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Investment Securities Available For Sale
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available For Sale
Investment Securities Available For Sale

Investment securities available for sale consisted of the following as of December 31, 2017 and December 31, 2016 (dollar amounts in thousands):

 
December 31, 2017
 
December 31, 2016
 
Amortized Cost
 
Unrealized
 
Fair Value
 
Amortized Cost
 
Unrealized
 
Fair Value
 
 
Gains
 
Losses
 
 
 
Gains
 
Losses
 
Agency RMBS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency ARMs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Freddie Mac
$
33,623

 
$
16

 
$
(852
)
 
$
32,787

 
$
39,138

 
$
24

 
$
(528
)
 
$
38,634

Fannie Mae
54,958

 
6

 
(1,236
)
 
53,728

 
69,031

 
71

 
(698
)
 
68,404

Ginnie Mae
4,750

 
—

 
(193
)
 
4,557

 
6,011

 
—

 
(204
)
 
5,807

Total Agency ARMs
93,331

 
22

 
(2,281
)
 
91,072

 
114,180

 
95

 
(1,430
)
 
112,845

Agency Fixed Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Freddie Mac
20,804

 
—

 
(736
)
 
20,068

 
26,338

 
—

 
(644
)
 
25,694

Fannie Mae
1,038,363

 
669

 
(12,174
)
 
1,026,858

 
312,515

 
—

 
(10,035
)
 
302,480

Ginnie Mae
365

 
—

 
(6
)
 
359

 
457

 
—

 
(4
)
 
453

Total Agency Fixed Rate
1,059,532

 
669

 
(12,916
)
 
1,047,285

 
339,310

 
—

 
(10,683
)
 
328,627

Agency IOs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Freddie Mac
8,436

 
19

 
(2,756
)
 
5,699

 
19,768

 
559

 
(3,363
)
 
16,964

Fannie Mae
11,310

 
22

 
(2,989
)
 
8,343

 
27,597

 
478

 
(4,777
)
 
23,298

Ginnie Mae
21,621

 
230

 
(4,714
)
 
17,137

 
49,788

 
1,223

 
(6,382
)
 
44,629

Total Agency IOs
41,367

 
271

 
(10,459
)
 
31,179

 
97,153

 
2,260

 
(14,522
)
 
84,891

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Agency RMBS
1,194,230

 
962

 
(25,656
)
 
1,169,536

 
550,643

 
2,355

 
(26,635
)
 
526,363

Non-Agency RMBS
100,291

 
1,852

 
(18
)
 
102,125

 
162,220

 
1,218

 
(154
)
 
163,284

U.S. Treasury securities
—

 
—

 
—

 
—

 
2,920

 
—

 
(33
)
 
2,887

CMBS (1)
123,203

 
18,217

 
—

 
141,420

 
113,955

 
12,876

 
(389
)
 
126,442

Total investment securities available for sale
$
1,417,724

 
$
21,031

 
$
(25,674
)
 
$
1,413,081

 
$
829,738

 
$
16,449

 
$
(27,211
)
 
$
818,976



(1) 
Included in CMBS is $47.9 million and $43.9 million of investment securities for sale held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively.

Realized Gain or Loss Activity

During the year ended December 31, 2017, the Company received total proceeds of approximately $107.1 million realizing approximately $0.1 million of net losses, from the sale of investment securities available for sale. During the year ended December 31, 2016, the Company received total proceeds of approximately $208.2 million, realizing approximately $2.3 million of net losses, from the sale of investment securities available for sale. During the year ended December 31, 2015, the Company received total proceeds of approximately $99.2 million, realizing approximately $2.1 million of net gains, from the sale of investment securities available for sale.

Weighted Average Life

Actual maturities of our available for sale securities are generally shorter than stated contractual maturities (with maturities up to 30 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of December 31, 2017 and 2016, the weighted average life of the Company’s available for sale securities portfolio was approximately 7.1 years and 4.3 years, respectively.

The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2017 and December 31, 2016 (dollar amounts in thousands):
Weighted Average Life
December 31, 2017
 
December 31, 2016
0 to 5 years
$
426,061

 
$
606,079

Over 5 to 10 years
970,336

 
177,765

10+ years
16,684

 
35,132

Total
$
1,413,081

 
$
818,976



Portfolio Interest Reset Periods

The following tables set forth the stated interest reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at December 31, 2017 and December 31, 2016 at carrying value (dollar amounts in thousands):
 
December 31, 2017
 
December 31, 2016
 
Less than 6 months
 
6 to 24
months
 
More than
24 months
 
Total
 
Less than 6 months
 
6 to 24
months
 
More than
24 months
 
Total
Agency RMBS
$
26,876

 
$
24,726

 
$
1,117,934

 
$
1,169,536

 
$
53,043

 
$
27,272

 
$
446,048

 
$
526,363

Non-Agency RMBS
84,461

 
—

 
17,664

 
102,125

 
50,080

 
—

 
113,204

 
163,284

U.S. Treasury securities
—

 
—

 
—

 
—

 
—

 
—

 
2,887

 
2,887

CMBS
70,791

 
—

 
70,629

 
141,420

 
82,545

 
—

 
43,897

 
126,442

Total investment securities available for sale
$
182,128

 
$
24,726

 
$
1,206,227

 
$
1,413,081

 
$
185,668

 
$
27,272

 
$
606,036

 
$
818,976



Unrealized Losses in OCI

The following tables present the Company's investment securities available for sale in an unrealized loss position reported through OCI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 and December 31, 2016 (dollar amounts in thousands):

December 31, 2017
Less than 12 Months
 
Greater than 12 months
 
Total
 
Carrying
Value
 
Gross
Unrealized
Losses
 
Carrying
Value
 
Gross
Unrealized
Losses
 
Carrying
Value
 
Gross
Unrealized
Losses
Agency RMBS
$
511,313

 
$
(1,807
)
 
$
342,963

 
$
(13,390
)
 
$
854,276

 
$
(15,197
)
Non-Agency RMBS
—

 
—

 
193

 
(18
)
 
193

 
(18
)
Total investment securities available for sale
$
511,313

 
$
(1,807
)
 
$
343,156

 
$
(13,408
)
 
$
854,469

 
$
(15,215
)


December 31, 2016
Less than 12 Months
 
Greater than 12 months
 
Total
 
Carrying
Value
 
Gross
Unrealized
Losses
 
Carrying
Value
 
Gross
Unrealized
Losses
 
Carrying
Value
 
Gross
Unrealized
Losses
Agency RMBS
$
96,357

 
$
(1,290
)
 
$
328,474

 
$
(10,819
)
 
$
424,831

 
$
(12,109
)
Non-Agency RMBS
—

 
—

 
596

 
(154
)
 
596

 
(154
)
CMBS
16,523

 
(389
)
 
—

 
—

 
16,523

 
(389
)
Total investment securities available for sale
$
112,880

 
$
(1,679
)
 
$
329,070

 
$
(10,973
)
 
$
441,950

 
$
(12,652
)



Other than Temporary Impairment

For the years ended December 31, 2017, 2016 and 2015, the Company did not recognize other-than-temporary impairment through earnings.