)
Other investments	(1,078)		314
Realized gains (losses) from investments	2,554		(15,735)
Other gains (losses)	(2,469)		3,936
Total realized gains (losses)	85		(11,799)
Applicable tax	(18)		2,478
Realized gains (losses), net of tax	$	67	$	(9,321)

(1)During the three months ended March 31, 2025 and 2024, the Company recorded $55.7 million and $66.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at March 31, 2025 and December 31, 2024:

	Fair Value Measurement at March 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	$	—		$	375,979		$	—		$	375,979
States, municipalities, and political subdivisions	—			2,760,981			—			2,760,981
Foreign governments	—			28,381			—			28,381
Corporates, by sector:
Industrials	—			7,204,316			180,934			7,385,250
Financial	—			4,632,305			129,897			4,762,202
Utilities	—			1,944,973			115,355			2,060,328
Total corporates	—			13,781,594			426,186			14,207,780
Collateralized debt obligations	—			—			41,655			41,655
Other asset-backed securities	—			66,598			23,593			90,191
Total fixed maturities	$	—		$	17,013,533		$	491,434		$	17,504,967
Percentage of total	—		%	97		%	3		%	100		%

	Fair Value Measurement at December 31, 2024:
	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	$	—		$	358,960		$	—		$	358,960
States, municipalities, and political subdivisions	—			2,786,804			—			2,786,804
Foreign governments	—			28,031			—			28,031
Corporates, by sector:
Industrials	—			6,998,900			183,356			7,182,256
Financial	—			4,551,737			124,193			4,675,930
Utilities	—			1,890,559			112,516			2,003,075
Total corporates	—			13,441,196			420,065			13,861,261
Collateralized debt obligations	—			—			42,866			42,866
Other asset-backed securities	—			65,907			11,183			77,090
Total fixed maturities	$	—		$	16,680,898		$	474,114		$	17,155,012
Percentage of total	—		%	97		%	3		%	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			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	420,065		$	474,114
Included in realized gains / losses	—			—			(1)			(1)
Included in other comprehensive income	30			5,046			(7,000)			(1,924)
Acquisitions	12,380			—			9,200			21,580
Sales	—			—			—			—
Amortization	—			1,136			(3)			1,133
Other(1)	—			(7,393)			3,925			(3,468)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at March 31, 2025	$	23,593		$	41,655		$	426,186		$	491,434
Percent of total fixed maturities	—		%	—		%	3		%	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			Corporates			Total
Balance at January 1, 2024	$	—		$	42,146		$	454,733		$	496,879
Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			(2,035)			(5,996)			(8,031)
Acquisitions	—			—			7,800			7,800
Sales	—			—			—			—
Amortization	—			1,141			(4)			1,137
Other(1)	—			(1,521)			(18,969)			(20,490)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at March 31, 2024	$	—		$	39,731		$	437,564		$	477,295
Percent of total fixed maturities	—		%	—		%	3		%	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.

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		Corporates		Total
At March 31, 2025	$	30	$	5,046	$	(7,000)	$	(1,924)
At March 31, 2024	—		(2,035)		(5,996)		(8,031)

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 becomes 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
	March 31, 2025
	Fair Value		Valuation Techniques	Significant Unobservable Input	Range	Weighted- Average(1)
Private placement fixed maturities	$	426,186	Determination of credit spread	Credit rating	B to AA	BBB+
Collateralized debt obligations	41,655		Discounted cash flows	Discount rate	12.00%	12.00%
Asset-backed securities	23,593		Determination of credit spread	Credit rating	CC - BBB	BB+
	$	491,434

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

Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield 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.

The collateral underlying the collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. 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 March 31, 2025	584	1,499	2,083
As of December 31, 2024	705	1,498	2,203

Globe Life's entire fixed maturity portfolio consisted of 2,571 issues by 1,018 different issuers at March 31, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of March 31, 2025 and December 31, 2024.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at March 31, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses

	At March 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	$	4,901	$	(218)	$	361,306	$	(31,710)	$	366,207	$	(31,928)
States, municipalities, and political subdivisions	591,622		(25,816)		1,533,423		(535,890)		2,125,045		(561,706)
Foreign governments	—		—		25,227		(9,320)		25,227		(9,320)
Corporates, by sector:
Industrials	1,292,072		(58,960)		3,486,110		(630,367)		4,778,182		(689,327)
Financial	748,292		(42,463)		1,809,982		(312,039)		2,558,274		(354,502)
Utilities	359,881		(15,222)		546,222		(80,061)		906,103		(95,283)
Total corporates	2,400,245		(116,645)		5,842,314		(1,022,467)		8,242,559		(1,139,112)
Other asset-backed securities	41,588		(162)		24,974		(1,141)		66,562		(1,303)
Total investment grade securities	3,038,356		(142,841)		7,787,244		(1,600,528)		10,825,600		(1,743,369)
Below investment grade securities:
Corporates, by sector:
Industrials	60,152		(873)		153,494		(27,412)		213,646		(28,285)
Financial	7,133		(113)		101,771		(16,401)		108,904		(16,514)
Utilities	27,442		(1,867)		24,905		(4,785)		52,347		(6,652)
Total corporates	94,727		(2,853)		280,170		(48,598)		374,897		(51,451)
Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	94,727		(2,853)		280,170		(48,598)		374,897		(51,451)
Total fixed maturities	$	3,133,083	$	(145,694)	$	8,067,414	$	(1,649,126)	$	11,200,497	$	(1,794,820)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect our 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 from time to time, 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.

