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SECURED FINANCING
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
SECURED FINANCING
13. SECURED FINANCING
Reverse Repurchase and Repurchase Agreements – The Company finances a significant portion of its assets with repurchase agreements. At the inception of each transaction, the Company assessed each of the specified criteria in ASC 860, Transfers and Servicing, and has determined that each of the financing agreements should be treated as a securing financing.
The Company enters into reverse repurchase agreements to earn a yield on excess cash balances. The Company receives collateral for reverse repurchase agreements and is required to post collateral for repurchase agreements. To mitigate credit exposure, the Company monitors the market value of these securities and delivers or obtains additional collateral based on changes in market value of these securities. Generally, the Company receives or posts collateral with a fair value approximately equal to or greater than the value of the secured financing.
Reverse repurchase agreements and repurchase agreements with the same counterparty and the same maturity are presented net in the Consolidated Statements of Financial Condition when the terms of the agreements meet the criteria to permit netting. The Company reports cash flows on repurchase agreements as financing activities and cash flows on reverse repurchase agreements as investing activities in the Consolidated Statements of Cash Flows.
The Company had outstanding $55.5 billion and $64.8 billion of repurchase agreements with weighted average remaining maturities of 75 days and 64 days at September 30, 2021 and December 31, 2020, respectively. The Company has select arrangements with counterparties to enter into repurchase agreements for select credit assets for $1.6 billion with remaining capacity of $1.3 billion at September 30, 2021.
At September 30, 2021 and December 31, 2020, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: 
September 30, 2021
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage Loans
Commercial Mortgage-Backed Securities (1)
Total Repurchase AgreementsWeighted Average Rate  
 (dollars in thousands)
1 day$7,926,088 $— $— $— $— $7,926,088 0.07 %
2 to 29 days15,853,554 6,911 228,809 — 64,518 16,153,792 0.13 %
30 to 59 days3,965,483 — 117,226 — — 4,082,709 0.18 %
60 to 89 days3,134,779 — 91,544 — — 3,226,323 0.17 %
90 to 119 days9,884,441 136,909 37,527 — 138,252 10,197,129 0.18 %
Over 119 days (2)
13,004,874 56,924 510,501 317,080 — 13,889,379 0.20 %
Total$53,769,219 $200,744 $985,607 $317,080 $202,770 $55,475,420 0.15 %
December 31, 2020
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial
Loans		Commercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted
Average
Rate
 (dollars in thousands)
1 day$— $— $— $— $— $— $— — %
2 to 29 days30,151,875 129,993 354,904 $76,799 — 128,267 30,841,838 0.29 %
30 to 59 days10,247,972 16,073 161,274 $— — 142,336 10,567,655 0.42 %
60 to 89 days8,181,410 99,620 259,401 $— — 28,406 8,568,837 0.30 %
90 to 119 days2,154,733 — — $— — — 2,154,733 0.23 %
Over 119 days (2)
12,008,920 — 274,860 $107,924 271,801 28,671 12,692,176 0.36 %
Total$62,744,910 $245,686 $1,050,439 $184,723 $271,801 $327,680 $64,825,239 0.32 %
(1) Includes commercial mortgage-backed securities held for sale.
(2) No repurchase agreements had a remaining maturity over 1 year at September 30, 2021. Less than 1% of the total repurchase agreements had a remaining maturity over 1 year at December 31, 2020.
The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at September 30, 2021 and December 31, 2020. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 September 30, 2021December 31, 2020
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$— $55,475,420 $250,000 $65,075,239 
Amounts offset— — (250,000)(250,000)
Netted amounts$— $55,475,420 $— $64,825,239 

The fair value of mortgage-backed securities received as collateral in connection with reverse repurchase agreements was approximately $250.0 million, which the Company fully repledged, at December 31, 2020.
Other Secured Financing - Refer to the “Variable Interest Entities” Note for additional information on the Company’s other secured financing arrangements.
Investments pledged as collateral under secured financing arrangements and interest rate swaps, excluding residential and senior securitized commercial mortgage loans of consolidated VIEs, had an estimated fair value and accrued interest of $60.3 billion and $163.2 million, respectively, at September 30, 2021 and $70.6 billion and $196.9 million, respectively, at December 31, 2020.