The Company is exposed to concentrations of counterparty risk. It seeks to mitigate such risk by diversifying its exposure among various counterparties, when appropriate. The following table summarizes the Company's exposure to counterparty risk as of March 31, 2026 and December 31, 2025.


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty(1)
	(In thousands)
Cash and cash equivalents	$	163,224	9	26.2	%
Collateral on repurchase agreements held by dealers(2)	3,479,878		22	17.5	%
Due from brokers	39,708		16	28.5	%
Receivable for securities sold(3)	91,803		4	60.7	%

(1)Each counterparty is a financial institution that the Company believes to be creditworthy as of March 31, 2026.

(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.


	Amount of Exposure		Number of Counterparties with Exposure	Maximum Percentage of Exposure to a Single Counterparty
	(In thousands)
Cash and cash equivalents	$	201,893	10	48.9	%
Collateral on repurchase agreements held by dealers(1)	3,271,751		21	17.7	%
Due from brokers	35,919		18	38.1	%
Receivable for securities sold(2)	1,474		2	84.2	%

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

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