Multi-family Loans, at Fair Value |
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| 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 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, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
For the three months ended March 31, 2026 and 2025, the Company recognized $4.4 thousand in net unrealized losses and $0.4 million in net unrealized gains 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 March 31, 2026 and December 31, 2025 (dollar amounts in thousands):
(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 March 31, 2026 and December 31, 2025, respectively, are as follows:
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