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Investment Securities Available for Sale (Tables)
 9 Months Ended
Sep. 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 September 30, 2019 and December 31, 2018 (dollar amounts in thousands):
 
September 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
$
23,841

 
$
—

 
$
(675
)
 
$
23,166

 
$
26,338

 
$
—

 
$
(1,052
)
 
$
25,286

Fannie Mae
33,323

 
17

 
(705
)
 
32,635

 
43,984

 
8

 
(1,384
)
 
42,608

Ginnie Mae
2,971

 
—

 
(101
)
 
2,870

 
3,627

 
—

 
(127
)
 
3,500

Total Agency ARMs (1)
60,135

 
17

 
(1,481
)
 
58,671

 
73,949

 
8

 
(2,563
)
 
71,394

Agency Fixed- Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Freddie Mac
79,266

 
997

 
(433
)
 
79,830

 
87,018

 
—

 
(2,526
)
 
84,492

Fannie Mae
819,540

 
3,860

 
(6,063
)
 
817,337

 
915,039

 
—

 
(33,195
)
 
881,844

Total Agency Fixed-Rate
898,806

 
4,857

 
(6,496
)
 
897,167

 
1,002,057

 
—

 
(35,721
)
 
966,336

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Agency RMBS
958,941

 
4,874

 
(7,977
)
 
955,838

 
1,076,006

 
8

 
(38,284
)
 
1,037,730

Non-Agency RMBS (1)(2)(3)
610,624

 
11,800

 
(896
)
 
621,528

 
215,337

 
166

 
(1,466
)
 
214,037

CMBS (1) (2)
264,721

 
13,831

 
(154
)
 
278,398

 
243,046

 
17,815

 
(376
)
 
260,485

ABS (3)
48,557

 
—

 
(303
)
 
48,254

 
—

 
—

 
—

 
—

Total investment securities available for sale
$
1,882,843

 
$
30,505

 
$
(9,330
)
 
$
1,904,018

 
$
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 27 months, 45 months, and one month, respectively.
(2) 
Included in CMBS is $52.7 million of first loss POs and certain IOs held in securitization trusts as of December 31, 2018.
(3) 
For the Company's non-Agency RMBS IOs and ABS, unrealized gains and losses are recognized in unrealized gains (losses), net on the Company's condensed consolidated statements of operations.
Schedule of 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 September 30, 2019 and December 31, 2018 (dollar amounts in thousands):
Weighted Average Life
September 30, 2019
 
December 31, 2018
0 to 5 years
$
840,518

 
$
456,947

Over 5 to 10 years
688,443

 
1,043,369

10+ years
375,057

 
11,936

Total
$
1,904,018

 
$
1,512,252
Schedule of Investment Securities Available for Sale in Unrealized Loss Position
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
)

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 September 30, 2019 and December 31, 2018 (dollar amounts in thousands):

September 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
$
—

 
$
—

 
$
291,801

 
$
(7,977
)
 
$
291,801

 
$
(7,977
)
Non-Agency RMBS
15,430

 
(178
)
 
118

 
(14
)
 
15,548

 
(192
)
CMBS
31,311

 
(154
)
 
—

 
—

 
31,311

 
(154
)
Total investment securities available for sale
$
46,741

 
$
(332
)
 
$
291,919

 
$
(7,991
)
 
$
338,660

 
$
(8,323
)