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INTEREST INCOME AND INTEREST EXPENSE (Tables)
 9 Months Ended
Sep. 30, 2014
Components of Company's Interest Income and Interest Expense
The table below presents the components of the Company’s interest income and interest expense for the quarters and nine months ended September 30, 2014 and 2013.
 
   
Quarter Ended September 30,
    
Nine Months Ended September 30,
  
   
2014
    
2013
    
2014
    
2013
  
                         
Interest income:
  
(dollars in thousands)
  
Investment Securities
   $ 606,331     $ 657,786     $ 1,861,037     $ 2,066,684  
Commercial investment portfolio(1)
     38,113       27,338       120,924       43,743  
U.S. Treasury securities
     -       7,718       1,329       20,956  
Securities loaned
     -       1,787       114       6,701  
Reverse repurchase agreements
     135       2,461       906       8,872  
Other
     61       70       193       357  
Total interest income
     644,640       697,160       1,984,503       2,147,313  
Interest expense:
                                
Repurchase agreements
     102,750       120,123       309,654       419,132  
Convertible Senior Notes
     22,376       17,092       61,592       49,269  
U.S. Treasury securities sold, not yet purchased
     -       6,688       1,076       13,551  
Securities borrowed
     -       1,405       95       5,067  
Securitized debt of consolidated VIE
     1,780       -       5,244       -  
Participation sold
     163       168       486       302  
Total interest expense
     127,069       145,476       378,147       487,321  
Net interest income
   $ 517,571     $ 551,684     $ 1,606,356     $ 1,659,992  
 
(1)  
Includes commercial real estate debt, preferred equity and corporate debt.