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Real Estate Owned
 9 Months Ended
Sep. 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 nine-month periods ended September 30, 2021 and 2020:
Three-Month Period Ended
September 30, 2021September 30, 2020
Number of PropertiesCarrying ValueNumber of PropertiesCarrying Value
(In thousands)(In thousands)
Beginning Balance (June 30, 2021 and 2020, respectively)14 $35,295 13 $24,044 
Transfers from mortgage loans4 1,479 4 676 
Capital expenditures and other adjustments to cost312 27 
Adjustments to record at the lower of cost or fair value699 147 
Disposals(3)(783)(1)(100)
Ending Balance (September 30, 2021 and 2020, respectively)15 $37,002 16 $24,794 
Nine-Month Period Ended
September 30, 2021September 30, 2020
Number of PropertiesCarrying ValueNumber of PropertiesCarrying Value
(In thousands)(In thousands)
Beginning Balance (December 31, 2020 and 2019, respectively)13 $23,598 15 $30,584 
Transfers from mortgage loans7 14,033 9 2,198 
Capital expenditures and other adjustments to cost2,205 153 
Adjustments to record at the lower of cost or fair value(1,406)(813)
Disposals(5)(1,428)(8)(7,328)
Ending Balance (September 30, 2021 and 2020, respectively)15 $37,002 16 $24,794 
During the three-month period ended September 30, 2021, the Company sold three REO properties, realizing a net gain (loss) of approximately $(50) thousand. During the three-month period ended September 30, 2020, the Company sold one REO property, realizing a net gain (loss) of approximately $(18) thousand. During the nine-month period ended September 30, 2021, the Company sold five REO properties, realizing a net gain (loss) of approximately $(63) thousand. During the nine-month period ended September 30, 2020, the Company sold eight 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 September 30, 2021 and December 31, 2020 all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. Of the Company's total REO holdings, $25.6 million and $22.4 million were measured at fair value on a non-recurring basis as of September 30, 2021 and December 31, 2020, respectively.