SECURED BORROWINGS (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2016
Borrowings under repurchase arrangements with maturities of 30 days or less:
Agency Securities	$	11,881,413	$	25,232	$	11,092,153		0.66	%
Borrowings under repurchase arrangements with maturities greater than 30 days:
Agency Securities (31 to 90 days)		738,471		1,556		408,711		0.72
Agency Securities (greater than 90 days)		82,555		377		550,000		0.82
Similar borrowings:
Collateral for structured financings		1,765		–		1,765		8.12
		12,704,204		27,165		12,052,629
FHLB advances		775,991		3,218		750,000		0.64
	$	13,480,195	$	30,383	$	12,802,629		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
	June 30, 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	$	12,866,495		0.84	%	$	13,160,703		0.73	%