v3.20.1
Counterparty Risk (Tables)
 3 Months Ended
Mar. 31, 2020
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 commercial mortgage loans as a percentage of total outstanding unpaid principal balance as of March 31, 2020 and December 31, 2019:
Property Location by U.S. State
 
March 31, 2020
 
December 31, 2019
Florida
 
16.9
%
 
31.7
%
New York
 
16.2
%
 
17.7
%
Pennsylvania
 
9.5
%
 
—
%
Virginia
 
9.2
%
 
6.8
%
Connecticut
 
8.6
%
 
8.2
%
New Jersey
 
8.6
%
 
13.3
%
Utah
 
5.6
%
 
—
%
Missouri
 
5.5
%
 
4.6
%
California
 
4.8
%
 
—
%
Massachusetts
 
4.3
%
 
4.7
%
Arizona
 
3.1
%
 
3.8
%
Indiana
 
2.0
%
 
2.1
%
North Carolina
 
1.7
%
 
1.8
%
Nevada
 
1.3
%
 
1.5
%
Tennessee
 
1.3
%
 
1.5
%
Illinois
 
1.1
%
 
1.2
%
Other
 
0.3
%
 
1.1
%
 
 
100.0
%
 
100.0
%

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, 2020 and December 31, 2019:
Property Location by U.S. State
 
March 31, 2020
 
December 31, 2019
California
 
44.8
%
 
46.6
%
Florida
 
12.4
%
 
11.9
%
Texas
 
11.0
%
 
11.9
%
Colorado
 
3.1
%
 
3.2
%
Massachusetts
 
3.1
%
 
2.9
%
Oregon
 
2.5
%
 
2.2
%
Arizona
 
2.1
%
 
2.4
%
Utah
 
2.0
%
 
1.9
%
Illinois
 
1.8
%
 
1.7
%
Washington
 
1.8
%
 
1.6
%
Nevada
 
1.6
%
 
1.6
%
New Jersey
 
1.6
%
 
1.1
%
New York
 
1.4
%
 
1.3
%
Connecticut
 
1.1
%
 
—
%
Maryland
 
1.1
%
 
1.1
%
North Carolina
 
1.0
%
 
—
%
Other
 
7.6
%
 
8.6
%
 
 
100.0
%
 
100.0
%

The following table summarizes the Company's exposure to counterparty risk as of March 31, 2020 and December 31, 2019.
March 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
 
$
136,740

 
10

 
33.6
%
Collateral on repurchase agreements held by dealers(2)
 
2,381,564

 
28

 
22.5
%
Due from brokers
 
166,516

 
27

 
17.9
%
Receivable for securities sold(3)
 
347,362

 
9

 
38.2
%
(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, 2019:
 
 
Amount of Exposure
 
Number of Counterparties with Exposure
 
Maximum Percentage of Exposure to a Single Counterparty(1)
 
 
(In thousands)
 
 
 
 
Cash and cash equivalents
 
$
72,302

 
11

 
42.2
%
Collateral on repurchase agreements held by dealers(2)
 
2,793,696

 
28

 
13.8
%
Due from brokers
 
79,829

 
24

 
30.9
%
Receivable for securities sold(3)
 
69,995

 
5

 
62.3
%
(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.