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Multi-family Loans, at Fair Value | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Multi-family Loans, at Fair Value | Multi-family Loans, at Fair Value The Company's multi-family loans consisting of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets are presented at fair value on the Company's condensed consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. P referred equity and mezzanine loan investments consist of the following as of March 31, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
| March 31, 2021 |  | December 31, 2020
Investment amount | $ | 151,427 |  |  | $ | 163,392 |
Deferred loan fees, net | (1,067) |  |  | (1,169) |
Unrealized gains, net | 1,476 |  |  | 1,370 |
Total | $ | 151,836 |  |  | $ | 163,593 |
For the three months ended March 31, 2021 and 2020, the Company recognized $0.1 million in net unrealized gains and $5.6 million in net unrealized losses on preferred equity and mezzanine loan investments, respectively. The table below presents the fair value and aggregate unpaid principal balance of the Company's preferred equity and mezzanine loan investments in non-accrual status as of March 31, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
|  |  | March 31, 2021 |  | December 31, 2020
Days Late |  |  | Fair Value |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance
90 + |  |  | $ | 3,481 |  |  | $ | 3,363 |  |  | $ | 3,325 |  |  | $ | 3,363 |
The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of March 31, 2021 and December 31, 2020, respectively, are as follows:
| March 31, 2021 |  | December 31, 2020
Tennessee | 15.6 | % |  | 14.3 | %
Texas | 12.5 | % |  | 11.4 | %
Georgia | 11.1 | % |  | 10.1 | %
Alabama | 10.6 | % |  | 9.7 | %
Florida | 9.3 | % |  | 8.5 | %
South Carolina | 7.8 | % |  | 7.2 | %
Missouri | 6.2 | % |  | 5.7 | %
Ohio | 5.6 | % |  | 5.2 | %
North Carolina | 5.3 | % |  | 4.9 | %

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