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Preferred Equity and Mezzanine Loan Investments
 3 Months Ended
Mar. 31, 2020
Investments, All Other Investments [Abstract]  
Preferred Equity and Mezzanine Loan Investments
Preferred Equity and Mezzanine Loan Investments

As of January 1, 2020, the Company has elected to account for its preferred equity and mezzanine loan investments using the fair value option (see Note 2). Accordingly, balances presented below as of March 31, 2020 are stated at fair value and changes in fair value are presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations. Preferred equity and mezzanine loan investments consist of the following as of March 31, 2020 and December 31, 2019, respectively (dollar amounts in thousands):
 
March 31, 2020
 
December 31, 2019 (1)
Investment amount
$
183,808

 
$
181,409

Deferred loan fees, net
(1,300
)
 
(1,364
)
Unrealized losses, net
(3,216
)
 
—

Total
$
179,292

 
$
180,045



(1) 
As of December 31, 2019, preferred equity and mezzanine loan investments were reported at amortized cost.

For the three months ended March 31, 2020, the Company recognized $5.6 million in net unrealized losses on preferred equity and mezzanine loan investments.
There were no delinquent preferred equity or mezzanine loan investments as of March 31, 2020 and December 31, 2019.
The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of March 31, 2020 and December 31, 2019, respectively, are as follows:
 
March 31, 2020
 
December 31, 2019
Tennessee
12.3
%
 
12.3
%
Florida
12.0
%
 
12.0
%
Georgia
11.8
%
 
11.8
%
Texas
10.3
%
 
10.6
%
Alabama
10.0
%
 
10.0
%
South Carolina
6.3
%
 
6.3
%
New Jersey
5.0
%
 
5.0
%