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INTEREST INCOME AND INTEREST EXPENSE (Tables)
 3 Months Ended
Mar. 31, 2015
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 ended March 31, 2015 and 2014.

   
Quarter Ended March 31,
  
   
2015
    
2014
  
Interest income:
  
(dollars in thousands)
  
Investment Securities
   $ 478,239     $ 614,419  
Commercial investment portfolio(1)
     40,336       39,486  
U.S. Treasury securities
     -       1,329  
Securities loaned
     -       114  
Reverse repurchase agreements
     539       500  
Other
     58       53  
Total interest income
     519,172       655,901  
Interest expense:
                
Repurchase agreements
     102,748       103,131  
Convertible Senior Notes
     23,627       18,897  
U.S. Treasury securities sold, not yet purchased
     -       1,076  
Securities borrowed
     -       95  
Securitized debt of consolidated VIE
     2,882       1,611  
Participation sold
     159       161  
Other
     4       -  
Total interest expense
     129,420       124,971  
Net interest income
   $ 389,752     $ 530,930  
                 
(1) Includes commercial real estate debt, preferred equity and corporate debt.