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Multi-family Loans, at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Preferred Equity and Mezzanine Loan Investments Multi-family loans consist of the following as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
June 30, 2022December 31, 2021
Investment amount$105,399 $118,307 
Deferred loan fees, net(517)(672)
Unrealized gains, net1,943 2,386 
   Total, at Fair Value$106,825 $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 June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
June 30, 2022December 31, 2021
Days LateFair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
90 +$4,370 $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 June 30, 2022 and December 31, 2021, respectively, are as follows:

June 30, 2022December 31, 2021
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trusts
California21.9 %10.5 %23.8 %21.7 %10.5 %22.0 %
Florida11.2 %10.4 %10.1 %10.4 %10.5 %8.9 %
New York8.8 %9.7 %7.5 %8.8 %9.8 %9.2 %
Texas7.5 %4.0 %5.4 %7.4 %4.0 %4.3 %
New Jersey6.9 %7.5 %4.7 %5.9 %7.3 %6.4 %
Washington5.4 %1.8 %3.2 %4.4 %1.9 %3.2 %
Illinois2.9 %7.2 %2.4 %2.7 %7.1 %2.3 %
Massachusetts2.4 %2.7 %7.5 %4.6 %2.7 %5.6 %
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, 2022December 31, 2021
Texas25.1 %28.3 %
Florida13.9 %12.2 %
Tennessee12.7 %11.0 %
Georgia8.5 %7.4 %
Ohio8.1 %7.2 %
Louisiana6.3 %5.8 %
Alabama5.8 %5.0 %
North Carolina5.0 %7.0 %