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Note 6 - Pledged Assets

9 Months Ended

Sep. 30, 2025

NOTE 6. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes the Company’s assets pledged as collateral under repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of September 30, 2025 and December 31, 2024.

(in thousands)
	*September 30, 2025*						*December 31, 2024*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Counterparties	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT RMBS - fair value	$	8,305,758	$	-	$	8,305,758	$	5,193,570	$	-	$	5,193,570
Structured RMBS - fair value		14,180		-		14,180		15,498		-		15,498
U.S. Treasury securities		-		125,440		125,440		-		100,551		100,551
Accrued interest on pledged securities		38,031		1,169		39,200		22,852		-		22,852
Restricted cash		26,357		6,964		33,321		22,818		2,905		25,723
Total	$	8,384,326	$	133,573	$	8,517,899	$	5,254,738	$	103,456	$	5,358,194

Assets Pledged from Counterparties

The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of September 30, 2025 and December 31, 2024.

(in thousands)
	*September 30, 2025*						*December 31, 2024*

	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Orchid	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
Cash	$	3,193	$	330	$	3,523	$	4,465	$	4,282	$	8,747
U.S. Treasury securities - fair value		512		-		512		4,146		-		4,146
Total	$	3,705	$	330	$	4,035	$	8,611	$	4,282	$	12,893

Cash received as margin is recognized as cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the balance sheets.