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

3 Months Ended

Mar. 31, 2025

Notes Tables

Marketable Securities [Table Text Block]

(in thousands)
		*March 31, 2025*												*December 31, 2024*
		*Par Value*				Cost⁽¹⁾				*Fair Value*				*Par Value*				Cost⁽¹⁾				*Fair Value*
Pass-Through RMBS Certificates:
Fixed-rate Mortgages		$	6,768,926			$	6,899,413			$	6,723,011			$	5,431,274			$	5,540,596			$	5,237,812
Total Pass-Through Certificates			6,768,926				6,899,413				6,723,011				5,431,274				5,540,596				5,237,812
Structured RMBS Certificates:
Interest-Only Securities⁽²⁾			n/a				16,846				14,850				n/a				17,334				15,308
Inverse Interest-Only Securities⁽³⁾			n/a				1,455				233				n/a				1,498				190
Total Structured RMBS Certificates							18,301				15,083								18,832				15,498
Total		$	6,768,926			$	6,917,714			$	6,738,094			$	5,431,274			$	5,559,428			$	5,253,310

Gain (Loss) on Securities [Table Text Block]

(in thousands)
		*Three Months Ended March 31,*
		*2025*				*2024*
Proceeds from sales of RMBS⁽¹⁾		$	168,634			$	221,733
Carrying value of RMBS sold			(169,932	)			(221,733	)
Net (loss) gain on sales of RMBS		$	(1,298	)		$	-

Gross gain on sales of RMBS		$	-			$	-
Gross loss on sales of RMBS			(1,298	)			-
Net (loss) gain on sales of RMBS		$	(1,298	)		$	-