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Multi-family Loans, at Fair Value | 6 Months Ended
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Jun. 30, 2022
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. Multi-family loans consist of the following as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
| June 30, 2022 |  | December 31, 2021
Investment amount | $ | 105,399 |  |  | $ | 118,307 |
Deferred loan fees, net | (517) |  |  | (672) |
Unrealized gains, net | 1,943 |  |  | 2,386 |
Total, at Fair Value | $ | 106,825 |  |  | $ | 120,021 |
For the three and six months ended June 30, 2022, the Company recognized $11.9 thousand in net unrealized gains and $0.4 million in net unrealized losses on preferred equity and mezzanine loan investments included in multi-family loans, respectively. For the three and six months ended June 30, 2021, the Company recognized $0.2 million and $0.3 million in net unrealized gains on preferred equity and mezzanine loan investments included in multi-family loans, respectively. For the three and six months ended June 30, 2022, the Company recognized $0.2 million and $1.0 million in premiums resulting from early redemption of preferred equity and mezzanine loans included in multi-family loans, respectively. For the three and six months ended June 30, 2021, the Company recognized $1.5 million and $2.0 million in premiums resulting from early redemption of preferred equity and mezzanine loans included in multi-family loans, respectively. Premiums resulting from early redemption of preferred equity and mezzanine loans accounted for as multi-family loans are included in other income on the accompanying condensed 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 June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
|  |  | June 30, 2022 |  | December 31, 2021
Days Late |  |  | Fair Value |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance
90 + |  |  | $ | 4,370 |  |  | $ | 3,363 |  |  | $ | 3,972 |  |  | $ | 3,363 |
The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of June 30, 2022 and December 31, 2021, respectively, are as follows:
| June 30, 2022 |  | December 31, 2021
Texas | 25.1 | % |  | 28.3 | %
Florida | 13.9 | % |  | 12.2 | %
Tennessee | 12.7 | % |  | 11.0 | %
Georgia | 8.5 | % |  | 7.4 | %
Ohio | 8.1 | % |  | 7.2 | %
Louisiana | 6.3 | % |  | 5.8 | %
Alabama | 5.8 | % |  | 5.0 | %
North Carolina | 5.0 | % |  | 7.0 | %

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