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Note 5 - Derivative and Other Hedging Instruments (Tables) | 12 Months Ended
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Dec. 31, 2025
Notes Tables |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
(in thousands) |  |  |  |  |  |  |  |  |
Derivative and Other Hedging Instruments | Balance Sheet Location |  | December 31, 2025 |  |  | December 31, 2024 |
Assets |  |  |  |  |  |  |  |  |
Interest rate swaps | Derivative assets, at fair value |  | $ | 8,237 |  |  | $ | 4,574 |
TBA securities | Derivative assets, at fair value |  |  | 1,015 |  |  |  | 4,703 |
Total derivative assets, at fair value |  | $ | 9,252 |  |  | $ | 9,277 |
Liabilities |  |  |  |  |  |  |  |  |
TBA securities | Derivative liabilities, at fair value |  | $ | 1,846 |  |  | $ | 332 |
Total derivative liabilities, at fair value |  | $ | 1,846 |  |  | $ | 332 |
Margin Balances Posted to (from) Counterparties |  |  |  |  |  |  |  |  |
Futures contracts | Restricted cash |  | $ | 5,131 |  |  | $ | 2,625 |
TBA securities | Restricted cash |  |  | 2,394 |  |  |  | 280 |
TBA securities | Other liabilities |  |  | (360 | ) |  |  | (4,282 | )
Total margin balances on derivative contracts |  | $ | 7,165 |  |  | $ | (1,377 | )
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2025 |
|  | Average |  |  | Weighted |  |  | Weighted |  |  |  |  |
|  | Contract |  |  | Average |  |  | Average |  |  |  |  |
|  | Notional |  |  | Entry |  |  | Effective |  |  | Open |
Expiration Year |  | Amount |  |  | Rate |  |  | Rate |  |  | Equity(1) |
U.S. Treasury Note Futures Contracts (Short Positions)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 2026 5-year T-Note futures (Mar 2026 - Mar 2031 Hedge Period) |  | $ | 122,500 |  |  |  | 3.65 | % |  |  | 3.65 | % |  | $ | 10 |
March 2026 10-year T-Note futures (Mar 2026 - Mar 2036 Hedge Period) |  |  | 90,000 |  |  |  | 3.79 | % |  |  | 3.91 | % |  |  | 739 |
March 2026 10-year Ultra futures (Mar 2026 - Mar 2036 Hedge Period) |  |  | 60,000 |  |  |  | 4.03 | % |  |  | 4.14 | % |  |  | 575 |
SOFR Futures Contracts (Short Positions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) |  | $ | 97,500 |  |  |  | 3.73 | % |  |  | 3.69 | % |  | $ | (44 | )
June 2026 3-Month SOFR futures (Mar 2026 - Jun 2026 Hedge Period) |  |  | 97,500 |  |  |  | 3.55 | % |  |  | 3.52 | % |  |  | (33 | )
September 2026 3-Month SOFR futures (Jun 2026 - Sep 2026 Hedge Period) |  |  | 97,500 |  |  |  | 3.38 | % |  |  | 3.31 | % |  |  | (66 | )
December 2026 3-Month SOFR futures (Sep 2026 - Dec 2026 Hedge Period) |  |  | 97,500 |  |  |  | 3.27 | % |  |  | 3.16 | % |  |  | (111 | )
March 2027 3-Month SOFR futures (Dec 2026 - Mar 2027 Hedge Period) |  |  | 97,500 |  |  |  | 3.22 | % |  |  | 3.11 | % |  |  | (105 | )
June 2027 3-Month SOFR futures (Mar 2027 - Jun 2027 Hedge Period) |  |  | 97,500 |  |  |  | 3.21 | % |  |  | 3.11 | % |  |  | (90 | )
ERIS SOFR Swap Futures Contracts (Short Positions)(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 2026 5-Year Term, 3.75% fixed rate (Mar 2026 - Mar 2031 Hedge Period) |  | $ | 10,000 |  |  |  | 3.48 | % |  |  | 3.45 | % |  | $ | (13 | )
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |
|  | Average |  |  | Weighted |  |  | Weighted |  |  |  |  |
|  | Contract |  |  | Average |  |  | Average |  |  |  |  |
|  | Notional |  |  | Entry |  |  | Effective |  |  | Open |
Expiration Year |  | Amount |  |  | Rate |  |  | Rate |  |  | Equity(1) |
U.S. Treasury Note Futures Contracts (Short Positions)(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 2025 5-year T-Note futures (Mar 2025 - Mar 2030 Hedge Period) |  | $ | 312,500 |  |  |  | 4.22 | % |  |  | 4.37 | % |  | $ | 1,890 |
