The Company is exposed to concentrations of counterparty risk. It seeks to mitigate such risk by diversifying its exposure among various counterparties, when appropriate. The following table summarizes the Company's exposure to counterparty risk as of December 31, 2020 and 2019.


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	111,647	8	40.1	%
Collateral on repurchase agreements held by dealers(2)	1,860,059		24	15.3	%
Due from brokers	63,147		22	28.9	%
Receivable for securities sold(3)	1,416		2	94.5	%

(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	72,302	11	42.2	%
Collateral on repurchase agreements held by dealers(2)	2,793,696		28	13.8	%
Due from brokers	79,829		24	30.9	%
Receivable for securities sold(3)	69,995		5	62.3	%

(2)Includes securities, loans, and REO as well as cash posted as collateral for repurchase agreements.

As of December 31, 2018, investments with an aggregate value of approximately $1.79 billion were held with dealers as collateral for various reverse repurchase agreements. The investments held as collateral include securities in the amount of $86.7 million that were sold prior to period end but for which such sale had not yet settled as of December 31, 2018.

The following table details the percentage of such collateral held by counterparties who hold greater than 15% of the aggregate $1.79 billion in collateral for various reverse repurchase agreements as of December 31, 2018. In addition to the below, unencumbered investments, on a settlement date basis, of approximately $13.3 million were held in custody at the Bank of New York Mellon Corporation as of December 31, 2018.


Dealer						% of Total Collateral on Reverse Repurchase Agreements
Royal Bank of Canada						19%

The following table details the percentage of collateral amounts held by dealers who hold greater than 15% of the Company's Due from Brokers, included as of December 31, 2018:


Dealer						% of Total Due from Brokers
Morgan Stanley						37%
J.P. Morgan Securities LLC						30%

The following table details the percentage of amounts held by dealers who hold greater than 15% of the Company's Receivable for securities sold as of December 31, 2018:


Dealer						% of Total Receivable for Securities Sold
J.P. Morgan Securities LLC						25%
Bank of America Securities						26%
CS First Boston Limited						34%

In addition, the Company held cash and cash equivalents of $44.7 million as of December 31, 2018. The below table details the concentration of cash and cash equivalents held by each counterparty:


Counterparty						As of December 31, 2018
Bank of New York Mellon Corporation						64%
Deutsche Bank Securities						5%
Bank of America Securities						2%
Morgan Stanley Institutional Liquidity Fund—Government Portfolio						10%
BlackRock Liquidity Funds FedFund Portfolio						9%
Goldman Sachs Financial Square Funds—Government Fund						9%
Lakeland Bank Inc.						1%