INTEREST INCOME AND INTEREST EXPENSE

3 Months Ended

Mar. 31, 2014

INTEREST INCOME AND INTEREST EXPENSE

13.    INTEREST INCOME AND INTEREST EXPENSE

The table below presents the components of the Company’s interest income and interest expense for the quarters ended March 31, 2014 and 2013.

	For the quarters ended
	March 31,		March 31,
	2014		2013
Interest income:
Investment Securities	$	614,419	$	723,750
Commercial investment portfolio(1)		39,486		1,070
U.S. Treasury securities		1,329		5,996
Securities loaned		114		2,612
Reverse repurchase agreements		500		3,636
Other		53		153
Total interest income		655,901		737,217
Interest expense:
Repurchase agreements		103,131		157,064
Convertible Senior Notes		18,897		15,813
U.S. Treasury securities sold, not yet purchased		1,076		2,788
Securities borrowed		95		1,925
Securitized debt of consolidated VIE		1,611		-
Participation sold		161		-
Total interest expense		124,971		177,590
Net interest income	$	530,930	$	559,627
(1) Includes commercial real estate debt and preferred equity and corporate debt.