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Mortgage Loans on Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Summary of Mortgage Loan Portfolio | Our commercial mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $247.5 million at March 31, 2020.
| March 31, 2020 |  | December 31, 2019
| (Dollars in thousands)
Principal outstanding | $ | 3,689,302 |  |  | $ | 3,458,914 |
Deferred prepayment fees | (901 | ) |  | (942 | )
Amortized cost | 3,688,401 |  |  | 3,457,972 |
Valuation allowance | (19,776 | ) |  | (9,179 | )
Carrying value | $ | 3,668,625 |  |  | $ | 3,448,793 |
Mortgage Loan Portfolio Summarized By Geographic Region and Property Type | The mortgage loan portfolio is summarized by geographic region and property type as follows:
| March 31, 2020 |  | December 31, 2019
| Principal |  | Percent |  | Principal |  | Percent
| (Dollars in thousands)
Geographic distribution |  |  |  |  |  |  |
East | $ | 705,459 |  |  | 19.1 | % |  | $ | 645,991 |  |  | 18.7 | %
Middle Atlantic | 290,232 |  |  | 7.9 | % |  | 284,597 |  |  | 8.2 | %
Mountain | 393,338 |  |  | 10.7 | % |  | 389,892 |  |  | 11.3 | %
New England | 11,284 |  |  | 0.3 | % |  | 9,152 |  |  | 0.3 | %
Pacific | 730,262 |  |  | 19.8 | % |  | 655,518 |  |  | 19.0 | %
South Atlantic | 809,663 |  |  | 21.9 | % |  | 751,199 |  |  | 21.7 | %
West North Central | 304,069 |  |  | 8.2 | % |  | 302,534 |  |  | 8.7 | %
West South Central | 444,995 |  |  | 12.1 | % |  | 420,031 |  |  | 12.1 | %
| $ | 3,689,302 |  |  | 100.0 | % |  | $ | 3,458,914 |  |  | 100.0 | %
Property type distribution |  |  |  |  |  |  |
Office | $ | 262,446 |  |  | 7.1 | % |  | $ | 250,287 |  |  | 7.3 | %
Medical Office | 29,551 |  |  | 0.8 | % |  | 29,990 |  |  | 0.9 | %
Retail | 1,222,985 |  |  | 33.2 | % |  | 1,225,670 |  |  | 35.4 | %
Industrial/Warehouse | 938,104 |  |  | 25.4 | % |  | 896,558 |  |  | 25.9 | %
Apartment | 956,947 |  |  | 25.9 | % |  | 858,679 |  |  | 24.8 | %
Agricultural | 95,606 |  |  | 2.6 | % |  | 51,303 |  |  | 1.5 | %
Mixed use/Other | 183,663 |  |  | 5.0 | % |  | 146,427 |  |  | 4.2 | %
| $ | 3,689,302 |  |  | 100.0 | % |  | $ | 3,458,914 |  |  | 100.0 | %
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.
| March 31, 2020 |  | December 31, 2019
| (Dollars in thousands)
Credit Exposure - By Payment Activity |  |  |
Performing | $ | 3,684,149 |  |  | $ | 3,457,972 |
In workout | — |  |  | — |
Collateral dependent | 4,252 |  |  | — |
| $ | 3,688,401 |  |  | $ | 3,457,972 |
A summary of our portfolio by LTV and DSC ratios based on the most recent information collected follows (by year of origination):
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total
As of March 31, 2020 | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV
Debt Service Coverage Ratio: | (Dollars in thousands)
Greater than or equal to 1.5 | $ | 209,636 |  | 63 | % | $ | 463,287 |  | 67 | % | $ | 411,362 |  | 61 | % | $ | 308,703 |  | 58 | % | $ | 394,953 |  | 56 | % | $ | 863,496 |  | 47 | % | $ | 2,651,437 |  | 56 | %
Greater than or equal to 1.2 and less than 1.5 | 108,167 |  | 68 | % | 299,053 |  | 69 | % | 145,090 |  | 71 | % | 159,166 |  | 66 | % | 37,411 |  | 60 | % | 138,857 |  | 54 | % | 887,744 |  | 66 | %
Greater than or equal to 1.0 and less than 1.2 | 3,600 |  | 68 | % | 36,219 |  | 61 | % | 11,056 |  | 73 | % | 15,725 |  | 65 | % | 4,017 |  | 47 | % | 45,125 |  | 60 | % | 115,742 |  | 62 | %
Less than 1.0 | — |  | — | % | 1,450 |  | 43 | % | 9,472 |  | 70 | % | — |  | — | % | — |  | — | % | 22,556 |  | 52 | % | 33,478 |  | 57 | %
Total | $ | 321,403 |  | 65 | % | $ | 800,009 |  | 68 | % | $ | 576,980 |  | 64 | % | $ | 483,594 |  | 61 | % | $ | 436,381 |  | 56 | % | $ | 1,070,034 |  | 48 | % | $ | 3,688,401 |  | 59 | %
Rollforward of Allowance for Credit Losses | The following table presents a rollforward of our specific and general valuation allowances for our commercial mortgage loan portfolio:
| Three Months Ended March 31, 2020 |  | Three Months Ended March 31, 2019
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance (1) | $ | (229 | ) |  | $ | (17,550 | ) |  | $ | (229 | ) |  | $ | (8,010 | )
Charge-offs | — |  |  | — |  |  | — |  |  | — |
Recoveries | — |  |  | — |  |  | — |  |  | — |
Change in provision for credit losses | (2,197 | ) |  | 200 |  |  | — |  |  | 60 |
Ending allowance balance | $ | (2,426 | ) |  | $ | (17,350 | ) |  | $ | (229 | ) |  | $ | (7,950 | )
(1) Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the general loan loss allowance, resulting in an adjustment to our commercial mortgage loan valuation allowance. See Note 1 for further details.
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 |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2020 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,684,149 |  |  | $ | 4,252 |  |  | $ | 3,688,401 |
December 31, 2019 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,457,972 |  |  | $ | — |  |  | $ | 3,457,972 |

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