6. RESIDENTIAL MORTGAGE LOANS

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

	June 30, 2017		December 31, 2016
	(dollars in thousands)
Fair value	$	779,685	$	342,289
Unpaid principal balance	$	763,850	$	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 six months ended June 30, 2017 for these investments:

	For the Three Months Ended			For the Six Months Ended
	June 30, 2017			June 30, 2017
	(dollars in thousands)
Net gains (losses) on disposal of investments	$	(321	)	$	(1,314	)
Net unrealized gains (losses) on investments measured at fair value through earnings		5,310			6,125
Net interest income		7,120			10,709
Total included in net income (loss)	$	12,109		$	15,520

The change in the fair value of the residential mortgage loans can be attributed to changes in interest rates. None of the change in the fair value of the residential mortgage loans was attributable to changes in credit risk based on current delinquencies.

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

Geographic Concentrations of Residential Mortgage Loans
June 30, 2017				December 31, 2016
Property Location	% of Balance			Property Location	% of Balance
California		57.9	%	California		46.3	%
New York		7.2	%	Texas		9.6	%
Texas		5.0	%	Illinois		5.7	%
All other (none individually greater than 5%)		29.9	%	Florida		5.2	%
				Washington		5.1	%
				All other (none individually greater than 5%)		28.1	%
Total		100.0	%	Total		100.0	%

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

	June 30, 2017				December 31, 2016
	Portfolio Range		Portfolio Weighted Average		Portfolio Range		Portfolio Weighted Average
	(dollars in thousands)				(dollars in thousands)
Unpaid principal balance		$20 - $3,686		$709		$22 - $1,905		$691
Interest rate		2.50% - 6.88%		4.35%		2.50% - 6.75%		3.72%
Maturity	8/1/2029 - 6/1/2047		10/20/2045		4/8/2044 - 11/1/2046		8/20/2045
FICO score at loan origination		620 - 823		753		665 - 814		761
Loan-to-value ratio at loan origination		20% - 90%		68%		24% - 90%		71%

As of June 30, 2017 and December 31, 2016, approximately 80% and 85%, respectively, of the carrying value of the Company’s residential mortgage loans, including loans held in a securitization trust, were adjustable-rate.