Real Estate Owned

12 Months Ended

Dec. 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 years ended December 31, 2023, 2022, and 2021:


	Year Ended
	December 31, 2023			December 31, 2022			December 31, 2021
	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, 2022, 2021, and 2020, respectively)	97	$	28,403	7	$	24,681	13	$	23,598
Transfers from mortgage loans	104	35,223		18	3,128		7	14,033
REO obtained at closing of Longbridge Transaction	—	—		85	8,511		—	—
Capital expenditures and other adjustments to cost		800			342			2,209
Adjustments to record at the lower of cost or fair value		(2,875)			(651)			(2,697)
Dispositions	(120)	(39,466)		(13)	(7,608)		(13)	(12,462)
Ending Balance (December 31, 2023, 2022, and 2021, respectively)	81	$	22,085	97	$	28,403	7	$	24,681

During the year ended December 31, 2023, the Company sold 120 REO properties, realizing a net gain (loss) of approximately $(5.2) million. During the year ended December 31, 2022, the Company sold 13 REO properties, realizing a net gain (loss) of approximately $0.5 million. During the year ended December 31, 2021, the Company sold 13 REO properties, realizing a net gain (loss) of approximately $1.7 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 both December 31, 2023 and 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, $16.8 million and $20.6 million, were measured at fair value on a non-recurring basis as of December 31, 2023 and 2022, respectively.