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Mortgage Loans on Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $786.4 million at December 31, 2023.

			December 31,
			2023						2022
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,550,204					$	3,560,903
Deferred fees and costs, net			(2,494)						(6,345)
Unamortized discounts and premiums, net			(2,711)						—
Amortized cost			3,544,999						3,554,558
Valuation allowance			(17,902)						(22,428)
Commercial mortgage loans, carrying value			3,527,097						3,532,130
Agricultural mortgage loans:
Principal outstanding			581,287						567,630
Deferred fees and costs, net			(1,654)						(1,667)
Amortized cost			579,633						565,963
Valuation allowance			(2,590)						(1,021)
Agricultural mortgage loans, carrying value			577,043						564,942
Residential mortgage loans:
Principal outstanding			3,384,737						2,807,652
Deferred fees and costs, net			558						1,909
Unamortized discounts and premiums, net			65,802						55,917
Amortized cost			3,451,097						2,865,478
Valuation allowance			(17,643)						(13,523)
Residential mortgage loans, carrying value			3,433,454						2,851,955
Mortgage loans, carrying value			$	7,537,594					$	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:

			December 31,
			2023												2022
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	471,707					13.3		%				$	502,659					14.1		%
Middle Atlantic			274,017						7.7		%				280,993						7.9		%
Mountain			404,143						11.4		%				416,307						11.7		%
New England			87,041						2.4		%				73,631						2.1		%
Pacific			835,085						23.5		%				858,812						24.1		%
South Atlantic			927,547						26.1		%				934,007						26.2		%
West North Central			183,856						5.2		%				205,568						5.8		%
West South Central			328,918						9.3		%				288,926						8.1		%
International			37,890						1.1		%				—						—		%
			$	3,550,204					100.0		%				$	3,560,903					100.0		%
Property type distribution
Office			$	360,328					10.1		%				$	388,978					10.9		%
Retail			801,977						22.6		%				896,351						25.2		%
Industrial/Warehouse			940,546						26.5		%				866,623						24.3		%
Apartment			1,047,740						29.5		%				912,984						25.6		%
Hotel			319,733						9.0		%				285,271						8.0		%
Mixed Use/Other			79,880						2.3		%				210,696						6.0		%
			$	3,550,204					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:

			Year Ended December 31, 2023
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(22,428)					$	(1,021)					$	(13,523)					$	(36,972)
Charge-offs			—						—						11						11
Recoveries			—						—						—						—
Change in provision for credit losses			4,526						(1,569)						(4,131)						(1,174)
Ending allowance balance			$	(17,902)					$	(2,590)					$	(17,643)					$	(38,135)
			Year Ended December 31, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
Charge-offs			501						—						—						501
Recoveries			1,677						—						—						1,677
Change in provision for credit losses			(6,680)						(502)						(7,944)						(15,126)
Ending allowance balance			$	(22,428)					$	(1,021)					$	(13,523)					$	(36,972)

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, 2023 and 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of December 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			$	3,444		46		%	$	285,481		62		%	$	272,661		57		%	$	370,299		51		%	$	449,973		55		%	$	1,056,159		44		%	$	2,438,017		50		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	76,122			49		%	4,500			55		%	36,534			57		%	108,232			64		%	177,489			57		%	402,877			58		%
Greater than or equal to 1.0 and less than 1.2			40,727			38		%	105,578			32		%	328,722			45		%	28,935			54		%	—			—		%	63,972			71		%	567,934			46		%
Less than 1.0			—			—		%	53,470			54		%	26,960			52		%	—			—		%	2,545			80		%	53,196			52		%	136,171			53		%
Total			$	44,171		39		%	$	520,651		53		%	$	632,843		51		%	$	435,768		52		%	$	560,750		57		%	$	1,350,816		47		%	$	3,544,999		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:			(Dollars in thousands)
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 December 31, 2023 and 2022 (by year of origination):

			2023						2022						2021						2020						2019						Prior						Total
As of December 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			$	26,890		59		%	$	61,374		54		%	$	46,060		57		%	$	91,060		46		%	$	—		—		%	$	34,000		42		%	$	259,384		50		%
Greater than or equal to 1.2 and less than 1.5			17,798			59		%	89,548			54		%	51,819			52		%	27,433			32		%	—			—		%	—			—		%	186,598			51		%
Greater than or equal to 1.0 and less than 1.2			3,988			43		%	3,080			55		%	9,246			57		%	902			59		%	—			—		%	—			—		%	17,216			53		%
Less than 1.0			—			—		%	38,675			37		%	26,514			51		%	49,105			48		%	2,141			33		%	—			—		%	116,435			45		%
Total			$	48,676		58		%	$	192,677		51		%	$	133,639		54		%	$	168,500		44		%	$	2,141		33		%	$	34,000		42		%	$	579,633		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:			(Dollars in thousands)
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 December 31, 2023:			(Dollars in thousands)
Commercial mortgage loans
Current			$	44,171					$	520,651					$	632,843					$	435,768					$	560,750					$	1,350,816					$	3,544,999
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	44,171					$	520,651					$	632,843					$	435,768					$	560,750					$	1,350,816					$	3,544,999
Agricultural mortgage loans
Current			$	48,676					$	182,273					$	131,448					$	168,500					$	2,141					$	34,000					$	567,038
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						10,404						2,191						—						—						—						12,595
Total agricultural mortgage loans			$	48,676					$	192,677					$	133,639					$	168,500					$	2,141					$	34,000					$	579,633
Residential mortgage loans
Current			$	1,183,248					$	1,493,165					$	365,704					$	161,426					$	22,654					$	794					$	3,226,991
30 - 59 days past due			21,367						58,420						10,253						5,731						4,988						—						100,759
60 - 89 days past due			5,017						22,383						3,908						1,839						99						—						33,246
Over 90 days past due			18,558						38,255						23,707						5,275						3,398						908						90,101
Total residential mortgage loans			$	1,228,190					$	1,612,223					$	403,572					$	174,271					$	31,139					$	1,702					$	3,451,097
			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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