| Mortgage Loans |
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | Amount | | % of
Total | | Amount | | % of
Total | | | ($ in millions) | | Commercial mortgage and agricultural property loans by property type: | | | | | | | | | | Office | | $ | 7,065 | | | 11.3 | % | | $ | 7,867 | | | 12.7 | % | | Retail | | 5,441 | | | 8.7 | | | 5,552 | | | 9.0 | | | Apartments/Multi-Family | | 18,729 | | | 29.9 | | | 17,522 | | | 28.3 | | | Industrial | | 17,293 | | | 27.5 | | | 16,900 | | | 27.3 | | | Hospitality | | 1,668 | | | 2.7 | | | 1,831 | | | 3.0 | | Self-Storage(1) | | 2,276 | | | 3.6 | | | 2,194 | | | 3.5 | | Health Care Senior Living(1) | | 1,858 | | | 3.0 | | | 1,858 | | | 3.0 | | Other(1) | | 565 | | | 0.9 | | | 334 | | | 0.6 | | | Total commercial mortgage loans | | 54,895 | | | 87.6 | | | 54,058 | | | 87.4 | | | Agricultural property loans | | 7,762 | | | 12.4 | | | 7,775 | | | 12.6 | | | Total commercial mortgage and agricultural property loans | | 62,657 | | | 100.0 | % | | 61,833 | | | 100.0 | % | | Allowance for credit losses | | (508) | | | | | (528) | | | | | Total net commercial mortgage and agricultural property loans | | 62,149 | | | | | 61,305 | | | | | Other loans: | | | | | | | | | | Uncollateralized loans | | 368 | | | | | 595 | | | | | Residential property loans | | 18 | | | | | 19 | | | | | Other collateralized loans | | 477 | | | | | 468 | | | | | Total other loans | | 863 | | | | | 1,082 | | | | | Allowance for credit losses | | (46) | | | | | (46) | | | | | Total net other loans | | 817 | | | | | 1,036 | | | | Total net commercial mortgage and other loans(2) | | $ | 62,966 | | | | | $ | 62,341 | | | |
__________ (1)Prior period amounts have been updated to conform to current period presentation. (2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of June 30, 2025 and December 31, 2024, the net carrying value of these loans was $726 million and $702 million, respectively. Commercial Mortgage Loan Commitments
| | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | (in millions) | | Total outstanding mortgage loan commitments | $ | 3,164 | | | $ | 2,552 | | | Portion of commitment where prearrangement to sell to investor exists | $ | 779 | | | $ | 578 | |
Indemnification of Serviced Mortgage Loans
| | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | (in millions) | | Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | $ | 3,359 | | | $ | 3,272 | | | First-loss exposure portion of above | $ | 966 | | | $ | 942 | | | Accrued liability associated with guarantees(1) | $ | 23 | | | $ | 25 | |
__________ (1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of June 30, 2025 and December 31, 2024, respectively. The change in allowance was a reduction of $0 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and a reduction of $1 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.
|
| Indemnification of Securities Lending and Securities Repurchase Transactions |
Indemnification of Securities Lending and Securities Repurchase Transactions | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | (in millions) | | Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) | $ | 5,054 | | | $ | 5,015 | | Fair value of related collateral associated with above indemnifications(1) | $ | 5,167 | | | $ | 5,119 | | | Accrued liability associated with guarantee | $ | 0 | | | $ | 0 | |
__________ (1)Includes $0 million and $240 million related to securities repurchase transactions as of June 30, 2025 and December 31, 2024, respectively.
|
| Guarantees |
Guarantees of Asset Values
| | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | (in millions) | | Guaranteed value of third-parties’ assets | $ | 77,495 | | | $ | 76,416 | | | Fair value of collateral supporting these assets | $ | 73,402 | | | $ | 71,423 | | | Asset (liability) associated with guarantee, carried at fair value | $ | (16) | | | $ | (1) | |
Other Guarantees
| | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | (in millions) | | Other guarantees where amount can be determined | $ | 288 | | | $ | 289 | | | Accrued liability for other guarantees and indemnifications | $ | 31 | | | $ | 32 | |
|