Mortgage and other loans receivable include commercial mortgages, residential mortgages, policy loans on life and annuity contracts, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.

Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method.

Policy loans on life and annuity contracts are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made, and the balances are effectively collateralized by the cash surrender value of the policy or annuity.


(in millions)	December 31, 2025		December 31, 2024
Commercial mortgages(a)	$	37,009	$	35,795
Residential mortgages	13,839		12,735
Life insurance policy loans	1,694		1,726
Commercial loans, other loans and notes receivable(b)	2,666		3,283
Total mortgage and other loans receivable	55,208		53,539
Allowance for credit losses(c)	(727)		(771)
Mortgage and other loans receivable, net	$	54,481	$	52,768

(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 17% and 10%, respectively, at December 31, 2025, and 18% and 10%, respectively, at December 31, 2024). The weighted average loan-to-value ratio for NY and CA was 66% and 57% at December 31, 2025, respectively, and 65% and 56% at December 31, 2024, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at December 31, 2025, respectively, and 1.9X and 2.1X at December 31, 2024, respectively.

(c)Does not include allowance for credit losses of $7 million and $20 million at December 31, 2025 and December 31, 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of December 31, 2025, $128 million and $0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31, 2024, $93 million and $1.0 billion of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Consolidated Balance Sheets. As of December 31, 2025, accrued interest receivable was $107 million and $175 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2024, accrued interest receivable was $71 million and $154 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were approximately 1% of our loan portfolio for all periods presented.


December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
>1.2X	$	4,633	$	4,154	$	1,695	$	5,876	$	2,333	$	14,172	$	32,863
1.00 - 1.20X	185		217		275		464		73		1,932		3,146
<1.00X	—		—		23		42		92		843		1,000
Total commercial mortgages	$	4,818	$	4,371	$	1,993	$	6,382	$	2,498	$	16,947	$	37,009
December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	3,997	$	2,275	$	6,429	$	2,589	$	1,247	$	14,763	$	31,300
1.00 - 1.20X	542		284		825		88		214		1,413		3,366
<1.00X	—		—		25		—		—		1,104		1,129
Total commercial mortgages	$	4,539	$	2,559	$	7,279	$	2,677	$	1,461	$	17,280	$	35,795

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended December 31, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.


December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
Less than 65%	$	4,007	$	3,806	$	1,824	$	3,731	$	1,815	$	10,145	$	25,328
65% to 75%	811		565		146		2,275		421		4,776		8,994
76% to 80%	—		—		—		1		42		549		592
Greater than 80%	—		—		23		375		220		1,477		2,095
Total commercial mortgages	$	4,818	$	4,371	$	1,993	$	6,382	$	2,498	$	16,947	$	37,009

December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	3,726	$	2,234	$	4,915	$	2,001	$	701	$	10,903	$	24,480
65% to 75%	813		325		2,084		323		556		3,841		7,942
76% to 80%	—		—		—		220		—		592		812
Greater than 80%	—		—		280		133		204		1,944		2,561
Total commercial mortgages	$	4,539	$	2,559	$	7,279	$	2,677	$	1,461	$	17,280	$	35,795

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at December 31, 2025 and 60% at December 31, 2024. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.


(dollars in millions)	Number of Loans	Class														Percent of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2025
Credit Quality Performance Indicator:
In good standing	576	$	13,688	$	7,675	$	4,114	$	8,163	$	2,037	$	778	$	36,455	99%

90 days or less delinquent	1	—		15		—		—		—		—		15		—%
>90 days delinquent or in process of foreclosure(a)	4	1		352		186		—		—		—		539		1%
Total(b)	581	$	13,689	$	8,042	$	4,300	$	8,163	$	2,037	$	778	$	37,009	100%
Allowance for credit losses		$	28	$	360	$	164	$	14	$	27	$	1	$	594	2	%

December 31, 2024
Credit Quality Performance Indicator:
In good standing	591	$	14,188	$	7,905	$	3,899	$	6,763	$	1,947	$	453	$	35,155	98%

90 days or less delinquent	2	—		343		—		—		—		—		343		1%
>90 days delinquent or in process of foreclosure	2	—		111		186		—		—		—		297		1%
Total(b)	595	$	14,188	$	8,359	$	4,085	$	6,763	$	1,947	$	453	$	35,795	100%
Allowance for credit losses		$	36	$	430	$	103	$	28	$	29	$	—	$	626	2	%

(a)Includes $21 million of Retail loans and $11 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at December 31, 2025


December 31, 2025
(in millions)	2025		2024		2023		2022		2021		Prior		Total
FICO*:
780 and greater	$	595	$	974	$	570	$	616	$	2,129	$	1,384	$	6,268
720 - 779	1,044		1,740		926		529		509		543		5,291
660 - 719	287		578		292		180		125		349		1,811
600 - 659	107		54		17		28		15		158		379
Less than 600	—		—		5		12		7		66		90
Total residential mortgages	$	2,033	$	3,346	$	1,810	$	1,365	$	2,785	$	2,500	$	13,839

December 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	1,075	$	667	$	690	$	2,258	$	617	$	863	$	6,170
720 - 779	1,647		1,095		579		582		149		440		4,492
660 - 719	609		355		235		150		38		336		1,723
600 - 659	15		12		34		25		10		146		242
Less than 600	3		2		19		12		5		67		108
Total residential mortgages	$	3,349	$	2,131	$	1,557	$	3,027	$	819	$	1,852	$	12,735

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On December 31, 2025 and December 31, 2024 residential loans direct to consumers totaled $7.8 billion and $8.4 billion, respectively.

At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in net realized gains (losses). This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions.

The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default outputs from portfolio modeling. Loss rate factors are determined based on historical data, current loan and property performance and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage.

The estimate of credit losses also reflects management’s assumptions on certain real estate factors that include, but are not limited to, real estate values and expected rental values plus certain macroeconomic forecasts such as, employment, inflation, and interest rates.

We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the Consolidated Balance Sheets. When a commitment is funded, we record a loan receivable and reclassify the liability for expected credit losses related to the commitment into loan allowance for expected credit losses. Other changes in the liability for expected credit losses on loan commitments are recorded in Net realized gains (losses) in the Consolidated Statements of Income (Loss).


Years Ended December 31,	2025						2024						2023

(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total








Allowance, beginning of year	$	626	$	145	$	771	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	(76)		(3)		(79)		(6)		(7)		(13)		(106)		—		(106)

Net charge-offs	(76)		(3)		(79)		(6)		(7)		(13)		(106)		—		(106)
Addition to (release of) allowance for loan losses	44		(9)		35		18		68		86		189		15		204



Allowance, end of year	$	594	$	133	$	727	$	626	$	145	$	771	$	614	$	84	$	698

*Does not include allowance for credit losses of $7 million, $20 million and $58 million at December 31, 2025, 2024 and 2023, respectively, in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Consolidated Balance Sheets.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the years ended December 31, 2025, 2024 and 2023, commercial mortgage loans with an amortized cost of $279 million, $191 million and $66 million, respectively, (including $13 million, $62 million and $54 million supporting the funds withheld arrangements with Fortitude Re) and commercial loans, other loans and notes receivable with an amortized cost of $10 million, $168 million and $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re) were granted term extensions and/or changes in interest payment terms. The modified commercial mortgage loans represent less than 1%, of this portfolio segment for the years ended December 31, 2025, 2024 and 2023. The modified commercial loans, other loans and notes receivable represent less than 1%, 5% and 1%, respectively of this portfolio segment for the years ended December 31, 2025, 2024 and 2023. These modifications added less than 1 year to the weighted average life of loans in each of these two portfolio segments.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.