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Mortgage Loans on Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Schedule of Asset and Allowances Mortgage Loans | Our mortgage loan portfolios are summarized in the following table.
| June 30, 2024 |  | December 31, 2023
| (Dollars in millions)
Commercial mortgage loans: |  |  |
Principal outstanding | $ | 9,778 |  |  | $ | 5,870 |
Deferred fees and costs, net | (73) |  |  | (72) |
Unamortized discounts and premiums, net | (530) |  |  | (87) |
Amortized cost | 9,175 |  |  | 5,711 |
Allowance for credit losses | (54) |  |  | (53) |
Commercial mortgage loans, carrying value | 9,121 |  |  | 5,658 |
Residential mortgage loans: |  |  |
Principal outstanding | 3,145 |  |  | 57 |
Deferred fees and costs, net | (132) |  |  | (57) |
Unamortized discounts and premiums, net | (92) |  |  | — |
Amortized cost | 2,921 |  |  | — |
Allowance for credit losses | — |  |  | — |
Residential mortgage loans, carrying value | 2,921 |  |  | — |
Mortgage loans, carrying value | $ | 12,042 |  |  | $ | 5,658 |
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, 2024 |  | December 31, 2023
| Amortized Cost |  | Percent |  | Amortized Cost |  | Percent
| (Dollars in millions)
Geographic distribution |  |  |  |  |  |  |
Pacific | $ | 1,804 |  |  | 19.7 | % |  | $ | 905 |  |  | 15.9 | %
Mountain | 1,802 |  |  | 19.6 | % |  | 1,327 |  |  | 23.2 | %
West North Central | 280 |  |  | 3.1 | % |  | 178 |  |  | 3.1 | %
West South Central | 1,436 |  |  | 15.6 | % |  | 1,081 |  |  | 18.9 | %
East North Central | 1,040 |  |  | 11.3 | % |  | 829 |  |  | 14.5 | %
East South Central | 150 |  |  | 1.6 | % |  | 50 |  |  | 0.9 | %
Middle Atlantic | 374 |  |  | 4.1 | % |  | 129 |  |  | 2.3 | %
South Atlantic | 1,982 |  |  | 21.6 | % |  | 1,000 |  |  | 17.5 | %
New England | 106 |  |  | 1.2 | % |  | 12 |  |  | 0.2 | %
Other | 201 |  |  | 2.2 | % |  | 200 |  |  | 3.5 | %
| 9,175 |  |  | 100.0 | % |  | 5,711 |  |  | 100.0 | %
Allowance for credit losses | (54) |  |  |  |  | (53) |  |  |
Total, net of allowance | $ | 9,121 |  |  |  |  | $ | 5,658 |  |  |
Property type distribution |  |  |  |  |  |  |
Apartment | $ | 2,063 |  |  | 22.5 | % |  | $ | 1,091 |  |  | 19.1 | %
Hotel | 1,210 |  |  | 13.2 | % |  | 966 |  |  | 16.9 | %
Industrial | 1,926 |  |  | 21.0 | % |  | 1,052 |  |  | 18.4 | %
Office | 1,222 |  |  | 13.3 | % |  | 999 |  |  | 17.5 | %
Parking | 319 |  |  | 3.5 | % |  | 414 |  |  | 7.2 | %
Retail | 1,479 |  |  | 16.1 | % |  | 781 |  |  | 13.7 | %
Storage | 180 |  |  | 2.0 | % |  | 118 |  |  | 2.1 | %
Other | 776 |  |  | 8.4 | % |  | 290 |  |  | 5.1 | %
| 9,175 |  |  | 100.0 | % |  | 5,711 |  |  | 100.0 | %
Allowance for credit losses | (54) |  |  |  |  | (53) |  |  |
Total, net of allowance | $ | 9,121 |  |  |  |  | $ | 5,658 |  |  |
Schedule of Allowance for Credit Losses | The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios:
| Three Months Ended June 30, 2024
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (54) |  |  | $ | — |  |  | $ | (54) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | — |  |  | — |  |  | — |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (54) |  |  | $ | — |  |  | $ | (54) |
| Three Months Ended June 30, 2023
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (49) |  |  | $ | — |  |  | $ | (49) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | 6 |  |  | — |  |  | 6 |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (43) |  |  | $ | — |  |  | $ | (43) |
| Six Months Ended June 30, 2024
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (53) |  |  | $ | — |  |  | $ | (53) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | (1) |  |  | — |  |  | (1) |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (54) |  |  | $ | — |  |  | $ | (54) |
| Six Months Ended June 30, 2023
