SECURED BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure Of Repurchase Agreements [Abstract]

Schedule of Secured Borrowings

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, 2017
Borrowings under repurchase arrangements with    maturities of 30 days or less:
Agency Securities	$	13,054,443	$	30,348	$	12,416,533		1.30	%
Borrowings under repurchase arrangements with    maturities greater than 30 days:
Agency Securities (31 to 90 days)		39,570		138		36,074		1.02
Similar borrowings:
Collateral for structured financings		1,576	–			1,576		8.01
	$	13,095,589	$	30,486	$	12,454,183		1.30
Quarter-end borrowing rates adjusted for effects    of related derivative financial instruments    (Derivatives) held as cash flow hedges								1.23
December 31, 2016
Borrowings under repurchase arrangements with    maturities of 30 days or less:
Agency Securities	$	12,643,359	$	27,889	$	11,991,532		0.96	%
Borrowings under repurchase arrangements with    maturities greater than 30 days:
Agency Securities (31 to 90 days)		162,551		351		152,157		0.93
Similar borrowings:
Collateral for structured financings		1,657	–			1,657		7.98
	$	12,807,567	$	28,240	$	12,145,346		0.96
Year-end borrowing rates adjusted for effects of    related Derivatives held as cash flow hedges								1.04

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, 2017					December 31, 2016
	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	$	12,503,039		1.08	%	$	12,380,375		0.89	%