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Mortgage Loans on Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Schedule of Asset and Allowances Mortgage Loans | Our mortgage loan portfolios are summarized in the following table.
| December 31,
| 2024 |  | 2023
| (Dollars in millions)
Commercial mortgage loans: |  |  |
Principal outstanding | $ | 10,059 |  |  | $ | 5,870 |
Deferred fees and costs, net | (19) |  |  | (72) |
Unamortized discounts and premiums, net | (464) |  |  | (87) |
Amortized cost | 9,576 |  |  | 5,711 |
Allowance for credit losses | (146) |  |  | (53) |
Commercial mortgage loans, carrying value | 9,430 |  |  | 5,658 |
Residential mortgage loans: |  |  |
Principal outstanding | 2,777 |  |  | 57 |
Deferred fees and costs, net | — |  |  | (57) |
Unamortized discounts and premiums, net | (81) |  |  | — |
Amortized cost | 2,696 |  |  | — |
Allowance for credit losses | (9) |  |  | — |
Residential mortgage loans, carrying value | 2,687 |  |  | — |
Mortgage loans, carrying value | $ | 12,117 |  |  | $ | 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:
| December 31,
| 2024 |  | 2023
| Amortized Cost |  | Percent |  | Amortized Cost |  | Percent
| (Dollars in millions)
Geographic distribution |  |  |  |  |  |  |
Pacific | $ | 2,060 |  |  | 21.5 | % |  | $ | 905 |  |  | 15.9 | %
Mountain | 1,678 |  |  | 17.5 | % |  | 1,327 |  |  | 23.2 | %
West North Central | 280 |  |  | 2.9 | % |  | 178 |  |  | 3.1 | %
West South Central | 1,443 |  |  | 15.1 | % |  | 1,081 |  |  | 18.9 | %
East North Central | 1,012 |  |  | 10.6 | % |  | 829 |  |  | 14.5 | %
East South Central | 144 |  |  | 1.5 | % |  | 50 |  |  | 0.9 | %
Middle Atlantic | 591 |  |  | 6.2 | % |  | 129 |  |  | 2.3 | %
South Atlantic | 1,993 |  |  | 20.8 | % |  | 1,000 |  |  | 17.5 | %
New England | 133 |  |  | 1.4 | % |  | 12 |  |  | 0.2 | %
Other | 242 |  |  | 2.5 | % |  | 200 |  |  | 3.5 | %
| 9,576 |  |  | 100.0 | % |  | 5,711 |  |  | 100.0 | %
Allowance for credit losses | (146) |  |  |  |  | (53) |  |  |
Total, net of allowance | $ | 9,430 |  |  |  |  | $ | 5,658 |  |  |
Property type distribution |  |  |  |  |  |  |
Agricultural | $ | 447 |  |  | 4.7 | % |  | $ | — |  |  | — | %
Apartment | 2,325 |  |  | 24.3 | % |  | 1,091 |  |  | 19.1 | %
Hotel | 1,246 |  |  | 13.0 | % |  | 966 |  |  | 16.9 | %
Industrial | 1,859 |  |  | 19.4 | % |  | 1,052 |  |  | 18.4 | %
Office | 1,425 |  |  | 14.9 | % |  | 999 |  |  | 17.5 | %
Parking | 326 |  |  | 3.4 | % |  | 414 |  |  | 7.2 | %
Retail | 1,572 |  |  | 16.4 | % |  | 781 |  |  | 13.7 | %
Storage | 176 |  |  | 1.8 | % |  | 118 |  |  | 2.1 | %
Other | 200 |  |  | 2.1 | % |  | 290 |  |  | 5.1 | %
| 9,576 |  |  | 100.0 | % |  | 5,711 |  |  | 100.0 | %
Allowance for credit losses | (146) |  |  |  |  | (53) |  |  |
Total, net of allowance | $ | 9,430 |  |  |  |  | $ | 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:
Predecessor |  | Commercial |  | Residential |  | Total
|  | (Dollars in millions)
Balance at December 31, 2021 |  | $ | (97) |  |  | $ | — |  |  | $ | (97) |
Provision |  | 4 |  |  | — |  |  | 4 |
Writeoffs charged against the allowance |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |  |  | — |
Balance at May 24, 2022 |  | $ | (93) |  |  | $ | — |  |  | $ | (93) |
Successor |  | Commercial |  | Residential |  | Total
|  | (Dollars in millions)
