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Bank Loans and Related Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Composition of Bank Loans and Delinquency Analysis by Loan Segment
The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows:
June 30, 2025Current30-59 days
past due		60-89 days
past due
>90 days past
due and other
nonaccrual loans (3)
Total past due
and other
nonaccrual loans		Total
loans		Allowance
for credit
losses		Total
bank
loans – net
Residential real estate:
First Mortgages (1,2)
$28,470 $32 $7 $33 $72 $28,542 $15 $28,527 
HELOCs (1,2)
420 1 — 2 3 423 1 422 
Total residential real estate28,890 33 7 35 75 28,965 16 28,949 
Pledged asset lines21,006 30 1 1 32 21,038 — 21,038 
Other423 — — 1 1 424 6 418 
Total bank loans$50,319 $63 $8 $37 $108 $50,427 $22 $50,405 
December 31, 2024        
Residential real estate:
First Mortgages (1,2)
$27,321 $37 $6 $25 $68 $27,389 $14 $27,375 
HELOCs (1,2)
421 — — 3 3 424 1 423 
Total residential real estate27,742 37 6 28 71 27,813 15 27,798 
Pledged asset lines17,010 8 — 6 14 17,024 — 17,024 
Other398 — — 1 1 399 6 393 
Total bank loans$45,150 $45 $6 $35 $86 $45,236 $21 $45,215 
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $120 million and $112 million at June 30, 2025 and December 31, 2024, respectively.
(2) At both June 30, 2025 and December 31, 2024, 42% of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole.
(3) There were no loans accruing interest that were contractually 90 days or more past due at June 30, 2025 or December 31, 2024.
Changes in Allowance for Credit Losses on Bank Loans
Changes in the allowance for credit losses on bank loans were as follows:
First MortgagesHELOCsTotal residential real estatePledged asset linesOtherTotal
Balance at March 31, 2024$27 $1 $28 $— $4 $32 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Provision for credit losses(13)— (13)— 1 (12)
Balance at June 30, 2024$14 $1 $15 $— $5 $20 
Balance at March 31, 2025$14 $1 $15 $— $6 $21 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Provision for credit losses1 — 1 — — 1 
Balance at June 30, 2025$15 $1 $16 $— $6 $22 
Balance at December 31, 2023$32 $2 $34 $— $4 $38 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Provision for credit losses(18)(1)(19)— 1 (18)
Balance at June 30, 2024$14 $1 $15 $— $5 $20 
Balance at December 31, 2024$14 $1 $15 $— $6 $21 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Provision for credit losses1 — 1 — — 1 
Balance at June 30, 2025$15 $1 $16 $— $6 $22 
Credit Quality Indicators of First Mortgages and HELOCs
The credit quality indicators of the Company’s First Mortgages and HELOCs are detailed below:
First Mortgages Amortized Cost Basis by Origination Year
June 30, 202520252024202320222021pre-2021Total First MortgagesRevolving HELOCs amortized cost basisHELOCs converted to term loansTotal HELOCs
Origination FICO
<620$— $1 $— $3 $1 $1 $6 $— $— $— 
620 – 67916 23 4 25 29 24 121 — 1 1 
680 – 739215 332 234 695 1,056 533 3,065 49 27 76 
≥7402,305 2,916 1,744 4,737 9,456 4,192 25,350 248 98 346 
Total$2,536 $3,272 $1,982 $5,460 $10,542 $4,750 $28,542 $297 $126 $423 
Origination LTV
≤70%$1,714 $2,248 $1,337 $4,057 $9,158 $3,886 $22,400 $279 $88 $367 
>70% – ≤90%822 1,024 645 1,403 1,384 863 6,141 18 37 55 
>90% – ≤100%— — — — — 1 1 — 1 1 
Total$2,536 $3,272 $1,982 $5,460 $10,542 $4,750 $28,542 $297 $126 $423 
Updated FICO
<620$1 $1 $5 $20 $20 $23 $70 $2 $4 $6 
620 – 67923 37 26 70 97 64 317 6 5 11 
680 – 739231 271 183 503 807 401 2,396 49 23 72 
≥7402,281 2,963 1,768 4,867 9,618 4,262 25,759 240 94 334 
Total$2,536 $3,272 $1,982 $5,460 $10,542 $4,750 $28,542 $297 $126 $423 
Estimated Current LTV (1)
≤70%$1,704 $2,357 $1,658 $4,942 $10,442 $4,735 $25,838 $294 $126 $420 
>70% – ≤90%831 915 324 508 99 13 2,690 3 — 3 
>90% – ≤100%1 — — 10 1 2 14 — — — 
Total$2,536 $3,272 $1,982 $5,460 $10,542 $4,750 $28,542 $297 $126 $423 
Gross charge-offs$— $— $— $— $— $— $— $— $— $— 
Percent of Loans on
  Nonaccrual Status		0.01%0.05%0.22%0.09%0.09%0.26%0.12%0.11%1.72%0.47%
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
First Mortgages Amortized Cost Basis by Origination Year
December 31, 20242024202320222021pre-2021Total First MortgagesRevolving HELOCs amortized cost basisHELOCs converted to term loansTotal HELOCs
Origination FICO
<620$1 $— $2 $1 $2 $6 $— $— $— 
620 – 67924 4 26 29 28 111 — 1 1 
680 – 739361 249 724 1,091 576 3,001 47 30 77 
≥7403,203 1,895 4,902 9,796 4,475 24,271 241 105 346 
Total$3,589 $2,148 $5,654 $10,917 $5,081 $27,389 $288 $136 $424 
Origination LTV
≤70%$2,471 $1,445 $4,197 $9,479 $4,159 $21,751 $267 $95 $362 
>70% – ≤90%1,118 703 1,457 1,438 920 5,636 21 40 61 
>90% – ≤100%— — — — 2 2 — 1 1 
Total$3,589 $2,148 $5,654 $10,917 $5,081 $27,389 $288 $136 $424 
Updated FICO
<620$— $3 $25 $15 $21 $64 $1 $5 $6 
620 – 67934 31 74 97 74 310 6 7 13 
680 – 739339 191 574 871 435 2,410 48 24 72 
≥7403,216 1,923 4,981 9,934 4,551 24,605 233 100 333 
Total$3,589 $2,148 $5,654 $10,917 $5,081 $27,389 $288 $136 $424 
Estimated Current LTV (1)
≤70%$2,402 $1,660 $4,942 $10,747 $5,057 $24,808 $285 $136 $421 
>70% – ≤90%1,187 487 693 166 20 2,553 3 — 3 
>90% – ≤100%— 1 17 3 4 25 — — — 
>100%— — 2 1 — 3 — — — 
Total$3,589 $2,148 $5,654 $10,917 $5,081 $27,389 $288 $136 $424 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Percent of Loans on
  Nonaccrual Status		0.01%0.12%0.16%0.04%0.18%0.09%0.07%2.33%0.71%
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
Converting to Amortizing Loans
The following table presents when current outstanding HELOCs will convert to amortizing loans:
June 30, 2025Balance
Converted to an amortizing loan by period end (1)
$126 
Within 1 year15 
> 1 year – 3 years38 
> 3 years – 5 years41 
> 5 years203 
Total$423 
(1) Includes $5 million and $9 million of HELOCs converted to amortizing loans during the three and six months ended June 30, 2025, respectively.