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Multi-family Loans, at Fair Value
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Multi-family Loans, at Fair Value
5. 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 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 consolidated statements of operations. Multi-family loans consist of the following as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
December 31, 2023December 31, 2022
Investment amount$95,434 $88,249 
Unrealized gains (losses)
358 (715)
   Total, at Fair Value$95,792 $87,534 

For the years ended December 31, 2023, 2022 and 2021, the Company recognized $1.1 million in net unrealized gains, $2.7 million in net unrealized losses and $1.0 million in net unrealized gains on multi-family loans, respectively.
For the years ended December 31, 2023, 2022, and 2021, the Company recognized $0.2 million, $1.0 million, and $2.5 million in premiums resulting from early redemption of multi-family loans, respectively, which are included in other income on the accompanying 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 December 31, 2023 and 2022, respectively (dollar amounts in thousands):

December 31, 2023December 31, 2022
Days LateFair ValueUnpaid Principal BalanceFair ValueUnpaid 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 December 31, 2023 and 2022, respectively, are as follows:
December 31, 2023December 31, 2022
Texas32.6 %30.1 %
Tennessee15.2 %15.6 %
Florida10.5 %10.9 %
Arkansas9.5 %— 
Louisiana7.5 %7.5 %
Alabama6.7 %7.1 %
North Carolina5.8 %6.1 %
Indiana5.3 %5.7 %