Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Marketable Securities [Table Text Block]

(in thousands)
	December 31, 2024						December 31, 2023
	Par Value		Cost (1)		Fair Value		Par Value		Cost (1)		Fair Value
Pass-Through RMBS Certificates:
Fixed-rate Mortgages	$	5,431,274	$	5,540,596	$	5,237,812	$	4,051,145	$	4,198,424	$	3,877,082
Total Pass-Through Certificates		5,431,274		5,540,596		5,237,812		4,051,145		4,198,424		3,877,082
Structured RMBS Certificates:
Interest-Only Securities (2)		n/a		17,334		15,308		n/a		19,839		16,572
Inverse Interest-Only Securities (3)		n/a		1,498		190		n/a		1,825		358
Total Structured RMBS Certificates		-		18,832		15,498		-		21,664		16,930
Total	$	5,431,274	$	5,559,428	$	5,253,310	$	4,051,145	$	4,220,088	$	3,894,012

Gain (Loss) on Securities [Table Text Block]

(in thousands)
	2024			2023			2022
Proceeds from sales of RMBS	$	454,272		$	797,633		$	2,759,919
Carrying value of RMBS sold		(458,874	)		(820,275	)		(2,893,614	)
Net loss on sales of RMBS	$	(4,602	)	$	(22,642	)	$	(133,695	)
Gross gain on sales of RMBS	$	510		$	-		$	2,705
Gross loss on sales of RMBS		(5,112	)		(22,642	)		(136,400	)
Net loss on sales of RMBS	$	(4,602	)	$	(22,642	)	$	(133,695	)