XML 39 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Multi-family Loans, at Fair Value (Tables)
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Schedule of Preferred Equity and Mezzanine Loan Investments Preferred 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, 2021December 31, 2020
Investment amount$118,517 $163,392 
Deferred loan fees, net(763)(1,169)
Unrealized gains, net2,058 1,370 
   Total, at Fair Value$119,812 $163,593 
Preferred Equity and Mezzanine Loans, Fair Value Compared to Unpaid Principal
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, 2021December 31, 2020
Days LateFair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
90 +$3,829 $3,363 $3,325 $3,363 
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of September 30, 2021 and December 31, 2020, respectively, are as follows:

September 30, 2021December 31, 2020
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trusts
California22.3 %10.8 %23.0 %23.6 %10.9 %19.8 %
Florida10.9 %10.6 %10.0 %13.1 %10.5 %8.1 %
New York8.2 %9.5 %9.1 %9.2 %9.3 %8.9 %
New Jersey6.4 %7.2 %6.1 %5.6 %7.1 %5.6 %
Texas6.5 %3.9 %4.3 %5.6 %4.0 %4.3 %
Illinois3.1 %6.9 %2.2 %2.5 %6.8 %2.7 %
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, 2021December 31, 2020
Texas17.7 %11.4 %
Tennessee17.2 %14.3 %
Florida12.1 %8.5 %
South Carolina10.3 %7.2 %
Georgia7.3 %10.1 %
Ohio7.2 %5.2 %
North Carolina6.9 %4.9 %