RESIDENTIAL MORTGAGE LOANS

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



	March 31, 2018		December 31, 2017
	(dollars in thousands)
Fair value	$	1,535,685	$	1,438,322
Unpaid principal balance	$	1,527,171	$	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 months ended March 31, 2018 and 2017 for these investments:



	Three Months Ended
	March 31, 2018			March 31, 2017
	(dollars in thousands)
Net interest income	$	13,495		$	3,589
Net gains (losses) on disposal of investments	(1,758		)	(993		)
Net unrealized gains (losses) on investments measured at fair value through earnings	(9,864		)	815
Total included in net income (loss)	$	1,873		$	3,411

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



Geographic Concentrations of Residential Mortgage Loans
March 31, 2018			December 31, 2017
Property Location	% of Balance		Property Location	% of Balance
California	52.8	%	California	49.8	%
Florida	8.3	%	Florida	9.3	%
New York	6.9	%	New York	7.1	%
All other (none individually greater than 5%)	32.0	%	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 March 31, 2018 and December 31, 2017:



	March 31, 2018		December 31, 2017
	Portfolio Range	Portfolio Weighted Average	Portfolio Range	Portfolio Weighted Average
	(dollars in thousands)		(dollars in thousands)
Unpaid principal balance	$1 - $3,649	$531	$1 - $3,663	$514
Interest rate	1.88% - 7.50%	4.37%	1.63% - 7.50%	4.25%
Maturity	1/1/2028 - 1/1/2058	10/2/2043	1/1/2028 - 5/1/2057	2/1/2043
FICO score at loan origination	498 - 823	749	468 - 823	748
Loan-to-value ratio at loan origination	11% - 100%	67%	11% - 100%	68%

At March 31, 2018 and December 31, 2017, approximately 73% and 78%, respectively, of the carrying value of the Company’s residential mortgage loans, including loans held in securitization trusts, were adjustable-rate.