XML 30 R13.htm IDEA: XBRL DOCUMENT v3.22.0.1
Multi-family Loans, at Fair Value
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [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 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 consolidated statements of operations. Multi-family loans consist of the following as of December 31, 2021 and 2020, respectively (dollar amounts in thousands):
December 31, 2021December 31, 2020
Investment amount$118,307 $163,392 
Deferred loan fees, net(672)(1,169)
Unrealized gains, net2,386 1,370 
   Total, at Fair Value$120,021 $163,593 

For the years ended December 31, 2021 and 2020, the Company recognized $1.0 million in net unrealized gains and $1.5 million in net unrealized losses on preferred equity and mezzanine loan investments included in multi-family loans, respectively. On January 1, 2020, the Company elected to account for its preferred equity and mezzanine loans investments using the fair value option (see Note 2). Accordingly, the Company recognized no net unrealized gains on preferred equity and mezzanine loans included in multi-family loans for the year ended December 31, 2019.
For the years ended December 31, 2021, 2020, and 2019, the Company recognized $2.5 million, $1.1 million, and $3.8 million in premiums resulting from early redemption of preferred equity and mezzanine loans included in multi-family loans, respectively, which are included in other income on the accompanying consolidated statements of operations.
The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loans in non-accrual status as of December 31, 2021 and 2020, respectively (dollar amounts in thousands):

December 31, 2021December 31, 2020
Days LateFair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
90 +$3,972 $3,363 $3,325 $3,363 
    
The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of December 31, 2021 and 2020, respectively, are as follows:
December 31, 2021December 31, 2020
Texas28.3 %11.4 %
Florida12.2 %8.5 %
Tennessee11.0 %14.3 %
Georgia7.4 %10.1 %
Ohio7.2 %5.2 %
North Carolina7.0 %4.9 %
Louisiana5.8 %— 
Alabama5.0 %9.7 %