Note 2 - Mortgage-backed Securities and U.S. Treasury Notes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Marketable Securities [Table Text Block]

(in thousands)
	December 31, 2022		December 31, 2021
Pass-Through RMBS Certificates:
Fixed-rate Mortgages	$	3,519,906	$	6,298,189
Total Pass-Through Certificates		3,519,906		6,298,189
Structured RMBS Certificates:
Interest-Only Securities		19,669		210,382
Inverse Interest-Only Securities		427		2,524
Total Structured RMBS Certificates		20,096		212,906
Total	$	3,540,002	$	6,511,095

Gain (Loss) on Securities [Table Text Block]

(in thousands)
	2022			2021			2020
Proceeds from sales of RMBS	$	2,759,919		$	2,851,708		$	4,200,536
Carrying value of RMBS sold		(2,893,614	)		(2,857,250	)		(4,225,522	)
Net loss on sales of RMBS	$	(133,695	)	$	(5,542	)	$	(24,986	)
Gross gain on sales of RMBS	$	2,705		$	7,930		$	8,678
Gross loss on sales of RMBS		(136,400	)		(13,472	)		(33,664	)
Net loss on sales of RMBS	$	(133,695	)	$	(5,542	)	$	(24,986	)