Counterparty Risk (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022:

Property Location by U.S. State	September 30, 2023		December 31, 2022
California	32.2	%	33.2	%
Florida	19.6	%	17.2	%
Texas	9.4	%	10.3	%
Utah	3.3	%	3.4	%
Arizona	2.9	%	3.1	%
Pennsylvania	2.9	%	2.3	%
Georgia	2.7	%	2.6	%
North Carolina	2.6	%	2.8	%
New Jersey	2.2	%	1.8	%
Illinois	1.8	%	1.6	%
Tennessee	1.7	%	2.1	%
Massachusetts	1.6	%	1.9	%
Washington	1.6	%	1.7	%
Colorado	1.5	%	1.7	%
Nevada	1.5	%	1.8	%
New York	1.4	%	1.4	%
Oregon	1.3	%	1.3	%
Ohio	1.0	%	1.1	%
Maryland	0.8	%	1.0	%
Other	8.0	%	7.7	%
	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 September 30, 2023 and December 31, 2022:

Property Location by U.S. State	September 30, 2023		December 31, 2022
Florida	20.3	%	20.5	%
Texas	18.3	%	13.4	%
New York	11.3	%	9.4	%
Arizona	9.6	%	9.0	%
Illinois	6.4	%	4.6	%
Oklahoma	5.8	%	4.2	%
Ohio	5.3	%	3.8	%
Georgia	5.1	%	5.4	%
Michigan	4.3	%	5.5	%
New Jersey	3.6	%	6.2	%
Connecticut	3.1	%	2.2	%
North Carolina	2.6	%	3.7	%
Alabama	2.2	%	—	%
Louisiana	2.1	%	1.5	%
Massachusetts	—	%	5.5	%
New Hampshire	—	%	2.2	%
Pennsylvania	—	%	1.5	%
Other	—	%	1.4	%
	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 September 30, 2023 and December 31, 2022.

Property Location by U.S. State	September 30, 2023		December 31, 2022
California	28.4	%	31.5	%
Florida	8.9	%	9.1	%
Colorado	7.0	%	6.4	%
Arizona	6.2	%	5.7	%
Washington	5.3	%	4.9	%
Utah	5.0	%	4.5	%
Texas	4.6	%	4.0	%
Oregon	3.0	%	2.8	%
Idaho	2.7	%	2.3	%
Massachusetts	2.5	%	2.4	%
New York	2.2	%	2.2	%
Nevada	2.2	%	2.1	%
North Carolina	2.1	%	1.9	%
Virginia	1.7	%	1.7	%
Ohio	1.5	%	1.5	%
Georgia	1.5	%	1.3	%
South Carolina	1.4	%	1.4	%
New Jersey	1.4	%	1.4	%
Tennessee	1.2	%	1.1	%
Maryland	1.2	%	1.4	%
Pennsylvania	1.2	%	1.2	%
Other	8.8	%	9.2	%
	100.0	%	100.0	%

The following table summarizes the Company's exposure to counterparty risk as of September 30, 2023 and December 31, 2022.

September 30, 2023:

	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	174,664	12	30.5	%
Collateral on repurchase agreements held by dealers(2)	3,178,526		26	22.6	%
Due from brokers	38,870		25	18.8	%
Receivable for securities sold(3)	17,165		6	58.2	%

(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of September 30, 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.