Analysis of Gross Unrealized Investment Losses

	At December 31, 2024
	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	$	11,268	$	(290)	$	347,527	$	(42,504)	$	358,795	$	(42,794)
States, municipalities, and political subdivisions	778,244		(32,894)		1,532,264		(501,865)		2,310,508		(534,759)
Foreign governments	—		—		24,925		(8,870)		24,925		(8,870)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)
Utilities	546,965		(20,214)		540,077		(90,996)		1,087,042		(111,210)
Total corporates	2,996,837		(146,564)		5,758,241		(1,115,789)		8,755,078		(1,262,353)
Other asset-backed securities	23,231		(95)		42,639		(2,091)		65,870		(2,186)
Total investment grade securities	3,809,580		(179,843)		7,705,596		(1,671,119)		11,515,176		(1,850,962)
Below investment grade securities:
Corporates, by sector:
Industrials	54,199		(2,656)		142,638		(38,350)		196,837		(41,006)
Financial	2,990		(53)		126,811		(26,171)		129,801		(26,224)
Utilities	19,263		(1,113)		24,003		(5,684)		43,266		(6,797)
Total corporates	76,452		(3,822)		293,452		(70,205)		369,904		(74,027)
Other asset-backed securities	—		—		2,198		—		2,198		—
Total below investment grade securities	76,452		(3,822)		295,650		(70,205)		372,102		(74,027)
Total fixed maturities	$	3,886,032	$	(183,665)	$	8,001,246	$	(1,741,324)	$	11,887,278	$	(1,924,989)

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

	Three Months Ended March 31,
	2025		2024
Allowance for credit losses beginning balance	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	(40)		(88)
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	$	10,355	$	7,027

As of March 31, 2025 and December 31, 2024, 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.

Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	128,598	30	$	110,456	28
Multi-family	111,566		26	111,234		28
Hospitality	87,700		21	73,931		19
Retail	66,021		16	65,612		16
Mixed use	35,959		8	35,960		9
Office	3,061		1	6,539		2
Total recorded investment	432,905		102	403,732		102
Less allowance for credit losses	(6,731)		(2)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	426,174	100	$	396,088	100

	March 31, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	80,308	19	$	63,308	16
Texas	72,214		17	75,131		19
New Jersey	55,912		13	51,744		13
California	48,380		11	48,371		12
Alabama	35,884		9	35,850		9
New York	31,883		8	34,975		9
Other	108,324		25	94,353		24
Total recorded investment	432,905		102	403,732		102
Less allowance for credit losses	(6,731)		(2)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	426,174	100	$	396,088	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 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 equates to higher risk of loss.

	March 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%	$	66,631	$	46,976	$	268,913	$	382,520	88
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	12,657		37,728		—		50,385		12
Total	$	79,288	$	84,704	$	268,913	432,905		100
Less allowance for credit losses							(6,731)
Total, net of allowance for credit losses							$	426,174

(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, 2024
	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%	$	88,507	$	64,494	$	196,867	$	349,868	87
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	16,136		37,728		—		53,864		13
Total	$	104,643	$	102,222	$	196,867	403,732		100
Less allowance for credit losses							(7,644)
Total, net of allowance for credit losses							$	396,088

(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.

As of March 31, 2025, the Company had 36 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 five loans were collateral dependent or likely to foreclose. The allowance for credit losses on the five loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the five loans was $50.4 million and the allowance for these loans using the practical expedient was $3.2 million as of March 31, 2025. During the quarter, one loan with an outstanding principal value of $3.5 million was removed from the evaluation as a result of foreclosure. Additionally, there were three commercial mortgage loans in the process of foreclosure, with an outstanding par value of $42.2 million and outstanding interest due of $1.9 million as of March 31, 2025. For the three months ended March 31, 2025, the allowance for credit losses decreased by $913 thousand to $6.7 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

	Three Months Ended March 31,
	2025		2024
Allowance for credit losses beginning balance	$	7,644	$	3,672
Provision (reversal) for credit losses	(248)		874
Reduction in allowance due to dispositions	(665)		—
Allowance for credit losses ending balance	$	6,731	$	4,546

As of March 31, 2025, the Company had four commercial mortgage loans in non-accrual status with a principal balance of $49 million. As of December 31, 2024, the Company had five commercial mortgage loans in non-accrual status with a principal balance of $53 million. The Company's unfunded commitment balance to commercial loan borrowers was $21 million as of March 31, 2025.

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

	March 31,
	March 31, 2025		December 31, 2024
Investment funds	$	989,027	$	986,766
Company-owned life insurance(1)	205,331		202,734
Other	42,266		46,259
Total	$	1,236,624	$	1,235,759

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

The following table presents additional information about the Company's investment funds as of March 31, 2025 and December 31, 2024 at fair value:

	Fair Value				Unfunded Commitments(2)
Investment Category	March 31, 2025		December 31, 2024		March 31, 2025		Redemption Term/Notice(1)
Commercial mortgage loans	$	560,271	$	566,142	$	192,336	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	212,692		202,008		179,305		Fully redeemable and non-redeemable with varying terms.
Infrastructure	179,980		179,627		25,000		Fully redeemable and non-redeemable with varying terms.
Other	36,084		38,989		59,098		Non-redeemable with varying terms
Total investment funds	$	989,027	$	986,766	$	455,739

(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 March 31, 2025, unfunded commitments totaled $595 million, including funds past the investment period.

The Company had $19 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $456 million as of March 31, 2025.