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INTEREST INCOME AND INTEREST EXPENSE (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2015 and 2014.
 
 
  
 
    For the Quarter Ended September 30,     For the Nine Months Ended September 30,  
   
2015
    
2014
    
2015
    
2014
  
Interest income:
  
(dollars in thousands)
  
Investment Securities
   $ 399,702     $ 606,331     $ 1,448,434     $ 1,861,037  
Commercial investment portfolio(1)
     50,204       38,113       142,969       120,924  
U.S. Treasury securities
     -       -       -       1,329  
Securities loaned
     -       -       -       114  
Reverse repurchase agreements
     820       135       2,714       906  
Other
     66       61       193       193  
Total interest income
     450,792       644,640       1,594,310       1,984,503  
Interest expense:
                                
Repurchase agreements
     103,823       102,750       307,796       309,654  
Convertible Senior Notes
     -       22,376       29,740       61,592  
U.S. Treasury securities sold, not yet purchased
     -       -       -       1,076  
Securities borrowed
     -       -       -       95  
Securitized debt of consolidated VIEs
     6,111       1,780       14,468       5,244  
Participation sold
     161       163       479       486  
Other
     202       -       306       -  
Total interest expense
     110,297       127,069       352,789       378,147  
Net interest income
   $ 340,495     $ 517,571     $ 1,241,521     $ 1,606,356  
                                 
(1) Includes commercial real estate debt, preferred equity and corporate debt.