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Real Estate Owned
 6 Months Ended
Jun. 30, 2020
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 tables detail activity in the Company's carrying value of REO for the three- and six-month periods ended June 30, 2020 and 2019:
 
 
Three-Month Period Ended
 
 
June 30, 2020
 
June 30, 2019
 
 
Number of Properties
 
Carrying Value
 
Number of Properties
 
Carrying Value
 
 
 
 
(In thousands)
 
 
 
(In thousands)
Beginning Balance (March 31, 2020 and March 31, 2019, respectively)
 
16

 
$
25,054

 
21

 
$
31,003

Transfers from mortgage loans
 
1

 
100

 
2

 
17,414

Capital expenditures and other adjustments to cost
 
 
 
12

 
 
 
—

Adjustments to record at the lower of cost or fair value
 
 
 
(277
)
 
 
 
(13
)
Disposals
 
(4
)
 
(845
)
 
(3
)
 
(783
)
Ending Balance (June 30, 2020 and June 30, 2019, respectively)
 
13

 
$
24,044

 
20

 
$
47,621

 
 
Six-Month Period Ended
 
 
June 30, 2020
 
June 30, 2019
 
 
Number of Properties
 
Carrying Value
 
Number of Properties
 
Carrying Value
 
 
 
 
(In thousands)
 
 
 
(In thousands)
Beginning Balance (December 31, 2019 and January 1, 2019, respectively)
 
15

 
$
30,584

 
20

 
$
30,778

Transfers from mortgage loans
 
5

 
1,522

 
4

 
17,713

Capital expenditures and other adjustments to cost
 
 
 
126

 
 
 
240

Adjustments to record at the lower of cost or fair value
 
 
 
(960
)
 
 
 
(263
)
Disposals
 
(7
)
 
(7,228
)
 
(4
)
 
(847
)
Ending Balance (June 30, 2020 and June 30, 2019, respectively)
 
13

 
$
24,044

 
20

 
$
47,621


During the three-month period ended June 30, 2020, the Company sold four REO properties, realizing a net gain (loss) of approximately $(0.2) million. 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, 2020, the Company sold seven REO properties, realizing a net gain (loss) of approximately $0.1 million. 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, 2020 and December 31, 2019 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. As of June 30, 2020 and December 31, 2019, the Company had REO measured at fair value on a non-recurring basis of $18.2 million and $19.4 million, respectively.