Note 2 - Mortgage-backed Securities, at Fair Value

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

NOTE 2. MORTGAGE-BACKED SECURITIES, AT FAIR VALUE

The following table presents the Company’s RMBS portfolio that are remeasured at fair value through earnings as of March 31, 2026 and December 31, 2025:

(in thousands)
	March 31, 2026						December 31, 2025
	Par Value		Cost(1)		Fair Value		Par Value		Cost(1)		Fair Value
Pass-Through RMBS Certificates:
Fixed-rate RMBS	$	11,161,389	$	11,376,248	$	11,326,089	$	10,345,029	$	10,558,236	$	10,615,570
Other(2)(3)(4)				15,467		12,452				16,103		13,088
Total	$	11,161,389	$	11,391,715	$	11,338,541	$	10,345,029	$	10,574,339	$	10,628,658

(1) The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio.

(2)	Other securities are comprised of interest-only and inverse interest-only securities.
(3)	The notional balance for the interest-only securities portfolio was $70.6 million and $72.9 million as of March 31, 2026 and December 31, 2025, respectively.

(4) The notional balance for the inverse interest-only securities portfolio was $15.2 million and $17.7 million as of March 31, 2026 and December 31, 2025, respectively.

The following table is a summary of the Company’s net gain (loss) from the sale of RMBS for the three months ended March 31, 2026 and 2025.

(in thousands)
	Three Months Ended March 31,
	2026			2025
Proceeds from sales of RMBS	$	25,006		$	168,634
Carrying value of RMBS sold		(24,967	)		(169,932	)
Net gain (loss) on sales of RMBS	$	39		$	(1,298	)
Gross gain on sales of RMBS	$	39		$	-
Gross loss on sales of RMBS		-			(1,298	)
Net gain (loss) on sales of RMBS	$	39		$	(1,298	)