Note 6 - Pledged Assets

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Pledged Assets [Text Block]

NOTE 6. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes the Company's assets pledged as collateral under our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of December 31, 2025 and 2024.

(in thousands)
	December 31, 2025						December 31, 2024
	Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Counterparties	Agreements		Agreements		Total		Agreements		Agreements		Total
PT RMBS - fair value	$	10,489,655	$	-	$	10,489,655	$	5,193,570	$	-	$	5,193,570
Structured RMBS - fair value		13,088		-		13,088		15,498		-		15,498
U.S. Treasury securities - fair value		-		135,133		135,133		-		100,551		100,551
Accrued interest on pledged securities		48,537		36		48,573		22,852		-		22,852
Restricted cash		51,171		7,525		58,696		22,818		2,905		25,723
Total	$	10,602,451	$	142,694	$	10,745,145	$	5,254,738	$	103,456	$	5,358,194

Assets Pledged from Counterparties

The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of December 31, 2025 and 2024.

(in thousands)
			Reverse
	Repurchase		Repurchase		Derivative
	Agreements		Agreements		Agreements		Total
December 31, 2025
Cash	$	12,549	$	-	$	360	$	12,909
U.S. Treasury securities - fair value		-		128,724		-		128,724
Total	$	12,549	$	128,724	$	360	$	141,633
December 31, 2024
Cash	$	4,465	$	-	$	4,282	$	8,747
U.S. Treasury securities - fair value		4,146		-		-		4,146
Total	$	8,611	$	-	$	4,282	$	12,893

U.S. Treasury securities received as margin under the Company's repurchase agreements are not recorded in the balance sheets because the counterparty retains ownership of the security. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the balance sheets