SECURED FINANCING (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates

At March 31, 2019 and December 31, 2018, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:



March 31, 2019
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Commercial Loans		Commercial Mortgage-Backed Securities		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	19,025,744	$	—	$	—	$	—	$	57,538	$	19,083,282	3.41	%
2 to 29 days	18,313,263		283,222		438,446		—		72,910		19,107,841		2.64	%
30 to 59 days	5,190,135		—		—		—		30,501		5,220,636		2.68	%
60 to 89 days	20,414,594		57,204		245,553		—		45,049		20,762,400		2.69	%
90 to 119 days	1,867,443		—		—		—		—		1,867,443		2.70	%
Over 120 days ⁽¹⁾	22,128,141		—		113,088		200,040		71,299		22,512,568		2.77	%
Total	$	86,939,320	$	340,426	$	797,087	$	200,040	$	277,297	$	88,554,170	2.86	%



December 31, 2018
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Commercial Loans		Commercial Mortgage-Backed Securities		U.S. Treasury Securities		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	—	$	—	$	—	$	—	$	—	$	—	$	—	—	%
2 to 29 days	30,661,001		284,906		353,429		—		72,840		640,465		32,012,641		3.50	%
30 to 59 days	8,164,165		—		—		—		—		—		8,164,165		2.33	%
60 to 89 days	18,326,399		88,630		251,441		—		23,302		—		18,689,772		2.62	%
90 to 119 days	10,067,183		—		—		—		—		—		10,067,183		2.54	%
Over 120 days ⁽¹⁾	11,263,625		—		116,434		693,939		108,115		—		12,182,113		2.92	%
Total	$	78,482,373	$	373,536	$	721,304	$	693,939	$	204,257	$	640,465	$	81,115,874	2.97	%


⁽¹⁾	Less than 1% and approximately 1% of the total repurchase agreements had a remaining maturity over 1 year at March 31, 2019 and December 31, 2018, respectively.

Summary of Gross Amounts, Amounts Offset and net Amounts of Repurchase Agreement and Reverse Repurchase Agreement

The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at March 31, 2019 and December 31, 2018. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.



	March 31, 2019						December 31, 2018
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross amounts	$	2,123,449		$	90,154,170		$	650,040	$	81,115,874
Amounts offset	(1,600,000		)	(1,600,000		)	—		—
Netted amounts	$	523,449		$	88,554,170		$	650,040	$	81,115,874

Schedule of Mortgage Notes Payable

Mortgage loans payable at March 31, 2019 and December 31, 2018, were as follows:



March 31, 2019
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures (fixed)	$	316,380	$	318,664	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures (floating)	16,125		16,125		L+2.75%	Floating	3/14/2020	First liens
Virginia	95,364		97,187		2.34% - 4.53%	Fixed	2019 - 2053	First liens
Texas	32,060		33,597		3.28%	Fixed	1/1/2048 and 1/1/2053	First liens
Utah (floating)	9,744		9,706		L+3.50%	Floating	1/31/2020	First liens
Utah (fixed)	7,156		7,175		3.69%	Fixed	6/1/2053	First liens
Minnesota	13,390		13,425		3.69%	Fixed	6/1/2053	First liens
Tennessee	12,303		12,350		4.01%	Fixed	9/6/2019	First liens
Wisconsin	7,864		7,884		3.69%	Fixed	6/1/2053	First liens
Total	$	510,386	$	516,113



December 31, 2018
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures (fixed)	$	316,275	$	318,664	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures (floating)	16,125		16,125		L+2.75%	Floating	3/14/2020	First liens
Virginia	95,827		97,667		2.75% - 4.96%	Fixed	2019 - 2053	First liens
Texas	32,189		33,735		3.28%	Fixed	1/1/2053	First liens
Utah (floating)	9,703		9,706		L+3.50%	Floating	1/31/2019	First liens
Utah (fixed)	7,279		7,201		3.69%	Fixed	6/1/2053	First liens
Minnesota	13,438		13,473		3.69%	Fixed	6/1/2053	First liens
Tennessee	12,328		12,350		4.01%	Fixed	9/6/2019	First liens
Wisconsin	7,892		7,913		3.69%	Fixed	6/1/2053	First liens
Total	$	511,056	$	516,834

Schedule of Mortgage Loan Principle Payments Due

The following table details future mortgage loan principal payments at March 31, 2019:



Mortgage Loan Principal Payments
(dollars in thousands)
2019 (remaining)	$	25,680
2020	29,113
2021	3,490
2022	3,708
2023	3,843
Later years	450,279
Total	$	516,113