Note 6 - Pledged Assets

9 Months Ended

Sep. 30, 2026

NOTE 6. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes the Company’s assets pledged as collateral under repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of September 30, 2026 and December 31, 2025.

(in thousands)
	*September 30, 2026*						*December 31, 2025*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Counterparties	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT RMBS - fair value	$	10,602,397	$	-	$	10,602,397	$	10,489,655	$	-	$	10,489,655
Structured RMBS - fair value		11,383		-		11,383		13,088		-		13,088
U.S. Treasury securities		-		207,861		207,861		-		135,133		135,133
Accrued interest on pledged securities		51,085		1,740		52,825		48,537		36		48,573
Restricted cash		130,044		21,501		151,545		51,171		7,525		58,696
Total	$	10,794,909	$	231,102	$	11,026,011	$	10,602,451	$	142,694	$	10,745,145

Assets Pledged from Counterparties

The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of September 30, 2026 and December 31, 2025.

(in thousands)
			*Reverse*
	*Repurchase*		*Repurchase*		*Derivative*
	*Agreements*		*Agreements*		*Agreements*		*Total*
September 30, 2026
Cash	$	1,428	$	-	$	11,729	$	13,157
U.S. Treasury securities - fair value		-		435,939		-		435,939
Total	$	1,428	$	435,939	$	11,729	$	449,096
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

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.