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Mortgage Loans on Real Estate (Tables)

3 Months Ended

Mar. 31, 2024

Loans Payable [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $575.8 million at March 31, 2024.

			March 31, 2024						December 31, 2023
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,480,752					$	3,550,204
Deferred fees and costs, net			(2,826)						(2,494)
Unamortized discounts and premiums, net			(2,317)						(2,711)
Amortized cost			3,475,609						3,544,999
Valuation allowance			(20,432)						(17,902)
Commercial mortgage loans, carrying value			3,455,177						3,527,097
Agricultural mortgage loans:
Principal outstanding			576,185						581,287
Deferred fees and costs, net			(1,600)						(1,654)
Amortized cost			574,585						579,633
Valuation allowance			(1,202)						(2,590)
Agricultural mortgage loans, carrying value			573,383						577,043
Residential mortgage loans:
Principal outstanding			3,207,707						3,384,737
Deferred fees and costs, net			453						558
Unamortized discounts and premiums, net			65,490						65,802
Amortized cost			3,273,650						3,451,097
Valuation allowance			(20,379)						(17,643)
Residential mortgage loans, carrying value			3,253,271						3,433,454
Mortgage loans, carrying value			$	7,281,831					$	7,537,594

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, 2024												December 31, 2023
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	455,366					13.1		%				$	471,707					13.3		%
Middle Atlantic			273,050						7.8		%				274,017						7.7		%
Mountain			401,678						11.5		%				404,143						11.4		%
New England			90,619						2.6		%				87,041						2.4		%
Pacific			831,311						23.9		%				835,085						23.5		%
South Atlantic			879,052						25.3		%				927,547						26.1		%
West North Central			178,616						5.1		%				183,856						5.2		%
West South Central			333,171						9.6		%				328,918						9.3		%
International			37,889						1.1		%				37,890						1.1		%
			$	3,480,752					100.0		%				$	3,550,204					100.0		%
Property type distribution
Office			$	358,570					10.3		%				$	360,328					10.1		%
Retail			789,223						22.7		%				801,977						22.6		%
Industrial/Warehouse			892,092						25.6		%				940,546						26.5		%
Apartment			1,041,957						29.9		%				1,047,740						29.5		%
Hotel			320,171						9.2		%				319,733						9.0		%
Mixed Use/Other			78,739						2.3		%				79,880						2.3		%
			$	3,480,752					100.0		%				$	3,550,204					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, 2024
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,902)					$	(2,590)					$	(17,643)					$	(38,135)
Charge-offs			—						—						213						213
Recoveries			—						—						—						—
Change in provision for credit losses			(2,530)						1,388						(2,949)						(4,091)
Ending allowance balance			$	(20,432)					$	(1,202)					$	(20,379)					$	(42,013)
			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)

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, 2024 and December 31, 2023 (by year of origination):

			2024						2023						2022						2021						2020						Prior						Total
As of March 31, 2024:			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			$	—		—		%	$	3,456		46		%	$	285,438		62		%	$	271,985		57		%	$	348,016		50		%	$	1,479,369		47		%	$	2,388,264		50		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	—			—		%	81,084			48		%	4,453			54		%	27,150			52		%	282,786			60		%	395,473			57		%
Greater than or equal to 1.0 and less than 1.2			—			—		%	27,144			33		%	86,871			29		%	328,457			45		%	30,270			56		%	63,302			71		%	536,044			46		%
Less than 1.0			—			—		%	—			—		%	53,486			54		%	26,968			52		%	18,378			54		%	56,996			63		%	155,828			57		%
Total			$	—		—		%	$	30,600		35		%	$	506,879		53		%	$	631,863		51		%	$	423,814		51		%	$	1,882,453		50		%	$	3,475,609		51		%
			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:
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		%

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, 2024 and December 31, 2023 (by year of origination):

			2024						2023						2022						2021						2020						Prior						Total
As of March 31, 2024:			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			$	—		—		%	$	26,865		59		%	$	61,331		53		%	$	45,598		56		%	$	90,066		45		%	$	34,000		42		%	$	257,860		50		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	17,755			59		%	88,146			53		%	51,510			51		%	26,352			34		%	—			—		%	183,763			50		%
Greater than or equal to 1.0 and less than 1.2			897			36		%	3,988			43		%	3,058			55		%	9,224			57		%	894			58		%	—			—		%	18,061			52		%
Less than 1.0			—			—		%	—			—		%	37,943			36		%	25,954			50		%	48,877			48		%	2,127			33		%	114,901			44		%
Total			$	897		36		%	$	48,608		58		%	$	190,478		50		%	$	132,286		53		%	$	166,189		44		%	$	36,127		41		%	$	574,585		49		%
			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:
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		%

Aging of Financing Receivables

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

			2024						2023						2022						2021						2020						Prior						Total
As of March 31, 2024:			(Dollars in thousands)
Commercial mortgage loans
Current			$	—					$	30,600					$	506,879					$	631,863					$	423,814					$	1,882,453					$	3,475,609
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
90 days or more past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	—					$	30,600					$	506,879					$	631,863					$	423,814					$	1,882,453					$	3,475,609
Agricultural mortgage loans
Current			$	897					$	48,608					$	190,478					$	130,102					$	166,189					$	36,127					$	572,401
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
90 days or more past due			—						—						—						2,184						—						—						2,184
Total agricultural mortgage loans			$	897					$	48,608					$	190,478					$	132,286					$	166,189					$	36,127					$	574,585
Residential mortgage loans
Current			$	28,212					$	1,169,009					$	1,415,122					$	326,677					$	152,853					$	18,766					$	3,110,639
30 - 59 days past due			—						—						2,760						—						—						—						2,760
60 - 89 days past due			—						12,381						26,227						3,765						5,079						395						47,847
90 days or more past due			—						25,880						52,277						22,965						9,155						2,127						112,404
Total residential mortgage loans			$	28,212					$	1,207,270					$	1,496,386					$	353,407					$	167,087					$	21,288					$	3,273,650
			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			—						—						—						—						—						—						—
90 days or more 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			—						—						—						—						—						—						—
90 days or more 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
90 days or more 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

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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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