8. SECURED FINANCING

The Company had outstanding $56.2 billion and $71.4 billion of repurchase agreements with weighted average borrowing rates of 1.83% and 1.62%, after giving effect to the Company’s interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 151 days and 141 days as of December 31, 2015 and 2014, respectively.

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

	December 31, 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	$	-	$	-	$	-	$	-	$	-	$	-		-
2 to 29 days		20,123,464		-		83,664		260,359		-		20,467,487		0.69	%
30 to 59 days		7,898,646		-		59,189		65,374		-		8,023,209		0.74	%
60 to 89 days		4,046,593		-		-		78,833		-		4,125,426		0.74	%
90 to 119 days		4,846,580		-		-		-		-		4,846,580		0.60	%
Over 120 days(1)		18,557,715		-		-		31,015		179,428		18,768,158		1.33	%
Total	$	55,472,998	$	-	$	142,853	$	435,581	$	179,428	$	56,230,860		0.90	%

	December 31, 2014
	Repurchase Agreements by Collateral Type
	Agency Mortgage- backed Securities		Debentures		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	-	$	-	$	-		-
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 December 31, 2015 and 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 December 31, 2015 and 2014. Refer to “Derivative Instruments” footnote for information related to the effect of netting arrangements on the Company’s derivative instruments.

	December 31, 2015				December 31, 2014
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements			Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	-	$	56,230,860	$	700,000		$	71,961,926
Amounts Offset		-		-		(600,000	)		(600,000	)
Netted Amounts	$	-	$	56,230,860	$	100,000		$	71,361,926

The Company also finances a portion of its financial assets with advances from the Federal Home Loan Bank of Des Moines (“FHLB De Moines”). Borrowings from FHLB Des Moines are reported in Other secured financing in the Company’s Consolidated Statements of Financial Condition. As of December 31, 2015, $402.8 million of Other secured financing matures within 90 days and $1.4 billion extends beyond three years.

Financial instruments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $62.3 billion and $171.7 million, respectively, at December 31, 2015 and $75.4 billion and $226.6 million, respectively, at December 31, 2014.