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Investment Securities Available for Sale (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available for Sale Securities
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.
Weighted Average Lives of Investment Securities Available for Sale
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
Stated Reset Periods of Investment Securities Available for Sale
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
Schedule of Investment Securities Available for Sale in Unrealized Loss Position
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
)