SECURED FINANCING (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

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

At September 30, 2018 and December 31, 2017, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:

	September 30, 2018
	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	$	16,400,345	$	—	$	—	$	—	$	—	$	16,400,345	2.38	%
2 to 29 days	19,476,641		365,101		252,960		—		80,474		20,175,176		2.18	%
30 to 59 days	7,256,371		—		65,567		—		—		7,321,938		2.26	%
60 to 89 days	17,159,885		71,919		155,479		—		36,076		17,423,359		2.38	%
90 to 119 days	6,518,313		—		—		—		—		6,518,313		2.20	%
Over 120 days (1)	10,330,866		—		—		764,543		138,486		11,233,895		2.48	%
Total	$	77,142,421	$	437,020	$	474,006	$	764,543	$	255,036	$	79,073,026	2.32	%

	December 31, 2017
	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	33,421,609		263,528		253,290		—		18,125		33,956,552		1.69	%
30 to 59 days	10,811,515		7,229		3,658		—		6,375		10,828,777		1.44	%
60 to 89 days	13,800,743		7,214		47,830		—		—		13,855,787		1.59	%
90 to 119 days	10,128,006		—		—		—		—		10,128,006		1.39	%
Over 120 days (1)	8,542,108		—		—		385,113		—		8,927,221		1.77	%
Total	$	76,703,981	$	277,971	$	304,778	$	385,113	$	24,500	$	77,696,343	1.61	%

⁽¹⁾  Approximately 0% and 1% of the total repurchase agreements had a remaining maturity over 1 year at September 30, 2018 and December 31, 2017, 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, 2018 and December 31, 2017. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.

	September 30, 2018						December 31, 2017
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	1,484,704		$	79,323,026		$	1,250,000		$	78,946,343
Amounts Offset	(250,000		)	(250,000		)	(1,250,000		)	(1,250,000		)
Netted Amounts	$	1,234,704		$	79,073,026		$	—		$	77,696,343

Mortgage Loans Payable

Mortgages payable at September 30, 2018  and December 31, 2017, were as follows:

	September 30, 2018
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	332,317	$	334,789	2.75% - 4.96%	Fixed	2024 - 2029	First liens
Tennessee	12,319		12,350		4.01%	Fixed	9/6/2019	First liens
Virginia	96,266		98,127		2.34% - 4.55%	Fixed	2019-2053	First liens
Utah (fixed)	7,297		7,218		3.69%	Fixed	6/1/2053	First liens
Utah (floating)	9,691		9,706		L+3.50%	Floating	1/31/2019	First liens
Minnesota	13,470		13,506		3.69%	Fixed	6/1/2053	First liens
Wisconsin	7,911		7,932		3.69%	Fixed	6/1/2053	First liens
Texas	32,317		33,875		3.28%	Fixed	1/1/1953	First liens
Total	$	511,588	$	517,503

	December 31, 2017
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	286,373	$	289,125	4.03% - 4.61%	Fixed	2024 and 2025	First liens
Tennessee	12,294		12,350		4.01%	Fixed	9/6/2019	First liens
Virginia	11,019		11,025		3.58%	Fixed	6/6/2019	First liens
Total	$	309,686	$	312,500

Future Mortgage Loan Principal Payments

The following table details future mortgage loan principal payments at September 30, 2018:

Mortgage Loan Principal Payments
(dollars in thousands)
2018 (remaining)	$	717
2019	36,111
2020	19,410
2021	3,493
2022	3,711
Later years	454,061
Total	$	517,503