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Note 5 - Derivative and Other Hedging Instruments - Schedule of To Be Announced Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Three Percent 30 Year TBA Securities [Member] |  |  |
Cost basis | [1],[2] | $ (343) |
Market value | [2],[3] | 0 |
Net carrying value | [2],[4] | 343 |
Notional amount | [2],[5] | 0 |
Notional amount | [2],[5] | 0 |
Three and a Half Percent 30-year TBA Securities [Member] |  |  |
Cost basis | [1],[2] | 34 |
Market value | [2],[3] | 0 |
Net carrying value | [2],[4] | (34) |
Notional amount | [2],[5] | 0 |
Notional amount | [2],[5] | 0 |
Four Percent 30-year TBA Securities [Member] |  |  |
Cost basis | [1],[2] | (215) |
Market value | [2],[3] | 0 |
Net carrying value | [2],[4] | 215 |
Notional amount | [2],[5] | 0 |
Notional amount | [2],[5] | 0 |
Five Percent 30-year TBA Securities [Member] |  |  |
Cost basis | [1],[2] | 218 |
Market value | [2],[3] | 0 |
Net carrying value | [2],[4] | (218) |
Notional amount | [2],[5] | 0 |
Notional amount | [2],[5] | 0 |
Long [Member] | Four and a Half Percent 15-year TBA Securities [Member] |  |  |
Notional amount | [5] | 250,000 |
Cost basis | [1] | 249,998 |
Market value | [3] | 250,186 |
Net carrying value | [4] | 188 |
Long [Member] | Five Percent 15 Year TBA Securities [Member] |  |  |
Notional amount | [5] |  | $ 50,000
Cost basis | [1] |  | 50,074
Market value | [3] |  | 49,742
Net carrying value | [4] |  | (332)
Short [Member] | Three Percent 30 Year TBA Securities [Member] |  |  |
Cost basis | [1] |  | (174,406)
Market value | [3] |  | (169,703)
Net carrying value | [4] |  | 4,703
Notional amount | [5] |  | (200,000)
Short [Member] | Five and a Half Percent 30 Year TBA Securities [Member] |  |  |
Cost basis | [1] | (277,696) |
Market value | [3] | (278,996) |
Net carrying value | [4] | (1,300) |
Notional amount | [5] | (275,000) |
Short [Member] | Six and a Half Percent 30-year TBA Securities [Member] |  |  |
Cost basis | [1] | (161,103) |
Market value | [3] | (161,127) |
Net carrying value | [4] | (24) |
Notional amount | [5] | (155,000) |
Short [Member] | TBA Contracts [Member] |  |  |
Cost basis | [1] | (189,107) | (124,332)
Market value | [3] | (189,937) | (119,961)
Net carrying value | [4] | (830) | 4,371
Notional amount | [5] | 180,000 | 150,000
Notional amount | [5] | $ (180,000) | $ (150,000)
[1] | Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.
[2] | The Company has entered into offsetting long and short positions for these coupons.
[3] | Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.
[4] | Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in the balance sheets.
[5] | Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.

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