RESIDENTIAL MORTGAGE LOANS

The following table presents the fair value and the unpaid principal balances of the residential mortgage loan portfolio at June 30, 2018 and December 31, 2017:



	June 30, 2018		December 31, 2017
	(dollars in thousands)
Fair value	$	1,666,157	$	1,438,322
Unpaid principal balance	$	1,658,358	$	1,419,807

The following table provides information regarding the line items and amounts recognized in the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2018 and 2017 for these investments:



	Three Months Ended						Six Months Ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
	(dollars in thousands)
Net interest income	$	15,784		$	7,120		$	29,279		$	10,709
Net gains (losses) on disposal of investments	(3,191		)	(321		)	(4,949		)	(1,314		)
Net unrealized gains (losses) on instruments measured at fair value through earnings	(1,305		)	5,310			(11,169		)	6,125
Total included in net income (loss)	$	11,288		$	12,109		$	13,161		$	15,520

The following table provides the geographic concentrations based on the unpaid principal balances at June 30, 2018 and December 31, 2017, for the residential mortgage loans, including loans held in securitization trusts:



Geographic Concentrations of Residential Mortgage Loans
June 30, 2018			December 31, 2017
Property Location	% of Balance		Property Location	% of Balance
California	53.1	%	California	49.8	%
New York	9.3	%	Florida	9.3	%
Florida	7.2	%	New York	7.1	%
All other (none individually greater than 5%)	30.4	%	All other (none individually greater than 5%)	33.8	%


Total	100.0	%	Total	100.0	%

The following table provides additional data on the Company’s residential mortgage loans, including loans held in securitization trusts, at June 30, 2018 and December 31, 2017:



	June 30, 2018		December 31, 2017
	Portfolio Range	Portfolio Weighted Average	Portfolio Range	Portfolio Weighted Average
	(dollars in thousands)		(dollars in thousands)
Unpaid principal balance	$0 - $3,635	$539	$1 - $3,663	$514
Interest rate	2.00% - 7.50%	4.53%	1.63% - 7.50%	4.25%
Maturity	1/1/2028 - 6/1/2058	2/5/2044	1/1/2028 - 5/1/2057	2/1/2043
FICO score at loan origination	498 - 823	750	468 - 823	748
Loan-to-value ratio at loan origination	11% - 100%	67%	11% - 100%	68%

At June 30, 2018 and December 31, 2017, approximately 66% and 78%, respectively, of the carrying value of the Company’s residential mortgage loans, including loans held in securitization trusts, were adjustable-rate.