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Mortgage Loans on Real Estate (Tables)
 9 Months Ended
Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $110.1 million at September 30, 2016.
 
September 30, 2016
 
December 31, 2015
 
(Dollars in thousands)
Principal outstanding
$
2,427,905

 
$
2,449,909

Loan loss allowance
(7,527
)
 
(14,142
)
Deferred prepayment fees
(1,148
)
 
(510
)
Carrying value
$
2,419,230

 
$
2,435,257
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type
The mortgage loan portfolio is summarized by geographic region and property type as follows:
 
September 30, 2016
 
December 31, 2015
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
652,230

 
26.9
%
 
$
698,113

 
28.5
%
Middle Atlantic
155,249

 
6.4
%
 
160,261

 
6.6
%
Mountain
231,561

 
9.5
%
 
252,442

 
10.3
%
New England
12,834

 
0.5
%
 
13,161

 
0.5
%
Pacific
387,212

 
16.0
%
 
355,268

 
14.5
%
South Atlantic
474,238

 
19.5
%
 
456,227

 
18.6
%
West North Central
319,341

 
13.2
%
 
313,120

 
12.8
%
West South Central
195,240

 
8.0
%
 
201,317

 
8.2
%
 
$
2,427,905

 
100.0
%
 
$
2,449,909

 
100.0
%
Property type distribution
 
 
 
 
 
 
 
Office
$
321,297

 
13.2
%
 
$
396,154

 
16.2
%
Medical Office
54,129

 
2.2
%
 
77,438

 
3.2
%
Retail
825,490

 
34.0
%
 
790,158

 
32.2
%
Industrial/Warehouse
677,342

 
27.9
%
 
686,400

 
28.0
%
Hotel
1,142

 
0.1
%
 
3,361

 
0.1
%
Apartment
376,189

 
15.5
%
 
352,971

 
14.4
%
Mixed use/other
172,316

 
7.1
%
 
143,427

 
5.9
%
 
$
2,427,905

 
100.0
%
 
$
2,449,909

 
100.0
%
Rollforward of Allowance for Credit Losses
The following table presents a rollforward of our specific and general loss allowances for mortgage loans on real estate:
 
Three Months Ended 
 September 30, 2016
 
Three Months Ended 
 September 30, 2015
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(4,552
)
 
$
(6,300
)
 
$
(9,316
)
 
$
(7,500
)
Charge-offs
2,977

 
—

 
—

 
—

Recoveries
461

 
—

 
—

 
—

Change in provision for credit losses
(213
)
 
100

 
(1,302
)
 
600

Ending allowance balance
$
(1,327
)
 
$
(6,200
)
 
$
(10,618
)
 
$
(6,900
)
 
 
 
 
 
 
 
 
 
Nine Months Ended 
 September 30, 2016
 
Nine Months Ended 
 September 30, 2015
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(7,842
)
 
$
(6,300
)
 
$
(12,333
)
 
$
(10,300
)
Charge-offs
5,078

 
—

 
143

 
—

Recoveries
5,483

 
—

 
4,375

 
—

Change in provision for credit losses
(4,046
)
 
100

 
(2,803
)
 
3,400

Ending allowance balance
$
(1,327
)
 
$
(6,200
)
 
$
(10,618
)
 
$
(6,900
)
Impaired Mortgage Loans on Real Estate by Basis of Impairment
The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
 
September 30, 2016
 
December 31, 2015
 
(Dollars in thousands)
Individually evaluated for impairment
$
4,683

 
$
21,277

Collectively evaluated for impairment
2,423,222

 
2,428,632

Total loans evaluated for impairment
$
2,427,905

 
$
2,449,909
Real Estate Acquired Via Foreclosure or Deed In Lieu
The following table summarizes the activity in the real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Real estate owned at beginning of period
$
—

 
$
12,958

 
$
6,485

 
$
20,238

Real estate acquired in satisfaction of mortgage loans
—

 
—

 
—

 
—

Additions
—

 
120

 
—

 
120

Sales
—

 
(2,761
)
 
