Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2020

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.

The Company is required to maintain certain cash balances with counterparties for securities and derivatives trading activity and collateral for the Company’s repurchase agreements and FHLB advances in restricted accounts. The Company has also placed cash in a restricted account pursuant to a letter of credit on an office space lease.

The following table presents the Company’s restricted cash balances as of June 30, 2020 and December 31, 2019:


(in thousands)	June 30, 2020		December 31, 2019
Restricted cash balances held by trading counterparties:
For securities and loan trading activity	$	45,150	$	45,050
For derivatives trading activity	25,406		94,570
As restricted collateral for repurchase agreements and Federal Home Loan Bank advances	364,028		919,010
Total restricted cash balances held by trading counterparties	434,584		1,058,630
Restricted cash balance pursuant to letter of credit on office lease	60		60
Total	$	434,644	$	1,058,690

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 that sum to the total of the same such amounts shown in the statements of cash flows:


(in thousands)	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	1,615,639	$	558,136
Restricted cash	434,644		1,058,690
Total cash, cash equivalents and restricted cash	$	2,050,283	$	1,616,826