Balance at May 25, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |
Provision |  | (38) |  |  | — |  |  | (38) |
Writeoffs charged against the allowance |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off |  | — |  |  | — |  |  | — |
Balance at December 31, 2022 |  | (38) |  |  | — |  |  | (38) |
Provision |  | (15) |  |  | — |  |  | (15) |
Writeoffs charged against the allowance |  | (15) |  |  | — |  |  | (15) |
Recoveries of amounts previously written off |  | 15 |  |  | — |  |  | 15 |
Balance at December 31, 2023 |  | (53) |  |  | — |  |  | (53) |
Acquisition from business combination |  | (13) |  |  | — |  |  | (13) |
Provision |  | (84) |  |  | (9) |  |  | (93) |
Writeoffs charged against the allowance |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off |  | 4 |  |  | — |  |  | 4 |
Balance at December 31, 2024 |  | $ | (146) |  |  | $ | (9) |  |  | $ | (155) |
The rollforward of the allowance for credit losses for private loans is shown below:
| Successor |  |  | Predecessor
| Year Ended December 31, |  | Period From May 25 to December 31, |  |  | Period From January 1 to May 24,
| 2024 |  | 2023 |  | 2022 |  |  | 2022
| (Dollars in millions)
Balance at beginning of period | $ | (8) |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Acquisition from business combination | — |  |  | — |  |  | — |  |  |  | — |
Provision | (58) |  |  | (8) |  |  | — |  |  |  | — |
Write-offs charged against the allowance | — |  |  | — |  |  | — |  |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |  |  |  | — |
Balance at end of period | $ | (66) |  |  | $ | (8) |  |  | $ | — |  |  |  | $ | — |
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 December 31, 2024: | (Dollars in millions)
Commercial mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 487 |  |  | $ | 649 |  |  | $ | 2,204 |  |  | $ | 1,270 |  |  | $ | 943 |  |  | $ | 3,736 |  |  | $ | 9,289 |
30 - 59 days past due | — |  |  | 25 |  |  | 4 |  |  | — |  |  | 10 |  |  | 48 |  |  | 87 |
60 - 89 days past due | — |  |  | — |  |  | 50 |  |  | 30 |  |  | — |  |  | — |  |  | 80 |
Non-accrual (90 days or more past due) | — |  |  | 8 |  |  | 42 |  |  | 16 |  |  | 6 |  |  | 48 |  |  | 120 |
Total commercial mortgage loans | $ | 487 |  |  | $ | 682 |  |  | $ | 2,300 |  |  | $ | 1,316 |  |  | $ | 959 |  |  | $ | 3,832 |  |  | $ | 9,576 |
Residential mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 294 |  |  | $ | 790 |  |  | $ | 970 |  |  | $ | 222 |  |  | $ | 121 |  |  | $ | 7 |  |  | $ | 2,404 |
30 - 59 days past due | 3 |  |  | 41 |  |  | 45 |  |  | 2 |  |  | 4 |  |  | — |  |  | 95 |
60 - 89 days past due | — |  |  | 7 |  |  | 20 |  |  | 2 |  |  | 4 |  |  | 5 |  |  | 38 |
Non-accrual (90 days or more past due) | 3 |  |  | 51 |  |  | 76 |  |  | 18 |  |  | 8 |  |  | 3 |  |  | 159 |
Total residential mortgage loans | $ | 300 |  |  | $ | 889 |  |  | $ | 1,111 |  |  | $ | 244 |  |  | $ | 137 |  |  | $ | 15 |  |  | $ | 2,696 |
Total mortgage loans | $ | 787 |  |  | $ | 1,571 |  |  | $ | 3,411 |  |  | $ | 1,560 |  |  | $ | 1,096 |  |  | $ | 3,847 |  |  | $ | 12,272 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  | (155) |
Total, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,117 |
| 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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