(6,444
)
 
(9,241
)
Impairments
—

 
(570
)
 
—

 
(1,199
)
Depreciation
—

 
(53
)
 
(41
)
 
(224
)
Real estate owned at end of period
$
—

 
$
9,694

 
$
—

 
$
9,694
Mortgage Loans By Credit Quality Indicator
We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
 
September 30, 2016
 
December 31, 2015
 
(Dollars in thousands)
Credit Exposure--By Payment Activity
 
 
 
Performing
$
2,426,284

 
$
2,438,341

In workout
1,621

 
11,568

Delinquent
—

 
—

Collateral dependent
—

 
—

 
$
2,427,905

 
$
2,449,909
Aging of Financing Receivables
Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
 
30 - 59 Days
 
60 - 89 Days
 
90 Days
and Over
 
Total
Past Due
 
Current
 
Collateral Dependent Receivables
 
Total Financing Receivables
 
(Dollars in thousands)
Commercial Mortgage Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016
$
—

 
$
—

 
$
—

 
$
—

 
$
2,427,905

 
$
—

 
$
2,427,905

December 31, 2015
$
—

 
$
—

 
$
—

 
$
—

 
$
2,449,909

 
$
—

 
$
2,449,909
Impaired Financing Receivables
Financing receivables summarized in the following two tables represent all loans that we are either not currently collecting, or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for 60 days or more at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
 
Recorded
Investment
 
Unpaid Principal Balance
 
Related
Allowance
 
(Dollars in thousands)
September 30, 2016
 
 
 
 
 
Mortgage loans with an allowance
$
3,356

 
$
4,683

 
$
(1,327
)
Mortgage loans with no related allowance
1,621

 
1,621

 
—

 
$
4,977

 
$
6,304

 
$
(1,327
)
December 31, 2015
 
 
 
 
 
Mortgage loans with an allowance
$
13,435

 
$
21,277

 
$
(7,842
)
Mortgage loans with no related allowance
8,859

 
8,859

 
—

 
$
22,294

 
$
30,136

 
$
(7,842
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
Three months ended September 30, 2016
 
 
 
Mortgage loans with an allowance
$
3,378

 
$
75

Mortgage loans with no related allowance
1,634

 
25

 
$
5,012

 
$
100

Three months ended September 30, 2015
 
 
 
Mortgage loans with an allowance
$
17,336

 
$
44

Mortgage loans with no related allowance
13,414

 
176

 
$
30,750

 
$
220

Nine months ended September 30, 2016
 
 
 
Mortgage loans with an allowance
$
3,420

 
$
226

Mortgage loans with no related allowance
1,680

 
75

 
$
5,100

 
$
301

Nine months ended September 30, 2015
 
 
 
Mortgage loans with an allowance
$
17,649

 
$
866

Mortgage loans with no related allowance
13,432

 
595

 
$
31,081

 
$
1,461
Troubled Debt Restructurings on Financing Receivables
Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at September 30, 2016 and December 31, 2015 that we determined to be TDRs are as follows:
Geographic Region
 
Number
of TDRs
 
Principal
Balance
Outstanding
 
Specific Loan Loss Allowance
 
Net
Carrying
Amount
 
 
 
 
(Dollars in thousands)
September 30, 2016
 
 
 
 
 
 
 
 
South Atlantic
 
1
 
$
3,024

 
$
—

 
$
3,024

East North Central
 
1
 
2,041

 
(467
)
 
1,574

 
 
2
 
$
5,065

 
$
(467
)
 
$
4,598

December 31, 2015
 
 
 
 
 
 
 
 
South Atlantic
 
6
 
$
11,155

 
$
(2,992
)
 
$
8,163

East North Central
 
2
 
3,306

 
(467
)
 
2,839

West North Central
 
1
 
5,913

 
—

 
5,913

 
 
9
 
$
20,374

 
$
(3,459
)
 
$
16,915