Counterparty Risk (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022:

Property Location by U.S. State	March 31, 2023		December 31, 2022
California	32.1	%	33.2	%
Florida	18.2	%	17.2	%
Texas	10.2	%	10.3	%
Utah	3.4	%	3.4	%
Arizona	3.0	%	3.1	%
North Carolina	2.8	%	2.8	%
Georgia	2.7	%	2.6	%
Pennsylvania	2.5	%	2.3	%
Tennessee	2.1	%	2.1	%
New Jersey	2.0	%	1.8	%
Massachusetts	1.9	%	1.9	%
Nevada	1.7	%	1.8	%
Illinois	1.7	%	1.6	%
Colorado	1.6	%	1.7	%
Washington	1.6	%	1.7	%
New York	1.4	%	1.4	%
Oregon	1.2	%	1.3	%
Ohio	1.1	%	1.1	%
Maryland	1.0	%	1.0	%
Connecticut	1.0	%	0.9	%
Other	6.8	%	6.8	%
	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, 2023 and December 31, 2022:

Property Location by U.S. State	March 31, 2023		December 31, 2022
Florida	19.2	%	20.5	%
Texas	14.4	%	13.4	%
New York	14.2	%	9.4	%
Arizona	7.7	%	9.0	%
Massachusetts	6.3	%	5.5	%
Michigan	6.0	%	5.5	%
New Jersey	5.5	%	6.2	%
Illinois	5.0	%	4.6	%
Oklahoma	4.5	%	4.2	%
Ohio	4.1	%	3.8	%
Georgia	4.0	%	5.4	%
North Carolina	4.0	%	3.7	%
Connecticut	2.4	%	2.2	%
Louisiana	1.7	%	1.5	%
Pennsylvania	—	%	1.5	%
New Hampshire	—	%	2.2	%
Rhode Island	—	%	1.0	%
Other	1.0	%	0.4	%
	100.0	%	100.0	%

The table below summarizes the geographic distribution of the real estate collateral underlying the Company's reverse mortgage loans as a percentage of total outstanding unpaid principal balance, as of March 31, 2023 and December 31, 2022.

Property Location by U.S. State	March 31, 2023		December 31, 2022
California	27.9	%	31.5	%
Florida	9.2	%	9.1	%
Colorado	6.7	%	6.4	%
Arizona	5.9	%	5.7	%
Washington	5.2	%	4.9	%
Utah	4.8	%	4.5	%
Texas	4.3	%	4.0	%
Oregon	3.0	%	2.8	%
Massachusetts	2.6	%	2.4	%
Idaho	2.6	%	2.3	%
New York	2.4	%	2.2	%
Nevada	2.2	%	2.1	%
North Carolina	2.0	%	1.9	%
Virginia	1.8	%	1.7	%
Ohio	1.6	%	1.5	%
Georgia	1.5	%	1.3	%
Maryland	1.5	%	1.4	%
New Jersey	1.4	%	1.4	%
South Carolina	1.4	%	1.4	%
Pennsylvania	1.3	%	1.2	%
Tennessee	1.2	%	1.1	%
Other	9.5	%	9.2	%
	100.0	%	100.0	%

The following table summarizes the Company's exposure to counterparty risk as of March 31, 2023 and December 31, 2022.

March 31, 2023:

	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	188,555	13	37.4	%
Collateral on repurchase agreements held by dealers(2)	2,905,626		27	24.8	%
Due from brokers	24,291		17	23.0	%
Receivable for securities sold(3)	21,034		4	50.9	%

(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2023.

(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, 2022:

	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty
	(In thousands)
Cash and cash equivalents	$	217,053	13	41.3	%
Collateral on repurchase agreements held by dealers(1)	3,247,276		26	21.6	%
Due from brokers	36,761		20	22.8	%
Receivable for securities sold(2)	21,439		6	36.4	%

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

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