Real Estate Owned

3 Months Ended

Mar. 31, 2021

Real Estate Owned, Disclosure of Detailed Components [Abstract]

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-month periods ended March 31, 2021 and 2020:


	Three-Month Period Ended
	March 31, 2021			March 31, 2020
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (December 31, 2020 and 2019, respectively)	13	$	23,598	15	$	30,584
Transfers from mortgage loans	3	12,554		4	1,422
Capital expenditures and other adjustments to cost		473			114
Adjustments to record at the lower of cost or fair value		(790)			(683)
Disposals	(1)	(278)		(3)	(6,383)
Ending Balance (March 31, 2021 and 2020, respectively)	15	$	35,557	16	$	25,054

During the three-month period ended March 31, 2021, the Company sold one REO property, realizing a net gain (loss) of approximately $61 thousand. During the three-month ended March 31, 2020, the Company sold three REO properties, realizing a net gain (loss) of approximately $0.4 million. 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 March 31, 2021 and December 31, 2020 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. As of March 31, 2021 and December 31, 2020, the Company had REO measured at fair value on a non-recurring basis of $23.0 million and $22.4 million, respectively.