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Mortgage Loans on Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Schedule of Asset and Allowances Mortgage Loans | Our mortgage loan portfolios are summarized in the following table.
| September 30, 2024 |  | December 31, 2023
| (Dollars in millions)
Commercial mortgage loans: |  |  |
Principal outstanding | $ | 9,674 |  |  | $ | 5,870 |
Deferred fees and costs, net | (18) |  |  | (72) |
Unamortized discounts and premiums, net | (487) |  |  | (87) |
Amortized cost | 9,169 |  |  | 5,711 |
Allowance for credit losses | (80) |  |  | (53) |
Commercial mortgage loans, carrying value | 9,089 |  |  | 5,658 |
Residential mortgage loans: |  |  |
Principal outstanding | 2,873 |  |  | 57 |
Deferred fees and costs, net | — |  |  | (57) |
Unamortized discounts and premiums, net | (88) |  |  | — |
Amortized cost | 2,785 |  |  | — |
Allowance for credit losses | (8) |  |  | — |
Residential mortgage loans, carrying value | 2,777 |  |  | — |
Mortgage loans, carrying value | $ | 11,866 |  |  | $ | 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:
| September 30, 2024 |  | December 31, 2023
| Amortized Cost |  | Percent |  | Amortized Cost |  | Percent
| (Dollars in millions)
Geographic distribution |  |  |  |  |  |  |
Pacific | $ | 1,800 |  |  | 19.6 | % |  | $ | 905 |  |  | 15.9 | %
Mountain | 1,782 |  |  | 19.4 | % |  | 1,327 |  |  | 23.2 | %
West North Central | 271 |  |  | 3.0 | % |  | 178 |  |  | 3.1 | %
West South Central | 1,484 |  |  | 16.2 | % |  | 1,081 |  |  | 18.9 | %
East North Central | 1,041 |  |  | 11.4 | % |  | 829 |  |  | 14.5 | %
East South Central | 149 |  |  | 1.6 | % |  | 50 |  |  | 0.9 | %
Middle Atlantic | 386 |  |  | 4.2 | % |  | 129 |  |  | 2.3 | %
South Atlantic | 1,913 |  |  | 20.9 | % |  | 1,000 |  |  | 17.5 | %
New England | 113 |  |  | 1.2 | % |  | 12 |  |  | 0.2 | %
Other | 230 |  |  | 2.5 | % |  | 200 |  |  | 3.5 | %
| 9,169 |  |  | 100.0 | % |  | 5,711 |  |  | 100.0 | %
Allowance for credit losses | (80) |  |  |  |  | (53) |  |  |
Total, net of allowance | $ | 9,089 |  |  |  |  | $ | 5,658 |  |  |
Property type distribution |  |  |  |  |  |  |
Apartment | $ | 2,128 |  |  | 23.2 | % |  | $ | 1,091 |  |  | 19.1 | %
Hotel | 1,219 |  |  | 13.3 | % |  | 966 |  |  | 16.9 | %
Industrial | 1,919 |  |  | 20.9 | % |  | 1,052 |  |  | 18.4 | %
Office | 1,178 |  |  | 12.9 | % |  | 999 |  |  | 17.5 | %
Parking | 331 |  |  | 3.6 | % |  | 414 |  |  | 7.2 | %
Retail | 1,527 |  |  | 16.7 | % |  | 781 |  |  | 13.7 | %
Storage | 157 |  |  | 1.7 | % |  | 118 |  |  | 2.1 | %
Agricultural | 469 |  |  | 5.1 | % |  | — |  |  | — | %
Other | 241 |  |  | 2.6 | % |  | 290 |  |  | 5.1 | %
| 9,169 |  |  | 100.0 | % |  | 5,711 |  |  | 100.0 | %
Allowance for credit losses | (80) |  |  |  |  | (53) |  |  |
Total, net of allowance | $ | 9,089 |  |  |  |  | $ | 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 September 30, 2024
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (54) |  |  | $ | — |  |  | $ | (54) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | (26) |  |  | (8) |  |  | (34) |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (80) |  |  | $ | (8) |  |  | $ | (88) |
| Three Months Ended September 30, 2023
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (43) |  |  | $ | — |  |  | $ | (43) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | 12 |  |  | — |  |  | 12 |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (31) |  |  | $ | — |  |  | $ | (31) |
| Nine Months Ended September 30, 2024
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (53) |  |  | $ | — |  |  | $ | (53) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | (27) |  |  | (8) |  |  | (35) |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (80) |  |  | $ | (8) |  |  | $ | (88) |
| Nine Months Ended September 30, 2023
| Commercial |  | Residential |  | Total
| (Dollars in millions)
Beginning allowance balance | $ | (38) |  |  | $ | — |  |  | $ | (38) |
Acquisition from business combination | — |  |  | — |  |  | — |
Provision | 7 |  |  | — |  |  | 7 |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |
Ending allowance balance | $ | (31) |  |  | $ | — |  |  | $ | (31) |
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) |  |  | — |
Acquisition from business combination |  | — |  |  | — |
Provision |  | (5) |  |  | (12) |
Writeoffs charged against the allowance |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |
Balance at September 30 |  | $ | (26) |  |  | $ | (12) |
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 September 30, 2024: | (Dollars in millions)
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 376 |  |  | $ | 375 |  |  | $ | 2,154 |  |  | $ | 1,260 |  |  | $ | 980 |  |  | $ | 3,704 |  |  | $ | 8,849 |
30 - 59 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
60 - 89 days past due | 4 |  |  | — |  |  | 50 |  |  | — |  |  | 4 |  |  | 105 |  |  | 163 |
Non-accrual (90 days or more past due) | — |  |  | 11 |  |  | 42 |  |  | 13 |  |  | 6 |  |  | 85 |  |  | 157 |
Total commercial mortgage loans | $ | 380 |  |  | $ | 386 |  |  | $ | 2,246 |  |  | $ | 1,273 |  |  | $ | 990 |  |  | $ | 3,894 |  |  | $ | 9,169 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 165 |  |  | $ | 929 |  |  | $ | 1,072 |  |  | $ | 227 |  |  | $ | 124 |  |  | $ | 13 |  |  | $ | 2,530 |
30 - 59 days past due | 6 |  |  | 21 |  |  | 48 |  |  | 4 |  |  | 4 |  |  | — |  |  | 83 |
60 - 89 days past due | 1 |  |  | 6 |  |  | 21 |  |  | 6 |  |  | 4 |  |  | — |  |  | 38 |
Non-accrual (90 days or more past due) | — |  |  | 47 |  |  | 55 |  |  | 21 |  |  | 8 |  |  | 3 |  |  | 134 |
Total residential mortgage loans | $ | 172 |  |  | $ | 1,003 |  |  | $ | 1,196 |  |  | $ | 258 |  |  | $ | 140 |  |  | $ | 16 |  |  | $ | 2,785 |
Total mortgage loans | $ | 552 |  |  | $ | 1,389 |  |  | $ | 3,442 |  |  | $ | 1,531 |  |  | $ | 1,130 |  |  | $ | 3,910 |  |  | $ | 11,954 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | (88) |
Total, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,866 |
| 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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