Counterparty Risk (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020:


Property Location by U.S. State	December 31, 2021		December 31, 2020
California	40.2	%	43.1	%
Florida	14.9	%	14.8	%
Texas	11.9	%	10.2	%
Utah	2.9	%	1.7	%
Massachusetts	2.2	%	2.6	%
Arizona	2.1	%	2.0	%
Colorado	2.0	%	3.1	%
Illinois	2.0	%	1.8	%
Nevada	1.9	%	1.9	%
Oregon	1.8	%	2.2	%
North Carolina	1.8	%	1.1	%
New York	1.7	%	1.6	%
Tennessee	1.6	%	0.8	%
Georgia	1.5	%	1.3	%
Washington	1.5	%	1.4	%
Connecticut	1.2	%	0.9	%
New Jersey	1.1	%	1.4	%
Maryland	0.7	%	1.0	%
Other	7.0	%	7.1	%
	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 December 31, 2021 and 2020:


Property Location by U.S. State	December 31, 2021		December 31, 2020
Florida	32.3	%	23.8	%
New York	13.5	%	15.2	%
Arizona	9.3	%	4.3	%
Tennessee	7.7	%	—	%
Ohio	7.3	%	7.3	%
Missouri	7.0	%	7.9	%
North Carolina	5.9	%	2.2	%
New Jersey	5.1	%	5.8	%
Michigan	4.9	%	—	%
Connecticut	3.5	%	11.2	%
New Hampshire	3.5	%	—	%
Massachusetts	—	%	6.1	%
California	—	%	5.9	%
Virginia	—	%	4.2	%
Indiana	—	%	2.8	%
Nevada	—	%	1.9	%
Illinois	—	%	1.4	%
	100.0	%	100.0	%

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

December 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	$	92,661	9	46.9	%
Collateral on repurchase agreements held by dealers(2)	2,822,847		23	33.5	%
Due from brokers	93,549		19	29.1	%
Receivable for securities sold(3)	11,014		3	50.7	%

(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 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 Consolidated Balance Sheet.