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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Summary of Mortgage Loan Portfolios Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $420.2 million at December 31, 2022.
December 31,
20222021
(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding$3,560,903 $3,633,131 
Deferred fees and costs, net(6,345)(4,629)
Amortized cost3,554,558 3,628,502 
Valuation allowance(22,428)(17,926)
Commercial mortgage loans, carrying value3,532,130 3,610,576 
Agricultural mortgage loans:
Principal outstanding567,630 408,135 
Deferred fees and costs, net(1,667)(1,136)
Amortized cost565,963 406,999 
Valuation allowance(1,021)(519)
Agricultural mortgage loans, carrying value564,942 406,480 
Residential mortgage loans:
Principal outstanding2,807,652 1,652,910 
Deferred fees and costs, net1,909 1,468 
Unamortized discounts and premiums, net55,917 22,143 
Amortized cost2,865,478 1,676,521 
Valuation allowance(13,523)(5,579)
Residential mortgage loans, carrying value2,851,955 1,670,942 
Mortgage loans, carrying value$6,949,027 $5,687,998 
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,
20222021
PrincipalPercentPrincipalPercent
(Dollars in thousands)
Geographic distribution
East$502,659 14.1 %$614,406 16.9 %
Middle Atlantic280,993 7.9 %293,494 8.1 %
Mountain416,307 11.7 %452,818 12.5 %
New England73,631 2.1 %60,172 1.6 %
Pacific858,812 24.1 %863,879 23.8 %
South Atlantic934,007 26.2 %785,679 21.6 %
West North Central205,568 5.8 %235,864 6.5 %
West South Central288,926 8.1 %326,819 9.0 %
$3,560,903 100.0 %$3,633,131 100.0 %
Property type distribution
Office$378,713 10.6 %$315,374 8.7 %
Medical Office10,265 0.3 %10,827 0.3 %
Retail896,351 25.2 %1,016,101 28.0 %
Industrial/Warehouse866,623 24.3 %924,779 25.4 %
Apartment912,984 25.6 %864,580 23.8 %
Hotel285,271 8.0 %283,500 7.8 %
Mixed Use/Other210,696 6.0 %217,970 6.0 %
$3,560,903 100.0 %$3,633,131 100.0 %
Rollforward of Valuation Allowance on Mortgage Loan Portfolios
The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios:
Year Ended December 31, 2022
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance$(17,926)$(519)$(5,579)$(24,024)
Charge-offs501 — — 501 
Recoveries1,677 — — 1,677 
Change in provision for credit losses(6,680)(502)(7,944)(15,126)
Ending allowance balance$(22,428)$(1,021)$(13,523)$(36,972)
Year Ended December 31, 2021
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance$(25,529)$(2,130)$(3,370)$(31,029)
Charge-offs— — — — 
Recoveries— — — — 
Change in provision for credit losses7,603 1,611 (2,209)7,005 
Ending allowance balance$(17,926)$(519)$(5,579)$(24,024)
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, 2022 and 2021 (by year of origination):
20222021202020192018PriorTotal
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 %
20212020201920182017PriorTotal
As of December 31, 2021: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$260,623 64 %$454,828 60 %$464,059 61 %$344,170 58 %$246,854 52 %$758,494 45 %$2,529,028 55 %
Greater than or equal to 1.2 and less than 1.512,836 67 %58,960 66 %128,301 70 %89,293 66 %135,818 66 %129,833 57 %555,041 65 %
Greater than or equal to 1.0 and less than 1.2318,636 45 %17,762 82 %69,684 72 %11,937 75 %6,343 60 %42,125 58 %466,487 53 %
Less than 1.0— — %3,289 61 %26,147 63 %14,051 76 %13,385 73 %21,074 54 %77,946 65 %
Total$592,095 54 %$534,839 61 %$688,191 64 %$459,451 60 %$402,400 58 %$951,526 47 %$3,628,502 56 %
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, 2022 and 2021 (by year of origination):
20222021202020192018PriorTotal
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 %
20212020201920182017PriorTotal
As of December 31, 2021: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$62,548 54 %$80,919 56 %$11,645 49 %$25,000 11 %$— — %$— — %$180,112 49 %
Greater than or equal to 1.2 and less than 1.595,738 55 %102,958 43 %3,335 22 %— — %— — %— — %202,031 48 %
Greater than or equal to 1.0 and less than 1.27,478 44 %4,092 36 %4,734 50 %— — %— — %— — %16,304 44 %
Less than 1.0— — %8,552 59 %— — %— — %— — %— — %8,552 59 %
Total$165,764 54 %$196,521 49 %$19,714 45 %$25,000 11 %$— — %$— — %$406,999 48 %
Aging of Financing Receivables Aging of financing receivables is summarized in the following table (by year of origination):
20222021202020192018PriorTotal
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 due39,179 8,238 13,073 1,960 — — 62,450 
60 - 89 days past due6,668 7,165 3,034 57 — — 16,924 
Over 90 days past due9,702 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 
20212020201920182017PriorTotal
As of December 31, 2021:(Dollars in thousands)
Commercial mortgage loans
Current$592,095 $534,839 $688,191 $459,451 $402,400 $951,526 $3,628,502 
30 - 59 days past due— — — — — — — 
60 - 89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total commercial mortgage loans$592,095 $534,839 $688,191 $459,451 $402,400 $951,526 $3,628,502 
Agricultural mortgage loans
Current$165,764 $196,521 $19,714 $25,000 $— $— $406,999 
30 - 59 days past due— — — — — — — 
60 - 89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total agricultural mortgage loans$165,764 $196,521 $19,714 $25,000 $— $— $406,999 
Residential mortgage loans
Current$1,092,438 $454,532 $67,380 $16,898 $751 $— $1,631,999 
30 - 59 days past due10,284 12,363 11,373 427 — — 34,447 
60 - 89 days past due1,838 1,090 102 — — — 3,030 
Over 90 days past due679 5,459 907 — — — 7,045 
Total residential mortgage loans$1,105,239 $473,444 $79,762 $17,325 $751 $— $1,676,521