| Available-for-sale Securities |
As of December 31, 2012, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2012 are also presented below. | | | | | | | | | | | | | | | | | December 31, 2012 | Fannie Mae | | Freddie Mac | | Ginnie Mae | | Total Agency Securities | | (in thousands) | Principal Amount | $ | 12,328,493 |
| | $ | 5,305,071 |
| | $ | 292,434 |
| | $ | 17,925,998 |
| Net unamortized premium | 641,833 |
| | 284,739 |
| | 13,428 |
| | 940,000 |
| Amortized cost | $ | 12,970,326 |
| | $ | 5,589,810 |
| | $ | 305,862 |
| | $ | 18,865,998 |
| Unrealized gains | 169,227 |
| | 66,904 |
| | 6,466 |
| | 242,597 |
| Unrealized losses | (9,815 | ) | | (2,170 | ) | | (48 | ) | | (12,033 | ) | Fair value | $ | 13,129,738 |
| | $ | 5,654,544 |
| | $ | 312,280 |
| | $ | 19,096,562 |
|
| | | | | | | | | | | | | December 31, 2012 | Adjustable and Hybrid Adjustable Rate | | Fixed Rate | | Total Agency Securities | | (in thousands) | Principal Amount | $ | 2,037,778 |
| | $ | 15,888,220 |
| | $ | 17,925,998 |
| Net unamortized premium | 84,255 |
| | 855,745 |
| | 940,000 |
| Amortized cost | $ | 2,122,033 |
| | $ | 16,743,965 |
| | $ | 18,865,998 |
| Unrealized gains | 36,758 |
| | 205,839 |
| | 242,597 |
| Unrealized losses | (222 | ) | | (11,811 | ) | | (12,033 | ) | Fair value | $ | 2,158,569 |
| | $ | 16,937,993 |
| | $ | 19,096,562 |
|
As of December 31, 2013, we had the following Agency Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2013 are also presented below. | | | | | | | | | | | | | | | | | December 31, 2013 | Fannie Mae | | Freddie Mac | | Ginnie Mae | | Total Agency Securities | | (in thousands) | Principal Amount | $ | 10,700,322 |
| | $ | 3,627,871 |
| | $ | 139,027 |
| | $ | 14,467,220 |
| Net unamortized premium | 227,771 |
| | 136,714 |
| | 6,953 |
| | 371,438 |
| Amortized cost | $ | 10,928,093 |
| | $ | 3,764,585 |
| | $ | 145,980 |
| | $ | 14,838,658 |
| Unrealized gains | 3,512 |
| | 2,684 |
| | 1,152 |
| | 7,348 |
| Unrealized losses | (124,825 | ) | | (72,939 | ) | | (64 | ) | | (197,828 | ) | Fair value | $ | 10,806,780 |
| | $ | 3,694,330 |
| | $ | 147,068 |
| | $ | 14,648,178 |
|
| | | | | | | | | | | | | December 31, 2013 | Adjustable and Hybrid Adjustable Rate | | Fixed Rate | | Total Agency Securities | | (in thousands) | Principal Amount | $ | 208,216 |
| | $ | 14,259,004 |
| | $ | 14,467,220 |
| Net unamortized premium | 9,888 |
| | 361,550 |
| | 371,438 |
| Amortized cost | $ | 218,104 |
| | $ | 14,620,554 |
| | $ | 14,838,658 |
| Unrealized gains | 2,731 |
| | 4,617 |
| | 7,348 |
| Unrealized losses | (141 | ) | | (197,687 | ) | | (197,828 | ) | Fair value | $ | 220,694 |
| | $ | 14,427,484 |
| | $ | 14,648,178 |
|
|
| Investments Classified by Contractual Maturity Date |
The following table summarizes the weighted average lives of our Agency Securities as of December 31, 2013 and December 31, 2012. | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | December 31, 2012 | | | (in thousands) | Weighted Average Life of all Agency Securities | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | Less than one year | | $ | 2 |
| | $ | 2 |
| | $ | 2,647 |
| | $ | 2,593 |
| Greater than or equal to one year and less than three years | | 20,289 |
| | 20,127 |
| | 8,618,862 |
| | 8,476,157 |
| Greater than or equal to three years and less than five years | | 3,809,418 |
| | 3,837,530 |
| | 9,681,538 |
| | 9,592,001 |
| Greater than or equal to five years | | 10,818,469 |
| | 10,980,999 |
| | 793,515 |
| | 795,247 |
| Total Agency Securities | | $ | 14,648,178 |
| | $ | 14,838,658 |
| | $ | 19,096,562 |
| | $ | 18,865,998 |
|
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