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 September 30, 2026 and December 31, 2025, respectively (dollar amounts in thousands):
For the three and nine months ended September 30, 2026, the Company recognized $14.3 thousand and $3.3 million in net unrealized losses and net unrealized gains on multi-family loans, respectively. 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. There were no multi-family loans in non-accrual status as of September 30, 2026. 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, 2025 (dollar amounts in thousands):
(1)As of December 31, 2025, the Company 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 property was subject to a deed-in-lieu of foreclosure during the nine months ended September 30, 2026, which terminated the Company's preferred equity investment and resulted in a reversal of an unrealized loss and a corresponding realized loss of approximately $3.4 million for the nine months ended September 30, 2026. The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2026 and December 31, 2025, respectively, are as follows:
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