Multi-family Loans, at Fair Value

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 (losses) gains, net on the Company's consolidated statements of operations. Multi-family loans consist of the following as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):


	December 31, 2024		December 31, 2023
Investment amount	$	90,485	$	95,434
Unrealized (losses) gains	(4,293)		358

Total, at Fair Value	$	86,192	$	95,792

For the years ended December 31, 2024, 2023 and 2022, the Company recognized $4.7 million in net unrealized losses, $1.1 million in net unrealized gains and $2.7 million in net unrealized losses on multi-family loans, respectively.

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 December 31, 2024 and 2023, respectively (dollar amounts in thousands):


	December 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 December 31, 2024, the Company has reduced the fair value of the multi-family loan to zero as a result of 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 December 31, 2024 and 2023, respectively, are as follows:


	December 31, 2024		December 31, 2023
Texas	36.1	%	32.6	%
Tennessee	14.4	%	15.2	%
Florida	11.6	%	10.5	%
Arkansas	10.3	%	9.5	%
Louisiana	8.8	%	7.5	%
North Carolina	6.2	%	5.8	%
Indiana	5.6	%	5.3	%