v3.26.1
MORTGAGE LOANS ON REAL ESTATE (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Age Analysis of Loans by Property Type
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:
AS OF
US$ MILLIONS		June 30, 2026December 31, 2025
Commercial mortgage loans$11,486 $8,927 
Residential mortgage loans2,667 2,417 
Total14,153 11,344 
Allowance for credit losses(132)(113)
Total, net of allowance$14,021 $11,231 
The Company’s commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
AS OF
US$ MILLIONS, EXCEPT FOR PERCENTAGES		June 30, 2026December 31, 2025
AmountPercentageAmountPercentage
Geographic distribution:
U.S.:
Pacific$2,737 24 %$2,291 25 %
Mountain1,603 14 %1,409 16 %
West North Central218 2 %255 3 %
West South Central1,273 11 %1,197 13 %
East North Central691 6 %825 9 %
East South Central203 2 %146 2 %
Middle Atlantic699 6 %718 8 %
South Atlantic1,671 15 %1,831 21 %
New England157 1 %158 2 %
U.K.2,188 19 %22 0 %
Other (multi-region and other international)46 0 %75 1 %
Total$11,486 100 %$8,927 100 %
Allowance for credit losses(112)(99)
Total, net of allowance$11,374 $8,828 
AS OF
US$ MILLIONS, EXCEPT FOR PERCENTAGES		June 30, 2026December 31, 2025
AmountPercentageAmountPercentage
Property type distribution:
Agricultural$336 3 %$349 4 %
Apartment3,463 30 %2,461 28 %
Hotel1,194 10 %989 11 %
Industrial1,858 16 %1,825 20 %
Office2,006 18 %1,350 15 %
Parking176 2 %207 2 %
Retail1,631 14 %1,397 16 %
Storage139 1 %114 1 %
Other683 6 %235 3 %
Total$11,486 100 %$8,927 100 %
Allowance for credit losses(112)(99)
Total, net of allowance$11,374 $8,828 
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
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		Commercial mortgage loansResidential mortgage loansCommercial mortgage loansResidential mortgage loans
Balance as of January 1$(99)$(14)$(149)$(9)
Provision(6)(6)(12)(1)
Write-offs charged against the allowance16 1 3 — 
Balance as of March 31$(89)$(19)$(158)$(10)
Recovery (provision)(26)(2)18 (3)
Write-offs charged against the allowance3 1 — — 
Balance as of June 30$(112)$(20)$(140)$(13)
The rollforward of the allowance for credit losses for private loans is shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		20262025
Balance as of January 1$(181)$(97)
Recovery (provision)11 (8)
Balance as of March 31$(170)$(105)
Recovery (provision)18 (10)
Write-offs charged against the allowance22 — 
Balance as of June 30$(130)$(115)
Schedule of Amortized Cost of Mortgage Loans by Year of Origination The amortized cost of mortgage loans by year of origination and aging category is shown below:
AS OF JUN. 30, 2026
US$ MILLIONS		Amortized Cost Basis by Origination Year
20262025202420232022PriorTotal
Commercial mortgage loans:
Current$595 $1,371 $1,009 $930 $2,715 $4,481 $11,101 
30-59 days past due— — — 45 — 95 140 
60-89 days past due— — — — — 44 44 
Non-accrual— 8 — — 39 154 201 
Residential mortgage loans:
Current307 501 268 296 690 322 2,384 
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$905 $1,893 $1,296 $1,358 $3,565 $5,136 $14,153 
Allowance for credit losses(132)
Total, net of allowance$14,021 
AS OF DEC. 31, 2025
US$ MILLIONS		Amortized Cost Basis by Origination Year
20252024202320222021PriorTotal
Commercial mortgage loans:
Current$1,112 $358 $309 $2,119 $978 $3,666 $8,542 
30-59 days past due— 83 — 94 — — 177 
60-89 days past due— — 29 10 — 2 41 
Non-accrual— — — 11 59 97 167 
Residential mortgage loans:
Current376 302 390 766 182 114 2,130 
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$1,493 $758 $833 $3,122 $1,242 $3,896 $11,344 
Allowance for credit losses(113)
Total, net of allowance$11,231 
The following table summarizes the credit ratings of our private loans:
AS OF
US$ MILLIONS		June 30, 2026December 31, 2025
A or higher$2,108 $2,148 
BBB1,728 1,342 
BB and below2,884 2,918 
Unrated(1)
2,687 2,007 
Total$9,407 $8,415 
__________________________
(1)Due to the 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.