SECURED FINANCING (Tables)

6 Months Ended

Jun. 30, 2016

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

At June 30, 2016 and December 31, 2015, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates:

	June 30, 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		$	7,506,405	$	-	$	-	$	-	$	-	$	7,506,405		0.91	%
2 to 29 days			12,431,760		-		53,590		221,210		-		12,706,560		0.81	%
30 to 59 days			6,747,130		-		70,170		197,005		-		7,014,305		0.95	%
60 to 89 days			5,746,813		-		-		223,289		-		5,970,102		0.86	%
90 to 119 days			6,159,644		-		-		19,411		-		6,179,055		0.82	%
Over 120 days(1)			14,187,091		-		-		-		304,867		14,491,958		1.44	%
Total		$	52,778,843	$	-	$	123,760	$	660,915	$	304,867	$	53,868,385		1.02	%

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 9% and 14% of the total repurchase agreements had a remaining maturity over 1 year as of June 30, 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 June 30, 2016 and December 31, 2015. Refer to “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.

	June 30, 2016					December 31, 2015
	Reverse Repurchase Agreements			Repurchase Agreements		Reverse Repurchase Agreements		Repurchase Agreements
	(dollars in thousands)
Gross Amounts		$	-	$	53,868,385	$	-	$	56,230,860
Amounts Offset			-		-		-		-
Netted Amounts		$	-	$	53,868,385	$	-	$	56,230,860