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Note 6 - Pledged Assets

12 Months Ended

Dec. 31, 2024

NOTE 6. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes the Company's 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, 2024 and 2023.

(in thousands)
	*December 31, 2024*						*December 31, 2023*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Counterparties	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT RMBS - fair value	$	5,193,570	$	-	$	5,193,570	$	3,868,624	$	-	$	3,868,624
Structured RMBS - fair value		15,498		-		15,498		16,930		-		16,930
U.S. Treasury securities - fair value		-		100,551		100,551		-		79,680		79,680
Accrued interest on pledged securities		22,852		-		22,852		14,922		-		14,922
Restricted cash		22,818		2,905		25,723		-		28,396		28,396
Total	$	5,254,738	$	103,456	$	5,358,194	$	3,900,476	$	108,076	$	4,008,552

Assets Pledged from Counterparties

The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of December 31, 2024 and 2023.

(in thousands)
	*December 31, 2024*						*December 31, 2023*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Orchid	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
Cash	$	4,465	$	4,282	$	8,747	$	42,179	$	-	$	42,179
U.S. Treasury securities - fair value		4,146		-		4,146		10,429		-		10,429
Total	$	8,611	$	4,282	$	12,893	$	52,608	$	-	$	52,608

U.S. Treasury securities received as margin under the Company's 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.