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SECURED FINANCING
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
SECURED FINANCING
14. 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 $59.5 billion and $54.8 billion of repurchase agreements with weighted average remaining maturities of 27 days and 52 days at December 31, 2022 and 2021, respectively. The Company has select arrangements with counterparties to enter into repurchase agreements for $1.8 billion with remaining capacity of $1.1 billion at December 31, 2022.
At December 31, 2022 and 2021, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: 
December 31, 2022
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted Average Rate  
 (dollars in thousands)
1 day$— $— $— $— $— $— — %
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 (2)
— — — 349,013 — 349,013 6.37 %
Total$55,855,293 $468,695 $2,013,261 $718,600 $456,748 $59,512,597 4.29 %
December 31, 2021
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage Loans
Commercial Mortgage-Backed Securities (1)
Total Repurchase AgreementsWeighted Average Rate
 (dollars in thousands)
1 day$— $— $— $— $— $— — %
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 $54,769,643 0.17 %
(1) Includes commercial mortgage-backed securities held for sale.
(2) No repurchase agreements had a remaining maturity over 1 year at December 31, 2022 and 2021.
The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at December 31, 2022 and 2021. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 December 31, 2022December 31, 2021
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$— $59,512,597 $— $54,769,643 
Amounts offset— — — — 
Netted amounts$— $59,512,597 $— $54,769,643 
Other Secured Financing - As of December 31, 2022, the Company had a $500 million committed credit facility to finance a portion of its MSR portfolio. Outstanding borrowings under this facility as of December 31, 2022 totaled $250.0 million with maturities ranging between one to three years. The weighted average rate of the advances was 7.07% as of December 31, 2022. 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, 2021.
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 $62.2 billion and $226.4 million, respectively, at December 31, 2022 and $59.2 billion and $160.8 million, respectively, at December 31, 2021.