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SECURED FINANCING
 6 Months Ended
Jun. 30, 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 $51.4 billion and $54.8 billion of repurchase agreements with weighted average remaining maturities of 47 days and 52 days at June 30, 2022 and December 31, 2021, respectively. The Company has select arrangements with counterparties to enter into repurchase agreements for $1.8 billion with remaining capacity of $1.3 billion at June 30, 2022.
At June 30, 2022 and December 31, 2021, the repurchase agreements had the following remaining maturities, collateral types and weighted average rates: 
June 30, 2022
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted Average Rate  
 (dollars in thousands)
1 day$14,651,402 $— $35,360 $— $— $14,686,762 1.61 %
2 to 29 days25,217,859 2,406 297,845 — 9,069 25,527,179 1.58 %
30 to 59 days1,059,120 — 531,852 — — 1,590,972 1.33 %
60 to 89 days936,214 244,947 533,106 — 51,304 1,765,571 1.55 %
90 to 119 days772,314 349,867 648,369 — — 1,770,550 1.43 %
Over 119 days (1)
4,657,042 126,354 346,242 533,435 359,990 6,023,063 1.84 %
Total$47,293,951 $723,574 $2,392,774 $533,435 $420,363 $51,364,097 1.60 %
December 31, 2021
 Agency Mortgage-Backed SecuritiesCRTsNon-Agency Mortgage-Backed SecuritiesResidential Mortgage LoansCommercial Mortgage-Backed SecuritiesTotal Repurchase AgreementsWeighted
Average
Rate
 (dollars in thousands)
1 day$— $— $— $— $— $— — %
2 to 29 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 (1)
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 $54,769,643 0.17 %
(1) No repurchase agreements had a remaining maturity over 1 year at June 30, 2022 and December 31, 2021.
The following table summarizes the gross amounts of reverse repurchase agreements and repurchase agreements, amounts offset in accordance with netting arrangements and net amounts of repurchase agreements and reverse repurchase agreements as presented in the Consolidated Statements of Financial Condition at June 30, 2022 and December 31, 2021. Refer to the “Derivative Instruments” Note for information related to the effect of netting arrangements on the Company’s derivative instruments.
 June 30, 2022December 31, 2021
 Reverse Repurchase AgreementsRepurchase AgreementsReverse Repurchase AgreementsRepurchase Agreements
 (dollars in thousands)
Gross amounts$— $51,364,097 $— $54,769,643 
Amounts offset— — — — 
Netted amounts$— $51,364,097 $— $54,769,643 

Other Secured Financing - Refer to the “Variable Interest Entities” Note for additional information on the Company’s other secured financing arrangements.
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 $54.8 billion and $166.3 million, respectively, at June 30, 2022 and $59.2 billion and $160.8 million, respectively, at December 31, 2021.