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Mortgage Loans on Real Estate (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Asset and Allowances Mortgage Loans Our mortgage loan portfolios are summarized in the following table.
September 30, 2024December 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 cost9,169 5,711 
Allowance for credit losses(80)(53)
Commercial mortgage loans, carrying value9,089 5,658 
Residential mortgage loans:
Principal outstanding2,873 57 
Deferred fees and costs, net— (57)
Unamortized discounts and premiums, net(88)— 
Amortized cost2,785 — 
Allowance for credit losses(8)— 
Residential mortgage loans, carrying value2,777 — 
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, 2024December 31, 2023
Amortized CostPercentAmortized CostPercent
(Dollars in millions)
Geographic distribution
Pacific$1,800 19.6 %$905 15.9 %
Mountain1,782 19.4 %1,327 23.2 %
West North Central271 3.0 %178 3.1 %
West South Central1,484 16.2 %1,081 18.9 %
East North Central1,041 11.4 %829 14.5 %
East South Central149 1.6 %50 0.9 %
Middle Atlantic386 4.2 %129 2.3 %
South Atlantic1,913 20.9 %1,000 17.5 %
New England113 1.2 %12 0.2 %
Other230 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 %
Hotel1,219 13.3 %966 16.9 %
Industrial1,919 20.9 %1,052 18.4 %
Office1,178 12.9 %999 17.5 %
Parking331 3.6 %414 7.2 %
Retail1,527 16.7 %781 13.7 %
Storage157 1.7 %118 2.1 %
Agricultural469 5.1 %— — %
Other241 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 $5,658 
Schedule of Allowance for Credit Losses
The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios:
Three Months Ended September 30, 2024
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(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
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(43)$— $(43)
Acquisition from business combination— — — 
Provision12 — 12 
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Ending allowance balance$(31)$— $(31)
Nine Months Ended September 30, 2024
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(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
CommercialResidentialTotal
(Dollars in millions)
Beginning allowance balance$(38)$— $(38)
Acquisition from business combination— — — 
Provision7 — 7 
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Ending allowance balance$(31)$— $(31)
The rollforward of the allowance for credit losses for private loans is shown below:
20242023
(Dollars in millions)
Balance at January 1$(8)$— 
Acquisition from business combination
— — 
Provision1 — 
Writeoffs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Balance at March 31(7)— 
Acquisition from business combination
— — 
Provision(14)— 
Writeoffs charged against the allowance
— — 
Recoveries of amounts previously written off
— — 
Balance at June 30(21)— 
Acquisition from business combination
— — 
Provision(5)(12)
Writeoffs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Balance at September 30$(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
20242023202220212020PriorTotal
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 due4 — 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 due6 21 48 4 4 — 83 
60 - 89 days past due1 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
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