We pledge our securities as collateral under our borrowings structured as repurchase agreements with financial institutions. Amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. If the fair value of our pledged securities declines, lenders will typically require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of our pledged securities increases, lenders may release collateral back to us. As of March 31, 2025, we had met all margin call requirements. For additional information regarding our pledged assets, please refer to Note 6.

As of March 31, 2025 and December 31, 2024, we had $66.1 billion and $60.8 billion, respectively, of repurchase agreements outstanding used to fund our investment portfolio and temporary holdings of U.S. Treasury securities. The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis or subject to a tri-party repo agreement. The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of March 31, 2025 and December 31, 2024 (dollars in millions):


	March 31, 2025					December 31, 2024
Remaining Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity
Investment Securities Repo
≤ 1 month	$	52,438	4.47	%	10	$	55,580	4.77	%	10
> 1 to ≤ 3 months	9,013		4.48	%	43	3,782		4.68	%	39
> 3 to ≤ 6 months	1,271		4.43	%	112	—		—	%	—

> 9 to ≤ 12 months	528		4.42	%	298	—		—	%	—


Investment Securities Repo	63,250		4.47	%	19	59,362		4.76	%	11
U.S. Treasury Repo:
≤ 1 month	2,888		4.46	%	1	1,436		4.68	%	2
Total	$	66,138	4.47	%	18	$	60,798	4.76	%	11

As of March 31, 2025 and December 31, 2024, $25.7 billion and $25.4 billion, respectively, of our investment securities repurchase agreements and $2.2 billion of our U.S. Treasury repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand. As of March 31, 2025, we had $17.5 billion of forward commitments to enter into repurchase agreements with a weighted average forward start date of 1 day and a weighted average interest rate of 4.42%. As of December 31, 2024, we had $17.3 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 2 days and a weighted average interest rate of 4.61%. As of March 31, 2025 and December 31, 2024, 49% and 50%, respectively, of our repurchase agreement funding was sourced through our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC ("BES"). Amounts sourced through BES include funding from the General Collateral Finance Repo service ("GCF Repo") offered by the Fixed Income Clearing Corporation ("FICC"), which totaled 47% and 47% of our repurchase agreement funding outstanding as of March 31, 2025 and December 31, 2024, respectively.