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SECURED FINANCING
 9 Months Ended
Sep. 30, 2023
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 secured 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 $64.7 billion and $59.5 billion of repurchase agreements with weighted average remaining maturities of 52 days and 27 days at September 30, 2023 and December 31, 2022, respectively. In connection with its residential mortgage loans, the Company has select arrangements with counterparties to enter into repurchase agreements for $2.0 billion with remaining capacity of $1.2 billion at September 30, 2023.
At September 30, 2023 and December 31, 2022, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: 
September 30, 2023
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted Average Rate  
 (dollars in thousands)
1 day$— $— $— $— $— $— — %
2 to 29 days28,460,244 523,341 792,578 45,874 138,742 29,960,779 5.50 %
30 to 59 days23,356,529 141,111 751,919 — — 24,249,559 5.52 %
60 to 89 days641,116 — 494,951 — — 1,136,067 5.96 %
90 to 119 days2,579 — 108,720 185,443 — 296,742 6.95 %
Over 119 days (1)
8,366,932 — 163,761 519,981 — 9,050,674 5.61 %
Total$60,827,400 $664,452 $2,311,929 $751,298 $138,742 $64,693,821 5.54 %
December 31, 2022
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted
Average
Rate
 (dollars in thousands)
1 day$— $— $— $— $— $— — %
2 to 29 days30,244,050 193,069 524,432 200,931 263,711 31,426,193 4.27 %
30 to 59 days21,200,770 149,733 632,673 — 124,390 22,107,566 4.18 %
60 to 89 days4,410,473 — 782,905 — 68,647 5,262,025 4.59 %
90 to 119 days— 125,893 73,251 168,656 — 367,800 5.82 %
Over 119 days (1)
— — — 349,013 — 349,013 6.37 %
Total$55,855,293 $468,695 $2,013,261 $718,600 $456,748 $59,512,597 4.29 %
(1) 4% of repurchase agreements had a remaining maturity over 1 year at September 30, 2023. No repurchase agreements had a remaining maturity over 1 year at December 31, 2022.
The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at September 30, 2023 and December 31, 2022. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 September 30, 2023December 31, 2022
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$— $64,693,821 $— $59,512,597 
Amounts offset— — — — 
Netted amounts$— $64,693,821 $— $59,512,597 

Other Secured Financing - As of September 30, 2023, the Company had $750 million in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under this facility as of September 30, 2023 totaled $500.0 million with maturities ranging between one to three years. The weighted average interest rate of the borrowings was 8.08% as of September 30, 2023. Borrowings are reported in Other secured financing in the Company’s Consolidated Statements of Financial Condition.
Refer to the “Variable Interest Entities” Note for additional information on the Company’s other secured financing arrangements at December 31, 2022.
Investments pledged as collateral under secured financing arrangements and interest rate swaps, excluding residential mortgage loans of consolidated VIEs, had an estimated fair value and accrued interest of $67.9 billion and $284.1 million, respectively, at September 30, 2023 and $62.2 billion and $226.4 million, respectively, at December 31, 2022.