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

6 Months Ended

Jun. 30, 2025

Notes Tables

Marketable Securities [Table Text Block]

(in thousands)
		*June 30, 2025*												*December 31, 2024*
		*Par Value*				Cost⁽¹⁾				*Fair Value*				*Par Value*				Cost⁽¹⁾				*Fair Value*
Pass-Through RMBS Certificates:
Fixed-rate Mortgages		$	6,979,807			$	7,122,184			$	6,978,561			$	5,431,274			$	5,540,596			$	5,237,812
Total Pass-Through Certificates			6,979,807				7,122,184				6,978,561				5,431,274				5,540,596				5,237,812
Structured RMBS Certificates:
Interest-Only Securities⁽²⁾			n/a				16,402				14,550				n/a				17,334				15,308
Inverse Interest-Only Securities⁽³⁾			n/a				1,354				248				n/a				1,498				190
Total Structured RMBS Certificates							17,756				14,798								18,832				15,498
Total		$	6,979,807			$	7,139,940			$	6,993,359			$	5,431,274			$	5,559,428			$	5,253,310

Gain (Loss) on Securities [Table Text Block]

(in thousands)
		*Six Months Ended June 30,*
		*2025*				*2024*
Proceeds from sales of RMBS⁽¹⁾		$	733,904			$	221,733
Carrying value of RMBS sold			(743,192	)			(221,733	)
Net (loss) gain on sales of RMBS		$	(9,288	)		$	-

Gross gain on sales of RMBS		$	-			$	-
Gross loss on sales of RMBS			(9,288	)			-
Net (loss) gain on sales of RMBS		$	(9,288	)		$	-