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Commercial Mortgage Loans
 3 Months Ended
Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Commercial Mortgage Loans Residential Mortgage Loans
Residential mortgage loans are mortgage loans on residences located in various states with a concentration in California and Florida. Residential mortgage loans are measured at fair value. The following table sets forth the cost, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s residential mortgage loan portfolio as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
($ in thousands)
Cost$620,677 $886,661 
Unpaid principal balance$604,535 $864,171 
Net premium on mortgage loans purchased16,142 22,489 
Change in fair value(76,241)(115,678)
Fair value$544,436 $770,982 
Weighted average interest rate4.63 %4.80 %
Weighted average remaining maturity (years)3030

At times, various forms of margin maintenance may be required by certain financing facility counterparties. See Note 6 — Notes Payable.

The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property 90 or more days past due and also those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of March 31, 2023 and December 31, 2022:

As of:March 31, 2023December 31, 2022
($ in thousands)
Number of mortgage loans 90 or more days past due6 11 
Recorded investment in mortgage loans 90 or more days past due$4,136 $7,230 
Unpaid principal balance of loans 90 or more days past due$4,005 $7,043 
Number of mortgage loans in foreclosure3 2 
Recorded investment in mortgage loans in foreclosure$1,512 $820 
Unpaid principal balance of loans in foreclosure$1,463 $849 
Commercial Mortgage Loans
Commercial mortgage loans are mortgage loans on commercial properties located in various states with concentrations in Georgia, California, and Tennessee. Commercial mortgage loans are measured at fair value. The following table sets forth the cost, fair value, weighted average interest rate, and weighted average remaining maturity of the Company’s commercial mortgage loan portfolio as of March 31, 2023 and December 31, 2022:

March 31, 2023December 31, 2022
($ in thousands)
Cost$9,918 $9,928 
Unpaid principal balance$9,918 $9,928 
Change in fair value(458)(470)
Fair value$9,460 $9,458 
Weighted average interest rate6.35 %7.03 %
Weighted average remaining maturity (years)78
The net discount on commercial mortgage loans was fully amortized as of December 31, 2022. There were no commercial mortgage loans more than 90 days overdue as of March 31, 2023 or December 31, 2022.