Real Estate Owned

9 Months Ended

Sep. 30, 2022

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, 2022 and 2021:

	Three-Month Period Ended
	September 30, 2022			September 30, 2021
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (June 30, 2022 and 2021, respectively)	6	$	20,866	14	$	35,295
Transfers from mortgage loans	—	—		4	1,479
Capital expenditures and other adjustments to cost		62			312
Adjustments to record at the lower of cost or fair value		(121)			699
Dispositions	(1)	(69)		(3)	(783)
Ending Balance (September 30, 2022 and 2021, respectively)	5	$	20,738	15	$	37,002

	Nine-Month Period Ended
	September 30, 2022			September 30, 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	3	1,018		7	14,033
Capital expenditures and other adjustments to cost		137			2,205
Adjustments to record at the lower of cost or fair value		(539)			(1,406)
Dispositions	(5)	(4,559)		(5)	(1,428)
Ending Balance (September 30, 2022 and 2021, respectively)	5	$	20,738	15	$	37,002

During the three-month period ended September 30, 2022, the Company sold one REO property, realizing a net gain (loss) of approximately $(18) thousand. 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 nine-month period ended September 30, 2022, the Company sold five REO properties, realizing a net gain (loss) of approximately $0.5 million. During the nine-month period ended September 30, 2021, the Company sold five REO properties, realizing a net gain (loss) of approximately $(63) 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 September 30, 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, $20.3 million and $23.9 million were measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021, respectively.