March 2025 10-year T-Note futures (Mar 2025 - Mar 2035 Hedge Period) |  |  | 93,500 |  |  |  | 4.30 | % |  |  | 4.49 | % |  |  | 1,119 |
March 2024 10-year Ultra futures (Mar 2025 - Mar 2035 Hedge Period) |  |  | 32,500 |  |  |  | 4.25 | % |  |  | 4.58 | % |  |  | 914 |
Schedule of Interest Rate Swaps [Table Text Block] |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Average |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Fixed |  |  | Average |  |  | Average |
|  | Notional |  |  | Pay |  |  | Receive |  |  | Maturity |
|  | Amount |  |  | Rate |  |  | Rate |  |  | (Years) |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiration > 1 to ≤ 5 years |  | $ | 4,162,500 |  |  |  | 3.38 | % |  |  | 3.87 | % |  |  | 3.2 |
Expiration > 5 years |  |  | 1,695,800 |  |  |  | 3.87 | % |  |  | 3.87 | % |  |  | 7.1 |
|  | $ | 5,858,300 |  |  |  | 3.53 | % |  |  | 3.87 | % |  |  | 4.3 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiration > 1 to ≤ 5 years |  | $ | 1,450,000 |  |  |  | 1.69 | % |  |  | 4.58 | % |  |  | 3.4 |
Expiration > 5 years |  |  | 2,066,800 |  |  |  | 3.55 | % |  |  | 4.52 | % |  |  | 7.0 |
|  | $ | 3,516,800 |  |  |  | 2.78 | % |  |  | 4.54 | % |  |  | 5.5 |
Schedule of To Be Announced Securities [Table Text Block] |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  |  |  |  |  |  |  |  |  | Net |
|  | Long |  |  | Cost |  |  | Market |  |  | Carrying |
|  | (Short)(1) |  |  | Basis(2) |  |  | Value(3) |  |  | Value(4) |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
15-Year TBA securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.5% |  | $ | 250,000 |  |  | $ | 249,998 |  |  | $ | 250,186 |  |  | $ | 188 |
30-Year TBA securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3%(5) |  |  | - |  |  |  | (343 | ) |  |  | - |  |  |  | 343 |
3.5%(5) |  |  | - |  |  |  | 34 |  |  |  | - |  |  |  | (34 | )
4%(5) |  |  | - |  |  |  | (215 | ) |  |  | - |  |  |  | 215 |
5%(5) |  |  | - |  |  |  | 218 |  |  |  | - |  |  |  | (218 | )
5.5% |  |  | (275,000 | ) |  |  | (277,696 | ) |  |  | (278,996 | ) |  |  | (1,300 | )
6.5% |  |  | (155,000 | ) |  |  | (161,103 | ) |  |  | (161,127 | ) |  |  | (24 | )
Total |  | $ | (180,000 | ) |  | $ | (189,107 | ) |  | $ | (189,937 | ) |  | $ | (830 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
15-Year TBA securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.0% |  | $ | 50,000 |  |  | $ | 50,074 |  |  | $ | 49,742 |  |  | $ | (332 | )
30-Year TBA securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.0% |  |  | (200,000 | ) |  |  | (174,406 | ) |  |  | (169,703 | ) |  |  | 4,703 |
Total |  | $ | (150,000 | ) |  | $ | (124,332 | ) |  | $ | (119,961 | ) |  | $ | 4,371 |
Derivative Instruments, Gain (Loss) [Table Text Block] |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Futures contracts (short positions) |  | $ | (30,282 | ) |  |  | 26,638 |  |  |  | 32,650 |
Interest rate swaps |  |  | (81,687 | ) |  |  | 101,151 |  |  |  | 19,657 |
Payer swaptions (long positions) |  |  | - |  |  |  | (72 | ) |  |  | (8,734 | )
Payer swaptions (short positions) |  |  | - |  |  |  | - |  |  |  | 4,113 |
Interest rate caps |  |  | - |  |  |  | - |  |  |  | (219 | )
Dual digital option |  |  | - |  |  |  | (500 | ) |  |  | - |
Interest rate floors (long positions) |  |  | - |  |  |  | - |  |  |  | 1,785 |
Interest rate floors (short positions) |  |  | - |  |  |  | - |  |  |  | (525 | )
TBA securities (short positions) |  |  | (12,289 | ) |  |  | 6,567 |  |  |  | 1,370 |
TBA securities (long positions) |  |  | 1,687 |  |  |  | (230 | ) |  |  | (4,860 | )
U.S. Treasury securities (short positions) |  |  | (98 | ) |  |  | - |  |  |  | - |
Total |  | $ | (122,669 | ) |  | $ | 133,554 |  |  | $ | 45,237 |

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