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Investment Securities Available for Sale | 3 Months Ended
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Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 (dollar amounts in thousands):
| March 31, 2018 |  | December 31, 2017
| Amortized Cost |  | Unrealized |  | Fair Value |  | Amortized Cost |  | Unrealized |  | Fair Value
|  | Gains |  | Losses |  |  |  | Gains |  | Losses |
Agency RMBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency ARMs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freddie Mac | $ | 31,925 |  |  | $ | — |  |  | $ | (1,100 | ) |  | $ | 30,825 |  |  | $ | 33,623 |  |  | $ | 16 |  |  | $ | (852 | ) |  | $ | 32,787 |
Fannie Mae | 52,933 |  |  | — |  |  | (1,568 | ) |  | 51,365 |  |  | 54,958 |  |  | 6 |  |  | (1,236 | ) |  | 53,728 |
Ginnie Mae | 4,529 |  |  | — |  |  | (144 | ) |  | 4,385 |  |  | 4,750 |  |  | — |  |  | (193 | ) |  | 4,557 |
Total Agency ARMs | 89,387 |  |  | — |  |  | (2,812 | ) |  | 86,575 |  |  | 93,331 |  |  | 22 |  |  | (2,281 | ) |  | 91,072 |
Agency Fixed- Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freddie Mac | 94,005 |  |  | — |  |  | (2,436 | ) |  | 91,569 |  |  | 20,804 |  |  | — |  |  | (736 | ) |  | 20,068 |
Fannie Mae | 997,759 |  |  | — |  |  | (33,190 | ) |  | 964,569 |  |  | 1,038,363 |  |  | 669 |  |  | (12,174 | ) |  | 1,026,858 |
Ginnie Mae | 356 |  |  | — |  |  | (9 | ) |  | 347 |  |  | 365 |  |  | — |  |  | (6 | ) |  | 359 |
Total Agency Fixed-Rate | 1,092,120 |  |  | — |  |  | (35,635 | ) |  | 1,056,485 |  |  | 1,059,532 |  |  | 669 |  |  | (12,916 | ) |  | 1,047,285 |
Agency IOs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freddie Mac | 5,912 |  |  | — |  |  | (2,268 | ) |  | 3,644 |  |  | 8,436 |  |  | 19 |  |  | (2,756 | ) |  | 5,699 |
Fannie Mae | 5,002 |  |  | 4 |  |  | (1,631 | ) |  | 3,375 |  |  | 11,310 |  |  | 22 |  |  | (2,989 | ) |  | 8,343 |
Ginnie Mae | 14,934 |  |  | 52 |  |  | (3,620 | ) |  | 11,366 |  |  | 21,621 |  |  | 230 |  |  | (4,714 | ) |  | 17,137 |
Total Agency IOs | 25,848 |  |  | 56 |  |  | (7,519 | ) |  | 18,385 |  |  | 41,367 |  |  | 271 |  |  | (10,459 | ) |  | 31,179 |
Total Agency RMBS | 1,207,355 |  |  | 56 |  |  | (45,966 | ) |  | 1,161,445 |  |  | 1,194,230 |  |  | 962 |  |  | (25,656 | ) |  | 1,169,536 |
Non-Agency RMBS | 98,053 |  |  | 1,168 |  |  | (9 | ) |  | 99,212 |  |  | 100,291 |  |  | 1,852 |  |  | (18 | ) |  | 102,125 |
CMBS (1) | 121,360 |  |  | 18,353 |  |  | — |  |  | 139,713 |  |  | 123,203 |  |  | 18,217 |  |  | — |  |  | 141,420 |
Total investment securities available for sale | $ | 1,426,768 |  |  | $ | 19,577 |  |  | $ | (45,975 | ) |  | $ | 1,400,370 |  |  | $ | 1,417,724 |  |  | $ | 21,031 |  |  | $ | (25,674 | ) |  | $ | 1,413,081 |
(1) | Included in CMBS is $48.9 million and $47.9 million of investment securities available for sale held in securitization trusts as of March 31, 2018 and December 31, 2017, respectively.
Realized Gain or Loss Activity During the three months ended March 31, 2018, the Company received total proceeds of approximately $10.1 million from the sale of investment securities available for sale, realizing a net loss of approximately $3.4 million. During the three months ended March 31, 2017, the Company received total proceeds of approximately $37.3 million from the sale of investment securities available for sale, realizing approximately $1.7 million of net losses. 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 March 31, 2018 and December 31, 2017, the weighted average life of the Company’s available for sale securities portfolio was approximately 5.8 years and 7.1 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of March 31, 2018 and December 31, 2017 (dollar amounts in thousands):
Weighted Average Life | March 31, 2018 |  | December 31, 2017
0 to 5 years | $ | 388,319 |  |  | $ | 426,061 |
Over 5 to 10 years | 946,709 |  |  | 970,336 |
10+ years | 65,342 |  |  | 16,684 |
Total | $ | 1,400,370 |  |  | $ | 1,413,081 |
Portfolio Interest Reset Periods The following tables set forth the stated reset periods of our investment securities available for sale and investment securities available for sale held in securitization trusts at March 31, 2018 and December 31, 2017 at carrying value (dollar amounts in thousands):
| March 31, 2018 |  | December 31, 2017
| 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 | $ | 26,019 |  |  | $ | 17,856 |  |  | $ | 1,117,570 |  |  | $ | 1,161,445 |  |  | $ | 26,876 |  |  | $ | 24,726 |  |  | $ | 1,117,934 |  |  | $ | 1,169,536 |
Non-Agency RMBS | 14,947 |  |  | — |  |  | 84,265 |  |  | 99,212 |  |  | 84,461 |  |  | — |  |  | 17,664 |  |  | 102,125 |
CMBS | 68,286 |  |  | — |  |  | 71,427 |  |  | 139,713 |  |  | 70,791 |  |  | — |  |  | 70,629 |  |  | 141,420 |
Total investment securities available for sale | $ | 109,252 |  |  | $ | 17,856 |  |  | $ | 1,273,262 |  |  | $ | 1,400,370 |  |  | $ | 182,128 |  |  | $ | 24,726 |  |  | $ | 1,206,227 |  |  | $ | 1,413,081 |
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 March 31, 2018 and December 31, 2017 (dollar amounts in thousands):
March 31, 2018 | 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 | $ | 822,431 |  |  | $ | (21,290 | ) |  | $ | 320,630 |  |  | $ | (17,156 | ) |  | $ | 1,143,061 |  |  | $ | (38,446 | )
Non-Agency RMBS | — |  |  | — |  |  | 189 |  |  | (9 | ) |  | 189 |  |  | (9 | )
Total investment securities available for sale | $ | 822,431 |  |  | $ | (21,290 | ) |  | $ | 320,819 |  |  | $ | (17,165 | ) |  | $ | 1,143,250 |  |  | $ | (38,455 | )
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 | )
Other than Temporary Impairment For the three months ended March 31, 2018 and 2017, the Company recognized no other-than-temporary impairment through earnings.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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