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Commercial Mortgage Loans
 6 Months Ended
Jun. 30, 2022
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 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 June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
($ in thousands)
Cost$1,374,605 $1,063,146 
Unpaid principal balance$1,333,995 $1,022,461 
Net premium on mortgage loans purchased40,610 40,685 
Change in fair value(95,264)(1,234)
Fair value$1,279,341 $1,061,912 
Weighted average interest rate4.68 %4.49 %
Weighted average remaining maturity (years)3130
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 June 30, 2022 and December 31, 2021:

As of:June 30, 2022December 31, 2021
($ in thousands)
Number of mortgage loans 90 or more days past due4 8 
Recorded investment in mortgage loans 90 or more days past due$1,530 $3,241 
Unpaid principal balance of loans 90 or more days past due$1,683 $3,100 
Number of mortgage loans in foreclosure8 7 
Recorded investment in mortgage loans in foreclosure$3,291 $2,125 
Unpaid principal balance of loans in foreclosure$3,232 $2,113 
Commercial Mortgage Loans
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 June 30, 2022 and December 31, 2021:

June 30, 2022December 31, 2021
($ in thousands)
Cost$21,172 $18,641 
Unpaid principal balance$21,187 $18,698 
Net discount on commercial mortgage loans purchased(15)(51)
Change in fair value(976)17 
Fair value$20,196 $18,664 
Weighted average interest rate6.12 %6.25 %
Weighted average remaining maturity (years)88
There were no commercial mortgage loans more than 90 days overdue as of June 30, 2022, and there was one commercial mortgage loan more than 90 days overdue as of December 31, 2021 which loan was also in foreclosure. Subsequent to December 31, 2021, the commercial mortgage loan that had been more than 90 days overdue and in foreclosure as of December 31, 2021 was sold to a third party.