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Investment Securities Available For Sale (Tables)
 12 Months Ended
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
)