Real Estate Owned

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022:


	Three-Month Period Ended
	March 31, 2023			March 31, 2022
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (December 31, 2022 and 2021, respectively)	97	$	28,403	7	$	24,681
Transfers from mortgage loans	12	3,140		2	948
Capital expenditures and other adjustments to cost		180			—
Adjustments to record at the lower of cost or fair value		(69)			(570)
Dispositions	(11)	(4,937)		(1)	(526)
Ending Balance (March 31, 2023 and 2022, respectively)	98	$	26,717	8	$	24,533

During the three-month period ended March 31, 2023, the Company sold eleven REO properties, realizing a net gain (loss) of approximately $(0.1) million. During the three-month period ended March 31, 2022, the Company sold one REO property, realizing a net gain (loss) of approximately $(27) 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 both March 31, 2023 and December 31, 2022, 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 were measured at fair value on a non-recurring basis as of March 31, 2023 and December 31, 2022.