Counterparty Risk (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020:

Property Location by U.S. State	September 30, 2021		December 31, 2020
California	41.2	%	43.1	%
Florida	15.0	%	14.8	%
Texas	11.7	%	10.2	%
Colorado	2.6	%	3.1	%
Utah	2.6	%	1.7	%
Arizona	2.3	%	2.0	%
Massachusetts	2.3	%	2.6	%
Illinois	2.2	%	1.8	%
Nevada	1.8	%	1.9	%
New York	1.7	%	1.6	%
Oregon	1.6	%	2.2	%
Washington	1.6	%	1.4	%
North Carolina	1.6	%	1.1	%
Georgia	1.2	%	1.3	%
Connecticut	1.2	%	0.9	%
New Jersey	1.0	%	1.4	%
Maryland	0.8	%	1.0	%
Other	7.6	%	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 September 30, 2021 and December 31, 2020:

Property Location by U.S. State	September 30, 2021		December 31, 2020
Florida	26.6	%	23.8	%
New York	20.2	%	15.2	%
Connecticut	7.0	%	11.2	%
Missouri	6.8	%	7.9	%
Arizona	6.2	%	4.3	%
Ohio	5.9	%	7.3	%
North Carolina	5.7	%	2.2	%
New Jersey	5.0	%	5.8	%
California	4.7	%	5.9	%
Michigan	4.7	%	—	%
New Hampshire	3.4	%	—	%
Indiana	2.3	%	2.8	%
Nevada	1.5	%	1.9	%
Massachusetts	—	%	6.1	%
Virginia	—	%	4.2	%
Illinois	—	%	1.4	%
	100.0	%	100.0	%

The following table summarizes the Company's exposure to counterparty risk as of September 30, 2021 and December 31, 2020.

September 30, 2021:

	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	103,617	8	29.2	%
Collateral on repurchase agreements held by dealers(2)	2,443,429		24	28.2	%
Due from brokers	89,983		22	30.6	%
Receivable for securities sold(3)	26,992		3	49.3	%

(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.