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Multi-family Loans, at Fair Value | 3 Months Ended
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Mar. 31, 2024
Receivables [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 condensed consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized (losses) gains, net on the Company's condensed consolidated statements of operations. Multi-family loans consist of the following as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
| March 31, 2024 |  | December 31, 2023
Investment amount | $ | 96,314 |  |  | $ | 95,434 |
Unrealized (losses) gains, net | (4,409) |  |  | 358 |
Total, at Fair Value | $ | 91,905 |  |  | 95,792 |
For the three months ended March 31, 2024 and 2023, the Company recognized $4.8 million in net unrealized losses and $0.5 million in net unrealized gains on multi-family loans, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized no premiums resulting from early redemption of multi-family loans. The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loan in non-accrual status as of March 31, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
|  |  | March 31, 2024 |  | December 31, 2023
Days Late |  |  | Fair Value (1) |  | Unpaid Principal Balance |  | Fair Value |  | Unpaid Principal Balance
90 + |  |  | $ | — |  |  | $ | 3,363 |  |  | $ | 4,753 |  |  | $ | 3,363 |
(1)As of March 31, 2024, the Company reduced the fair value of the multi-family loan to zero as a result of recent developments with respect to the property, its financing and market conditions. The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of March 31, 2024 and December 31, 2023, respectively, are as follows:
| March 31, 2024 |  | December 31, 2023
Texas | 32.7 | % |  | 32.6 | %
Tennessee | 15.3 | % |  | 15.2 | %
Florida | 10.6 | % |  | 10.5 | %
Arkansas | 9.5 | % |  | 9.5 | %
Louisiana | 7.7 | % |  | 7.5 | %
Alabama | 6.7 | % |  | 6.7 | %
North Carolina | 5.8 | % |  | 5.8 | %
Indiana | 5.2 | % |  | 5.3 | %

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