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Mortgage Loans on Real Estate (Tables)

3 Months Ended

Mar. 31, 2023

Loans Payable [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $442.6 million at March 31, 2023.

			March 31, 2023						December 31, 2022
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,570,314					$	3,560,903
Deferred fees and costs, net			(6,407)						(6,345)
Amortized cost			3,563,907						3,554,558
Valuation allowance			(25,082)						(22,428)
Commercial mortgage loans, carrying value			3,538,825						3,532,130
Agricultural mortgage loans:
Principal outstanding			609,026						567,630
Deferred fees and costs, net			(1,759)						(1,667)
Amortized cost			607,267						565,963
Valuation allowance			(1,356)						(1,021)
Agricultural mortgage loans, carrying value			605,911						564,942
Residential mortgage loans:
Principal outstanding			3,011,666						2,807,652
Deferred fees and costs, net			1,326						1,909
Unamortized discounts and premiums, net			60,685						55,917
Amortized cost			3,073,677						2,865,478
Valuation allowance			(19,188)						(13,523)
Residential mortgage loans, carrying value			3,054,489						2,851,955
Mortgage loans, carrying value			$	7,199,225					$	6,949,027

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:

			March 31, 2023												December 31, 2022
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	491,711					13.8		%				$	502,659					14.1		%
Middle Atlantic			279,732						7.8		%				280,993						7.9		%
Mountain			413,867						11.6		%				416,307						11.7		%
New England			75,432						2.1		%				73,631						2.1		%
Pacific			854,742						23.9		%				858,812						24.1		%
South Atlantic			949,734						26.6		%				934,007						26.2		%
West North Central			199,149						5.6		%				205,568						5.8		%
West South Central			305,947						8.6		%				288,926						8.1		%
			$	3,570,314					100.0		%				$	3,560,903					100.0		%
Property type distribution
Office			$	369,223					10.3		%				$	388,978					10.9		%
Retail			858,628						24.0		%				896,351						25.2		%
Industrial/Warehouse			909,077						25.5		%				866,623						24.3		%
Apartment			1,029,694						28.8		%				912,984						25.6		%
Hotel			324,271						9.1		%				285,271						8.0		%
Mixed Use/Other			79,421						2.3		%				210,696						6.0		%
			$	3,570,314					100.0		%				$	3,560,903					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:

			Three Months Ended March 31, 2023
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(22,428)					$	(1,021)					$	(13,523)					$	(36,972)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			(2,654)						(335)						(5,665)						(8,654)
Ending allowance balance			$	(25,082)					$	(1,356)					$	(19,188)					$	(45,626)
			Three Months Ended March 31, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			(6,661)						(39)						1,455						(5,245)
Ending allowance balance			$	(24,587)					$	(558)					$	(4,124)					$	(29,269)

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 March 31, 2023 and December 31, 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of March 31, 2023:			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			$	—		—		%	$	279,353		62		%	$	239,049		60		%	$	394,892		56		%	$	434,390		58		%	$	1,126,465		46		%	$	2,474,149		52		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	6,487			70		%	122,944			55		%	46,669			55		%	109,230			66		%	204,897			62		%	490,227			61		%
Greater than or equal to 1.0 and less than 1.2			7,788			16		%	175,669			43		%	211,652			43		%	38,390			60		%	31,739			52		%	63,234			50		%	528,472			47		%
Less than 1.0			—			—		%	—			—		%	26,945			52		%	—			—		%	6,057			64		%	38,057			66		%	71,059			61		%
Total			$	7,788		16		%	$	461,509		55		%	$	600,590		53		%	$	479,951		56		%	$	581,416		60		%	$	1,432,653		49		%	$	3,563,907		53		%
			2022						2021						2020						2019						2018						Prior						Total
As of December 31, 2022:			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:
Greater than or equal to 1.5			$	249,328		63		%	$	257,746		61		%	$	421,391		57		%	$	429,596		58		%	$	325,117		53		%	$	813,319		44		%	$	2,496,497		53		%
Greater than or equal to 1.2 and less than 1.5			6,488			70		%	123,038			55		%	46,804			58		%	115,977			66		%	67,642			67		%	145,703			60		%	505,652			62		%
Greater than or equal to 1.0 and less than 1.2			170,059			52		%	211,684			43		%	18,144			79		%	39,396			73		%	10,348			76		%	58,021			47		%	507,652			51		%
Less than 1.0			—			—		%	—			—		%	—			—		%	6,107			64		%	13,025			70		%	25,625			65		%	44,757			66		%
Total			$	425,875		59		%	$	592,468		53		%	$	486,339		58		%	$	591,076		61		%	$	416,132		57		%	$	1,042,668		47		%	$	3,554,558		54		%

