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Note 5 - Derivative and Other Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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*		*March 31, 2026*				*December 31, 2025*
Assets
Interest rate swaps	Derivative assets, at fair value		$	2,628			$	8,238
TBA securities	Derivative assets, at fair value			381				1,015
Total derivative assets, at fair value			$	3,009			$	9,253

Liabilities
TBA securities	Derivative liabilities, at fair value		$	635			$	1,846
Total derivative liabilities, at fair value			$	635			$	1,846

Margin Balances Posted to (from) Counterparties
Futures contracts	Restricted cash		$	2,412			$	5,131
TBA securities (including margin paid on unsettled trades)	Restricted cash			1,090				2,394
TBA securities (including margin received on unsettled trades)	Other liabilities			(337	)			(360	)
Total margin balances on derivative contracts			$	3,165			$	7,165

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

($ in thousands)
		*March 31, 2026*
		*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⁾
June 2026 5-year T-Note futures (Jun 2026 - Jun 2031 Hedge Period)		$	180,000				3.86	%			3.93	%		$	520
June 2026 10-year T-Note futures (Jun 2026 - Jun 2036 Hedge Period)			53,000				3.85	%			4.13	%			977
June 2026 10-year Ultra futures (Jun 2026 - Jun 2036 Hedge Period)			60,000				4.09	%			4.32	%			1,223
SOFR Futures Contracts (Short Positions)
June 2026 3-Month SOFR futures (Mar 2026 - Jun 2026 Hedge Period)		$	97,500				3.55	%			3.68	%		$	123
September 2026 3-Month SOFR futures (Jun 2026 - Sep 2026 Hedge Period)			97,500				3.38	%			3.67	%			280
December 2026 3-Month SOFR futures (Sep 2026 - Dec 2026 Hedge Period)			97,500				3.27	%			3.67	%			386
March 2027 3-Month SOFR futures (Dec 2026 - Mar 2027 Hedge Period)			97,500				3.22	%			3.64	%			407
June 2027 3-Month SOFR futures (Mar 2027 - Jun 2027 Hedge Period)			97,500				3.21	%			3.61	%			397
ERIS SOFR Swap Futures Contracts (Short Positions)⁽³⁾
June 2026 5-Year Term, 3.75% fixed rate, (Jun 2026 - June 2031 Hedge Period)		$	10,000				3.42	%			3.63	%		$	88

($ 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	)

Schedule of Interest Rate Swaps [Table Text Block]

($ in thousands)
						*Average*
						*Fixed*				*Average*				*Average*
		*Notional*				*Pay*				*Receive*				*Maturity*
		*Amount*				*Rate*				*Rate*				*(Years)*
March 31, 2026
Expiration > 1 to ≤ 5 years		$	4,792,800				3.40	%			3.68	%			3.0
Expiration > 5 years			2,221,400				3.90	%			3.68	%			8.0
		$	7,014,200				3.56	%			3.68	%			4.6
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

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)*
March 31, 2026
*15-Year TBA securities:*
4.5%		$	250,000			$	248,506			$	247,871			$	(635	)
*30-Year TBA securities:*
6.5%			(155,000	)			(160,595	)			(160,214	)			381
		$	95,000			$	87,911			$	87,657			$	(254	)
December 31, 2025
*15-Year TBA securities:*
4.5%		$	250,000			$	249,998			$	250,186			$	188
*30-Year TBA securities:*
3.0%			-				(343	)			-				343
3.5%			-				34				-				(34	)
4.0%			-				(215	)			-				215
5.0%			-				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	)

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

(in thousands)
		*Three Months Ended March 31,*
		*2026*				*2025*
Interest rate futures contracts (short position)		$	4,437			$	(14,942	)
Interest rate swaps			41,002				(62,843	)
TBA securities (short positions)			195				3,026
TBA securities (long positions)			1,277				100
U.S. Treasury securities (short positions)			(603	)			-
Total		$	46,308			$	(74,659	)