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Investment Securities Available For Sale, at Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities Reconciliation | The Company's investment securities available for sale consisted of the following as of December 31, 2020 and 2019, respectively (dollar amounts in thousands):
| December 31, 2020 |  | December 31, 2019
| Amortized Cost |  | Unrealized |  | Fair Value |  | Amortized Cost |  | Unrealized |  | Fair Value
|  | Gains |  | Losses |  |  |  | Gains |  | Losses |
Fair Value Option |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency Fixed-Rate | $ | 138,541 |  |  | $ | 854 |  |  | $ | — |  |  | $ | 139,395 |  |  | $ | 21,033 |  |  | $ | — |  |  | $ | (55) |  |  | $ | 20,978 |
Total Agency RMBS | 138,541 |  |  | 854 |  |  | — |  |  | 139,395 |  |  | 21,033 |  |  | — |  |  | (55) |  |  | 20,978 |
Agency CMBS | — |  |  | — |  |  | — |  |  | — |  |  | 31,076 |  |  | — |  |  | (395) |  |  | 30,681 |
Total Agency | 138,541 |  |  | 854 |  |  | — |  |  | 139,395 |  |  | 52,109 |  |  | — |  |  | (450) |  |  | 51,659 |
Non-Agency RMBS (1) | 100,465 |  |  | 170 |  |  | (10,786) |  |  | 89,849 |  |  | 122,628 |  |  | 2,435 |  |  | (1,248) |  |  | 123,815 |
CMBS (2) | 139,019 |  |  | 5,685 |  |  | (3,731) |  |  | 140,973 |  |  | 20,096 |  |  | 563 |  |  | (19) |  |  | 20,640 |
ABS | 34,139 |  |  | 9,086 |  |  | — |  |  | 43,225 |  |  | 49,902 |  |  | — |  |  | (688) |  |  | 49,214 |
Total investment securities available for sale - fair value option | 412,164 |  |  | 15,795 |  |  | (14,517) |  |  | 413,442 |  |  | 244,735 |  |  | 2,998 |  |  | (2,405) |  |  | 245,328 |
CECL Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency RMBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency ARMs (3) | — |  |  | — |  |  | — |  |  | — |  |  | 55,740 |  |  | 13 |  |  | (1,347) |  |  | 54,406 |
Agency Fixed-Rate | — |  |  | — |  |  | — |  |  | — |  |  | 846,203 |  |  | 7,397 |  |  | (6,107) |  |  | 847,493 |
Total Agency RMBS | — |  |  | — |  |  | — |  |  | — |  |  | 901,943 |  |  | 7,410 |  |  | (7,454) |  |  | 901,899 |
Agency CMBS | — |  |  | — |  |  | — |  |  | — |  |  | 20,258 |  |  | 19 |  |  | — |  |  | 20,277 |
Total Agency | — |  |  | — |  |  | — |  |  | — |  |  | 922,201 |  |  | 7,429 |  |  | (7,454) |  |  | 922,176 |
Non-Agency RMBS (4) | 266,855 |  |  | 4,336 |  |  | (5,374) |  |  | 265,817 |  |  | 578,955 |  |  | 12,557 |  |  | (13) |  |  | 591,499 |
CMBS | 43,435 |  |  | 2,032 |  |  | — |  |  | 45,467 |  |  | 234,524 |  |  | 12,737 |  |  | (124) |  |  | 247,137 |
Total investment securities available for sale - CECL Securities | 310,290 |  |  | 6,368 |  |  | (5,374) |  |  | 311,284 |  |  | 1,735,680 |  |  | 32,723 |  |  | (7,591) |  |  | 1,760,812 |
Total | $ | 722,454 |  |  | $ | 22,163 |  |  | $ | (19,891) |  |  | $ | 724,726 |  |  | $ | 1,980,415 |  |  | $ | 35,721 |  |  | $ | (9,996) |  |  | $ | 2,006,140 |
(1)Includes non-Agency RMBS held in a securitization trust with a total fair value of $37.6 million as of December 31, 2020 (see Note 7). (2)Includes IOs and mezzanine securities transferred from the Consolidated K-Series as a result of de-consolidation during the year ended December 31, 2020, with a total fair value of $97.6 million as of December 31, 2020. (3)For the Company's Agency ARMs with stated reset period, the weighted average reset period was 26 months as of December 31, 2019. (4)Includes non-Agency RMBS held in a securitization trust with a total fair value of $71.5 million as of December 31, 2020 (see Note 7).
