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Mortgage Loans on Real Estate (Tables)
 9 Months Ended
Sep. 30, 2017
Mortgage Loans on Real Estate [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $113.9 million at September 30, 2017.
 
September 30, 2017
 
December 31, 2016
 
(Dollars in thousands)
Principal outstanding
$
2,620,756

 
$
2,490,619

Loan loss allowance
(8,149
)
 
(8,427
)
Deferred prepayment fees
(1,181
)
 
(1,236
)
Carrying value
$
2,611,426

 
$
2,480,956
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type
The mortgage loan portfolio is summarized by geographic region and property type as follows:
 
September 30, 2017
 
December 31, 2016
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
586,379

 
22.4
%
 
$
635,434

 
25.5
%
Middle Atlantic
173,873

 
6.6
%
 
151,640

 
6.1
%
Mountain
303,314

 
11.6
%
 
235,932

 
9.5
%
New England
12,381

 
0.5
%
 
12,724

 
0.5
%
Pacific
446,512

 
17.0
%
 
385,683

 
15.5
%
South Atlantic
555,184

 
21.2
%
 
519,065

 
20.8
%
West North Central
316,294

 
12.1
%
 
325,447

 
13.1
%
West South Central
226,819

 
8.6
%
 
224,694

 
9.0
%
 
$
2,620,756

 
100.0
%
 
$
2,490,619

 
100.0
%
Property type distribution
 
 
 
 
 
 
 
Office
$
282,595

 
10.8
%
 
$
308,578

 
12.4
%
Medical Office
34,795

 
1.3
%
 
50,780

 
2.1
%
Retail
1,018,501

 
38.9
%
 
886,942

 
35.6
%
Industrial/Warehouse
690,808

 
26.4
%
 
700,644

 
28.1
%
Apartment
420,454

 
16.0
%
 
375,837

 
15.1
%
Mixed use/other
173,603

 
6.6
%
 
167,838

 
6.7
%
 
$
2,620,756

 
100.0
%
 
$
2,490,619

 
100.0
%
Rollforward of Allowance for Credit Losses
The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
 
Three Months Ended 
 September 30, 2017
 
Three Months Ended 
 September 30, 2016
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(2,049
)
 
$
(5,800
)
 
$
(4,552
)
 
$
(6,300
)
Charge-offs
—

 
—

 
2,977

 
—

Recoveries
—

 
—

 
461

 
—

Change in provision for credit losses
—

 
(300
)
 
(213
)
 
100

Ending allowance balance
$
(2,049
)
 
$
(6,100
)
 
$
(1,327
)
 
$
(6,200
)
 
 
 
 
 
 
 
 
 
Nine Months Ended 
 September 30, 2017
 
Nine Months Ended 
 September 30, 2016
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(1,327
)
 
$
(7,100
)
 
$
(7,842
)
 
$
(6,300
)
Charge-offs
—

 
—

 
5,078

 
—

Recoveries
—

 
—

 
5,483

 
—

Change in provision for credit losses
(722
)
 
1,000

 
(4,046
)
 
100

Ending allowance balance
$
(2,049
)
 
$
(6,100
)
 
$
(1,327
)
 
$
(6,200
)
Impaired Mortgage Loans on Real Estate by Basis of Impairment
The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
 
September 30, 2017
 
December 31, 2016
 
(Dollars in thousands)
Individually evaluated for impairment
$
6,728

 
$
4,640

Collectively evaluated for impairment
2,614,028

 
2,485,979

Total loans evaluated for impairment
$
2,620,756

 
$
2,490,619
Real Estate Acquired Via Foreclosure or Deed In Lieu
The following table summarizes the activity in real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate during the three and nine months ended September 30, 2016:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2016
 
2016
 
(Dollars in thousands)
Real estate owned at beginning of period
$
—

 
$
6,485

Real estate acquired in satisfaction of mortgage loans
—

 
—

Additions
—

 
—

Sales
—

 
(6,444
)
Impairments
—

 
—

Depreciation
—

 
(41
)
Real estate owned at end of period
$
—

 
$
—
Mortgage Loans By Credit Quality Indicator
We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
 
September 30, 2017
 
December 31, 2016
 
(Dollars in thousands)
Credit Exposure--By Payment Activity
 
 
 
Performing
$
2,617,058

 
$
2,489,028

In workout
1,476

 
1,591

Delinquent
—

 
—

Collateral dependent
2,222

 
—

 
$
2,620,756

 
$
2,490,619
Aging of Financing Receivables
Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
 
30 - 59 Days
 
60 - 89 Days
 
90 Days
and Over
 
Total
Past Due
 
Current
 
Collateral Dependent Receivables
 
Total Financing Receivables
 
(Dollars in thousands)
Commercial Mortgage Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2017
$
—

 
$
—

 
$
—

 
$
—

 
$
2,618,534

 
$
2,222

 
$
2,620,756

December 31, 2016
$
2,737

 
$
—

 
$
—

 
$
2,737

 
$
2,487,882

 
$
—

 
$
2,490,619
Impaired Financing Receivables
Financing receivables summarized in the following two tables represent all loans that we are either not currently collecting, or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for 60 days or more at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
 
Recorded
Investment
 
Unpaid Principal Balance
 
Related
Allowance
 
(Dollars in thousands)
September 30, 2017
 
 
 
 
 
Mortgage loans with an allowance
$
4,679

 
$
6,728

 
$
(2,049
)
Mortgage loans with no related allowance
1,476

 
1,476

 
—

 
$
6,155

 
$
8,204

 
$
(2,049
)
December 31, 2016
 
 
 
 
 
Mortgage loans with an allowance
$
3,313

 
$
4,640

 
$
(1,327
)
Mortgage loans with no related allowance
1,591

 
1,591

 
—

 
$
4,904

 
$
6,231

 
$
(1,327
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
Three months ended September 30, 2017
 
 
 
Mortgage loans with an allowance
$
4,702

 
$
21

Mortgage loans with no related allowance
1,496

 
22

 
$
6,198

 
$
43

Three months ended September 30, 2016
 
 
 
Mortgage loans with an allowance
$
3,378

 
$
75

Mortgage loans with no related allowance
1,634

 
25

 
$
5,012

 
$
100

Nine months ended September 30, 2017
 
 
 
Mortgage loans with an allowance
$
5,112

 
$
228

Mortgage loans with no related allowance
1,533

 
69

 
$
6,645

 
$
297

Nine months ended September 30, 2016
 
 
 
Mortgage loans with an allowance
$
3,420

 
$
226

Mortgage loans with no related allowance
1,680

 
75

 
$
5,100

 
$
301
Troubled Debt Restructurings on Financing Receivables
A summary of mortgage loans on commercial real estate with outstanding principal at September 30, 2017 and December 31, 2016 that we determined to be TDRs are as follows:
Geographic Region
 
Number
of TDRs
 
Principal
Balance
Outstanding
 
Specific Loan Loss Allowance
 
Net
Carrying
Amount
 
 
 
 
(Dollars in thousands)
September 30, 2017
 
 
 
 
 
 
 
 
South Atlantic
 
1
 
$
2,962

 
$
—

 
$
2,962

East North Central
 
1
 
1,956

 
(467
)
 
1,489

 
 
2
 
$
4,918

 
$
(467
)
 
$
4,451

December 31, 2016
 
 
 
 
 
 
 
 
South Atlantic
 
1
 
$
3,004

 
$
—

 
$
3,004

East North Central
 
1
 
2,020

 
(467
)
 
1,553

 
 
2
 
$
5,024

 
$
(467
)
 
$
4,557