SECURED FINANCING (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Repurchase Agreements Remaining Maturity ,Collateral Types and Weighted Average Rates

At March 31, 2016 and December 31, 2015, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:

	March 31, 2016
	Repurchase Agreements by Collateral Type												Weighted Average Rate
	Agency Mortgage-backed Securities		Debentures		CRTs		Non-Agency Mortgage-backed Securities		Commercial Loans		Total Repurchase Agreements
	(dollars in thousands)
1 day	$	8,050,000	$	-	$	-	$	-	$	-	$	8,050,000		0.62	%
2 to 29 days		12,466,595		-		54,656		320,677		-		12,841,928		0.75	%
30 to 59 days		4,663,011		-		59,313		156,354		-		4,878,678		0.82	%
60 to 89 days		9,118,832		-		-		146,165		-		9,264,997		0.96	%
90 to 119 days		4,270,155		-		-		-		-		4,270,155		0.95	%
Over 120 days(1)		14,954,590		-		-		-		187,793		15,142,383		1.46	%
Total	$	53,523,183	$	-	$	113,969	$	623,196	$	187,793	$	54,448,141		0.99	%

December 31, 2015
	Repurchase Agreements by Collateral Type												Weighted Average Rate
	Agency Mortgage-backed Securities		Debentures		CRTs		Non-Agency Mortgage-backed Securities		Commercial Loans		Total Repurchase Agreements
	(dollars in thousands)
1 day	$	-	$	-	$	-	$	-	$	-	$	-		0.00	%
2 to 29 days		20,123,464		-		83,664		260,359		-		20,467,487		0.69	%
30 to 59 days		7,898,646		-		59,189		65,374		-		8,023,209		0.74	%
60 to 89 days		4,046,593		-		-		78,833		-		4,125,426		0.74	%
90 to 119 days		4,846,580		-		-		-		-		4,846,580		0.60	%
Over 120 days(1)		18,557,715		-		-		31,015		179,428		18,768,158		1.33	%
Total	$	55,472,998	$	-	$	142,853	$	435,581	$	179,428	$	56,230,860		0.90	%
(1) Approximately 12% and 14% of the total repurchase agreements had a remaining maturity over 1 year as of March 31, 2016 and December 31, 2015, respectively.

Summary of Gross Amounts, Amounts Offset and net Amounts of Repurchase Agreement and Reverse Repurchase Agreement

The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition as of March 31, 2016 and December 31, 2015. Refer to "Derivative Instruments" footnote for information related to the effect of netting arrangements on the Company's derivative instruments.

	March 31, 2016				December 31, 2015
	Reverse Repurchase Agreements		Repurchase Agreements		Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross Amounts	$	-	$	54,448,141	$	-	$	56,230,860
Amounts Offset		-		-		-		-
Netted Amounts	$	-	$	54,448,141	$	-	$	56,230,860