Schedule of Investments Securities Sold | The following tables summarize our investment securities sold during the years ended December 31, 2020, 2019, and 2018, respectively (dollar amounts in thousands):
| Year Ended December 31, 2020
| Sales Proceeds |  | Realized Gains |  | Realized Losses |  | Net Realized Gains (Losses)
Agency RMBS: |  |  |  |  |  |  |
Agency ARMs | $ | 49,892 |  |  | $ | 44 |  |  | $ | (4,157) |  |  | $ | (4,113) |
Agency Fixed-Rate (1) | 943,074 |  |  | 5,358 |  | ` | (11,697) |  |  | (6,339) |
Total Agency RMBS | 992,966 |  |  | 5,402 |  |  | (15,854) |  |  | (10,452) |
Agency CMBS (2) | 145,411 |  |  | 5,666 |  |  | (209) |  |  | 5,457 |
Total Agency | 1,138,377 |  |  | 11,068 |  |  | (16,063) |  |  | (4,995) |
Non-Agency RMBS (3) | 433,076 |  |  | 435 |  |  | (34,856) |  |  | (34,421) |
CMBS | 248,741 |  |  | 8,176 |  |  | (30,289) |  |  | (22,113) |
Total | $ | 1,820,194 |  |  | $ | 19,679 |  |  | $ | (81,208) |  |  | $ | (61,529) |
(1)Includes Agency RMBS securities issued by Consolidated SLST (see Note 3). (2)Includes Agency CMBS securities transferred from the Consolidated K-Series (see Note 4). (3)Includes the sale of non-Agency RMBS held in a securitization trust for total proceeds of $67.6 million and a net realized gain of $0.2 million.
| Year Ended December 31, 2019
| Sales Proceeds |  | Realized Gains |  | Realized Losses |  | Net Realized Gains (Losses)
Non-Agency RMBS | $ | 1,021 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 33 |
CMBS | 96,930 |  |  | 21,938 |  |  | (156) |  |  | 21,782 |
Total | $ | 97,951 |  |  | $ | 21,971 |  |  | $ | (156) |  |  | $ | 21,815 |
| Year Ended December 31, 2018
| Sales Proceeds |  | Realized Gains |  | Realized Losses |  | Net Realized Gains (Losses)
Agency IOs | $ | 26,899 |  |  | $ | 88 |  |  | $ | (12,358) |  |  | $ | (12,270) |
Total | $ | 26,899 |  |  | $ | 88 |  |  | $ | (12,358) |  |  | $ | (12,270) |
Debt Securities, Available-For-Sale, Weighted Average Lives | The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2020 and 2019, respectively (dollar amounts in thousands):
Weighted Average Life | December 31, 2020 |  | December 31, 2019
0 to 5 years | $ | 332,934 |  |  | $ | 1,359,894 |
Over 5 to 10 years | 320,361 |  |  | 521,517 |
10+ years | 71,431 |  |  | 124,729 |
Total | $ | 724,726 |  |  | $ | 2,006,140 |
Investment Securities Available-for-sale in an Unrealized Loss Position | The following tables present the Company’s CECL securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2020 (dollar amounts in thousands):
December 31, 2020 | Less than 12 Months |  | Greater than 12 months |  | Total
| Carrying Value |  | Gross Unrealized Losses |  | Carrying Value |  | Gross Unrealized Losses |  | Carrying Value |  | Gross Unrealized Losses
Non-Agency RMBS | $ | 159,841 |  |  | $ | (4,526) |  |  | $ | 8,234 |  |  | $ | (848) |  |  | $ | 168,075 |  |  | $ | (5,374) |
Total | $ | 159,841 |  |  | $ | (4,526) |  |  | $ | 8,234 |  |  | $ | (848) |  |  | $ | 168,075 |  |  | $ | (5,374) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents 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 were in a continuous unrealized loss position as of December 31, 2019 (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) |

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