v3.26.1
Private Loans (Tables)
6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Credit Ratings for Private Loans
The following table summarizes the credit ratings of our private loans:
June 30, 2026December 31, 2025
(Dollars in millions)
A or higher$1,809 $2,006 
BBB1,322 1,316 
BB and below2,522 2,587 
Unrated (1)3,296 3,017 
Total$8,949 $8,926 
(1)Due to the private nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.
Schedule of Allowance for Credit Losses
The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2026 and 2025 is shown below:
20262025
Commercial
Mortgage
Loans
Residential
Mortgage
Loans
Commercial
Mortgage
Loans
Residential
Mortgage
Loans
(Dollars in millions)
Balance, as of January 1$(87)$(13)$(144)$(9)
Provision(4)(6)(1)(1)
Writeoffs charged against the allowance12 — 
Balance, as of March 31(79)(18)(142)(10)
Recovery (provision)(15)(3)15 (3)
Writeoffs charged against the allowance— — 
Recoveries of amounts previously written off— — — 
Balance, as of June 30$(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)$(63)
Recovery (provision)(11)
Balance at March 31(147)(74)
Recovery (provision)16 (8)
Writeoffs charged against the allowance
(2)
Balance at June 30$(125)$(84)