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Mortgage Loans on Real Estate (Tables)

9 Months Ended

Sep. 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 $750.5 million at September 30, 2023.

			September 30, 2023						December 31, 2022
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,534,502					$	3,560,903
Deferred fees and costs, net			(3,903)						(6,345)
Unamortized discounts and premiums, net			(1,593)						—
Amortized cost			3,529,006						3,554,558
Valuation allowance			(21,802)						(22,428)
Commercial mortgage loans, carrying value			3,507,204						3,532,130
Agricultural mortgage loans:
Principal outstanding			585,020						567,630
Deferred fees and costs, net			(1,707)						(1,667)
Amortized cost			583,313						565,963
Valuation allowance			(1,105)						(1,021)
Agricultural mortgage loans, carrying value			582,208						564,942
Residential mortgage loans:
Principal outstanding			3,359,939						2,807,652
Deferred fees and costs, net			669						1,909
Unamortized discounts and premiums, net			67,138						55,917
Amortized cost			3,427,746						2,865,478
Valuation allowance			(22,175)						(13,523)
Residential mortgage loans, carrying value			3,405,571						2,851,955
Mortgage loans, carrying value			$	7,494,983					$	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:

			September 30, 2023												December 31, 2022
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	490,286					13.9		%				$	502,659					14.1		%
Middle Atlantic			276,679						7.8		%				280,993						7.9		%
Mountain			395,301						11.2		%				416,307						11.7		%
New England			82,566						2.3		%				73,631						2.1		%
Pacific			840,127						23.8		%				858,812						24.1		%
South Atlantic			939,397						26.6		%				934,007						26.2		%
West North Central			185,743						5.2		%				205,568						5.8		%
West South Central			324,403						9.2		%				288,926						8.1		%
			$	3,534,502					100.0		%				$	3,560,903					100.0		%
Property type distribution
Office			$	366,874					10.4		%				$	388,978					10.9		%
Retail			824,708						23.3		%				896,351						25.2		%
Industrial/Warehouse			925,806						26.2		%				866,623						24.3		%
Apartment			1,015,703						28.7		%				912,984						25.6		%
Hotel			324,271						9.2		%				285,271						8.0		%
Mixed Use/Other			77,140						2.2		%				210,696						6.0		%
			$	3,534,502					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 September 30, 2023
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(21,330)					$	(895)					$	(18,170)					$	(40,395)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			(472)						(210)						(4,005)						(4,687)
Ending allowance balance			$	(21,802)					$	(1,105)					$	(22,175)					$	(45,082)
			Three Months Ended September 30, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(24,244)					$	(664)					$	(7,480)					$	(32,388)
Charge-offs			414						—						—						414
Recoveries			1,086						—						—						1,086
Change in provision for credit losses			(869)						(146)						(3,701)						(4,716)
Ending allowance balance			$	(23,613)					$	(810)					$	(11,181)					$	(35,604)
			Nine Months Ended September 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			626						(84)						(8,652)						(8,110)
Ending allowance balance			$	(21,802)					$	(1,105)					$	(22,175)					$	(45,082)
			Nine Months Ended September 30, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
Charge-offs			414						—						—						414
Recoveries			1,315						—						—						1,315
Change in provision for credit losses			(7,416)						(291)						(5,602)						(13,309)
Ending allowance balance			$	(23,613)					$	(810)					$	(11,181)					$	(35,604)

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

			2023						2022						2021						2020						2019						Prior						Total
As of September 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			$	—		—		%	$	285,725		62		%	$	273,012		57		%	$	380,956		53		%	$	461,587		55		%	$	1,098,330		44		%	$	2,499,610		51		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	—			—		%	4,547			56		%	55,321			54		%	94,038			68		%	178,773			58		%	332,679			60		%
Greater than or equal to 1.0 and less than 1.2			34,618			32		%	214,899			42		%	321,776			45		%	39,223			62		%	—			—		%	29,780			69		%	640,296			46		%
Less than 1.0			—			—		%	—			—		%	—			—		%	—			—		%	2,557			80		%	53,864			53		%	56,421			54		%
Total			$	34,618		32		%	$	500,624		53		%	$	599,335		51		%	$	475,500		53		%	$	558,182		57		%	$	1,360,747		47		%	$	3,529,006		51		%
			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 September 30, 2023 and December 31, 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of September 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			$	27,014		59		%	$	86,511		46		%	$	61,672		57		%	$	100,768		45		%	$	—		—		%	$	—		—		%	$	275,965		49		%
Greater than or equal to 1.2 and less than 1.5			17,824			59		%	103,934			54		%	65,543			53		%	60,068			45		%	—			—		%	—			—		%	247,369			52		%
Greater than or equal to 1.0 and less than 1.2			3,988			43		%	3,080			55		%	8,673			39		%	—			—		%	—			—		%	—			—		%	15,741			43		%
Less than 1.0			—			—		%	—			—		%	—			—		%	7,975			40		%	2,263			33		%	34,000			42		%	44,238			41		%
Total			$	48,826		58		%	$	193,525		51		%	$	135,888		54		%	$	168,811		45		%	$	2,263		33		%	$	34,000		42		%	$	583,313		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 September 30, 2023:			(Dollars in thousands)
Commercial mortgage loans
Current			$	34,618					$	500,624					$	599,335					$	475,500					$	558,182					$	1,360,747					$	3,529,006
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
90 days or more past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	34,618					$	500,624					$	599,335					$	475,500					$	558,182					$	1,360,747					$	3,529,006
Agricultural mortgage loans
Current			$	48,826					$	193,525					$	135,888					$	168,811					$	2,263					$	34,000					$	583,313
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
90 days or more past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	48,826					$	193,525					$	135,888					$	168,811					$	2,263					$	34,000					$	583,313
Residential mortgage loans
Current			$	975,966					$	1,639,242					$	411,035					$	167,678					$	27,309					$	893					$	3,222,123
30 - 59 days past due			30,963						36,240						15,604						6,560						99						—						89,466
60 - 89 days past due			3,007						21,436						4,233						888						—						—						29,564
90 days or more past due			8,171						39,138						27,114						5,369						3,398						3,403						86,593
Total residential mortgage loans			$	1,018,107					$	1,736,056					$	457,986					$	180,495					$	30,806					$	4,296					$	3,427,746
			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			—						—						—						—						—						—						—
90 days or more 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			—						—						—						—						—						—						—
90 days or more 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
90 days or more 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.

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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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