INTEREST INCOME AND INTEREST EXPENSE (Tables)

6 Months Ended

Jun. 30, 2017

Banking and Thrift, Interest [Abstract]

Components of Company's Interest Income and Interest Expense

The table below presents the components of the Company’s interest income and interest expense for the three and six months ended June 30, 2017 and 2016.

	For the Three Months Ended				For the Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Interest income:	(dollars in thousands)
Residential Investment Securities	$	459,308	$	394,850	$	975,218	$	710,567
Residential mortgage loans		7,417		-		11,281		-
Commercial investment portfolio(1)		68,153		59,578		132,498		129,765
Reverse repurchase agreements		2,548		2,690		6,156		4,929
Total interest income		537,426		457,118		1,125,153		845,261
Interest expense:
Repurchase agreements		197,151		136,176		370,241		269,067
Securitized debt of consolidated VIEs		11,977		11,226		26,827		20,259
Participation sold		42		157		195		315
Other		13,111		5,196		23,443		10,561
Total interest expense		222,281		152,755		420,706		300,202
Net interest income	$	315,145	$	304,363	$	704,447	$	545,059
(1) Includes commercial real estate debt, preferred equity and corporate debt.