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COMMERCIAL MORTGAGE LOANS (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of the breakdown of the commercial mortgage loan portfolio by property type
The following table includes a breakdown of the Company’s commercial mortgage loan portfolio by property type as of December 31:
Percentage of Commercial Mortgage Loans
Type20202019
Retail34.9 %36.8 %
Office Buildings15.1 14.4 
Apartments12.7 12.5 
Warehouses16.0 16.4 
Senior housing16.2 14.7 
Other5.1 5.2 
 100.0 %100.0 %
Schedule of mortgage loans by location of properties
The following states represent the primary locations of the Company’s commercial mortgage loan portfolio as of December 31:
Percentage of Commercial Mortgage Loans
State2020State2019
California11.3 %California11.9 %
Texas7.3 Texas7.7 
Alabama6.7 Alabama7.2 
Florida6.2 Florida6.5 
Georgia5.3 Georgia5.7 
North Carolina4.9 North Carolina5.0 
Ohio4.7 Utah4.2 
Michigan 4.4 Michigan4.1 
Utah4.2 Illinois4.0 
Tennessee3.5 Ohio3.9 
 58.5 %60.2 %
Schedule of commercial mortgage loans receivable by origination year
As of December 31, 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 December 31, 2020
Commercial mortgage loans:
Performing$1,462,919 $2,442,361 $1,576,927 $1,343,889 $943,491 $2,457,291 $10,226,878 
Non-performing— — — — — 848 848 
Amortized cost$1,462,919 $2,442,361 $1,576,927 $1,343,889 $943,491 $2,458,139 $10,227,726 
  Allowance for credit losses(20,903)(46,664)(54,999)(36,737)(25,105)(37,756)(222,164)
Total commercial mortgage loans$1,442,016 $2,395,697 $1,521,928 $1,307,152 $918,386 $2,420,383 $10,005,562 
The following tables provide a comparative view of the key credit quality indicators of the Loan-to-Value and Debt Service Coverage Ratio (“DSCR”) as of December 31, 2020 and 2019:
As of December 31, 2020As of December 31, 2019
Amortized Cost% of Total
DSCR (2)
Amortized Cost% of Total
DSCR (2)
(Dollars In Thousands)
Loan-to-Value(1)
  Greater than 75%$399,384 3.9 %0.05$237,881 2.5 %0.03
50% - 75% 6,557,292 64.1 %1.046,074,051 64.7 %1.07
  Less than 50%3,271,050 32.0 %0.633,072,352 32.8 %0.63
Total commercial mortgage loans$10,227,726 100.0 %1.72$9,384,284 100.0 %1.73
(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 December 31, 2020 and December 31, 2019.

(2) 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 for December 31, 2020 and December 31, 2019 was 1.72x and 1.73x, respectively.
Schedule of changes in the allowance for mortgage loan credit losses
The ACL increased by $148.8 million during the year ended December 31, 2020, primarily as a result of deterioration in the macroeconomic forecasts, as a result of COVID-19, used in the measurement of the ACL since the initial allowance was established.
As of and For The
Year Ended
December 31, 2020
 (Dollars In Thousands)
Allowance for Funded Commercial Mortgage Loan Credit Losses
Beginning balance$4,884 
Cumulative effect adjustment80,239 
Charge offs— 
Recoveries(3,009)
Provision140,050 
Ending balance$222,164 
Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses
Beginning balance$— 
Cumulative effect adjustment10,610 
Charge offs— 
Recoveries— 
Provision11,803 
Ending balance$22,413 
As of December 31, 2019, the Company had allowances for commercial mortgage loan credit losses of $4.9 million which is shown in the chart below.
As of and For The Year Ended
December 31, 2019
(Dollars In Thousands)
Beginning balance$1,296 
Charge offs(350)
Recoveries— 
Provision3,938 
Ending balance$4,884 
Schedule of an analysis of the delinquent loans
An analysis of delinquent loans is shown in the following chart:
30-59 Days
Delinquent		60-89 Days
Delinquent		90 Days and Greater
Delinquent		Total
Delinquent
 (Dollars In Thousands)
As of December 31, 2020    
Commercial mortgage loans$— $848 $— $848 
Number of delinquent commercial mortgage loans— 1 — 1 
As of December 31, 2019    
Commercial mortgage loans$6,455 $— $710 $7,165 
Number of delinquent commercial mortgage loans2 — 3 5 
Schedule of information regarding impaired loans
An analysis of loans in a nonaccrual status is shown in the following chart:
Recorded
Investment		Unpaid
Principal
Balance		Related
Allowance		Average
Recorded
Investment		Interest
Income
Recognized		Cash Basis
Interest
Income
 (Dollars In Thousands)
As of December 31, 2020      
Commercial mortgage loans:      
With no related allowance recorded$848 $801 $— $848 $33 $37 
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 recorded16,209 16,102 4,884 3,242 841 838 
Schedule of mortgage loans that were modified in a troubled debt restructuring
Commercial mortgage loans that were modified in a troubled debt restructuring as of December 31, 2020 and 2019 were as follows:
Number of
contracts		Pre-Modification
Outstanding
Recorded
Investment		Post-Modification
Outstanding
Recorded
Investment
  (Dollars In Thousands)
As of December 31, 2020   
Troubled debt restructuring:   
Commercial mortgage loans2$2,016 $1,767 
As of December 31, 2019
Troubled debt restructuring:
Commercial mortgage loans2$3,771 $3,771