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Multi-family Loans, at Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Preferred Equity and Mezzanine Loan Investments

Multi-family loans consist of the following as of September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

			September 30, 2022						December 31, 2021
Investment amount			$	96,887					$	118,307
Deferred loan fees, net			(492)						(672)
Unrealized (losses) gains, net			(566)						2,386
Total, at Fair Value			$	95,829					$	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 September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

									September 30, 2022												December 31, 2021
Days Late									Fair Value						Unpaid Principal Balance						Fair Value						Unpaid Principal Balance
90 +									$	4,299					$	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 September 30, 2022 and December 31, 2021, respectively, are as follows:

			September 30, 2022																		December 31, 2021
			Residential loans						Consolidated SLST						Residential loans held in securitization trusts						Residential loans						Consolidated SLST						Residential loans held in securitization trusts
California			22.1		%				10.5		%				22.4		%				21.7		%				10.5		%				22.0		%
Florida			11.4		%				10.2		%				10.4		%				10.4		%				10.5		%				8.9		%
New York			8.9		%				9.9		%				7.8		%				8.8		%				9.8		%				9.2		%
Texas			8.0		%				4.0		%				6.0		%				7.4		%				4.0		%				4.3		%
New Jersey			7.2		%				7.5		%				4.5		%				5.9		%				7.3		%				6.4		%
Washington			5.2		%				1.8		%				3.4		%				4.4		%				1.9		%				3.2		%
Illinois			2.6		%				7.3		%				3.0		%				2.7		%				7.1		%				2.3		%
Massachusetts			2.5		%				2.6		%				5.3		%				4.6		%				2.7		%				5.6		%

The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2022 and December 31, 2021, respectively, are as follows:

			September 30, 2022						December 31, 2021
Texas			27.3		%				28.3		%
Florida			15.2		%				12.2		%
Tennessee			14.0		%				11.0		%
Ohio			8.8		%				7.2		%
Louisiana			6.8		%				5.8		%
Alabama			6.4		%				5.0		%
North Carolina			5.5		%				7.0		%
Indiana			5.2		%				4.3		%

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Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

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