v3.26.1
Mortgage Loans on Real Estate (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Asset and Allowances Mortgage Loans
The Company disaggregates its mortgage loan investments into two portfolio segments: commercial and residential. Commercial mortgage loans include agricultural mortgage loans. The breakdown of mortgage loans on real estate by portfolio segment is as follows:
June 30, 2026December 31, 2025
(Dollars in millions)
Commercial mortgage loans$9,082 $8,800 
Residential mortgage loans2,584 2,413 
Total11,666 11,213 
Allowance for credit losses(112)(100)
Total, net of allowance$11,554 $11,113 
Schedule of Commercial Mortgage Loans by Geographic Region and Specific Collateral Property Type The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
June 30, 2026December 31, 2025
AmountPercentageAmountPercentage
(Dollars in millions)
Geographic distribution:
Pacific$2,684 30 %$2,230 25 %
Mountain1,472 16 %1,400 16 %
West North Central204 2 %232 3 %
West South Central1,250 14 %1,173 13 %
East North Central679 7 %800 9 %
East South Central191 2 %135 2 %
Middle Atlantic647 7 %658 7 %
South Atlantic1,649 18 %1,805 20 %
New England140 2 %140 2 %
Other (multi-region and other non-US countries)166 2 %227 3 %
9,082 100 %8,800 100 %
Allowance for credit losses(92)(87)
Total, net of allowance$8,990 $8,713 
Property type distribution:
Agricultural$336 4 %$349 4 %
Apartment3,132 34 %2,346 27 %
Hotel866 10 %967 11 %
Industrial1,635 17 %1,797 21 %
Office1,430 16 %1,435 16 %
Parking176 2 %207 2 %
Retail1,238 14 %1,352 15 %
Storage103 1 %114 1 %
Other166 2 %233 3 %
9,082 100 %8,800 100 %
Allowance for credit losses(92)(87)
Total, net of allowance$8,990 $8,713 
Schedule of Allowance for Credit Losses
The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2026 and 2025 is shown below:
20262025
Commercial
Mortgage
Loans		Residential
Mortgage
Loans		Commercial
Mortgage
Loans		Residential
Mortgage
Loans
(Dollars in millions)
Balance, as of January 1$(87)$(13)$(144)$(9)
Provision(4)(6)(1)(1)
Writeoffs charged against the allowance12 1 3 — 
Balance, as of March 31(79)(18)(142)(10)
Recovery (provision)(15)(3)15 (3)
Writeoffs charged against the allowance2 1 — — 
Recoveries of amounts previously written off— — 4 — 
Balance, as of June 30$(92)$(20)$(123)$(13)
The rollforward of the allowance for credit losses for private loans is shown below for the three and six months ended June 30, 2026 and 2025:
20262025
(Dollars in millions)
Balance at January 1$(149)$(63)
Recovery (provision)2 (11)
Balance at March 31(147)(74)
Recovery (provision)16 (8)
Writeoffs charged against the allowance
6 (2)
Balance at June 30$(125)$(84)
Schedule of Age Analysis of Loans by Property Type The amortized cost of mortgage loans by year of origination and aging category is shown below:
Amortized Cost Basis by Origination Year
20262025202420232022PriorTotal
As of June 30, 2026:(Dollars in millions)
Commercial mortgage loans
Current$424 $894 $512 $298 $2,405 $4,178 $8,711 
30 - 59 days past due— — — 45 — 95 140 
60 - 89 days past due— — — — — 44 44 
Non-accrual— 8 — — 25 154 187 
Residential mortgage loans
Current307 501 268 271 682 272 2,301 
30 - 59 days past due3 9 8 20 42 18 100 
60 - 89 days past due— 2 2 2 11 1 18 
Non-accrual— 2 9 65 68 21 165 
Total mortgage loans on real estate$734 $1,416 $799 $701 $3,233 $4,783 11,666 
Allowance for credit losses(112)
Total, net of allowance$11,554 
Amortized Cost Basis by Origination Year
20252024202320222021PriorTotal
As of December 31, 2025:(Dollars in millions)
Commercial mortgage loans
Current$1,093 $354 $442 $1,929 $978 $3,647 $8,443 
30 - 59 days past due— 83 — 94 — — 177 
60 - 89 days past due— — 29 10 — 2 41 
Non-accrual— — — 9 33 97 139 
Residential mortgage loans
Current376 300 390 764 182 114 2,126 
30 - 59 days past due3 9 18 34 11 5 80 
60 - 89 days past due1 2 11 22 2 2 40 
Non-accrual1 4 76 66 10 10 167 
Total mortgage loans on real estate$1,474 $752 $966 $2,928 $1,216 $3,877 11,213 
Allowance for credit losses(100)
Total, net of allowance$11,113