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Multi-family Loans, at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Schedule of Preferred Equity and Mezzanine Loan Investments
March 31, 2022December 31, 2021
Investment amount$108,852 $118,307 
Deferred loan fees, net(575)(672)
Unrealized gains, net1,931 2,386 
   Total, at Fair Value$110,208 $120,021 
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 multi-family loans in non-accrual status as of March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
March 31, 2022December 31, 2021
Days LateFair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
90 +$4,164 $3,363 $3,972 $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 March 31, 2022 and December 31, 2021, respectively, are as follows:

March 31, 2022December 31, 2021
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trusts
California21.4 %10.4 %21.9 %21.7 %10.5 %22.0 %
New York10.2 %9.8 %7.4 %8.8 %9.8 %9.2 %
Florida9.3 %10.4 %10.0 %10.4 %10.5 %8.9 %
Texas7.8 %4.0 %5.6 %7.4 %4.0 %4.3 %
New Jersey7.0 %7.4 %4.7 %5.9 %7.3 %6.4 %
Massachusetts5.4 %2.7 %7.5 %4.6 %2.7 %5.6 %
Illinois3.2 %7.2 %2.2 %2.7 %7.1 %2.3 %
The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2022 and December 31, 2021, respectively, are as follows:
March 31, 2022December 31, 2021
Texas24.5 %28.3 %
Florida13.4 %12.2 %
Tennessee12.1 %11.0 %
Georgia8.1 %7.4 %
Ohio7.8 %7.2 %
Louisiana6.3 %5.8 %
Alabama5.5 %5.0 %