SECURED BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2016

Secured borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands):

Collateral Type	Collateral Carrying Amount		Accrued Interest Receivable		Borrowings Outstanding		Average Borrowing Rates
March 31, 2016
Borrowings under repurchase arrangements with maturities of 30 days or less:
Agency Securities	$	10,815,418	$	22,692	$	10,267,015		0.66	%
Borrowings under repurchase arrangements with maturities greater than 30 days:
Agency Securities (31 to 90 days)		500,212		1,150		461,665		0.67
Agency Securities (greater than 90 days)		1,200,086		2,819		1,143,179		0.79
Similar borrowings:
Collateral for structured financings		1,840		–		1,840		8.12
		12,517,556		26,661		11,873,699
FHLB advances		768,513		3,152		750,000		0.64
	$	13,286,069	$	29,813	$	12,623,699		0.67
Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (Derivatives) held as cash flow hedges								0.84
December 31, 2015
Borrowings under repurchase arrangements with maturities of 30 days or less:
Agency Securities	$	9,080,363	$	18,504	$	8,585,336		0.67	%
Borrowings under repurchase arrangements with maturities greater than 30 days:
Agency Securities (31 to 90 days)		423,710		861		346,177		0.63
Agency Securities (greater than 90 days)		1,073,254		2,519		1,150,000		0.75
Similar borrowings:
Collateral for structured financings		1,881		–		1,881		8.12
		10,579,208		21,884		10,083,394
FHLB advances		2,956,908		11,422		2,875,000		0.43
	$	13,536,116	$	33,306	$	12,958,394		0.62
Year-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges								0.85

Schedule of Average Borrowings Outstanding

Average secured borrowings outstanding during the indicated periods differed from respective ending balances primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):

		Quarter Ended
		March 31, 2016					December 31, 2015
		Average Borrowings	Average Rate				Average Borrowings	Average Rate
Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated periods	$	13,042,541		0.82	%	$	13,160,703		0.73	%