Real Estate Owned

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020:

	Three-Month Period Ended
	June 30, 2021			June 30, 2020
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (March 31, 2021 and 2020, respectively)	15	$	35,557	16	$	25,054
Transfers from mortgage loans	—	—		1	100
Capital expenditures and other adjustments to cost		1,420			12
Adjustments to record at the lower of cost or fair value		(1,315)			(277)
Disposals	(1)	(367)		(4)	(845)
Ending Balance (June 30, 2021 and 2020, respectively)	14	$	35,295	13	$	24,044

	Six-Month Period Ended
	June 30, 2021			June 30, 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		5	1,522
Capital expenditures and other adjustments to cost		1,893			126
Adjustments to record at the lower of cost or fair value		(2,105)			(960)
Disposals	(2)	(645)		(7)	(7,228)
Ending Balance (June 30, 2021 and 2020, respectively)	14	$	35,295	13	$	24,044

During the three-month period ended June 30, 2021, the Company sold one REO property, realizing a net gain (loss) of approximately $(74) thousand. 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 six-month period ended June 30, 2021, the Company sold two REO properties, realizing a net gain (loss) of approximately $(13) thousand. During the six-month ended June 30, 2020, the Company sold seven REO properties, realizing a net gain (loss) of approximately $0.1 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 June 30, 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 June 30, 2021 and December 31, 2020, the Company had REO measured at fair value on a non-recurring basis of $22.5 million and $22.4 million, respectively.