SECURED FINANCING (Tables)

9 Months Ended

Sep. 30, 2020

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

At September 30, 2020 and December 31, 2019, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:


September 30, 2020
	Agency Mortgage-Backed Securities		CRTs		Non-Agency Mortgage-Backed Securities		Residential Mortgage Loans		Commercial Loans		Commercial Mortgage-Backed Securities		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	2,700,000	$	—	$	—	$	—	$	—	$	—	$	2,700,000	0.13	%
2 to 29 days	23,585,476		68,994		196,748		—		—		43,213		23,894,431		0.36	%
30 to 59 days	8,463,636		60,651		73,438		—		—		46,466		8,644,191		0.51	%
60 to 89 days	9,078,487		50,871		274,454		—		269,085		29,962		9,702,859		0.33	%
90 to 119 days	5,320,952		50,758		102,189		23,407		—		31,730		5,529,036		0.73	%
Over 119 days (1)	13,656,052		—		237,980		47,235		66,026		155,637		14,162,930		0.45	%
Total	$	62,804,603	$	231,274	$	884,809	$	70,642	$	335,111	$	307,008	$	64,633,447	0.42	%


December 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	$	—	$	—	$	—	$	—	$	—	$	—	—	%
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	%

(1) No repurchase agreements had a remaining maturity over one year at September 30, 2020 and December 31, 2019.

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, 2020 and December 31, 2019. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.


	September 30, 2020				December 31, 2019
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross amounts	$	200,000	$	64,833,447	$	100,000	$	101,840,728
Amounts offset	(200,000)		(200,000)		(100,000)		(100,000)
Netted amounts	$	—	$	64,633,447	$	—	$	101,740,728

Schedule of Mortgage Notes Payable

Mortgage loans payable at September 30, 2020 and December 31, 2019, were as follows:


September 30, 2020
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	316,661	$	318,371	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures	16,575		16,325		L+2.15%	Floating	2/27/2022	First liens
Virginia	81,498		83,204		2.34% - 4.55%	Fixed	2036 - 2053	First liens
Virginia	24,457		25,000		L+2.85%	Floating	5/1/2023	First liens
Texas	31,263		32,730		3.28%	Fixed	1/1/2048 and 1/1/2053	First liens
Utah	9,706		9,706		L+2.75%	Floating	1/31/2021	First liens
Utah	6,996		7,014		3.69%	Fixed	6/1/2053	First liens
Minnesota	13,090		13,124		3.69%	Fixed	6/1/2053	First liens

Wisconsin	7,688		7,708		3.69%	Fixed	6/1/2053	First liens


Total	$	507,934	$	513,182


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

Schedule of Mortgage Loan Principle Payments Due

The following table details future mortgage loan principal payments at September 30, 2020:


Mortgage Loan Principal Payments
(dollars in thousands)
2020 (remaining)	$	833
2021	13,197
2022	20,034
2023	28,844
2024	107,929
Later years	342,345
Total	$	513,182