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SECURED FINANCING
 9 Months Ended
Sep. 30, 2025
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 $75.1 billion and $65.7 billion of repurchase agreements with weighted average remaining maturities of 49 days and 32 days and weighted average rates of 4.36% and 4.76% at September 30, 2025 and December 31, 2024, respectively. In connection with its residential mortgage loans, the Company had select arrangements with counterparties to enter into repurchase agreements for $4.3 billion with remaining capacity of $2.5 billion at September 30, 2025.
At September 30, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types: 
September 30, 2025
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$31,428,894 $— $46,133 $— $— $31,475,027 
2 to 29 days1,128,459 188,520 786,088 — — 2,103,067 
30 to 59 days13,069,517 — 544,223 445,868 — 14,059,608 
60 to 89 days22,173,764 — 574,103 211,837 — 22,959,704 
90 to 119 days4,499,627 — 79,295 — — 4,578,922 
Over 119 days (1)
2,764,725 — 536,307 1,122,103 — 4,423,135 
Total$75,064,986 $188,520 $2,566,149 $1,779,808 $— $79,599,463 
Amounts offset in accordance with netting arrangements(4,480,500)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$75,118,963 
December 31, 2024
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$— $— $— $— $— $— 
2 to 29 days28,603,831 405,341 861,271 — 66,010 29,936,453 
30 to 59 days34,496,443 116,087 682,037 251,357 — 35,545,924 
60 to 89 days692,255 47,583 545,684 — — 1,285,522 
90 to 119 days2,085 — 60,383 — — 62,468 
Over 119 days (1)
— — 332,040 1,139,604 — 1,471,644 
Total$63,794,614 $569,011 $2,481,415 $1,390,961 $66,010 $68,302,011 
Amounts offset in accordance with netting arrangements(2,613,088)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$65,688,923 
(1) Less than 1% of repurchase agreements had a remaining maturity over 1 year at September 30, 2025 and December 31, 2024.
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, 2025 and December 31, 2024. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 September 30, 2025December 31, 2024
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$4,515,504 $79,599,463 $2,613,088 $68,302,011 
Amounts offset(4,480,500)(4,480,500)(2,613,088)(2,613,088)
Netted amounts$35,004 $75,118,963 $— $65,688,923 
The fair value of collateral received in connection with reverse repurchase agreements as of September 30, 2025 was $4.5 billion, of which the Company sold $2.4 billion. The fair value of collateral received in connection with reverse repurchase agreements as of December 31, 2024 was $2.6 billion, of which the Company sold $2.5 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, 2025, the Company had $2.1 billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of September 30, 2025 totaled $1.0 billion with maturities ranging between two months to two years. As of December 31, 2024, the Company had $1.6 billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of December 31, 2024 totaled $750.0 million with maturities ranging between one month to two years. The weighted average interest rate of the borrowings was 6.94% and 7.21% as of September 30, 2025 and December 31, 2024, respectively. Borrowings are reported in Other secured financing in the Company’s Consolidated Statements of Financial Condition.
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 $81.7 billion and $374.6 million, respectively, at September 30, 2025 and $71.8 billion and $332.7 million, respectively, at December 31, 2024.