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Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Five Year Treasury Note Futures [Member]    
Average contract notional amount [1] $ 377,500 $ 312,500 [2]
Weighted average entry rate [1] 4.16% 4.22%
Average receive rate [1] 3.94% 4.37%
Open Equity [1],[3] $ (3,371) $ 1,890
Ten Year T-Note Futures [Member]    
Average contract notional amount $ 193,500 $ 93,500
Weighted average entry rate 4.23% 4.30%
Average receive rate 4.09% 4.49%
Open Equity $ (1,692) $ 1,119
Ten Year Ultra Futures [Member]    
Average contract notional amount $ 137,500 $ 32,500
Weighted average entry rate 4.37% 4.25%
Average receive rate 4.24% 4.58%
Open Equity $ (1,611) $ 914
Three Month SOFR Futures, Ending June 2024 [Member}    
Average contract notional amount $ 28,750  
Weighted average entry rate 4.05%  
Average receive rate 4.08%  
Open Equity [3] $ 9  
Three Month SOFR Futures Ending September 2024 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.83%  
Average receive rate 3.81%  
Open Equity [3] $ (4)  
Three Month SOFR Futures Ending in December 2024 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.69%  
Average receive rate 3.63%  
Open Equity [3] $ (19)  
Three Month SOFR Futures Ending in March 2025 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.61%  
Average receive rate 3.51%  
Open Equity [3] $ (29)  
Three Month SOFR Futures Ending in June 2025 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.57%  
Average receive rate 3.44%  
Open Equity [3] $ (35)  
Three Month SOFR Futures Ending in September 2025 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.55%  
Average receive rate 3.43%  
Open Equity [3] $ (37)  
Three Month SOFR Futures Ending in December 2025 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.56%  
Average receive rate 3.44%  
Open Equity [3] $ (35)  
Three Month SOFR Futures Ending in March 2026 [Member]    
Average contract notional amount $ 28,750  
Weighted average entry rate 3.56%  
Average receive rate 3.46%  
Open Equity [3] $ (30)  
[1] 5-Year T-Note futures contracts were valued at a price of $108.16 at March 31, 2025 and $106.30 at December 31, 2024. The contract values of the short positions were $408.3 million and $332.2 million at March 31, 2025 and December 31, 2024, respectively. 10-Year T-Note futures contracts were valued at a price of $111.22 at March 31, 2025 and $108.75 at December 31, 2024. The contract values of the short positions were $215.2 million and $101.6 million at March 31, 2025 and December 31, 2024, respectively. 10-Year Ultra futures contracts were valued at a price of $114.13 at March 31, 2025 and $111.31 at December 31, 2024. The contract values of the short positions were $156.9 million and $36.2 million at March 31, 2025 and December 31, 2024, respectively.
[2] 10-Year T-Note futures contracts were valued at a price of $114.28 at September 30, 2024 and $112.89 at December 31, 2023. The contract values of the short positions were $14.3 million and $361.2 million at September 30, 2024 and December 31, 2023, respectively. 5-Year T-Note futures contracts were valued at a price of $108.77 at December 31, 2023. The contract value of the short position was $458.5 million at December 31, 2023.
[3] Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.