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Mortgage Loans on Real Estate (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Asset and Allowances Mortgage Loans Our mortgage loan portfolios are summarized in the following table.
June 30, 2024December 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 cost9,175 5,711 
Allowance for credit losses(54)(53)
Commercial mortgage loans, carrying value9,121 5,658 
Residential mortgage loans:
Principal outstanding3,145 57 
Deferred fees and costs, net(132)(57)
Unamortized discounts and premiums, net(92)— 
Amortized cost2,921 — 
Allowance for credit losses— — 
Residential mortgage loans, carrying value2,921 — 
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, 2024December 31, 2023
Amortized CostPercentAmortized CostPercent
(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 %
Hotel1,210 13.2 %966 16.9 %
Industrial1,926 21.0 %1,052 18.4 %
Office1,222 13.3 %999 17.5 %
Parking319 3.5 %414 7.2 %
Retail1,479 16.1 %781 13.7 %
Storage180 2.0 %118 2.1 %
Other776 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 $5,658 
Schedule of Allowance for Credit Losses
The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios:
Three Months Ended June 30, 2024
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(54)$— $(54)
Acquisition from business combination— — — 
Provision— — — 
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Ending allowance balance$(54)$— $(54)
Three Months Ended June 30, 2023
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(49)$— $(49)
Acquisition from business combination— — — 
Provision6 — 6 
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Ending allowance balance$(43)$— $(43)
Six Months Ended June 30, 2024
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(53)$— $(53)
Acquisition from business combination— — — 
Provision(1)— (1)
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Ending allowance balance$(54)$— $(54)
Six Months Ended June 30, 2023
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(38)$— $(38)
Acquisition from business combination— — — 
Provision(5)— (5)
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Ending allowance balance$(43)$— $(43)
The rollforward of the allowance for credit losses for private loans is shown below:
20242023
(Dollars in millions)
Balance at January 1$(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
20242023202220212020PriorTotal
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 due3 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
20232022202120202019PriorTotal
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