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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Asset and Allowances Mortgage Loans Our mortgage loan portfolios are summarized in the following table.
December 31,
20242023
(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 cost9,576 5,711 
Allowance for credit losses(146)(53)
Commercial mortgage loans, carrying value9,430 5,658 
Residential mortgage loans:
Principal outstanding2,777 57 
Deferred fees and costs, net— (57)
Unamortized discounts and premiums, net(81)— 
Amortized cost2,696 — 
Allowance for credit losses(9)— 
Residential mortgage loans, carrying value2,687 — 
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,
20242023
Amortized CostPercentAmortized CostPercent
(Dollars in millions)
Geographic distribution
Pacific$2,060 21.5 %$905 15.9 %
Mountain1,678 17.5 %1,327 23.2 %
West North Central280 2.9 %178 3.1 %
West South Central1,443 15.1 %1,081 18.9 %
East North Central1,012 10.6 %829 14.5 %
East South Central144 1.5 %50 0.9 %
Middle Atlantic591 6.2 %129 2.3 %
South Atlantic1,993 20.8 %1,000 17.5 %
New England133 1.4 %12 0.2 %
Other242 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$447 4.7 %$— — %
Apartment2,325 24.3 %1,091 19.1 %
Hotel1,246 13.0 %966 16.9 %
Industrial1,859 19.4 %1,052 18.4 %
Office1,425 14.9 %999 17.5 %
Parking326 3.4 %414 7.2 %
Retail1,572 16.4 %781 13.7 %
Storage176 1.8 %118 2.1 %
Other200 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:
PredecessorCommercialResidentialTotal
(Dollars in millions)
Balance at December 31, 2021
$(97)$— $(97)
Provision4 — 4 
Writeoffs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Balance at May 24, 2022
$(93)$— $(93)
SuccessorCommercialResidentialTotal
(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 off15 — 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 off4 — 4 
Balance at December 31, 2024
$(146)$(9)$(155)
The rollforward of the allowance for credit losses for private loans is shown below:
Successor
Predecessor
Year Ended December 31,Period From
May 25 to
December 31,		Period From
January 1 to
May 24,
2024202320222022
(Dollars in millions)
Balance at beginning of period$(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
20242023202220212020PriorTotal
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 due3 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
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