8. SECURED FINANCING

The Company had outstanding $54.4 billion and $56.2 billion of repurchase agreements with weighted average borrowing rates of 1.87% and 1.83%, after giving effect to the Company's interest rate swaps used to hedge cost of funds, and weighted average remaining maturities of 136 days and 151 days as of March 31, 2016 and December 31, 2015, respectively.

At March 31, 2016 and December 31, 2015, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:

	March 31, 2016
	Repurchase Agreements by Collateral Type												Weighted Average Rate
	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		0.62	%
2 to 29 days		12,466,595		-		54,656		320,677		-		12,841,928		0.75	%
30 to 59 days		4,663,011		-		59,313		156,354		-		4,878,678		0.82	%
60 to 89 days		9,118,832		-		-		146,165		-		9,264,997		0.96	%
90 to 119 days		4,270,155		-		-		-		-		4,270,155		0.95	%
Over 120 days⁽¹⁾		14,954,590		-		-		-		187,793		15,142,383		1.46	%
Total	$	53,523,183	$	-	$	113,969	$	623,196	$	187,793	$	54,448,141		0.99	%

December 31, 2015
	Repurchase Agreements by Collateral Type												Weighted Average Rate
	Agency Mortgage-backed Securities		Debentures		CRTs		Non-Agency Mortgage-backed Securities		Commercial Loans		Total Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	-	$	-	$	-	$	-	$	-	$	-		0.00	%
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	%

(1) Approximately 12% and 14% of the total repurchase agreements had a remaining maturity over 1 year as of March 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015. Refer to "Derivative Instruments" footnote for information related to the effect of netting arrangements on the Company's derivative instruments.

	March 31, 2016				December 31, 2015
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	-	$	54,448,141	$	-	$	56,230,860
Amounts Offset		-		-		-		-
Netted Amounts	$	-	$	54,448,141	$	-	$	56,230,860

The Company also finances a portion of its financial assets with advances from the Federal Home Loan Bank of Des Moines ("FHLB Des Moines"). Borrowings from FHLB Des Moines are reported in Other secured financing in the Company's Consolidated Statements of Financial Condition. As of March 31, 2016, $3.6 billion matures beyond three years. As of December 31, 2015, $402.8 million matures within 90 days and $1.4 billion extends beyond three years. The weighted average rate of the advances from the FHLB Des Moines was 0.59% at March 31, 2016 and December 31, 2015.

Financial instruments pledged as collateral under secured financing arrangements and interest rate swaps had an estimated fair value and accrued interest of $62.7 billion and $188.6 million, respectively, at March 31, 2016 and $62.3 billion and $171.7 million, respectively, at December 31, 2015.