SECURED FINANCING (Tables)

6 Months Ended

Jun. 30, 2020

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