About 1/3 of recipient addresses from these senders are in my domain.
The other 2/3 of the recipients are predominantly gmail, yahoo, and hotmail, with a sprinkling of various other domains in there.
Which is what is puzzling to me. If the e-mail is from outside my domain and headed outside my domain, why is it on my domain?
Maybe you’re looking at From fields, or other fields in the message header? Those can be anything, and have no relation to message origin or delivery. (Only the addresses in the message envelope are used for delivery.)
You could have bogus From fields in incoming spam, or in outgoing email due to spam being forwarded by your users.
I don’t know Exchange, but the fact that it shows both Sender-Address and Recipient-Address suggests to me that it’s merely showing some message header fields, which are easy for a spammer to fake. (The only reliable address, the delivery address in the envelope, has no corresponding reliable sender address.)
This page says the sender address logged is merely the Sender or From field from the message header, regularly spoofed by spammers. But it’s too vague about the recipient address to tell what it really means. So you don’t need to worry about whatever junk appears in the Sender-Address field, at any rate.