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COMMERCIAL MORTGAGE LOANS (Tables)
 9 Months Ended
Sep. 30, 2020
COMMERCIAL MORTGAGE LOANS [Abstract]  
Schedule of Commercial Mortgage Loans Receivable by Origination Year As of September 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 September 30, 2020
Commercial mortgage loans:
Performing$937,464 $2,528,592 $1,606,876 $1,361,092 $956,593 $2,549,745 $9,940,362 
Non-performing— — — — — — — 
Amortized cost$937,464 $2,528,592 $1,606,876 $1,361,092 $956,593 $2,549,745 $9,940,362 
 Allowance for credit losses(11,139)(39,465)(43,172)(30,722)(15,789)(34,763)(175,050)
Total commercial mortgage loans$926,325 $2,489,127 $1,563,704 $1,330,370 $940,804 $2,514,982 $9,765,312 
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 September 30, 2020
Commercial mortgage loans:
  Greater than 75%$37,291 $105,608 $104,885 $51,973 $6,605 $6,122 $312,484 
50% - 75% 688,487 1,589,323 1,017,753 1,027,418 778,876 1,368,660 6,470,517 
  Less than 50%211,686 833,661 484,238 281,701 171,112 1,174,963 3,157,361 
Amortized Cost937,464 2,528,592 $1,606,876 $1,361,092 $956,593 $2,549,745 $9,940,362 
  Allowance for credit losses(11,139)(39,465)(43,172)(30,722)(15,789)(34,763)(175,050)
Total commercial mortgage loans$926,325 $2,489,127 $1,563,704 $1,330,370 $940,804 $2,514,982 $9,765,312 
(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 September 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 September 30, 2020
Commercial mortgage loans:
  >1.20x$900,073 $2,073,671 $1,202,174 $1,059,070 $725,071 $1,943,864 $7,903,923 
  1.00x - 1.20x37,391 354,960 330,495 237,527 143,886 360,784 1,465,043 
  <1.00x— 99,961 74,207 64,495 87,636 245,097 571,396 
Amortized Cost937,464 2,528,592 1,606,876 1,361,092 956,593 2,549,745 9,940,362 
Allowance for credit losses(11,139)(39,465)(43,172)(30,722)(15,789)(34,763)(175,050)
Total commercial mortgage loans$926,325 $2,489,127 $1,563,704 $1,330,370 $940,804 $2,514,982 $9,765,312 
(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 1.74x at September 30, 2020 and 1.73x at December 31, 2019.
Schedule of Allowance for Credit Losses on Funded and Unfunded Mortgages
For The
Three Months Ended
September 30, 2020		For The
Nine Months Ended
September 30, 2020
(Dollars In Thousands)
Allowance for Funded Commercial Mortgage Loan Credit Losses
Beginning balance$173,186 $4,884 
Cumulative effect adjustment— 80,239 
Charge offs— — 
Recoveries— (1,839)
Provision1,864 91,766 
Ending balance$175,050 $175,050 
Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses
Beginning balance$19,550 $— 
Cumulative effect adjustment— 10,610 
Charge offs— — 
Recoveries— — 
Provision247 9,187 
Ending balance$19,797 $19,797 
Schedule of an Analysis of the Delinquent Loans
An analysis of delinquent loans is shown in the following chart:
   Greater 
30-59 Days60-89 Daysthan 90 DaysTotal
As of September 30, 2020DelinquentDelinquentDelinquentDelinquent
 (Dollars In Thousands)
Commercial mortgage loans$— $— $— $— 
Number of delinquent commercial mortgage loans— — — — 
    
As of December 31, 2019    
Commercial mortgage loans$6,455 $— $710 $7,165 
Number of delinquent commercial mortgage loans2 — 3 5 
Impaired Financing Receivables
Recorded
Investment		Unpaid
Principal
Balance		Related
Allowance		Average
Recorded
Investment		Interest
Income
Recognized		Cash Basis
Interest
Income
(Dollars In Thousands)
As of September 30, 2020
Commercial mortgage loans:      
With no related allowance recorded$— $— $— $— $— $— 
With an allowance recorded$— $— $— $— $— $— 
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 September 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 September 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