6. RESIDENTIAL MORTGAGE LOANS

The table below presents the fair value and the unpaid principal balance of the residential mortgage loan portfolio at September 30, 2017 and December 31, 2016:

	September 30, 2017		December 31, 2016
	(dollars in thousands)
Fair value	$	895,919	$	342,289
Unpaid principal balance	$	878,574	$	338,323

The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 for these investments:

	Three Months Ended						Nine Months Ended
	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016
	(dollars in thousands)
Net gains (losses) on disposal of investments	$	(2,093	)	$	(383	)	$	(3,407	)	$	(383	)
Net unrealized gains (losses) on investments measured at fair value through earnings	(725		)	(493		)	5,400			(493		)
Net interest income	8,226			1,203			18,935			1,203
Total included in net income (loss)	$	5,408		$	327		$	20,928		$	327

The change in the fair value of the residential mortgage loans can be primarily attributed to changes in interest rates.

The following table provides the geographic concentrations based on the unpaid principal balances at September 30, 2017 and December 31, 2016, for the residential mortgage loans, including loans held in a securitization trust:

Geographic Concentrations of Residential Mortgage Loans
September 30, 2017			December 31, 2016
Property Location	% of Balance		Property Location	% of Balance
California	52.8	%	California	46.3	%
Florida	10.3	%	Texas	9.6	%
New York	8.1	%	Illinois	5.7	%
All other (none individually greater than 5%)	28.8	%	Florida	5.2	%
			Washington	5.1	%
			All other (none individually greater than 5%)	28.1	%
Total	100.0	%	Total	100.0	%

The following table provides additional data on the Company’s residential mortgage loans, including loans held in a securitization trust, at September 30, 2017 and December 31, 2016:

	September 30, 2017		December 31, 2016
	Portfolio Range	Portfolio Weighted Average	Portfolio Range	Portfolio Weighted Average
	(dollars in thousands)		(dollars in thousands)
Unpaid principal balance	$2 - $3,677	$616	$22 - $1,905	$691
Interest rate	2.38% - 7.25%	4.37%	2.50% - 6.75%	3.72%
Maturity	8/1/2029 - 9/1/2047	10/9/2045	4/8/2044 - 11/1/2046	8/20/2045
FICO score at loan origination	620 - 828	754	665 - 814	761
Loan-to-value ratio at loan origination	14% - 105%	67%	24% - 90%	71%

At September 30, 2017 and December 31, 2016, approximately 78% and 85%, respectively, of the carrying value of the Company’s residential mortgage loans, including loans held in a securitization trust, were adjustable-rate.