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COMMERCIAL MORTGAGE LOANS (Tables)
 6 Months Ended
Jun. 30, 2020
COMMERCIAL MORTGAGE LOANS [Abstract]  
Schedule of Commercial Mortgage Loans Receivable by Origination Year As of June 30, 2020, the amortized cost basis of the Company's commercial mortgage loan receivables by origination year, net of the allowance, for credit losses is as follows:
Term Loans Amortized Cost Basis by Origination Year
20202019201820172016PriorTotal
(Dollars In Thousands)
As of June 30, 2020
Commercial mortgage loans:
Performing$591,896  $2,545,699  $1,625,965  $1,368,660  $961,861  $2,624,898  $9,718,979  
Non-performing—  —  —  —  —  —  —  
Amortized cost$591,896  $2,545,699  $1,625,965  $1,368,660  $961,861  $2,624,898  $9,718,979  
 Allowance for credit losses(10,132) (36,008) (48,449) (24,083) (23,702) (30,812) (173,186) 
Total commercial mortgage loans$581,764  $2,509,691  $1,577,516  $1,344,577  $938,159  $2,594,086  $9,545,793  
The following table presents loan-to-value ratios for commercial mortgages by year of vintage:
Loan-to-Value Ratios for Commercial Mortgages by Year of Vintage
20202019201820172016PriorTotal
(Dollars In Thousands)
As of June 30, 2020
Commercial mortgage loans:
  Greater than 75%$31,134  $39,776  $106,759  $52,056  $6,648  $6,121  $242,494  
50% - 75% 467,822  1,653,459  1,030,908  1,032,967  794,766  1,400,615  6,380,537  
  Less than 50%92,940  852,464  488,298  283,637  160,447  1,218,162  3,095,948  
Amortized Cost591,896  2,545,699  $1,625,965  $1,368,660  $961,861  $2,624,898  $9,718,979  
  Allowance for credit losses(10,132) (36,008) (48,449) (24,083) (23,702) (30,812) (173,186) 
Total commercial mortgage loans$581,764  $2,509,691  $1,577,516  $1,344,577  $938,159  $2,594,086  $9,545,793  
(1) The loan-to-value ratio compares the current unpaid principal of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 54% at both June 30, 2020 and December 31, 2019.
The following table presents debt service coverage ratios for commercial mortgages by year of vintage:
Debt Service Coverage Ratios for Commercial Mortgages by Year of Vintage
20202019201820172016PriorTotal
(Dollars In Thousands)
As of June 30, 2020
Commercial mortgage loans:
  >1.20x$567,319  $2,271,803  $1,227,831  $1,102,631  $705,564  $2,071,033  $7,946,181  
  1.00x - 1.20x24,577  272,789  295,053  212,063  196,169  372,406  1,373,057  
  <1.00x—  1,107  103,081  53,966  60,128  181,459  399,741  
Amortized Cost591,896  2,545,699  1,625,965  1,368,660  961,861  2,624,898  9,718,979  
Allowance for credit losses(10,132) (36,008) (48,449) (24,083) (23,702) (30,812) (173,186) 
Total commercial mortgage loans$581,764  $2,509,691  $1,577,516  $1,344,577  $938,159  $2,594,086  $9,545,793  
(1) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.75x at June 30, 2020 and 1.73x at December 31, 2019.
Schedule of Allowance for Credit Losses on Funded and Unfunded Mortgages
For The
Six Months Ended
June 30, 2020
(Dollars In Thousands)
Allowance for Funded Commercial Mortgage Loan Credit Losses
Beginning balance$4,884  
Cumulative effect adjustment80,239  
Charge offs—  
Recoveries(1,839) 
Provision89,902  
Ending balance$173,186  
Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses
Beginning balance$—  
Cumulative effect adjustment10,610  
Charge offs—  
Recoveries—  
Provision8,940  
Ending balance$19,550  
Schedule of an Analysis of the Delinquent Loans
An analysis of the delinquent loans is shown in the following chart:
   Greater 
30-59 Days60-89 Daysthan 90 DaysTotal
As of June 30, 2020DelinquentDelinquentDelinquentDelinquent
 (Dollars In Thousands)
Commercial mortgage loans$2,175  $2,260  $—  $4,435  
Number of delinquent commercial mortgage loans2  1  —  3  
    
As of December 31, 2019    
Commercial mortgage loans$6,455  $—  $710  $7,165  
Number of delinquent commercial mortgage loans2  —  3  5  
Impaired Financing Receivables
Recorded
Investment		Unpaid
Principal
Balance		Related
Allowance		Average
Recorded
Investment		Interest
Income
Recognized		Cash Basis
Interest
Income
(Dollars In Thousands)
As of June 30, 2020
Commercial mortgage loans:      
With no related allowance recorded$—  $—  $—  $—  $—  $—  
With an allowance recorded$—  $—  $—  $—  $—  $—  
As of December 31, 2019
Commercial mortgage loans:      
With no related allowance recorded$710  $702  $—  $237  $20  $28  
With an allowance recorded$16,209  $16,102  $4,884  $3,242  $841  $838  
Schedule of Commercial Mortgage Loans Modified in Troubled Debt Restructuring ortgage loans that were modified in a troubled debt restructuring as of June 30, 2020 and December 31, 2019 are shown below.
Number of
Contracts		Pre-Modification
Outstanding
Recorded
Investment		Post-Modification
Outstanding
Recorded
Investment
 (Dollars In Thousands)
As of June 30, 2020
Troubled debt restructuring:
Commercial mortgage loans1  $1,237  $1,237  
As of December 31, 2019
Troubled debt restructuring:
Commercial mortgage loans2$3,771  $3,771