SECURED FINANCING

3 Months Ended

Mar. 31, 2015

SECURED FINANCING

7. SECURED FINANCING

The Company had outstanding $60.5 billion and $71.4 billion of repurchase agreements with weighted average borrowing rates of 1.74% and 1.62%, after giving effect to the Company’s interest rate swaps, and weighted average remaining maturities of 149 days and 141 days as of March 31, 2015 and December 31, 2014, respectively.

At March 31, 2015 and December 31, 2014, the repurchase agreements had the following remaining maturities and weighted average rates:

	March 31, 2015					December 31, 2014
	Repurchase Agreements		Weighted Average Rate			Repurchase Agreements		Weighted Average Rate
1 day	$	7,658,440		0.64	%	$	-		0.00	%
2 to 29 days		16,080,033		0.39	%		28,354,167		0.35	%
30 to 59 days		7,326,177		0.40	%		17,336,469		0.43	%
60 to 89 days		9,534,614		0.40	%		4,040,677		0.38	%
90 to 119 days		4,677,222		0.50	%		2,945,495		0.50	%
Over 120 days(1)		15,200,892		1.45	%		18,685,118		1.24	%
Total	$	60,477,378		0.70	%	$	71,361,926		0.61	%
(1) Approximately 18% and 16% of the total repurchase agreements had a remaining maturity over 1 year as of March 31, 2015 and December 31, 2014, respectively.

Repurchase agreements and reverse repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements permit netting. 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 as of March 31, 2015 and December 31, 2014. Refer to “Derivative Instruments” footnote for information related to the effect of netting arrangements on the Company’s derivative instruments.

	March 31, 2015						December 31, 2014
	Reverse Repurchase Agreements			Repurchase Agreements			Reverse Repurchase Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	1,700,000		$	62,077,378		$	700,000		$	71,961,926
Amounts Offset		(1,600,000	)		(1,600,000	)		(600,000	)		(600,000	)
Netted Amounts	$	100,000		$	60,477,378		$	100,000		$	71,361,926

Investment Securities pledged as collateral under these secured financings and interest rate swaps had an estimated fair value and accrued interest of $64.6 billion and $189.9 million, respectively, at March 31, 2015 and $75.4 billion and $226.6 million, respectively, at December 31, 2014.