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Multi-family Loans, at Fair Value | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Multi-family Loans, at Fair Value | 4. 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
| March 31, 2023 |  | December 31, 2022
Investment amount | $ | 95,640 |  |  | $ | 88,249 |
Deferred loan fees, net | (497) |  |  | (428) |
Unrealized gains (losses), net | 166 |  |  | (287) |
Total, at Fair Value | $ | 95,309 |  |  | $ | 87,534 |
For the three months ended March 31, 2023 and 2022, the Company recognized $0.5 million in net unrealized gains and $0.5 million in net unrealized losses on multi-family loans, respectively. For the three months ended March 31, 2023, the Company recognized no premiums resulting from early redemption of multi-family loans. For the three months ended March 31, 2022, the Company recognized $0.8 million in premiums resulting from early redemption of multi-family loans, which 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
|  |  | March 31, 2023 |  | December 31, 2022
Days Late |  |  | Fair Value |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance
90 + |  |  | $ | 4,753 |  |  | $ | 3,363 |  |  | $ | 4,523 |  |  | $ | 3,363 |
The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2023 and December 31, 2022, respectively, are as follows:
| March 31, 2023 |  | December 31, 2022
Texas | 35.0 | % |  | 30.1 | %
Tennessee | 14.6 | % |  | 15.6 | %
Florida | 10.2 | % |  | 10.9 | %
Ohio | 8.9 | % |  | 9.7 | %
Louisiana | 7.0 | % |  | 7.5 | %
Alabama | 6.7 | % |  | 7.1 | %
North Carolina | 5.7 | % |  | 6.1 | %
Indiana | 5.3 | % |  | 5.7 | %

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