| 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 September 30, 2026 and December 31, 2025:
| (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2026 | | | December 31, 2025 | |
| | | Par Value | | | Cost(1) | | | Fair Value | | | Par Value | | | Cost(1) | | | Fair Value | |
| Fixed-rate RMBS | | $ | 11,091,428 | | | $ | 11,287,456 | | | $ | 10,655,685 | | | $ | 10,345,029 | | | $ | 10,558,236 | | | $ | 10,615,570 | |
| Other(2)(3)(4) | | | - | | | | 14,413 | | | | 11,383 | | | | | | | | 16,103 | | | | 13,088 | |
| Total | | $ | 11,091,428 | | | $ | 11,301,869 | | | $ | 10,667,068 | | | $ | 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 $66.1 million and $72.9 million as of September 30, 2026 and December 31, 2025, respectively. |
| (4) | The notional balance for the inverse interest-only securities portfolio was $12.8 million and $17.7 million as of September 30, 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 nine months ended September 30, 2026 and 2025.
| (in thousands) | | | | | | | | |
| | | Nine Months Ended September 30, | |
| | | 2026 | | | 2025 | |
| Proceeds from sales of RMBS | | $ | 769,781 | | | $ | 733,904 | |
| Carrying value of RMBS sold | | | (768,857 | ) | | | (743,192 | ) |
| Net gain (loss) on sales of RMBS | | $ | 924 | | | $ | (9,288 | ) |
| | | | | | | | | |
| Gross gain on sales of RMBS | | $ | 924 | | | $ | - | |
| Gross loss on sales of RMBS | | | - | | | | (9,288 | ) |
| Net gain (loss) on sales of RMBS | | $ | 924 | | | $ | (9,288 | ) |
During the nine months ended September 30, 2026, the Company resecuritized RMBS with a fair value of $413.3 million by transferring the securities into a larger RMBS transaction collateralized by the transferred securities. The Company retained the entire resulting RMBS. No cash was exchanged, and the transaction did not result in the recognition of any gain or loss.
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