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INTEREST INCOME AND INTEREST EXPENSE
 12 Months Ended
Dec. 31, 2014
INTEREST INCOME AND INTEREST EXPENSE
12.  INTEREST INCOME AND INTEREST EXPENSE
 
The table below presents the components of the Company’s interest income and interest expense for the years ended December 31, 2014, 2013 and 2012.
 
   
Years Ended December 31,
  
   
December 31,
    
December 31,
    
December 31,
  
   
2014
    
2013
    
2012
  
Interest income:
  
(dollars in thousands)
  
Investment Securities
   $ 2,467,783     $ 2,788,354     $ 3,217,648  
Commercial investment portfolio(1)
     161,837       81,445       7,621  
U.S. Treasury securities
     1,329       29,081       17,222  
Securities loaned
     114       8,788       9,903  
Reverse repurchase agreements
     1,335       10,459       6,218  
Other
     249       435       533  
Total interest income
     2,632,647       2,918,562       3,259,145  
Interest expense:
                        
Repurchase agreements
     417,194       530,170       577,243  
Convertible Senior Notes
     87,293       67,057       67,221  
U.S. Treasury securities sold, not yet purchased
     1,076       20,235       15,114  
Securities borrowed
     95       6,785       7,594  
Securitized debt of consolidated VIE
     6,350       -       -  
Participation sold
     651       467       -  
Total interest expense
     512,659       624,714       667,172  
Net interest income
   $ 2,119,988     $ 2,293,848     $ 2,591,973  
                         
(1) Includes commercial real estate debt, preferred equity and corporate debt.