PLEDGED ASSETS

12 Months Ended

Dec. 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 December 31, 2019 and 2018.

(in thousands)
	December 31, 2019						December 31, 2018
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Counterparties	Agreements		Agreements		Total		Agreements		Agreements		Total
PT RMBS - fair value	$	3,500,394	$	-	$	3,500,394	$	2,854,540	$	10,776	$	2,865,316
Structured RMBS - fair value		83,960		-		83,960		126,270		-		126,270
Accrued interest on pledged securities		12,367		-		12,367		12,905		35		12,940
Receivable for securities sold		-		-		-		220,654		-		220,654
Restricted cash		65,851		19,034		84,885		7,034		10,947		17,981
Total	$	3,662,572	$	19,034	$	3,681,606	$	3,221,403	$	21,758	$	3,243,161

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, 2019 and 2018.

(in thousands)
	December 31, 2019							December 31, 2018
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Orchid	Agreements		Agreements		Total		Agreements		Agreements		Total
Cash	$	1,418	$	-	$	1,418	$	3,852	$	14,576	$	18,428
PT RMBS - fair value		-		-		-		1,557		-		1,557
U.S. Treasury securities - fair value		-		-		-		180		-		180
Total	$	1,418	$	-	$	1,418	$	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.