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SECURED BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 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

 

March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under repurchase arrangements with

   maturities of 30 days or less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Securities

 

$

10,703,199

 

 

$

31,632

 

 

$

10,154,691

 

 

 

2.73

%

Borrowings under repurchase arrangements with

   maturities greater than 30 days:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Securities (31 to 90 days)

 

 

1,119,381

 

 

 

3,513

 

 

 

1,066,774

 

 

 

2.69

 

Similar borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral for structured financings

 

 

986

 

 

–

 

 

 

986

 

 

 

8.25

 

 

 

$

11,823,566

 

 

$

35,145

 

 

$

11,222,451

 

 

 

2.73

 

Quarter-end borrowing rates adjusted for effects

   of related Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under repurchase arrangements with

   maturities of 30 days or less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Securities

 

$

4,424,311

 

 

$

12,287

 

 

$

4,204,988

 

 

 

2.73

%

Borrowings under repurchase arrangements with

   maturities greater than 30 days:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Securities (31 to 90 days)

 

 

7,143,129

 

 

 

19,621

 

 

 

6,773,366

 

 

 

2.68

 

Similar borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateral for structured financings

 

 

1,008

 

 

–

 

 

 

1,008

 

 

 

7.99

 

 

 

$

11,568,448

 

 

$

31,908

 

 

$

10,979,362

 

 

 

2.70

 

Year-end 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

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

Average

Borrowings

 

 

Average

Rate

 

 

Average

Borrowings

 

 

Average

Rate

 

Average borrowings and rates adjusted for the

   effects of related Derivatives

 

$

11,156,608

 

 

 

2.12

%

 

$

11,439,646

 

 

 

2.07

%