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INTEREST INCOME AND INTEREST EXPENSE (Tables)

9 Months Ended

Sep. 30, 2016

Banking and Thrift, Interest [Abstract]

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, 2016 and 2015.

		For the Quarters Ended September 30,								For the Nine Months Ended September 30,
		2016				2015				2016				2015
Interest income:		(dollars in thousands)
Residential Investment Securities		$	493,226			$	399,702			$	1,203,793			$	1,448,434
Residential mortgage loans			1,608				-				1,608				-
Commercial investment portfolio⁽¹⁾			61,240				50,204				191,005				142,969
Reverse repurchase agreements			2,594				820				7,523				2,714
Total interest income			558,668				450,726				1,403,929				1,594,117
Interest expense:
Repurchase agreements			154,083				103,823				423,150				307,796
Convertible Senior Notes			-				-				-				29,740
Securitized debt of consolidated VIEs			12,046				6,111				32,305				14,468
Participation sold			157				161				472				479
Other			7,868				202				18,429				306
Total interest expense			174,154				110,297				474,356				352,789
Net interest income		$	384,514			$	340,429			$	929,573			$	1,241,328

⁽¹⁾ Includes commercial real estate debt, preferred equity and corporate debt.