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (38) |  |  | $ | — |  |  | $ | (38) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | (5) |  |  | — |  |  | (5) |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (43) |  |  | $ | — |  |  | $ | (43) |
The rollforward of the allowance for credit losses for private loans is shown below:
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance at January 1 |  | $ | (8) |  |  | $ | — |
Acquisition from business combination |  | — |  |  | — |
Provision |  | 1 |  |  | — |
Writeoffs charged against the allowance |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |
Balance at March 31 |  | (7) |  |  | — |
Acquisition from business combination |  | — |  |  | — |
Provision |  | (14) |  |  | — |
Writeoffs charged against the allowance |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |
Balance at June 30 |  | $ | (21) |  |  | $ | — |
Schedule of Age Analysis of Loans by Property Type | Aging of financing receivables is summarized in the following table (by year of origination):
| Amortized Cost Basis by Origination Year |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
As of June 30, 2024: | (Dollars in millions)
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 214 |  |  | $ | 415 |  |  | $ | 2,215 |  |  | $ | 1,254 |  |  | $ | 983 |  |  | $ | 3,867 |  |  | $ | 8,948 |
30 - 59 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 24 |
60 - 89 days past due | — |  |  | 2 |  |  | 50 |  |  | — |  |  | — |  |  | 42 |  |  | 94 |
Non-accrual (90 days or more past due) | — |  |  | 3 |  |  | — |  |  | 1 |  |  | — |  |  | 105 |  |  | 109 |
Total commercial mortgage loans | $ | 214 |  |  | $ | 420 |  |  | $ | 2,265 |  |  | $ | 1,255 |  |  | $ | 983 |  |  | $ | 4,038 |  |  | $ | 9,175 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 64 |  |  | $ | 1,030 |  |  | $ | 1,193 |  |  | $ | 251 |  |  | $ | 127 |  |  | $ | 17 |  |  | $ | 2,682 |
30 - 59 days past due | 3 |  |  | 16 |  |  | 41 |  |  | 10 |  |  | 5 |  |  | — |  |  | 75 |
60 - 89 days past due | — |  |  | 14 |  |  | 21 |  |  | 7 |  |  | 4 |  |  | 1 |  |  | 47 |
Non-accrual (90 days or more past due) | — |  |  | 36 |  |  | 50 |  |  | 20 |  |  | 9 |  |  | 2 |  |  | 117 |
Total residential mortgage loans | $ | 67 |  |  | $ | 1,096 |  |  | $ | 1,305 |  |  | $ | 288 |  |  | $ | 145 |  |  | $ | 20 |  |  | $ | 2,921 |
Total mortgage loans | $ | 281 |  |  | $ | 1,516 |  |  | $ | 3,570 |  |  | $ | 1,543 |  |  | $ | 1,128 |  |  | $ | 4,058 |  |  | $ | 12,096 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | (54) |
Total, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,042 |
| Amortized Cost Basis by Origination Year |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
As of December 31, 2023: | (Dollars in millions)
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 319 |  |  | $ | 1,486 |  |  | $ | 679 |  |  | $ | 489 |  |  | $ | 488 |  |  | $ | 2,120 |  |  | $ | 5,581 |
30 - 59 days past due | — |  |  | 26 |  |  | — |  |  | — |  |  | 5 |  |  | 21 |  |  | 52 |
60 - 89 days past due | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 63 |
Non-accrual (90 days or more past due) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 15 |
Total commercial mortgage loans | $ | 319 |  |  | $ | 1,562 |  |  | $ | 679 |  |  | $ | 489 |  |  | $ | 493 |  |  | $ | 2,169 |  |  | $ | 5,711 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
30 - 59 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60 - 89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual (90 days or more past due) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total residential mortgage loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total mortgage loans | $ | 319 |  |  | $ | 1,562 |  |  | $ | 679 |  |  | $ | 489 |  |  | $ | 493 |  |  | $ | 2,169 |  |  | $ | 5,711 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | (53) |
Total, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,658 |

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