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Note 6 - Pledged Assets | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Pledged Assets [Text Block] | 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, 2025 and 2024.
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2025 |  |  | December 31, 2024 |
|  | Repurchase |  |  | Derivative |  |  |  |  |  |  | Repurchase |  |  | Derivative |  |  |  |  |
Assets Pledged to Counterparties |  | Agreements |  |  | Agreements |  |  | Total |  |  | Agreements |  |  | Agreements |  |  | Total |
PT RMBS - fair value |  | $ | 10,489,655 |  |  | $ | - |  |  | $ | 10,489,655 |  |  | $ | 5,193,570 |  |  | $ | - |  |  | $ | 5,193,570 |
Structured RMBS - fair value |  |  | 13,088 |  |  |  | - |  |  |  | 13,088 |  |  |  | 15,498 |  |  |  | - |  |  |  | 15,498 |
U.S. Treasury securities - fair value |  |  | - |  |  |  | 135,133 |  |  |  | 135,133 |  |  |  | - |  |  |  | 100,551 |  |  |  | 100,551 |
Accrued interest on pledged securities |  |  | 48,537 |  |  |  | 36 |  |  |  | 48,573 |  |  |  | 22,852 |  |  |  | - |  |  |  | 22,852 |
Restricted cash |  |  | 51,171 |  |  |  | 7,525 |  |  |  | 58,696 |  |  |  | 22,818 |  |  |  | 2,905 |  |  |  | 25,723 |
Total |  | $ | 10,602,451 |  |  | $ | 142,694 |  |  | $ | 10,745,145 |  |  | $ | 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 December 31, 2025 and 2024.
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Reverse |  |  |  |  |  |  |  |  |
|  | Repurchase |  |  | Repurchase |  |  | Derivative |  |  |  |  |
|  | Agreements |  |  | Agreements |  |  | Agreements |  |  | Total |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 12,549 |  |  | $ | - |  |  | $ | 360 |  |  | $ | 12,909 |
U.S. Treasury securities - fair value |  |  | - |  |  |  | 128,724 |  |  |  | - |  |  |  | 128,724 |
Total |  | $ | 12,549 |  |  | $ | 128,724 |  |  | $ | 360 |  |  | $ | 141,633 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 4,465 |  |  | $ | - |  |  | $ | 4,282 |  |  | $ | 8,747 |
U.S. Treasury securities - fair value |  |  | 4,146 |  |  |  | - |  |  |  | - |  |  |  | 4,146 |
Total |  | $ | 8,611 |  |  | $ | - |  |  | $ | 4,282 |  |  | $ | 12,893 |
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

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