Real Estate Owned

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:


	Three-Month Period Ended
	March 31, 2022			March 31, 2021
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (December 31, 2021 and 2020, respectively)	7	$	24,681	13	$	23,598
Transfers from mortgage loans	2	948		3	12,554
Capital expenditures and other adjustments to cost		—			473
Adjustments to record at the lower of cost or fair value		(570)			(790)
Disposals	(1)	(526)		(1)	(278)
Ending Balance (March 31, 2022 and 2021, respectively)	8	$	24,533	15	$	35,557

During the three-month period ended March 31, 2022, the Company sold one REO property, realizing a net gain (loss) of approximately $(27) thousand. During the three-month period ended March 31, 2021, the Company sold one REO property, 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 Consolidated Statement of Operations. As of March 31, 2022 and December 31, 2021 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, $23.7 million and $23.9 million were measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021, respectively.