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SECURED FINANCING
 3 Months Ended
Mar. 31, 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 $61.7 billion and $65.7 billion of repurchase agreements with weighted average remaining maturities of 50 days and 32 days and weighted average rates of 4.56% and 4.76% at March 31, 2025 and December 31, 2024, respectively. In connection with its residential mortgage loans, the Company has select arrangements with counterparties to enter into repurchase agreements for $3.9 billion with remaining capacity of $2.2 billion at March 31, 2025.
At March 31, 2025 and December 31, 2024, the repurchase agreements had the following remaining maturities and collateral types: 
March 31, 2025
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$22,600,000 $— $— $— $— $22,600,000 
2 to 29 days2,056,765 257,622 861,199 — 52,559 3,228,145 
30 to 59 days14,680,029 51,904 709,891 — — 15,441,824 
60 to 89 days20,336,079 36,152 411,299 223,945 — 21,007,475 
90 to 119 days— — 115,425 — — 115,425 
Over 119 days (1)
— — 362,623 1,445,128 — 1,807,751 
Total$59,672,873 $345,678 $2,460,437 $1,669,073 $52,559 $64,200,620 
Amounts offset in accordance with netting arrangements(2,541,160)
Net amounts of Repurchase agreements as presented in the Consolidated Statements of Financial Condition$61,659,460 
December 31, 2024
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase Agreements
 (dollars in thousands)
1 day$— $— $— $— $— $— 
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 March 31, 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 March 31, 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.
 March 31, 2025December 31, 2024
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$2,541,160 $64,200,620 $2,613,088 $68,302,011 
Amounts offset(2,541,160)(2,541,160)(2,613,088)(2,613,088)
Netted amounts$— $61,659,460 $— $65,688,923 
The fair value of collateral received in connection with reverse repurchase agreements as of March 31, 2025 was $2.5 billion, of which the Company sold $2.5 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 March 31, 2025, the Company had $1.8 billion in total committed credit facilities to finance a portion of its MSR portfolio. Outstanding borrowings under these facilities as of March 31, 2025 totaled $900.0 million with maturities ranging between one year 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 7.03% and 7.21% as of March 31, 2025 and December 31, 2024, respectively. 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, 2024.
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 $68.0 billion and $310.1 million, respectively, at March 31, 2025 and $71.8 billion and $332.7 million, respectively, at December 31, 2024.