SECURED BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019
Borrowings under repurchase arrangements    secured by Agency Securities with maturities    of 30 days or less	$	11,302,621	$	32,824	$	10,741,614		2.64	%
Similar borrowings secured by    collateral for structured financings		960	–			960		7.99
	$	11,303,581	$	32,824	$	10,742,574		2.64
Borrowing rates adjusted for effects    of related derivative financial instruments    (Derivatives)								2.43
December 31, 2018
Borrowings under repurchase arrangements    secured by Agency Securities with maturities    of 30 days or less	$	4,424,311	$	12,287	$	4,204,988		2.73	%
Borrowings under repurchase arrangements    secured by Agency Securities with maturities    of 31 to 90 days		7,143,129		19,621		6,773,366		2.68
Similar borrowings secured by    collateral for structured financings		1,008	–			1,008		7.99
	$	11,568,448	$	31,908	$	10,979,362		2.70
Borrowing rates adjusted for effects of    related Derivatives								2.26

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, 2019					December 31, 2018
	Average Borrowings		Average Rate			Average Borrowings		Average Rate
Average borrowings and rates adjusted for the    effects of related Derivatives	$	11,193,335		2.43	%	$	11,439,646		2.07	%