defined by fin 46 ( r ) , as a result of the issuance of subordinated notes by the conduits to third-party investors , and we do not record these conduits in our consolidated financial statements . at december 31 , 2006 and 2005 , total assets in unconsolidated conduits were $ 25.25 billion and $ 17.90 billion , respectively . our off-balance sheet commitments to these conduits are disclosed in note 10 . collateralized debt obligations : we manage a series of collateralized debt obligations , or 201ccdos