Real Estate Owned

6 Months Ended

Jun. 30, 2023

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 six-month periods ended June 30, 2023 and 2022:

	Three-Month Period Ended
	June 30, 2023			June 30, 2022
	Number of Properties	Carrying Value		Number of Properties	Carrying Value
		(In thousands)			(In thousands)
Beginning Balance (March 31, 2023 and 2022, respectively)	98	$	26,717	8	$	24,533
Transfers from mortgage loans	34	8,494		1	70
Capital expenditures and other adjustments to cost		492			75
Adjustments to record at the lower of cost or fair value		(38)			152
Dispositions	(54)	(14,589)		(3)	(3,964)
Ending Balance (June 30, 2023 and 2022, respectively)	78	$	21,076	6	$	20,866

	Six-Month Period Ended
	June 30, 2023			June 30, 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	46	11,634		3	1,018
Capital expenditures and other adjustments to cost		672			75
Adjustments to record at the lower of cost or fair value		(107)			(418)
Dispositions	(65)	(19,526)		(4)	(4,490)
Ending Balance (June 30, 2023 and 2022, respectively)	78	$	21,076	6	$	20,866

During the three-month period ended June 30, 2023, the Company sold fifty-four REO properties, realizing a net gain (loss) of approximately $(1.2) million. During the three-month period ended June 30, 2022, the Company sold three REO properties, realizing a net gain (loss) of approximately $0.5 million. During the six-month period ended June 30, 2023, the Company sold sixty-five REO properties, realizing a net gain (loss) of approximately $(1.3) million. During the six-month period ended June 30, 2022, the Company sold four REO properties, realizing a net gain (loss) of approximately $0.5 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 both June 30, 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, $9.5 million and $20.6 million, were measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, respectively.