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Investment Securities Available For Sale (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities Reconciliation | Investment securities available for sale consisted of the following as of December 31, 2019 and 2018, respectively (dollar amounts in thousands):
| December 31, 2019 |  | December 31, 2018
| Amortized Cost |  | Unrealized |  | Fair Value |  | Amortized Cost |  | Unrealized |  | Fair Value
|  | Gains |  | Losses |  |  |  | Gains |  | Losses |
Agency RMBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency ARMs (1) | $ | 55,740 |  |  | $ | 13 |  |  | $ | (1,347 | ) |  | $ | 54,406 |  |  | $ | 73,949 |  |  | $ | 8 |  |  | $ | (2,563 | ) |  | $ | 71,394 |
Agency Fixed-Rate | 867,236 |  |  | 7,397 |  |  | (6,162 | ) |  | 868,471 |  |  | 1,002,057 |  |  | — |  |  | (35,721 | ) |  | 966,336 |
Total Agency RMBS (2) | 922,976 |  |  | 7,410 |  |  | (7,509 | ) |  | 922,877 |  |  | 1,076,006 |  |  | 8 |  |  | (38,284 | ) |  | 1,037,730 |
Agency CMBS (2) | 51,334 |  |  | 19 |  |  | (395 | ) |  | 50,958 |  |  | — |  |  | — |  |  | — |  |  | — |
Total Agency | 974,310 |  |  | 7,429 |  |  | (7,904 | ) |  | 973,835 |  |  | 1,076,006 |  |  | 8 |  |  | (38,284 | ) |  | 1,037,730 |
Non-Agency RMBS (2) | 701,583 |  |  | 14,992 |  |  | (1,261 | ) |  | 715,314 |  |  | 215,337 |  |  | 166 |  |  | (1,466 | ) |  | 214,037 |
CMBS (2)(3) | 254,620 |  |  | 13,300 |  |  | (143 | ) |  | 267,777 |  |  | 243,046 |  |  | 17,815 |  |  | (376 | ) |  | 260,485 |
ABS (2) | 49,902 |  |  | — |  |  | (688 | ) |  | 49,214 |  |  | — |  |  | — |  |  | — |  |  | — |
Total investment securities available for sale | $ | 1,980,415 |  |  | $ | 35,721 |  |  | $ | (9,996 | ) |  | $ | 2,006,140 |  |  | $ | 1,534,389 |  |  | $ | 17,989 |  |  | $ | (40,126 | ) |  | $ | 1,512,252 |
(1) | For the Company’s Agency ARMs with stated reset periods, the weighted average reset period is 26 months and 31 months as of December 31, 2019 and 2018, respectively.
(2) | As of December 31, 2019, certain of the Company’s investment securities available for sale are presented at fair value with unrealized gains and losses recognized in unrealized gains (losses), net on the Company’s consolidated statements of operations as a result of a fair value election pursuant to ASC 825. This includes Agency RMBS with a fair value of $21.0 million and net unrealized losses of $0.1 million, Agency CMBS with a fair value of $30.7 million and net unrealized losses of $0.4 million, non-Agency RMBS with a fair value of $123.8 million and net unrealized gains of $1.2 million, CMBS with a fair value of $20.6 million and net unrealized gains of $0.5 million, and ABS with a fair value of $49.2 million and net unrealized losses of $0.7 million.
(3) Included in CMBS is $52.7 million of first loss POs and certain IOs held in re-securitization trusts as of December 31, 2018.
Weighted Average Lives of Available-for-sale Securities | The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2019 and 2018, respectively (dollar amounts in thousands):
Weighted Average Life | December 31, 2019 |  | December 31, 2018
0 to 5 years | $ | 1,359,894 |  |  | $ | 456,947 |
Over 5 to 10 years | 521,517 |  |  | 1,043,369 |
10+ years | 124,729 |  |  | 11,936 |
Total | $ | 2,006,140 |  |  | $ | 1,512,252 |
Investment Securities Available-for-sale in an 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 December 31, 2019 and 2018, respectively (dollar amounts in thousands):
December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 222,286 |  |  | $ | (7,454 | ) |  | $ | 222,286 |  |  | $ | (7,454 | )
Non-Agency RMBS | — |  |  | — |  |  | 104 |  |  | (13 | ) |  | 104 |  |  | (13 | )
CMBS | 25,507 |  |  | (124 | ) |  | — |  |  | — |  |  | 25,507 |  |  | (124 | )
Total | $ | 25,507 |  |  | $ | (124 | ) |  | $ | 222,390 |  |  | $ | (7,467 | ) |  | $ | 247,897 |  |  | $ | (7,591 | )
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 | $ | 573,470 |  |  | $ | (9,864 | ) |  | $ | 726,186 |  |  | $ | (30,262 | ) |  | $ | 1,299,656 |  |  | $ | (40,126 | )

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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