
(in millions)	March 31, 2026		December 31, 2025
Commercial mortgages(a)	$	2,409	$	2,495

Commercial loans, other loans and notes receivable(b)	481		503
Total mortgage and other loans receivable(c)	2,890		2,998
Allowance for credit losses(c)	(77)		(111)
Mortgage and other loans receivable, net(c)	$	2,813	$	2,887

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 14 percent and 14 percent, respectively, at March 31, 2026 and 14 percent and 13 percent, respectively, at December 31, 2025).

(c)Excludes $37.6 billion at both March 31, 2026 and December 31, 2025 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2026 and December 31, 2025, $119 million and $160 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $11 million and $11 million, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.


March 31, 2026		2026		2025		2024		2023		2022		Prior		Total
(in millions)
Less than 65%	$	40	$	14	$	37	$	226	$	90	$	1,222	$	1,629


65% to 80%		—		—		—		—		—		512		512
Greater than 80%		—		—		—		5		23		240		268
Total commercial mortgages	$	40	$	14	$	37	$	231	$	113	$	1,974	$	2,409

December 31, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
Less than 65%	$	14	$	38	$	213	$	94	$	468	$	808	$	1,635


65% to 80%		—		—		11		—		77		463		551
Greater than 80%		—		—		5		23		47		234		309
Total commercial mortgages	$	14	$	38	$	229	$	117	$	592	$	1,505	$	2,495

(a)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 66 percent and 71 percent at March 31, 2026 and December 31, 2025, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
March 31, 2026
Past Due Status:
In good standing	133	$	750	$	941	$	293	$	153	$	164	$	50	$	2,351	98	%
90 days or less delinquent	—		—		—		—		—		—		—		—	—
>90 days delinquent or in process of foreclosure	4		—		26		32		—		—		—		58	2
Total*	137	$	750	$	967	$	325	$	153	$	164	$	50	$	2,409	100	%
Allowance for credit losses		$	1	$	56	$	10	$	—	$	10	$	—	$	77	3	%




December 31, 2025
Past Due Status:
In good standing	140	$	793	$	947	$	297	$	158	$	191	$	10	$	2,396	96	%
90 days or less delinquent	1		—		9		—		—		—		—		9	—
>90 days delinquent or in process of foreclosure	4		—		30		60		—		—		—		90	4
Total*	145	$	793	$	986	$	357	$	158	$	191	$	10	$	2,495	100	%
Allowance for credit losses		$	2	$	62	$	37	$	—	$	10	$	—	$	111	4	%

For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):


Three Months Ended March 31,
(in millions)	2026		2025
Allowance, beginning of year	$	111	$	164



Addition to (release of) allowance for loan losses	(34)		(9)


Allowance, end of period	$	77	$	155

(a)Does not include allowance for credit losses of $0 million and $8 million at March 31, 2026 and 2025, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.

For a discussion of our accounting policy for loan modifications, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

There were no loans that had defaulted during the three months ended March 31, 2026 and 2025, that had been previously modified with borrowers experiencing financial difficulties.