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Mortgage Loans on Real Estate (Tables)

6 Months Ended

Jun. 30, 2023

Loans Payable [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $693.0 million at June 30, 2023.

			June 30, 2023						December 31, 2022
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,535,506					$	3,560,903
Deferred fees and costs, net			(4,316)						(6,345)
Unamortized discounts and premiums, net			(1,821)						—
Amortized cost			3,529,369						3,554,558
Valuation allowance			(21,330)						(22,428)
Commercial mortgage loans, carrying value			3,508,039						3,532,130
Agricultural mortgage loans:
Principal outstanding			582,660						567,630
Deferred fees and costs, net			(1,719)						(1,667)
Amortized cost			580,941						565,963
Valuation allowance			(895)						(1,021)
Agricultural mortgage loans, carrying value			580,046						564,942
Residential mortgage loans:
Principal outstanding			3,236,400						2,807,652
Deferred fees and costs, net			1,068						1,909
Unamortized discounts and premiums, net			66,226						55,917
Amortized cost			3,303,694						2,865,478
Valuation allowance			(18,170)						(13,523)
Residential mortgage loans, carrying value			3,285,524						2,851,955
Mortgage loans, carrying value			$	7,373,609					$	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:

			June 30, 2023												December 31, 2022
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	484,451					13.7		%				$	502,659					14.1		%
Middle Atlantic			278,727						7.9		%				280,993						7.9		%
Mountain			397,667						11.2		%				416,307						11.7		%
New England			77,457						2.2		%				73,631						2.1		%
Pacific			844,371						23.9		%				858,812						24.1		%
South Atlantic			943,302						26.7		%				934,007						26.2		%
West North Central			197,206						5.6		%				205,568						5.8		%
West South Central			312,325						8.8		%				288,926						8.1		%
			$	3,535,506					100.0		%				$	3,560,903					100.0		%
Property type distribution
Office			$	366,086					10.3		%				$	388,978					10.9		%
Retail			845,217						23.9		%				896,351						25.2		%
Industrial/Warehouse			896,797						25.4		%				866,623						24.3		%
Apartment			1,024,893						29.0		%				912,984						25.6		%
Hotel			324,271						9.2		%				285,271						8.0		%
Mixed Use/Other			78,242						2.2		%				210,696						6.0		%
			$	3,535,506					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 June 30, 2023
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(25,082)					$	(1,356)					$	(19,188)					$	(45,626)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			3,752						461						1,018						5,231
Ending allowance balance			$	(21,330)					$	(895)					$	(18,170)					$	(40,395)
			Three Months Ended June 30, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(24,587)					$	(558)					$	(4,124)					$	(29,269)
Charge-offs			—						—						—						—
Recoveries			229						—						—						229
Change in provision for credit losses			114						(106)						(3,356)						(3,348)
Ending allowance balance			$	(24,244)					$	(664)					$	(7,480)					$	(32,388)
			Six Months Ended June 30, 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			1,098						126						(4,647)						(3,423)
Ending allowance balance			$	(21,330)					$	(895)					$	(18,170)					$	(40,395)
			Six Months Ended June 30, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
Charge-offs			—						—						—						—
Recoveries			229						—						—						229
Change in provision for credit losses			(6,547)						(145)						(1,901)						(8,593)
Ending allowance balance			$	(24,244)					$	(664)					$	(7,480)					$	(32,388)

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 June 30, 2023 and December 31, 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of June 30, 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			$	—		—		%	$	285,762		62		%	$	268,348		61		%	$	390,439		56		%	$	443,532		59		%	$	1,112,909		46		%	$	2,500,990		53		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	—			—		%	9,830			69		%	46,365			54		%	103,702			67		%	177,289			61		%	337,186			62		%
Greater than or equal to 1.0 and less than 1.2			18,444			18		%	192,832			43		%	294,759			45		%	39,486			60		%	8,318			66		%	50,856			56		%	604,695			46		%
Less than 1.0			—			—		%	—			—		%	26,946			52		%	—			—		%	6,009			63		%	53,543			57		%	86,498			56		%
Total			$	18,444		18		%	$	478,594		55		%	$	599,883		53		%	$	476,290		56		%	$	561,561		60		%	$	1,394,597		49		%	$	3,529,369		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 June 30, 2023 and December 31, 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of June 30, 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			$	25,736		59		%	$	86,661		46		%	$	70,160		55		%	$	101,670		45		%	$	—		—		%	$	—		—		%	$	284,227		49		%
Greater than or equal to 1.2 and less than 1.5			10,007			58		%	104,193			55		%	65,945			53		%	60,530			45		%	—			—		%	—			—		%	240,675			52		%
Greater than or equal to 1.0 and less than 1.2			—			—		%	3,102			56		%	8,686			39		%	—			—		%	—			—		%	—			—		%	11,788			44		%
Less than 1.0			—			—		%	—			—		%	—			—		%	7,975			40		%	2,276			34		%	34,000			42		%	44,251			41		%
Total			$	35,743		59		%	$	193,956		51		%	$	144,791		53		%	$	170,175		45		%	$	2,276		34		%	$	34,000		42		%	$	580,941		50		%
			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 June 30, 2023:			(Dollars in thousands)
Commercial mortgage loans
Current			$	18,444					$	478,594					$	599,883					$	476,290					$	561,561					$	1,394,597					$	3,529,369
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	18,444					$	478,594					$	599,883					$	476,290					$	561,561					$	1,394,597					$	3,529,369
Agricultural mortgage loans
Current			$	32,743					$	193,956					$	144,791					$	170,175					$	2,276					$	34,000					$	577,941
30 - 59 days past due			3,000						—						—						—						—						—						3,000
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	35,743					$	193,956					$	144,791					$	170,175					$	2,276					$	34,000					$	580,941
Residential mortgage loans
Current			$	663,036					$	1,778,621					$	473,986					$	186,088					$	26,497					$	978					$	3,129,206
30 - 59 days past due			39,680						43,994						14,638						4,650						2,274						162						105,398
60 - 89 days past due			3,901						10,276						5,427						1,030						—						190						20,824
Over 90 days past due			807						27,268						10,460						4,882						1,637						3,212						48,266
Total residential mortgage loans			$	707,424					$	1,860,159					$	504,511					$	196,650					$	30,408					$	4,542					$	3,303,694
			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 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.

+ References

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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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