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

12 Months Ended

Dec. 31, 2025

Notes Tables

Marketable Securities [Table Text Block]

(in thousands)
	December 31, 2025						December 31, 2024
	Par Value		Cost (1)		Fair Value		Par Value		Cost (1)		Fair Value
Fixed-rate RMBS	$	10,345,029	$	10,558,236	$	10,615,570	$	5,431,274	$	5,540,596	$	5,237,812
Other		-		16,103		13,088		-		18,832		15,498
Total	$	10,345,029	$	10,574,339	$	10,628,658	$	5,431,274	$	5,559,428	$	5,253,310

Gain (Loss) on Securities [Table Text Block]

(in thousands)
	2025			2024			2023
Proceeds from sales of RMBS	$	1,380,091		$	454,272		$	797,633
Carrying value of RMBS sold		(1,386,412	)		(458,874	)		(820,275	)
Net loss on sales of RMBS	$	(6,321	)	$	(4,602	)	$	(22,642	)
Gross gain on sales of RMBS	$	2,975		$	510		$	2,705
Gross loss on sales of RMBS		(9,296	)		(5,112	)		(25,347	)
Net loss on sales of RMBS	$	(6,321	)	$	(4,602	)	$	(22,642	)