Real Estate Owned (REO) and Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Summary of REO Transactions and Valuation Adjustments

REO transactions and valuation allowance adjustments for the three and nine months ended September 30, 2022 and 2021 are summarized in the following tables ($ in thousands).

	Three Months Ended September 30, 2022									Nine Months Ended September 30, 2022
	REO			Valuation Allowance			REO, net			REO			Valuation Allowance			REO, net
Balance, beginning of period	$	10,458		$	(2,200	)	$	8,258		$	10,458		$	(2,200	)	$	8,258
Valuation allowance adjustment		—			261			261			—			261			261
Dispositions		(4,430	)		1,939			(2,491	)		(4,430	)		1,939			(2,491	)
Balance, September 30, 2022	$	6,028		$	—		$	6,028		$	6,028		$	—		$	6,028

	Three Months Ended September 30, 2021									Nine Months Ended September 30, 2021
	REO			Valuation Allowance			REO, net			REO			Valuation Allowance			REO, net
Balance, beginning of period	$	12,044		$	(3,533	)	$	8,511		$	12,044		$	(3,239	)	$	8,805
Valuation allowance adjustment		—			—			—			—			(294	)		(294	)
Dispositions		(1,586	)		1,333			(253	)		(1,586	)		1,333			(253	)
Balance, September 30, 2021	$	10,458		$	(2,200	)	$	8,258		$	10,458		$	(2,200	)	$	8,258

Summary of REO, Net

REO, net in operations expense on the consolidated income statements is comprised of the following for the three and nine months ended September 30, 2022 and 2021 ($ in thousands).

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Holding costs, net of other income	$	(20	)	$	(83	)	$	(162	)	$	(210	)
Gain on sales		—			—			—			79
Valuation adjustments		261			—			261			(294	)
REO, net	$	241		$	(83	)	$	99		$	(425	)