SECURED FINANCING (Tables)

12 Months Ended

Dec. 31, 2019

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

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



December 31, 2019
	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	36,030,104		237,897		698,091		—		416,439		—		37,382,531		2.15	%
30 to 59 days	15,079,989		—		115,805		—		104,363		—		15,300,157		2.00	%
60 to 89 days	21,931,335		30,841		151,920		—		3,639		—		22,117,735		1.97	%
90 to 119 days	9,992,914		—		—		—		—		—		9,992,914		1.97	%
Over 119 days ⁽¹⁾	16,557,123		—		58,712		303,078		28,478		—		16,947,391		1.90	%
Total	$	99,591,465	$	268,738	$	1,024,528	$	303,078	$	552,919	$	—	$	101,740,728	2.03	%



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 119 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⁾

No repurchase agreements had a remaining maturity over 1 year at December 31, 2019. Approximately 1% of the total repurchase agreements had a remaining maturity over 1 year at December 31, 2018.

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

December 31, 2019 and 2018. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.



	December 31, 2019						December 31, 2018
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross amounts	$	100,000		$	101,840,728		$	650,040	$	81,115,874
Amounts offset	(100,000		)	(100,000		)	—		—
Netted amounts	$	—		$	101,740,728		$	650,040	$	81,115,874

Schedule Of Mortgage Notes Payable

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



December 31, 2019
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	316,566	$	318,562	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures	16,029		16,325		L+2.15%	Floating	2/27/2022	First liens
Virginia	82,940		84,702		2.34% - 4.55%	Fixed	2036 - 2053	First liens
Texas	31,667		33,167		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	7,077		7,096		3.69%	Fixed	6/1/2053	First liens
Minnesota	13,243		13,276		3.69%	Fixed	6/1/2053	First liens
Wisconsin	7,777		7,797		3.69%	Fixed	6/1/2053	First liens
Total	$	485,005	$	490,631



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 December 31, 2019:



Mortgage Loan Principal Payments
(dollars in thousands)
2020	$	12,989
2021	3,491
2022	20,034
2023	3,844
2024	3,980
Later years	446,293
Total	$	490,631