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

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Summary of REO Transactions and Valuation Adjustments

REO transactions and valuation adjustments for 2022 and 2021 are summarized in the following tables ($ in thousands).

	2022
	REO			Valuation Allowance			REO, net
Balance, beginning of period	$	10,458		$	(2,200	)	$	8,258
Valuation allowance adjustment		—			261			261
Dispositions		(4,547	)		1,939			(2,608	)
Balance, December 31, 2022	$	5,911		$	—		$	5,911

	2021
	REO			Valuation Allowance			REO, net
Balance, beginning of period	$	12,044		$	(3,239	)	$	8,805
Valuation allowance adjustment		—			(294	)		(294	)
Dispositions		(1,586	)		1,333			(253	)
Balance, December 31, 2021	$	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 2022 and 2021 ($ in thousands).

	2022			2021
Holding costs, net of other income	$	(256	)	$	(299	)
Gain on sales		108			79
Valuation adjustments		261			(294	)
REO, net	$	113		$	(514	)