XML 54 R41.htm IDEA: XBRL DOCUMENT v3.24.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20232022
(in thousands)
U.S. dollar fixed rate notes2025-20270.00%-14.85 %$147,984 $148,076 
Total notes receivable - affiliated(1)$147,984 $148,076 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Commercial Mortgage Loans
The following table sets forth the composition of “Commercial mortgage and other loans” as of the dates indicated:
 December 31, 2023December 31, 2022
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,578,785 25.7 %$1,289,026 26.0 %
Hospitality102,952 1.7 104,177 2.1 
Industrial2,486,230 40.4 1,766,247 35.8 
Office604,611 9.8 590,897 11.9 
Other456,720 7.4 380,121 7.7 
Retail363,706 5.9 351,457 7.1 
Total commercial mortgage loans5,593,004 90.9 4,481,925 90.6 
Agricultural property loans562,046 9.1 467,018 9.4 
Total commercial mortgage and agricultural property loans6,155,050 100.0 %4,948,943 100.0 %
Allowance for credit losses(37,689)(20,263)
Net commercial mortgage and agricultural property loans6,117,361 4,928,680 
Other loans:
Other collateralized loans5,360 0 
     Total other loans 5,360 0 
     Net commercial mortgage and other loans$6,122,721 $4,928,680 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20232022
(in thousands)
Affiliated Commercial Mortgage Loan20259.85%$71,038 $72,225 
Affiliated Asset Transfers The table below shows affiliated asset trades for the years ended December 31, 2023 and 2022.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net
of Tax
Increase/
(Decrease)		Realized
Investment
Gain/
(Loss)
    (in thousands)
PALACJanuary 2022PurchaseFixed Maturities$4,432 $4,432 $0 $0 
PALACJanuary 2022PurchaseDerivatives$404 $404 $0 $0 
PALACFebruary 2022PurchaseFixed Maturities$128,909 $128,909 $0 $0 
PAR UApril 2022PurchaseFixed Maturities$48,970 $48,970 $0 $0 
Prudential InsuranceMay 2022PurchaseFixed Maturities$233,426 $241,128 $6,085 $0 
Prudential InsuranceJune 2022PurchaseFixed Maturities$88,754 $81,216 $(5,955)$0 
Prudential InsuranceJune 2022Transfer InFixed Maturities$52,089 $45,031 $(5,577)$0 
Prudential InsuranceJune 2022Transfer OutFixed Maturities$48,786 $58,984 $(8,057)$0 
PAR UJune 2022PurchaseCommercial Mortgage and Other Loans$6,492 $6,492 $0 $0 
PAR UJune 2022SaleCommercial Mortgage and Other Loans$14,853 $15,725 $0 $(872)
GUL ReJune 2022PurchaseCommercial Mortgage and Other Loans$13,551 $13,551 $0 $0 
GUL ReJune 2022SaleCommercial Mortgage and Other Loans$8,692 $9,033 $0 $(341)
PURCJune 2022PurchaseCommercial Mortgage and Other Loans$4,403 $4,403 $0 $0 
Prudential InsuranceJuly 2022Transfer InFixed Maturities$6,319 $7,230 $719 $0 
PAR UJuly 2022PurchaseFixed Maturities$16,284 $16,284 $0 $0 
Prudential InsuranceAugust 2022PurchaseFixed Maturities$155,823 $139,712 $(12,728)$0 
Vantage Casualty Insurance CoSeptember 2022PurchaseFixed Maturities$3,497 $3,497 $0 $0 
WH Warehouse LtdOctober 2022SaleFixed Maturities$26,536 $26,388 $0 $148 
PAR UNovember 2022PurchaseFixed Maturities$91,051 $91,051 $0 $0 
Prudential InsuranceDecember 2022PurchaseFixed Maturities$67,477 $71,369 $3,075 $0 
Prudential InsuranceJanuary 2023PurchaseFixed Maturities$48,329 $50,372 $1,614 $0 
Prudential InsuranceMarch 2023PurchaseFixed Maturities$7,175 $7,500 $256 $0 
PURCApril 2023PurchaseFixed Maturities$102,804 $102,804 $0 $0 
Term ReJune 2023PurchaseFixed Maturities$115,573 $115,573 $0 0
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,298 $4,443 $114 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,394 $4,494 $80 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$19,453 $19,203 $(198)$0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $502 $0 
Prudential InsuranceSeptember 2023PurchaseFixed Maturities$15,880 $15,801 $(62)$0 
Prudential InsuranceDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
Debt Agreements The following table provides the breakout of the Company's short-term debt. There is no long-term debt to affiliates as of December 31, 2023.
AffiliateDate IssuedAmount of Notes - December 31, 2023Amount of Notes - December 31, 2022Interest 
Rate		Date of Maturity
(in thousands)
Prudential Insurance8/13/2021$0 $96,666 4.39 %12/15/2023
Prudential Insurance8/13/20210 29,000 4.39 %12/15/2023
Prudential Insurance8/13/202194,953 97,665 3.95 %6/20/2024
Prudential Insurance8/13/202137,981 39,066 3.95 %6/20/2024
Prudential Insurance8/13/202147,477 48,832 3.95 %6/20/2024
Prudential Funding LLC12/28/20220 138 4.73 %1/31/2023
Prudential Funding LLC12/29/20220 62 4.73 %1/31/2023
Prudential Funding LLC12/30/20220 384 4.73 %1/31/2023
Total Loans Payable to Affiliates(1)$180,411 $311,813 
(1)Includes $180 million of loans reclassified as current portion of long-term debt as of December 31, 2023.