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Note 5 - Derivative and Other Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

(in thousands)
Derivative and Other Hedging Instruments	*Balance Sheet Location*		*December 31, 2025*				*December 31, 2024*
Assets
Interest rate swaps	Derivative assets, at fair value		$	8,237			$	4,574
TBA securities	Derivative assets, at fair value			1,015				4,703
Total derivative assets, at fair value			$	9,252			$	9,277

Liabilities
TBA securities	Derivative liabilities, at fair value		$	1,846			$	332
Total derivative liabilities, at fair value			$	1,846			$	332

Margin Balances Posted to (from) Counterparties
Futures contracts	Restricted cash		$	5,131			$	2,625
TBA securities	Restricted cash			2,394				280
TBA securities	Other liabilities			(360	)			(4,282	)
Total margin balances on derivative contracts			$	7,165			$	(1,377	)

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

($ in thousands)
		*December 31, 2025*
		*Average*				*Weighted*				*Weighted*
		*Contract*				*Average*				*Average*
		*Notional*				*Entry*				*Effective*				*Open*
Expiration Year		*Amount*				*Rate*				*Rate*				*Equity(1)*
U.S. Treasury Note Futures Contracts (Short Positions)⁽²⁾
March 2026 5-year T-Note futures (Mar 2026 - Mar 2031 Hedge Period)		$	122,500				3.65	%			3.65	%		$	10
March 2026 10-year T-Note futures (Mar 2026 - Mar 2036 Hedge Period)			90,000				3.79	%			3.91	%			739
March 2026 10-year Ultra futures (Mar 2026 - Mar 2036 Hedge Period)			60,000				4.03	%			4.14	%			575
SOFR Futures Contracts (Short Positions)
March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period)		$	97,500				3.73	%			3.69	%		$	(44	)
June 2026 3-Month SOFR futures (Mar 2026 - Jun 2026 Hedge Period)			97,500				3.55	%			3.52	%			(33	)
September 2026 3-Month SOFR futures (Jun 2026 - Sep 2026 Hedge Period)			97,500				3.38	%			3.31	%			(66	)
December 2026 3-Month SOFR futures (Sep 2026 - Dec 2026 Hedge Period)			97,500				3.27	%			3.16	%			(111	)
March 2027 3-Month SOFR futures (Dec 2026 - Mar 2027 Hedge Period)			97,500				3.22	%			3.11	%			(105	)
June 2027 3-Month SOFR futures (Mar 2027 - Jun 2027 Hedge Period)			97,500				3.21	%			3.11	%			(90	)
ERIS SOFR Swap Futures Contracts (Short Positions)⁽³⁾
March 2026 5-Year Term, 3.75% fixed rate (Mar 2026 - Mar 2031 Hedge Period)		$	10,000				3.48	%			3.45	%		$	(13	)

($ in thousands)
		*December 31, 2024*
		*Average*				*Weighted*				*Weighted*
		*Contract*				*Average*				*Average*
		*Notional*				*Entry*				*Effective*				*Open*
Expiration Year		*Amount*				*Rate*				*Rate*				*Equity(1)*
U.S. Treasury Note Futures Contracts (Short Positions)(2)
March 2025 5-year T-Note futures (Mar 2025 - Mar 2030 Hedge Period)		$	312,500				4.22	%			4.37	%		$	1,890
March 2025 10-year T-Note futures (Mar 2025 - Mar 2035 Hedge Period)			93,500				4.30	%			4.49	%			1,119
March 2024 10-year Ultra futures (Mar 2025 - Mar 2035 Hedge Period)			32,500				4.25	%			4.58	%			914

Schedule of Interest Rate Swaps [Table Text Block]

($ in thousands)
						*Average*
						*Fixed*				*Average*				*Average*
		*Notional*				*Pay*				*Receive*				*Maturity*
		*Amount*				*Rate*				*Rate*				*(Years)*
December 31, 2025
Expiration > 1 to ≤ 5 years		$	4,162,500				3.38	%			3.87	%			3.2
Expiration > 5 years			1,695,800				3.87	%			3.87	%			7.1
		$	5,858,300				3.53	%			3.87	%			4.3
December 31, 2024
Expiration > 1 to ≤ 5 years		$	1,450,000				1.69	%			4.58	%			3.4
Expiration > 5 years			2,066,800				3.55	%			4.52	%			7.0
		$	3,516,800				2.78	%			4.54	%			5.5

Schedule of To Be Announced Securities [Table Text Block]

($ in thousands)
		*Notional*
		*Amount*												*Net*
		*Long*				*Cost*				*Market*				*Carrying*
		(Short)⁽¹⁾				Basis⁽²⁾				Value⁽³⁾				Value⁽⁴⁾
December 31, 2025
*15-Year TBA securities:*
4.5%		$	250,000			$	249,998			$	250,186			$	188
*30-Year TBA securities:*
3%⁽⁵⁾			-				(343	)			-				343
3.5%⁽⁵⁾			-				34				-				(34	)
4%⁽⁵⁾			-				(215	)			-				215
5%⁽⁵⁾			-				218				-				(218	)
5.5%			(275,000	)			(277,696	)			(278,996	)			(1,300	)
6.5%			(155,000	)			(161,103	)			(161,127	)			(24	)
Total		$	(180,000	)		$	(189,107	)		$	(189,937	)		$	(830	)
December 31, 2024
15-Year TBA securities:
5.0%		$	50,000			$	50,074			$	49,742			$	(332	)
*30-Year TBA securities:*
3.0%			(200,000	)			(174,406	)			(169,703	)			4,703
Total		$	(150,000	)		$	(124,332	)		$	(119,961	)		$	4,371

Derivative Instruments, Gain (Loss) [Table Text Block]

(in thousands)
		*2025*				*2024*				*2023*
Futures contracts (short positions)		$	(30,282	)			26,638				32,650
Interest rate swaps			(81,687	)			101,151				19,657
Payer swaptions (long positions)			-				(72	)			(8,734	)
Payer swaptions (short positions)			-				-				4,113
Interest rate caps			-				-				(219	)
Dual digital option			-				(500	)			-
Interest rate floors (long positions)			-				-				1,785
Interest rate floors (short positions)			-				-				(525	)
TBA securities (short positions)			(12,289	)			6,567				1,370
TBA securities (long positions)			1,687				(230	)			(4,860	)
U.S. Treasury securities (short positions)			(98	)			-				-
Total		$	(122,669	)		$	133,554			$	45,237