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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Summary of Mortgage Loan Portfolios Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $75.3 million at December 31, 2020.
December 31,
20202019
(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding$3,580,154 $3,407,611 
Deferred fees and costs, net(1,266)(899)
Amortized cost3,578,888 3,406,712 
Valuation allowance(25,529)(8,979)
Commercial mortgage loans, carrying value3,553,359 3,397,733 
Agricultural mortgage loans:
Principal outstanding245,807 51,303 
Deferred fees and costs, net(634)(43)
Amortized cost245,173 51,260 
Valuation allowance(2,130)(200)
Agricultural mortgage loans, carrying value243,043 51,060 
Residential mortgage loans:
Principal outstanding366,320 — 
Deferred fees and costs, net925 — 
Unamortized discounts and premiums, net5,212 — 
Amortized cost372,457 — 
Valuation allowance(3,370)— 
Residential mortgage loans, carrying value369,087 — 
Mortgage loans, carrying value$4,165,489 $3,448,793 
Commercial Mortgage Loan Portfolio Summarized by Geographic Region and Property Type The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:
December 31,
20202019
PrincipalPercentPrincipalPercent
(Dollars in thousands)
Geographic distribution
East$699,741 19.5 %$645,991 19.0 %
Middle Atlantic281,971 7.9 %284,597 8.4 %
Mountain391,025 10.9 %389,892 11.4 %
New England24,774 0.7 %9,152 0.3 %
Pacific659,743 18.4 %618,336 18.1 %
South Atlantic832,739 23.3 %751,199 22.0 %
West North Central266,050 7.4 %288,413 8.5 %
West South Central424,111 11.9 %420,031 12.3 %
$3,580,154 100.0 %$3,407,611 100.0 %
Property type distribution
Office$297,065 8.3 %$250,287 7.3 %
Medical Office20,584 0.6 %29,990 0.9 %
Retail1,187,484 33.2 %1,225,670 36.0 %
Industrial/Warehouse929,325 25.9 %896,558 26.3 %
Apartment939,084 26.2 %858,679 25.2 %
Mixed Use/Other206,612 5.8 %146,427 4.3 %
$3,580,154 100.0 %$3,407,611 100.0 %
Rollforward of Valuation Allowance on Mortgage Loan Portfolios
The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios:
Year Ended December 31, 2020
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance (1)$(17,579)$(200)$— $(17,779)
Charge-offs1,485 — — 1,485 
Recoveries712 — — 712 
Change in provision for credit losses(10,147)(1,930)(3,370)(15,447)
Ending allowance balance$(25,529)$(2,130)$(3,370)$(31,029)
(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 mortgage loan valuation allowance. See Note 1 - Significant Accounting Policies for further details.
Mortgage Loans By Credit Quality Indicator
The amortized cost of our commercial mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2020 (by year of origination):
20202019201820172016PriorTotal
As of December 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$364,574 63 %$442,370 66 %$399,193 62 %$316,738 57 %$359,321 54 %$715,706 47 %$2,597,902 57 %
Greater than or equal to 1.2 and less than 1.5
161,779 66 %226,166 70 %124,267 72 %124,564 67 %52,513 62 %111,690 55 %800,979 66 %
Greater than or equal to 1.0 and less than 1.2
17,638 82 %22,917 67 %2,769 71 %7,597 66 %— — %32,327 65 %83,248 69 %
Less than 1.0— — %64,131 58 %1,441 89 %10,156 80 %— — %21,031 60 %96,759 61 %
Total$543,991 65 %$755,584 67 %$527,670 64 %$459,055 60 %$411,834 55 %$880,754 49 %$3,578,888 59 %
The amortized cost of our agricultural mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2020 (by year of origination):
20202019201820172016PriorTotal
As of December 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$78,631 52 %$13,985 47 %$25,000 11 %$— — %$— — %$— — %$117,616 43 %
Greater than or equal to 1.2 and less than 1.5
101,879 44 %3,425 23 %— — %— — %— — %— — %105,304 44 %
Greater than or equal to 1.0 and less than 1.2
4,213 37 %6,573 43 %— — %— — %— — %— — %10,786 41 %
Less than 1.011,467 48 %— — %— — %— — %— — %— — %11,467 48 %
Total$196,190 47 %$23,983 42 %$25,000 11 %$— — %$— — %$— — %$245,173 43 %
Aging of Financing Receivables Aging of financing receivables is summarized in the following table (by year of origination):
20202019201820172016PriorTotal
As of December 31, 2020:(Dollars in thousands)
Commercial mortgage loans
Current$543,991 $755,584 $527,670 $459,055 $411,834 $880,754 $3,578,888 
30 - 59 days past due— — — — — — — 
60 - 89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total commercial mortgage loans$543,991 $755,584 $527,670 $459,055 $411,834 $880,754 $3,578,888 
Agricultural mortgage loans
Current$196,190 $23,983 $25,000 $— $— $— $245,173 
30 - 59 days past due— — — — — — — 
60 - 89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total agricultural mortgage loans$196,190 $23,983 $25,000 $— $— $— $245,173 
Residential mortgage loans
Current$321,779 $24,951 $— $— $— $— $346,730 
30 - 59 days past due25,150 299 — — — — 25,449 
60 - 89 days past due111 — — — — — 111 
Over 90 days past due167 — — — — — 167 
Total residential mortgage loans$347,207 $25,250 $— $— $— $— $372,457