v3.25.4
Loans and finance receivables
12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Loans and finance receivables
(7)
Loans and finance receivables

Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans and are summarized as follows (in millions).

 

December 31,

 

 

2025

 

 

2024

 

Loans and finance receivables, before allowances and discounts

$

31,997

 

 

$

29,700

 

Allowances for credit losses

 

(1,347

)

 

 

(1,134

)

Unamortized acquisition discounts and points

 

(814

)

 

 

(768

)

 

$

29,836

 

 

$

27,798

 

 

Reconciliations of the allowance for credit losses on loans and finance receivables for each of the three years ending December 31, 2025 follow (in millions).

 

2025

 

 

2024

 

 

2023

 

Balance at the beginning of the year

$

1,134

 

 

$

950

 

 

$

856

 

Provision for credit losses

 

385

 

 

 

298

 

 

 

169

 

Charge-offs, net of recoveries

 

(172

)

 

 

(114

)

 

 

(75

)

Balance at December 31

$

1,347

 

 

$

1,134

 

 

$

950

 

 

At December 31, 2025, substantially all manufactured and site-built home loans were evaluated collectively for impairment, and we considered approximately 96% of these loans to be current as to payment status. A summary of performing and non-performing home loans, before allowances and discounts, by year of loan origination as of December 31, 2025 follows (in millions).

 

Origination Year

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Performing

$

5,861

 

 

$

5,404

 

 

$

4,492

 

 

$

3,344

 

 

$

2,780

 

 

$

9,298

 

 

$

31,179

 

Non-performing

 

6

 

 

 

24

 

 

 

29

 

 

 

19

 

 

 

17

 

 

 

64

 

 

 

159

 

$

5,867

 

 

$

5,428

 

 

$

4,521

 

 

$

3,363

 

 

$

2,797

 

 

$

9,362

 

 

$

31,338