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Note 4 - Repurchase Agreements and Reverse Purchase Agreements | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 4. REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS Repurchase Agreements The Company pledges certain of its RMBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of December 31, 2025, the Company had met all margin call requirements. As of December 31, 2025 and 2024, the Company’s repurchase agreements had remaining maturities as summarized below:
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | OVERNIGHT |  |  | BETWEEN 2 |  |  | BETWEEN 31 |  |  | GREATER |  |  |  |  |
|  | (1 DAY OR |  |  | AND |  |  | AND |  |  | THAN |  |  |  |  |
|  | LESS) |  |  | 30 DAYS |  |  | 90 DAYS |  |  | 90 DAYS |  |  | TOTAL |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair market value of securities pledged, including accrued interest receivable |  | $ | - |  |  | $ | 6,821,306 |  |  | $ | 3,445,678 |  |  | $ | 284,296 |  |  | $ | 10,551,280 |
Repurchase agreement liabilities associated with these securities |  | $ | - |  |  | $ | 6,544,072 |  |  | $ | 3,297,567 |  |  | $ | 273,827 |  |  | $ | 10,115,466 |
Net weighted average borrowing rate |  |  | - |  |  |  | 4.00 | % |  |  | 3.96 | % |  |  | 3.92 | % |  |  | 3.98 | %
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair market value of securities pledged, including accrued interest receivable |  | $ | - |  |  | $ | 4,850,491 |  |  | $ | 199,993 |  |  | $ | 181,437 |  |  | $ | 5,231,921 |
Repurchase agreement liabilities associated with these securities |  | $ | - |  |  | $ | 4,656,303 |  |  | $ | 192,338 |  |  | $ | 176,902 |  |  | $ | 5,025,543 |
Net weighted average borrowing rate |  |  | - |  |  |  | 4.66 | % |  |  | 4.56 | % |  |  | 4.76 | % |  |  | 4.66 | %
In addition, cash pledged to counterparties as collateral for repurchase agreements was approximately $51.2 million and $22.8 million as of December 31, 2025 and 2024, respectively. If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. As of December 31, 2025, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable and securities posted by the counterparty (if any), and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $455.6 million. The Company did not have an amount at risk with any individual counterparty that was greater than 10% of the Company’s equity as of December 31, 2025 and 2024. Reverse Repurchase Agreements As of December 31, 2025, the Company had $128.6 million of reverse repurchase agreements outstanding, for which we had associated obligations to return borrowed securities at fair value of $128.7 million. The Company had no reverse repurchase agreements outstanding as of December 31, 2024.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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