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Multi-family Loans, at Fair Value | 9 Months Ended
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Sep. 30, 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
| September 30, 2021 |  | December 31, 2020
Investment amount | $ | 118,517 |  |  | $ | 163,392 |
Deferred loan fees, net | (763) |  |  | (1,169) |
Unrealized gains, net | 2,058 |  |  | 1,370 |
Total, at Fair Value | $ | 119,812 |  |  | $ | 163,593 |
For the three and nine months ended September 30, 2021, the Company recognized $0.4 million and $0.7 million in net unrealized gains on preferred equity and mezzanine loan investments, respectively. For the three and nine months ended September 30, 2020, the Company recognized $0.9 million and $6.6 million in net unrealized losses on preferred equity and mezzanine loan investments, respectively. For the three and nine months ended September 30, 2021, the Company recognized $0.1 million and $2.1 million in preferred equity and mezzanine loan premiums resulting from early redemption, respectively. For the three and nine months ended September 30, 2020, the Company recognized $0.4 million and $0.5 million in preferred equity and mezzanine loan premiums resulting from early redemption, 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 September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
|  |  | September 30, 2021 |  | December 31, 2020
Days Late |  |  | Fair Value |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance
90 + |  |  | $ | 3,829 |  |  | $ | 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 September 30, 2021 and December 31, 2020, respectively, are as follows:
| September 30, 2021 |  | December 31, 2020
Texas | 17.7 | % |  | 11.4 | %
Tennessee | 17.2 | % |  | 14.3 | %
Florida | 12.1 | % |  | 8.5 | %
South Carolina | 10.3 | % |  | 7.2 | %
Georgia | 7.3 | % |  | 10.1 | %
Ohio | 7.2 | % |  | 5.2 | %
North Carolina | 6.9 | % |  | 4.9 | %

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