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Mortgage-Backed Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Mortgage-Backed Securities MORTGAGE-BACKED SECURITIES
 
The following tables present the Company’s MBS by investment type as of the dates indicated:
December 31, 2021
Agency RMBSAgency CMBS
CMBS IO (1)
Non-Agency OtherTotal
MBS designated as AFS:
Par value$1,193,951 $174,899 $— $966 $1,369,816 
Unamortized premium (discount)38,787 2,312 276,354 (189)317,264 
Amortized cost1,232,738 177,211 276,354 777 1,687,080 
Gross unrealized gain7,779 7,636 11,713 63 27,191 
Gross unrealized loss(19,994)— (426)(42)(20,462)
Fair value1,220,523 184,847 287,641 798 1,693,809 
MBS measured at fair value through net income:
Par value$1,445,796 $— $— $— $1,445,796 
Unamortized premium35,373 — 21,843 — 57,216 
Amortized cost1,481,169 — 21,843 — 1,503,012 
Gross unrealized gain— — 57 — 57 
Gross unrealized loss(14,917)— (122)— (15,039)
Fair value1,466,252 — 21,778 — 1,488,030 
Total as of December 31, 2021
$2,686,775 $184,847 $309,419 $798 $3,181,839 
(1) The notional balance for Agency CMBS IO measured at fair value through net income was $441,217 as of December 31, 2021. The notional balance of Agency CMBS IO and non-Agency CMBS IO designated as AFS was $10,189,497 and $8,635,666 respectively, as of December 31, 2021.
December 31, 2020
Agency RMBSAgency CMBS
CMBS IO (1)
Non-Agency OtherTotal
MBS designated as AFS:
Par value$1,839,046 $235,801 $— $1,499 $2,076,346 
Unamortized premium (discount)57,997 3,152 378,939 (440)439,648 
Amortized cost1,897,043 238,953 378,939 1,059 2,515,994 
Gross unrealized gain49,348 19,597 12,081 267 81,293 
Gross unrealized loss— — (981)(51)(1,032)
Fair value1,946,391 258,550 390,039 1,275 2,596,255 
MBS measured at fair value through net income:
Par value$— $— $— $— $— 
Unamortized premium— — — — — 
Amortized cost— — — — — 
Gross unrealized gain— — — — — 
Gross unrealized loss— — — — — 
Fair value— — — — — 
Total as of December 31, 2020$1,946,391 $258,550 $390,039 $1,275 $2,596,255 
(1) The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $11,277,908 and $9,319,520, respectively, as of December 31, 2020.

The majority of the Company’s MBS are pledged as collateral for the Company’s repurchase agreements, which are disclosed in Note 5. Actual maturities of MBS are affected by the contractual lives of the underlying mortgage collateral, periodic payments of principal, prepayments of principal, and the payment priority structure of the security; therefore, actual maturities are generally shorter than the securities' stated contractual maturities.

The following table presents information regarding the "realized gain on sale of investments, net" on the Company’s consolidated statements of comprehensive income for the periods indicated:
Year Ended
December 31,
202120202019
Proceeds ReceivedRealized GainProceeds ReceivedRealized GainProceeds ReceivedRealized Gain
Agency RMBS-designated as AFS$287,409 $3,938 $2,395,032 $82,689 $796,699 $506 
Agency CMBS-designated as AFS37,873 2,767 2,247,273 225,395 213,199 (6,493)
Agency CMBS IO -designated as AFS— — — — 23,168 232 
$325,282 $6,705 $4,642,305 $308,084 $1,033,066 $(5,755)
The following table presents certain information for the AFS securities in an unrealized loss position as of the dates indicated:
 December 31, 2021December 31, 2020
Fair ValueGross Unrealized Losses# of SecuritiesFair ValueGross Unrealized Losses# of Securities
Continuous unrealized loss position for less than 12 months:    
Agency MBS$1,051,233 $(20,118)23$19,266 $(399)19
Non-Agency MBS11,667 (247)1433,417 (408)23
Continuous unrealized loss position for 12 months or longer:
Agency MBS$— $— —$749 $(133)2
Non-Agency MBS1,241 (97)62,156 (93)5

The unrealized losses on the Company’s MBS were the result of declines in market prices and were not credit related; therefore, the Company’s allowance for credit losses on its MBS designated as AFS was $0 as of December 31, 2021 and December 31, 2020. The principal related to Agency MBS is guaranteed by the GSEs Fannie Mae and Freddie Mac. Although the unrealized losses are not credit related, the Company assesses its ability and intent to hold any MBS with an unrealized loss until the recovery in its value. This assessment is based on the amount of the unrealized loss and significance of the related investment as well as the Company’s leverage and liquidity position. In addition, for its non-Agency MBS, the Company reviews the credit ratings, the credit characteristics of the mortgage loans collateralizing these securities, and the estimated future cash flows including projected collateral losses.