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Investment Securities Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available for Sale Securities

Investment securities available for sale consisted of the following as of June 30, 2019 and December 31, 2018 (dollar amounts in thousands):
 
June 30, 2019
 
December 31, 2018
 
Amortized Cost
 
Unrealized
 
Fair Value
 
Amortized Cost
 
Unrealized
 
Fair Value
 
 
Gains
 
Losses
 
 
 
Gains
 
Losses
 
Agency RMBS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency ARMs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Freddie Mac
$
24,618

 
$
—

 
$
(733
)
 
$
23,885

 
$
26,338

 
$
—

 
$
(1,052
)
 
$
25,286

Fannie Mae
36,379

 
20

 
(895
)
 
35,504

 
43,984

 
8

 
(1,384
)
 
42,608

Ginnie Mae
3,233

 
—

 
(103
)
 
3,130

 
3,627

 
—

 
(127
)
 
3,500

Total Agency ARMs (1)
64,230

 
20

 
(1,731
)
 
62,519

 
73,949

 
8

 
(2,563
)
 
71,394

Agency Fixed- Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Freddie Mac
82,165

 
650

 
(502
)
 
82,313

 
87,018

 
—

 
(2,526
)
 
84,492

Fannie Mae
856,313

 
1,080

 
(8,025
)
 
849,368

 
915,039

 
—

 
(33,195
)
 
881,844

Total Agency Fixed-Rate
938,478

 
1,730

 
(8,527
)
 
931,681

 
1,002,057

 
—

 
(35,721
)
 
966,336

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Agency RMBS
1,002,708

 
1,750

 
(10,258
)
 
994,200

 
1,076,006

 
8

 
(38,284
)
 
1,037,730

Non-Agency RMBS (1)(2)
428,443

 
4,719

 
(322
)
 
432,840

 
215,337

 
166

 
(1,466
)
 
214,037

CMBS (1) (3)
276,947

 
15,300

 
(157
)
 
292,090

 
243,046

 
17,815

 
(376
)
 
260,485

ABS
24,768

 
—

 
(29
)
 
24,739

 
—

 
—

 
—

 
—

Total investment securities available for sale
$
1,732,866

 
$
21,769

 
$
(10,766
)
 
$
1,743,869

 
$
1,534,389

 
$
17,989

 
$
(40,126
)
 
$
1,512,252



(1) 
For the Company's Agency ARMs, non-Agency RMBS, and CMBS securities with stated reset periods, the weighted average reset periods are 28 months, five months, and one month, respectively.
(2) 
Includes $3.1 million in non-Agency RMBS purchased not yet settled, which are included in accrued expenses and other liabilities on the Company's condensed consolidated balance sheet.
(3) 
Included in CMBS is $52.7 million of first loss POs and certain IOs held in securitization trusts as of December 31, 2018.
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 June 30, 2019 and December 31, 2018 (dollar amounts in thousands):
Weighted Average Life
June 30, 2019
 
December 31, 2018
0 to 5 years
$
670,546

 
$
456,947

Over 5 to 10 years
733,319

 
1,043,369

10+ years
340,004

 
11,936

Total
$
1,743,869

 
$
1,512,252
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 other comprehensive income, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2019 and December 31, 2018 (dollar amounts in thousands):

June 30, 2019
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
$
—

 
$
—

 
$
617,454

 
$
(10,258
)
 
$
617,454

 
$
(10,258
)
Non-Agency RMBS
36,903

 
(309
)
 
133

 
(13
)
 
37,036

 
(322
)
CMBS
31,310

 
(157
)
 
—

 
—

 
31,310

 
(157
)
ABS
24,739

 
(29
)
 
—

 
—

 
24,739

 
(29
)
Total investment securities available for sale
$
92,952

 
$
(495
)
 
$
617,587

 
$
(10,271
)
 
$
710,539

 
$
(10,766
)

December 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
$
310,783

 
$
(8,037
)
 
$
726,028

 
$
(30,247
)
 
$
1,036,811

 
$
(38,284
)
Non-Agency RMBS
187,395

 
(1,451
)
 
158

 
(15
)
 
187,553

 
(1,466
)
CMBS
75,292

 
(376
)
 
—

 
—

 
75,292

 
(376
)
Total investment securities available for sale
$
573,470

 
$
(9,864
)
 
$
726,186

 
$
(30,262
)
 
$
1,299,656

 
$
(40,126
)