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 March 31, 2023 and December 31, 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of March 31, 2023:			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			$	31,906		60		%	$	86,270		47		%	$	82,509		53		%	$	100,292		44		%	$	—		—		%	$	—		—		%	$	300,977		49		%
Greater than or equal to 1.2 and less than 1.5			10,082			58		%	105,916			54		%	67,170			53		%	60,643			45		%	—			—		%	—			—		%	243,811			52		%
Greater than or equal to 1.0 and less than 1.2			—			—		%	3,102			56		%	8,687			39		%	3,125			29		%	—			—		%	—			—		%	14,914			41		%
Less than 1.0			—			—		%	—			—		%	—			—		%	7,976			40		%	5,589			24		%	34,000			42		%	47,565			39		%
Total			$	41,988		59		%	$	195,288		51		%	$	158,366		52		%	$	172,036		44		%	$	5,589		24		%	$	34,000		42		%	$	607,267		49		%
			2022						2021						2020						2019						2018						Prior						Total
As of December 31, 2022:			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:
Greater than or equal to 1.5			$	85,367		47		%	$	84,186		46		%	$	97,143		41		%	$	—		—		%	$	—		—		%	$	—		—		%	$	266,696		45		%
Greater than or equal to 1.2 and less than 1.5			107,856			54		%	67,630			52		%	61,103			32		%	—			—		%	—			—		%	—			—		%	236,589			48		%
Greater than or equal to 1.0 and less than 1.2			3,124			56		%	8,825			38		%	3,125			25		%	—			—		%	—			—		%	—			—		%	15,074			39		%
Less than 1.0			—			—		%	—			—		%	7,975			35		%	5,629			41		%	34,000			31		%	—			—		%	47,604			33		%
Total			$	196,347		51		%	$	160,641		48		%	$	169,346		37		%	$	5,629		41		%	$	34,000		31		%	$	—		—		%	$	565,963		45		%

Aging of Financing Receivables

Aging of financing receivables is summarized in the following table (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of March 31, 2023:			(Dollars in thousands)
Commercial mortgage loans
Current			$	7,788					$	461,509					$	600,590					$	479,951					$	581,416					$	1,432,653					$	3,563,907
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	7,788					$	461,509					$	600,590					$	479,951					$	581,416					$	1,432,653					$	3,563,907
Agricultural mortgage loans
Current			$	41,988					$	195,288					$	153,023					$	172,036					$	5,589					$	34,000					$	601,924
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						5,343						—						—						—						5,343
Total agricultural mortgage loans			$	41,988					$	195,288					$	158,366					$	172,036					$	5,589					$	34,000					$	607,267
Residential mortgage loans
Current			$	224,031					$	2,003,711					$	562,310					$	194,720					$	27,631					$	1,330					$	3,013,733
30 - 59 days past due			—						16,627						2,516						4,960						57						417						24,577
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						7,452						16,155						7,385						1,580						2,795						35,367
Total residential mortgage loans			$	224,031					$	2,027,790					$	580,981					$	207,065					$	29,268					$	4,542					$	3,073,677
			2022						2021						2020						2019						2018						Prior						Total
As of December 31, 2022:			(Dollars in thousands)
Commercial mortgage loans
Current			$	425,875					$	592,468					$	486,339					$	591,076					$	416,132					$	1,042,668					$	3,554,558
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	425,875					$	592,468					$	486,339					$	591,076					$	416,132					$	1,042,668					$	3,554,558
Agricultural mortgage loans
Current			$	196,347					$	160,641					$	166,211					$	5,629					$	34,000					$	—					$	562,828
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						3,135						—						—						—						3,135
Total agricultural mortgage loans			$	196,347					$	160,641					$	169,346					$	5,629					$	34,000					$	—					$	565,963
Residential mortgage loans
Current			$	1,915,169					$	595,363					$	211,119					$	27,483					$	1,710					$	417					$	2,751,261
30 - 59 days past due			39,179						8,238						13,073						1,960						—						—						62,450
60 - 89 days past due			6,668						7,165						3,034						57						—						—						16,924
Over 90 days past due			9,702						14,068						6,515						1,762						2,796						—						34,843
Total residential mortgage loans			$	1,970,718					$	624,834					$	233,741					$	31,262					$	4,506					$	417					$	2,865,478

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Tabular disclosure itemizing the commercial mortgage loan portfolio by both geographic distribution and property type distribution.

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Tabular disclosure of allowance for credit loss on financing receivable.

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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.

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Tabular disclosure of aging analysis for financing receivable.

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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