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Private Loans (Tables)

6 Months Ended

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)

X

- 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

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X

- 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

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