SECURED FINANCING (Tables)

9 Months Ended

Sep. 30, 2019

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

At September 30, 2019 and December 31, 2018, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:



September 30, 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	$	19,451,333	$	—	$	—	$	—	$	—	$	19,451,333	2.76	%
2 to 29 days	32,145,933		195,190		670,750		—		159,008		33,170,881		2.46	%
30 to 59 days	15,114,797		—		—		—		23,665		15,138,462		2.64	%
60 to 89 days	19,846,591		30,964		154,159		103,938		3,926		20,139,578		2.26	%
90 to 119 days	5,077,560		—		—		—		—		5,077,560		2.44	%
Over 120 days ⁽¹⁾	9,513,621		—		60,957		100,676		29,036		9,704,290		2.18	%
Total	$	101,149,835	$	226,154	$	885,866	$	204,614	$	215,635	$	102,682,104	2.48	%



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 September 30, 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 September 30, 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.



	September 30, 2019						December 31, 2018
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross amounts	$	550,000		$	103,232,104		$	650,040	$	81,115,874
Amounts offset	(550,000		)	(550,000		)	—		—
Netted amounts	$	—		$	102,682,104		$	650,040	$	81,115,874

Schedule of Mortgage Notes Payable

Mortgage loans payable at September 30, 2019 and December 31, 2018, were as follows:



September 30, 2019
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	316,535	$	318,625	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures	16,003		16,325		L+2.15%	Floating	2/27/2022	First liens
Virginia	83,412		85,193		2.34% - 4.55%	Fixed	2036 - 2053	First liens
Texas	31,799		33,311		3.28%	Fixed	1/1/2048 and 1/1/2053	First liens
Utah	9,706		9,706		L+3.50%	Floating	1/31/2020	First liens
Utah	7,104		7,122		3.69%	Fixed	6/1/2053	First liens
Minnesota	13,292		13,326		3.69%	Fixed	6/1/2053	First liens
Wisconsin	7,806		7,827		3.69%	Fixed	6/1/2053	First liens
Total	$	485,657	$	491,435



December 31, 2018
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	316,275	$	318,664	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures	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	9,703		9,706		L+3.50%	Floating	1/31/2019	First liens
Utah	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 September 30, 2019:



Mortgage Loan Principal Payments
(dollars in thousands)
2019 (remaining)	$	804
2020	12,989
2021	3,491
2022	20,034
2023	3,844
Later years	450,273
Total	$	491,435