Real Estate Owned

6 Months Ended

Jun. 30, 2019

Real Estate Owned, Disclosure of Detailed Components [Abstract]

Real Estate Owned

Real Estate Owned

As discussed in Note 2, the Company obtains possession of REO as a result of foreclosures on the associated mortgage loans. The following table details activity in the Company's carrying value of REO for the three- and six-month periods ended June 30, 2019.

	Three-Month Period Ended June 30, 2019					Six-Month Period Ended June 30, 2019
	Number of Properties		Carrying Value			Number of Properties		Carrying Value
			(In thousands)					(In thousands)
Beginning Balance (3/31/2019 and 1/1/2019, respectively)	21		$	31,003		20		$	30,778
Transfers from mortgage loans	2		17,414			4		17,713
Capital expenditures and other adjustments to cost			—					240
Adjustments to record at the lower of cost or fair value			(13		)			(263		)
Disposals	(3	)	(783		)	(4	)	(847		)
Ending Balance (6/30/2019)	20		$	47,621		20		$	47,621

During the three-month period ended June 30, 2019, the Company sold three REO properties, realizing a net gain (loss) of approximately $98 thousand. During the six-month period ended June 30, 2019, the Company sold four REO properties, realizing a net gain (loss) of approximately $40 thousand. Such realized gains (losses) are included in Realized gains (losses) on real estate owned, net, on the Company's Condensed Consolidated Statement of Operations. As of June 30, 2019 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. As of June 30, 2019, the Company had REO measured at fair value on a non-recurring basis of $20.2 million.