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SECURED FINANCING
 12 Months Ended
Dec. 31, 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. 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 $54.8 billion and $64.8 billion of repurchase agreements with weighted average remaining maturities of 52 days and 64 days at December 31, 2021 and 2020, respectively. The Company has select arrangements with counterparties to enter into repurchase agreements for $1.9 billion with remaining capacity of $1.4 billion at December 31, 2021.
At December 31, 2021 and 2020, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: 
December 31, 2021
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage Loans
Commercial Mortgage-Backed Securities (1)
Total Repurchase AgreementsWeighted Average Rate  
 (dollars in thousands)
1 day$— $— $— $— $— $— — %
2 to 29 days26,435,408 133,525 246,707 — 197,834 27,013,474 0.14 %
30 to 59 days9,743,872 38,854 270,377 159,350 — 10,212,453 0.19 %
60 to 89 days6,021,850 4,071 351,426 — — 6,377,347 0.17 %
90 to 119 days4,812,345 — 12,573 — — 4,824,918 0.15 %
Over 119 days (2)
5,711,448 — 96,283 345,651 188,069 6,341,451 0.27 %
Total$52,724,923 $176,450 $977,366 $505,001 $385,903 $54,769,643 0.17 %
December 31, 2020
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial
Loans		Commercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted Average Rate
 (dollars in thousands)
1 day$— $— $— $— $— $— $— — %
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 December 31, 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 December 31, 2021 and 2020. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 December 31, 2021December 31, 2020
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$— $54,769,643 $250,000 $65,075,239 
Amounts offset— — (250,000)(250,000)
Netted amounts$— $54,769,643 $— $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 $59.2 billion and $160.8 million, respectively, at December 31, 2021 and $70.6 billion and $196.9 million, respectively, at December 31, 2020.