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Multi-family Loans, at Fair Value | 9 Months Ended
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Sep. 30, 2025
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 gains (losses), net on the Company's condensed consolidated statements of operations. Multi-family loans consist of the following as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
| September 30, 2025 |  | December 31, 2024
Investment amount | $ | 72,313 |  |  | $ | 90,485 |
Unrealized losses, net | (3,666) |  |  | (4,293) |
Total, at Fair Value | $ | 68,647 |  |  | $ | 86,192 |
For the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.6 million in net unrealized gains on multi-family loans, respectively. For the three and nine months ended September 30, 2024, the Company recognized $0.2 million in net unrealized gains and $4.6 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 September 30, 2025 and December 31, 2024 (dollar amounts in thousands):
Days Late |  |  | Fair Value (1) |  | Unpaid Principal Balance |  |  |  |  |  |  |  |
90 + |  |  | $ | — |  |  | $ | 3,363 |  |  |  |  |  |  |  |  |
(1)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 September 30, 2025 and December 31, 2024, respectively, are as follows:
| September 30, 2025 |  | December 31, 2024
Texas | 46.8 | % |  | 36.1 | %
Florida | 15.1 | % |  | 11.6 | %
Louisiana | 11.2 | % |  | 8.8 | %
North Carolina | 7.7 | % |  | 6.2 | %
Arkansas | 7.6 | % |  | 10.3 | %
Indiana | 7.0 | % |  | 5.6 | %

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