Real Estate Owned

12 Months Ended

Dec. 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 years ended December 31, 2022, 2021, and 2020:


	Year Ended
	December 31, 2022			December 31, 2021			December 31, 2020
	Number of Properties	Carrying Value		Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)			(In thousands)
Beginning Balance (December 31, 2021, 2020, and 2019, respectively)	7	$	24,681	13	$	23,598	15	$	30,584
Transfers from mortgage loans	18	3,128		7	14,033		10	3,384
REO obtained at closing of Longbridge Transaction	85	8,511		—	—		—	—
Capital expenditures and other adjustments to cost		342			2,209			191
Adjustments to record at the lower of cost or fair value		(651)			(2,697)			(1,053)
Dispositions	(13)	(7,608)		(13)	(12,462)		(12)	(9,508)
Ending Balance (December 31, 2022, 2021, and 2020, respectively)	97	$	28,403	7	$	24,681	13	$	23,598

During the year ended December 31, 2022, the Company sold thirteen REO properties, realizing a net gain (loss) of approximately $0.5 million. During the year ended December 31, 2021, the Company sold thirteen REO properties, realizing a net gain (loss) of approximately $1.7 million. During the year ended December 31, 2020, the Company sold twelve REO properties, realizing a net gain (loss) of approximately $15 thousand. 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 December 31, 2022 and 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, $20.6 million and $23.9 million were measured at fair value on a non-recurring basis as of December 31, 2022 and 2021, respectively.