SECURED FINANCING (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates

At September 30, 2015 and December 31, 2014, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:

	September 30, 2015
	Repurchase Agreements by Collateral Type
	Agency Mortgage-backed Securities		Debentures		CRTs		Non-Agency Mortgage-backed Securities		Commercial Loans		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	8,050,000	$	-	$	-	$	-	$	-	$	8,050,000		0.57	%
2 to 29 days		11,640,888		94,950		17,788		77,236		-		11,830,862		0.45	%
30 to 59 days		4,721,915		-		60,406		63,852		-		4,846,173		0.52	%
60 to 89 days		8,794,109		-		-		46,020		-		8,840,129		0.57	%
90 to 119 days		3,957,380		-		-		-		-		3,957,380		0.52	%
Over 120 days(1)		18,774,192		-		-		-		150,628		18,924,820		1.29	%
Total	$	55,938,484	$	94,950	$	78,194	$	187,108	$	150,628	$	56,449,364		0.78	%

	December 31, 2014
	Repurchase Agreements by Collateral Type
	Agency Mortgage-backed Securities		Debentures		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	-	$	-	$	-		0.00	%
2 to 29 days		27,604,632		749,535		28,354,167		0.35	%
30 to 59 days		17,149,787		186,682		17,336,469		0.43	%
60 to 89 days		3,662,646		378,031		4,040,677		0.38	%
90 to 119 days		2,945,495		-		2,945,495		0.50	%
Over 120 days (1)		18,685,118		-		18,685,118		1.24	%
Total	$	70,047,678	$	1,314,248	$	71,361,926		0.61	%
(1) Approximately 14% and 15% of the total repurchase agreements had a remaining maturity over 1 year as of September 30, 2015 and December 31, 2014, respectively.

Summary of Gross Amounts, Amounts Offset and net Amounts of Repurchase Agreement and Reverse Repurchase Agreement

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 September 30, 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.

	September 30, 2015				December 31, 2014
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	-	$	56,449,364	$	700,000		$	71,961,926
Amounts Offset		-		-		(600,000	)		(600,000	)
Netted Amounts	$	-	$	56,449,364	$	100,000		$	71,361,926