Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Restricted Cash

v3.19.3
Cash, Cash Equivalents and Restricted Cash
9 Months Ended
Sep. 30, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.
The Company is required to maintain certain cash balances with counterparties for securities and derivatives trading activity and collateral for the Company’s repurchase agreements and FHLB advances in restricted accounts. The Company has also placed cash in a restricted account pursuant to a letter of credit on an office space lease.
The following table presents the Company’s restricted cash balances as of September 30, 2019 and December 31, 2018:
(in thousands)
September 30,
2019
 
December 31,
2018
Restricted cash balances held by trading counterparties:
 
 
 
For securities and loan trading activity
$
45,050

 
$
51,350

For derivatives trading activity
142,604

 
219,900

As restricted collateral for repurchase agreements and Federal Home Loan Bank advances
321,975

 
416,696

Total restricted cash balances held by trading counterparties
509,629

 
687,946

Restricted cash balance pursuant to letter of credit on office lease
60

 
60

Total
$
509,689

 
$
688,006



The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows:
(in thousands)
September 30,
2019
 
December 31,
2018
Cash and cash equivalents
$
740,698

 
$
409,758

Restricted cash
509,689

 
688,006

Total cash, cash equivalents and restricted cash
$
1,250,387

 
$
1,097,764