SECURED FINANCING (Tables)

12 Months Ended

Dec. 31, 2020

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

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


December 31, 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 to 29 days	30,151,875		129,993		354,904		76,799		—		128,267		30,841,838		0.29	%
30 to 59 days	10,247,972		16,073		161,274		—		—		142,336		10,567,655		0.42	%
60 to 89 days	8,181,410		99,620		259,401		—		—		28,406		8,568,837		0.30	%
90 to 119 days	2,154,733		—		—		—		—		—		2,154,733		0.23	%
Over 119 days (1)	12,008,920		—		274,860		107,924		271,801		28,671		12,692,176		0.36	%
Total	$	62,744,910	$	245,686	$	1,050,439	$	184,723	$	271,801	$	327,680	$	64,825,239	0.32	%


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	%

(1) Less than 1% of the total repurchase agreements had a remaining maturity over 1 year at December 31, 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 December 31, 2020 and 2019. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.


	December 31, 2020				December 31, 2019
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross amounts	$	250,000	$	65,075,239	$	100,000	$	101,840,728
Amounts offset	(250,000)		(250,000)		(100,000)		(100,000)
Netted amounts	$	—	$	64,825,239	$	—	$	101,740,728

Schedule Of Mortgage Notes Payable

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


December 31, 2020
Property	Mortgage Carrying Value		Mortgage Principal		Interest Rate	Fixed/Floating Rate	Maturity Date	Priority
(dollars in thousands)
Joint Ventures	$	316,686	$	318,302	4.03% - 4.96%	Fixed	2024 - 2029	First liens
Joint Ventures	16,607		16,325		L+2.15%	Floating	2/27/2022	First liens

Virginia	24,464		25,000		L+2.85%	Floating	5/1/2023	First liens
Texas	31,127		32,582		3.28%	Fixed	2048 - 2053	First liens
Utah	9,706		9,706		L+2.75%	Floating	1/31/2021	First liens
Utah	6,969		6,986		3.69%	Fixed	6/1/2053	First liens
Minnesota	13,039		13,072		3.69%	Fixed	6/1/2053	First liens

Wisconsin	7,658		7,677		3.69%	Fixed	6/1/2053	First liens


Total	$	426,256	$	429,650


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	2048 - 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 December 31, 2020:


Mortgage Loan Principal Payments
(dollars in thousands)
2021	$	11,123
2022	17,890
2023	26,626
2024	105,635
2025	186,929
Later years	81,447
Total	$	429,650