PLEDGED ASSETS

12 Months Ended

Dec. 31, 2018

Financial Instruments Pledged as Collateral [Abstract]

NOTE 5. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes our assets pledged as collateral under our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of December 31, 2018 and 2017.

(in thousands)
	December 31, 2018						December 31, 2017
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Counterparties	Agreements		Agreements		Total		Agreements		Agreements		Total
PT RMBS - fair value	$	2,854,540	$	10,776	$	2,865,316	$	3,612,244	$	-	$	3,612,244
Structured RMBS - fair value		126,270		-		126,270		100,317		-		100,317
Accrued interest on pledged securities		12,904		35		12,939		13,962		-		13,962
Receivable for securities sold		220,654		-		220,654		-		-		-
Restricted cash		7,034		10,947		17,981		25,296		7,053		32,349
Total	$	3,221,402	$	21,758	$	3,243,160	$	3,751,819	$	7,053	$	3,758,872

Assets Pledged from Counterparties

The table below summarizes our assets pledged to us from counterparties under our repurchase agreements and derivative agreements as of December 31, 2018 and 2017.

(in thousands)
	December 31, 2018							December 31, 2017
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Orchid	Agreements		Agreements		Total		Agreements		Agreements		Total
Cash	$	3,852	$	14,576	$	18,428	$	67	$	9,618	$	9,685
PT RMBS - fair value		1,557		-		1,557		-		-		-
U.S. Treasury securities - fair value		180		-		180		-		-		-
Total	$	5,589	$	14,576	$	20,165	$	67	$	9,618	$	9,685

PT RMBS and U.S. Treasury securities received as margin under our repurchase agreements are not recorded in the consolidated balance sheets because the counterparty retains ownership of the security. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the consolidated balance sheets.