XML 51 R41.htm IDEA: XBRL DOCUMENT v3.25.2
MORTGAGE LOANS ON REAL ESTATE (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025December 31, 2024
Commercial mortgage loans$9,057 $9,891 
Residential mortgage loans2,565 2,693 
Total11,622 12,584 
Allowance for credit losses(153)(158)
Total, net of allowance$11,469 $12,426 
The Company’s commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. The geographic categories come from the U.S. Census Bureau’s “Census Regions and Divisions of the United States”. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
AS OF
US$ MILLIONS, EXCEPT FOR PERCENTAGES		June 30, 2025December 31, 2024
AmountPercentageAmountPercentage
Geographic distribution:
Pacific$2,077 23 %$2,126 21 %
Mountain1,445 16 %1,687 17 %
West North Central296 3 %302 3 %
West South Central1,405 15 %1,480 15 %
East North Central894 10 %1,084 11 %
East South Central138 2 %146 1 %
Middle Atlantic619 7 %677 7 %
South Atlantic1,783 19 %2,029 21 %
New England158 2 %149 2 %
Other (multi-region, non-US)242 3 %211 2 %
Total$9,057 100 %$9,891 100 %
Allowance for credit losses(140)(149)
Total, net of allowance$8,917 $9,742 
AS OF
US$ MILLIONS, EXCEPT FOR PERCENTAGES		June 30, 2025December 31, 2024
AmountPercentageAmountPercentage
Property type distribution:
Agricultural$446 5 %$447 5 %
Apartment2,387 26 %2,533 25 %
Hotel1,057 12 %1,251 13 %
Industrial1,741 19 %1,930 20 %
Office1,294 14 %1,418 13 %
Parking251 3 %297 3 %
Retail1,514 17 %1,633 17 %
Storage152 2 %181 2 %
Other215 2 %201 2 %
Total$9,057 100 %$9,891 100 %
Allowance for credit losses(140)(149)
Total, net of allowance$8,917 $9,742 
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, 2025 and 2024 is shown below:

20252024
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		Commercial mortgage loansResidential mortgage loansCommercial mortgage loansResidential mortgage loans
Balance as of January 1$(149)$(9)$(60)$— 
Provision(12)(1)(1)— 
Writeoffs charged against the allowance3 — — — 
Balance as of March 31$(158)$(10)$(61)$— 
Recovery (provision)18 (3)(5)— 
Balance as of June 30$(140)$(13)$(66)$— 
The rollforward of the allowance for credit losses for private loans for the three and six months ended June 30, 2025 and 2024 is shown below:
FOR THE PERIODS ENDED JUN. 30
US$ MILLIONS		20252024
Balance as of January 1$(97)$(44)
Recovery (provision)
(8)2 
Writeoffs charged against the allowance— 1 
Balance as of March 31$(105)$(41)
Provision(10)(15)
Balance as of June 30$(115)$(56)
Schedule of Amortized Cost of Mortgage Loans by Year of Origination The amortized cost of mortgage loans by year of origination by aging category are shown below:
AS OF JUN. 30, 2025
US$ MILLIONS		Amortized Cost Basis by Origination Year
20252024202320222021PriorTotal
Commercial mortgage loans:
Current$240 $430 $590 $2,268 $1,141 $4,034 $8,703 
30-59 days past due— 82 — 10 — 15 107 
60-89 days past due— — — — — 42 42 
Non-accrual— — 12 8 53 132 205 
Residential mortgage loans:
Current208 329 572 843 203 123 2,278 
30-59 days past due3 6 20 32 6 4 71 
60-89 days past due— 1 8 29 4 2 44 
Non-accrual— 1 78 72 12 9 172 
Total mortgage loans on real estate$451 $849 $1,280 $3,262 $1,419 $4,361 $11,622 
Allowance for credit losses(153)
Total, net of allowance$11,469 
AS OF DEC. 31, 2024
US$ MILLIONS		Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
Commercial mortgage loans:
Current$569 $607 $2,428 $1,280 $961 $3,735 $9,580 
30-59 days past due— 25 4 — 10 48 87 
60-89 days past due— — 50 30 — — 80 
Non-accrual— 8 42 40 6 48 144 
Residential mortgage loans:
Current291 790 970 222 121 7 2,401 
30-59 days past due3 41 45 2 4 — 95 
60-89 days past due— 7 20 2 4 5 38 
Non-accrual3 51 76 18 8 3 159 
Total mortgage loans on real estate$866 $1,529 $3,635 $1,594 $1,114 $3,846 $12,584 
Allowance for credit losses(158)
Total, net of allowance$12,426 
The following table summarizes the credit ratings of our private loans:
AS OF
US$ MILLIONS		June 30, 2025December 31, 2024
A or higher$2,341 $1,595 
BBB822 692 
BB and below2,458 875 
Unrated(1)
1,131 2,042 
Total$6,752 $5,204 
__________________________
(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.