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Mortgage-Backed Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Mortgage-Backed Securities MORTGAGE-BACKED SECURITIES
 
The following tables provide details on the Company’s MBS by investment type as of the dates indicated:
December 31, 2022December 31, 2021
Par ValueAmortized CostFair ValuePar ValueAmortized CostFair Value
Agency RMBS$3,104,498 $3,150,873 $2,762,878 $2,639,747 $2,713,907 $2,686,775 
Agency CMBS131,578 132,333 124,690 174,899 177,211 184,847 
CMBS IO (1)
n/a238,841 224,985 n/a298,197 309,419 
Non-Agency other209 209 152 966 777 798 
Total$3,236,285 $3,522,256 $3,112,705 $2,815,612 $3,190,092 $3,181,839 
(1) The notional balance for Agency CMBS IO and non-Agency CMBS IO was $9,711,981 and $6,280,761, respectively, as of December 31, 2022, and $10,630,713 and $8,635,666, respectively, as of December 31, 2021.
December 31, 2022
Amortized CostGross Unrealized GainGross Unrealized LossFair Value
MBS measured at fair value through OCI:
Agency RMBS$977,624 $— $(164,949)$812,675 
Agency CMBS117,031 — (6,474)110,557 
CMBS IO193,405 507 (10,373)183,539 
Non-Agency other209 — (57)152 
Total$1,288,269 $507 $(181,853)$1,106,923 
MBS measured at fair value through net income:
Agency RMBS$2,173,249 $— $(223,046)$1,950,203 
Agency CMBS15,302 — (1,169)14,133 
CMBS IO45,436 — (3,990)41,446 
Total$2,233,987 $— $(228,205)$2,005,782 
December 31, 2021
Amortized CostGross Unrealized GainGross Unrealized LossFair Value
MBS measured at fair value through OCI:
Agency RMBS$1,232,738 $7,779 $(19,994)$1,220,523 
Agency CMBS177,211 7,636 — 184,847 
CMBS IO276,354 11,713 (426)287,641 
Non-Agency other777 63 (42)798 
Total$1,687,080 $27,191 $(20,462)$1,693,809 
MBS measured at fair value through net income:
Agency RMBS$1,481,169 $— $(14,917)$1,466,252 
CMBS IO21,843 57 (122)21,778 
Total$1,503,012 $57 $(15,039)$1,488,030 

The majority of the Company’s MBS are pledged as collateral for the Company’s repurchase agreements, which are disclosed in Note 4. 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 unrealized gains and losses on investments reported within net income on the Company’s consolidated statements of comprehensive income for the periods indicated:
Year Ended
December 31,
202220212020
Agency RMBS$(208,129)$(14,917)$— 
Agency CMBS(1,169)— — 
CMBS IO(3,924)(65)— 
Mortgage loans held for investment and other assets (1)
200 168 20 
Total unrealized (loss) gain on investments, net$(213,022)$(14,814)$20 
(1)    Includes the change in fair value of the Company’s single-family mortgage loans which were originated or purchased by the Company prior to 2000 and represented on the Company’s consolidated balance sheets as “mortgage loans held for investment“. The principal outstanding on these mortgage loans as of December 31, 2022 was $2,689 compared to $4,337 as of December 31, 2021.

The Company sold MBS with an amortized cost of $675,469, $318,577, and $4,334,221 during the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively. The following table presents information regarding realized gains and losses sales of MBS reported in the Company’s consolidated statements of comprehensive income for the periods indicated:

Year Ended
December 31,
202220212020
Realized gains on sales of MBS - AFS$— $7,516 $308,084 
Realized losses on sales of MBS - AFS(13,988)(811)— 
Realized gains on sales of MBS - FVO— — — 
Realized losses on sales of MBS - FVO(75,079)— — 
Total realized (loss) gain on sale of investments, net$(89,067)$6,705 $308,084 
The following table presents certain information for MBS designated as AFS that were in an unrealized loss position as of the dates indicated:
 December 31, 2022December 31, 2021
Fair ValueGross Unrealized Losses# of SecuritiesFair ValueGross Unrealized Losses# of Securities
Continuous unrealized loss position for less than 12 months:    
Agency MBS$346,064 $22,808 79$1,051,233 $(20,118)23
Non-Agency MBS42,162 1,787 5611,667 (247)14
Continuous unrealized loss position for 12 months or longer:
Agency MBS$697,514 $156,411 17$— $— —
Non-Agency MBS12,195 847 221,241 (97)6

The unrealized losses on the Company’s MBS designated as AFS were the result of declines in market prices and were not credit related; therefore, the Company did not have any allowance for credit losses as of December 31, 2022 or December 31, 2021. 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.