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Investment Securities Available for Sale, at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Available For Sale, Fair Value Option The Company's investment securities available for sale consisted of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
 June 30, 2021December 31, 2020
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
 GainsLossesGainsLosses
Fair Value Option
Agency RMBS$134,461 $— $(3,162)$131,299 $138,541 $854 $— $139,395 
Non-Agency RMBS (1)
100,379 674 (8,560)92,493 100,465 170 (10,786)89,849 
CMBS (2)
111,977 4,156 (405)115,728 139,019 5,685 (3,731)140,973 
ABS
27,917 14,703 — 42,620 34,139 9,086 — 43,225 
Total investment securities available for sale - fair value option
374,734 19,533 (12,127)382,140 412,164 15,795 (14,517)413,442 
CECL Securities
Non-Agency RMBS (3)
189,398 6,742 (645)195,495 266,855 4,336 (5,374)265,817 
CMBS28,420 1,734 (382)29,772 43,435 2,032 — 45,467 
Total investment securities available for sale - CECL Securities
217,818 8,476 (1,027)225,267 310,290 6,368 (5,374)311,284 
Total
$592,552 $28,009 $(13,154)$607,407 $722,454 $22,163 $(19,891)$724,726 

(1)Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company (see Note 7).
(2)Includes IO and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the six months ended June 30, 2020, with a total fair value of $72.6 million and $97.6 million as of June 30, 2021 and December 31, 2020 respectively.
(3)Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company (see Note 7).
Schedule of Investment Securities Available for Sale, CECL Securities The Company's investment securities available for sale consisted of the following as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
 June 30, 2021December 31, 2020
Amortized CostUnrealizedFair ValueAmortized CostUnrealizedFair Value
 GainsLossesGainsLosses
Fair Value Option
Agency RMBS$134,461 $— $(3,162)$131,299 $138,541 $854 $— $139,395 
Non-Agency RMBS (1)
100,379 674 (8,560)92,493 100,465 170 (10,786)89,849 
CMBS (2)
111,977 4,156 (405)115,728 139,019 5,685 (3,731)140,973 
ABS
27,917 14,703 — 42,620 34,139 9,086 — 43,225 
Total investment securities available for sale - fair value option
374,734 19,533 (12,127)382,140 412,164 15,795 (14,517)413,442 
CECL Securities
Non-Agency RMBS (3)
189,398 6,742 (645)195,495 266,855 4,336 (5,374)265,817 
CMBS28,420 1,734 (382)29,772 43,435 2,032 — 45,467 
Total investment securities available for sale - CECL Securities
217,818 8,476 (1,027)225,267 310,290 6,368 (5,374)311,284 
Total
$592,552 $28,009 $(13,154)$607,407 $722,454 $22,163 $(19,891)$724,726 

(1)Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company (see Note 7).
(2)Includes IO and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the six months ended June 30, 2020, with a total fair value of $72.6 million and $97.6 million as of June 30, 2021 and December 31, 2020 respectively.
(3)Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization, returning the non-Agency RMBS held by the re-securitization trust to the Company (see Note 7).
Schedule of Investments Securities Sold
The following tables summarize our investment securities sold during the three months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands):

Three Months Ended June 30, 2021
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
CMBS$3,770 $392 $— $392 
Total $3,770 $392 $— $392 

Three Months Ended June 30, 2020
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
Non-Agency RMBS$37,810 $294 $(1,690)$(1,396)
CMBS24,022 1,327 — 1,327 
Total $61,832 $1,621 $(1,690)$(69)

The following tables summarize our investment securities sold during the six months ended June 30, 2021 and 2020, respectively (dollar amounts in thousands):

Six Months Ended June 30, 2021
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
Non-Agency RMBS$72,083 $12 $(833)$(821)
CMBS43,315 5,587 — 5,587 
Total $115,398 $5,599 $(833)$4,766 


Six Months Ended June 30, 2020
Sales Proceeds Realized GainsRealized LossesNet Realized Gains (Losses)
Agency RMBS:
Agency ARMs$49,892 $44 $(4,157)$(4,113)
Agency Fixed-Rate (1)
943,074 5,358 (11,697)(6,339)
Total Agency RMBS992,966 5,402 (15,854)(10,452)
Agency CMBS (2)
145,411 5,666 (209)5,457 
Total Agency1,138,377 11,068 (16,063)(4,995)
Non-Agency RMBS 168,758 294 (25,821)(25,527)
CMBS138,061 1,327 (29,584)(28,257)
Total $1,445,196 $12,689 $(71,468)$(58,779)

(1)Includes Agency RMBS securities issued by Consolidated SLST (see Note 7).
(2)Includes Agency CMBS securities transferred from the Consolidated K-Series (see Note 7).
Schedule of Weighted Average Lives of Investment Securities
The following table sets forth the weighted average lives of our investment securities available for sale as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
Weighted Average LifeJune 30, 2021December 31, 2020
0 to 5 years$248,347 $332,934 
Over 5 to 10 years317,620 320,361 
10+ years41,440 71,431 
Total$607,407 $724,726 
Schedule of Investment Securities Available for Sale in Unrealized Loss Position
The following table presents the Company's CECL Securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):

June 30, 2021Less than 12 monthsGreater than 12 monthsTotal
Carrying
Value		Gross
Unrealized
Losses		Carrying
Value		Gross
Unrealized
Losses		Carrying
Value		Gross
Unrealized
Losses
Non-Agency RMBS$35,532 $(25)$36,175 $(620)$71,707 $(645)
CMBS
22,488 (382)— — 22,488 (382)
Total
$58,020 $(407)$36,175 $(620)$94,195 $(1,027)

December 31, 2020Less than 12 monthsGreater than 12 monthsTotal
 Carrying
Value		Gross
Unrealized
Losses		Carrying
Value		Gross
Unrealized
Losses		Carrying
Value		Gross
Unrealized
Losses
Non-Agency RMBS$159,841 $(4,526)$8,234 $(848)$168,075 $(5,374)
Total $159,841 $(4,526)$8,234 $(848)$168,075 $(5,374)