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SECURED FINANCING (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates | At June 30, 2020 and December 31, 2019, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:
June 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 | $ | 15,091,891 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,091,891 |  |  | 0.15 | %
2 to 29 days | 17,911,648 |  |  | 2,281 |  |  | 143,055 |  |  | — |  |  | — |  |  | 27,997 |  |  | 18,084,981 |  |  | 0.48 | %
30 to 59 days | 4,724,516 |  |  | — |  |  | 70,301 |  |  | — |  |  | 66,026 |  |  | 131,188 |  |  | 4,992,031 |  |  | 0.67 | %
60 to 89 days | 5,061,005 |  |  | 41,283 |  |  | 271,552 |  |  | — |  |  | — |  |  | 39,697 |  |  | 5,413,537 |  |  | 0.47 | %
90 to 119 days | 8,643,555 |  |  | 8,090 |  |  | — |  |  | — |  |  | — |  |  | 19,856 |  |  | 8,671,501 |  |  | 0.58 | %
Over 119 days (1) | 14,297,403 |  |  | — |  |  | 176,232 |  |  | 47,652 |  |  | 303,575 |  |  | 84,795 |  |  | 14,909,657 |  |  | 0.74 | %
Total | $ | 65,730,018 |  |  | $ | 51,654 |  |  | $ | 661,140 |  |  | $ | 47,652 |  |  | $ | 369,601 |  |  | $ | 303,533 |  |  | $ | 67,163,598 |  |  | 0.49 | %
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) Approximately 1% of total repurchase agreements had a remaining maturity over one year at June 30, 2020. No repurchase agreements had a remaining maturity over one year at 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 June 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.
| June 30, 2020 |  | December 31, 2019
| Reverse Repurchase Agreements |  | Repurchase Agreements |  | Reverse Repurchase Agreements |  | Repurchase Agreements
| (dollars in thousands)
Gross amounts | $ | 150,000 |  |  | $ | 67,313,598 |  |  | $ | 100,000 |  |  | $ | 101,840,728 |
Amounts offset | (150,000 | ) |  | (150,000 | ) |  | (100,000 | ) |  | (100,000 | )
Netted amounts | $ | — |  |  | $ | 67,163,598 |  |  | $ | — |  |  | $ | 101,740,728 |
Schedule of Mortgage Notes Payable | Mortgage loans payable at June 30, 2020 and December 31, 2019, were as follows:
June 30, 2020
Property | Mortgage Carrying Value |  | Mortgage Principal |  | Interest Rate |  | Fixed/Floating Rate |  | Maturity Date |  | Priority
(dollars in thousands)
Joint Ventures | $ | 316,631 |  |  | $ | 318,433 |  |  | 4.03% - 4.96% |  | Fixed |  | 2024 - 2029 |  | First liens
Joint Ventures | 16,517 |  |  | 16,325 |  |  | L+2.15% |  | Floating |  | 2/27/2022 |  | First liens
Virginia | 81,980 |  |  | 83,710 |  |  | 2.34% - 4.55% |  | Fixed |  | 2036 - 2053 |  | First liens
Virginia | 24,447 |  |  | 25,000 |  |  | L+2.85% |  | Floating |  | 2036 - 2053 |  | First liens
Texas | 31,400 |  |  | 32,877 |  |  | 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 | 7,024 |  |  | 7,041 |  |  | 3.69% |  | Fixed |  | 6/1/2053 |  | First liens
Minnesota | 13,142 |  |  | 13,175 |  |  | 3.69% |  | Fixed |  | 6/1/2053 |  | First liens
Wisconsin | 7,718 |  |  | 7,738 |  |  | 3.69% |  | Fixed |  | 6/1/2053 |  | First liens
Total | $ | 508,565 |  |  | $ | 514,005 |  |  |  |  |  |  |  |  |
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 June 30, 2020:
Mortgage Loan Principal Payments
(dollars in thousands)
2020 (remaining) | $ | 1,657 |
2021 | 13,197 |
2022 | 20,034 |
2023 | 3,844 |
2024 | 3,980 |
Later years | 471,293 |
Total | $ | 514,005 |

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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