PLEDGED ASSETS

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018.

(in thousands)
	March 31, 2019						December 31, 2018
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Counterparties	Agreements		Agreements		Total		Agreements		Agreements		Total
PT RMBS - fair value	$	2,918,623	$	-	$	2,918,623	$	2,854,540	$	10,776	$	2,865,316
Structured RMBS - fair value		110,494		-		110,494		126,270		-		126,270
Accrued interest on pledged securities		12,253		-		12,253		12,904		35		12,939
Receivable for securities sold		-		-		-		220,654		-		220,654
Restricted cash		6,775		10,223		16,998		7,034		10,947		17,981
Total	$	3,048,145	$	10,223	$	3,058,368	$	3,221,402	$	21,758	$	3,243,160

Assets Pledged from Counterparties

The table below summarizes our assets pledged to us from counterparties under our repurchase agreements and derivative agreements as of March 31, 2019 and December 31, 2018.

(in thousands)
	March 31, 2019							December 31, 2018
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Orchid	Agreements		Agreements		Total		Agreements		Agreements		Total
Cash	$	4,201	$	-	$	4,201	$	3,852	$	14,576	$	18,428
PT RMBS - fair value		-		-		-		1,557		-		1,557
U.S. Treasury securities - fair value		954		-		954		180		-		180
Total	$	5,155	$	-	$	5,155	$	5,589	$	14,576	$	20,165

PT RMBS and U.S. Treasury securities received as margin under our repurchase agreements are not recorded in the 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 balance sheets.