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Private Loans (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Schedule of Credit Ratings For Private Loans | The following table summarizes the credit ratings of our private loans:
| June 30, 2025 |  | December 31, 2024
| (Dollars in millions)
A or higher | $ | 2,175 |  |  | $ | 1,443 |
BBB | 1,409 |  |  | 669 |
BB and below | 2,060 |  |  | 710 |
Unrated (1) | 2,476 |  |  | 2,910 |
Total | $ | 8,120 |  |  | $ | 5,732 |
(1)Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on its investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.
Schedule of Allowance for Credit Losses | The rollforward of the allowance for credit losses for mortgage loans for the three and six months ended June 30, 2025 and 2024 is shown below:
| 2025 |  | 2024
| Commercial Mortgage Loans |  | Residential Mortgage Loans |  | Commercial Mortgage Loans |  | Residential Mortgage Loans
| (Dollars in millions)
Balance, as of January 1 | $ | (146) |  |  | $ | (9) |  |  | $ | (53) |  |  | $ | — |
Provision | (1) |  |  | (1) |  |  | (1) |  |  | — |
Writeoffs charged against the allowance | 3 |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |  |  | — |  |  | — |
Balance, as of March 31 | (144) |  |  | (10) |  |  | (54) |  |  | — |
Provision | 15 |  |  | (3) |  |  | — |  |  | — |
Writeoffs charged against the allowance | — |  |  | — |  |  | — |  |  | — |
Recoveries of amounts previously written off | 4 |  |  | — |  |  | — |  |  | — |
Balance, as of June 30 | $ | (125) |  |  | $ | (13) |  |  | $ | (54) |  |  | $ | — |
The rollforward of the allowance for credit losses for private loans for the three and six months ended June 30, 2025 and 2024 is shown below:
| 2025 |  | 2024
| (Dollars in millions)
Balance at January 1 | $ | (66) |  |  | $ | (8) |
Provision | (11) |  |  | 1 |
Writeoffs charged against the allowance | — |  |  | — |
Balance at March 31 | (77) |  |  | (7) |
Acquisition from business combination | — |  |  | — |
Provision | (8) |  |  | (14) |
Writeoffs charged against the allowance | (2) |  |  | — |
Recoveries of amounts previously written off | — |  |  | — |
Balance at June 30 | $ | (87) |  |  | $ | (21) |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- References No definition available. + Details
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