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Marketable Securities
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Mortgage Securities
Marketable Securities

The Company's portfolio of available-for-sale securities includes (dollars in thousands):
 
Amortized Cost
 
Gross Unrealized
 
Estimated Fair Value
 
 
Gains
 
Losses
 
As of December 31, 2017
Marketable securities, current
 
 
 
 
 
 
 
Mortgage securities
$
400

 
$
11,394

 
$
—

 
$
11,794

Equity securities
1

 
—

 
—

 
1

Total
$
401

 
$
11,394

 
$
—

 
$
11,795

 
 
 
 
 
 
 
 
As of December 31, 2016
Marketable securities, current
 
 
 
 
 
 
 
Mortgage securities
$
450

 
$
9,341

 
$
—

 
$
9,791

Equity securities
112

 
47

 
(7
)
 
152

Total
$
562

 
$
9,388

 
$
(7
)
 
$
9,943

 
 
 
 
 
 
 
 
Marketable securities, non-current
 
 
 
 
 
 
 
Agency mortgage-backed securities
$
26,607

 
$
—

 
$
(62
)
 
$
26,545



See Note 10 for a discussion of the Company's fair value methods and measurements.

During 2017, the Company's entire portfolio of agency mortgage-backed securities was sold. Proceeds from the sale were $25.2 million and a gain of $79 thousand recognized, included in other income in the Company's consolidated statements of operations and comprehensive income (loss).

Prior to 2016, the Company originated, purchased, securitized, sold, invested in and serviced residential nonconforming mortgage loans and mortgage securities. As a result of those activities, the Company holds mortgage securities that continue to be a source of its earnings and cash flow. As of December 31, 2017 and 2016, these mortgage securities consisted entirely of the Company's investment in the residual securities issued by securitization trusts sponsored by the Company. Residual securities consist of interest-only and overcollateralization bonds. There were no other-than-temporary impairments relating to available-for-sale securities for 2017 and 2016. Maturities of retained mortgage securities owned by the Company depend on repayment characteristics and experience of the underlying financial instruments. See Note 10 to the consolidated financial statements for details on the Company's fair value methodology.

The following table relates to the securitizations where the Company retained an interest in the assets issued by the securitization trust (in thousands):
 
Principal Outstanding (A)
 
Assets on Balance Sheet (B)
 
Liabilities on Balance Sheet
 
Maximum Exposure to Loss(B)
 
Year to Date Loss on Sale
 
Year to Date Cash Flows
December 31, 2017
$
2,714,823

 
$
11,794

 
$
—

 
$
11,794

 
$
—

 
$
3,193

December 31, 2016
$
3,185,270

 
$
9,791

 
$
—

 
$
9,791

 
$
—

 
$
5,153


(A)    Principal Outstanding is the aggregate principal of the underlying loans held by the securitization trusts.
(B)    Assets on Balance Sheet and Maximum Exposure to Loss is the estimated fair value of securities issued by the entity and recorded as marketable securities, current in the consolidated balance sheets.