Counterparty Risk (Tables)

3 Months Ended

Mar. 31, 2021

Risks and Uncertainties [Abstract]

Schedules of Exposure to Counterparty Risk

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's residential mortgage loans as a percentage of total outstanding unpaid principal balance as of March 31, 2021 and December 31, 2020:

Property Location by U.S. State	March 31, 2021		December 31, 2020
California	42.8	%	43.1	%
Florida	15.5	%	14.8	%
Texas	9.9	%	10.2	%
Colorado	2.8	%	3.1	%
Massachusetts	2.8	%	2.6	%
Oregon	2.2	%	2.2	%
Arizona	2.2	%	2.0	%
Nevada	2.1	%	1.9	%
Illinois	1.9	%	1.8	%
Utah	1.6	%	1.7	%
New York	1.6	%	1.6	%
Washington	1.3	%	1.4	%
New Jersey	1.2	%	1.4	%
Georgia	1.2	%	1.3	%
North Carolina	1.2	%	1.1	%
Connecticut	1.1	%	0.9	%
Maryland	0.9	%	1.0	%
Other	7.7	%	7.9	%
	100.0	%	100.0	%

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of March 31, 2021 and December 31, 2020:

Property Location by U.S. State	March 31, 2021		December 31, 2020
Florida	27.6	%	23.8	%
New York	16.6	%	15.2	%
Connecticut	10.9	%	11.2	%
Ohio	8.8	%	7.3	%
Missouri	7.6	%	7.9	%
Massachusetts	5.9	%	6.1	%
California	5.7	%	5.9	%
Arizona	4.2	%	4.3	%
Virginia	4.1	%	4.2	%
Indiana	2.7	%	2.8	%
North Carolina	2.1	%	2.2	%
Nevada	1.8	%	1.9	%
Illinois	1.3	%	1.4	%
New Jersey	0.7	%	5.8	%
	100.0	%	100.0	%

The following table summarizes the Company's exposure to counterparty risk as of March 31, 2021 and December 31, 2020.

March 31, 2021:

	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	149,350	7	26.1	%
Collateral on repurchase agreements held by dealers(2)	2,226,054		24	16.6	%
Due from brokers	91,814		23	25.4	%
Receivable for securities sold(3)	5,147		3	95.8	%

(1)Each counterparty is a large creditworthy financial institution.

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

(3)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.

December 31, 2020:

	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	%

(1)Each counterparty is a large creditworthy financial institution.

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

(3)Included in Investment related receivables on the Condensed Consolidated Balance Sheet.