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SECURED FINANCING
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
SECURED FINANCING
12. 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 $64.3 billion and $62.2 billion of repurchase agreements with weighted average remaining maturities of 34 days and 44 days and weighted average rates of 5.23% and 5.70% at September 30, 2024 and December 31, 2023, respectively. In connection with its residential mortgage loans, the Company has select arrangements with counterparties to enter into repurchase agreements for $3.5 billion with remaining capacity of $2.2 billion at September 30, 2024.
At September 30, 2024 and December 31, 2023, the repurchase agreements had the following remaining maturities and collateral types: 
September 30, 2024
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$24,998,317 $175,637 $41,503 $— $— $25,215,457 
2 to 29 days655,425 275,927 846,860 221,231 95,291 2,094,734 
30 to 59 days34,198,599 — 589,802 26,404 — 34,814,805 
60 to 89 days2,594,869 142,486 611,235 452,799 — 3,801,389 
90 to 119 days1,675 47,353 82,050 — — 131,078 
Over 119 days (1)
— — 364,920 566,773 — 931,693 
Total$62,448,885 $641,403 $2,536,370 $1,267,207 $95,291 $66,989,156 
Amounts offset in accordance with netting arrangements.(2,678,880)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition.$64,310,276 
December 31, 2023
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$— $— $— $— $— $— 
2 to 29 days33,492,952 555,568 840,400 — 191,276 35,080,196 
30 to 59 days18,090,265 — 528,341 — — 18,618,606 
60 to 89 days6,479,206 139,952 579,611 — — 7,198,769 
90 to 119 days— — 39,714 207,592 — 247,306 
Over 119 days (1)
2,511,003 — 169,697 644,259 — 3,324,959 
Total$60,573,426 $695,520 $2,157,763 $851,851 $191,276 $64,469,836 
Amounts offset in accordance with netting arrangements.(2,268,293)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition.$62,201,543 
(1) Less than 1% of repurchase agreements had a remaining maturity over 1 year at September 30, 2024. No repurchase agreements had a remaining maturity over 1 year at December 31, 2023.
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, 2024 and December 31, 2023. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 September 30, 2024December 31, 2023
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$2,678,880 $66,989,156 $2,268,293 $64,469,836 
Amounts offset(2,678,880)(2,678,880)(2,268,293)(2,268,293)
Netted amounts$— $64,310,276 $— $62,201,543 
The fair value of collateral received in connection with reverse repurchase agreements as of September 30, 2024 was $2.7 billion, of which the Company sold $2.0 billion. The fair value of collateral received in connection with reverse repurchase agreements as of December 31, 2023 was $2.3 billion, of which the Company sold $2.1 billion. The amount of collateral sold is reported at fair value in the Company’s Consolidated Statements of Financial Condition as U.S. Treasury securities sold, not yet purchased.
Other Secured Financing - As of September 30, 2024, the Company had $1.3 billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under this facility as of September 30, 2024 totaled $600.0 million with maturities ranging between four months to one year. The weighted average interest rate of the borrowings was
8.05% as of September 30, 2024. 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, 2023.
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 $69.3 billion and $304.7 million, respectively, at September 30, 2024 and $68.2 billion and $279.5 million, respectively, at December 31, 2023.