Real Estate Owned ("REO") |
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| Real Estate Owned ("REO") | Real Estate Owned (“REO”) Property acquired through foreclosure are included on the Condensed Consolidated Balance Sheets as real estate owned and further categorized as held for sale or held for rental, described in detail below. As of June 30, 2025 and December 31, 2024, real estate owned, net totaled $18.6 million. During the six months ended June 30, 2025, the Company’s real estate owned portfolio recorded no impairment loss compared to an impairment loss of $0.5 million for the year ended December 31, 2024, which is considered a Level 3 non-recurring fair market value adjustment. The following table presents the Company’s REO as of June 30, 2025:
As of June 30, 2025, REO included $0.8 million of real estate held for rental and $17.8 million of real estate held for sale. As of December 31, 2024, REO included $0.8 million of real estate held for rental and $17.8 million of real estate held for sale. Properties Held for Sale During the six months ended June 30, 2025, the Company sold six properties held for sale and recognized a gain on sale of $0.1 million. During the six months ended June 30, 2024, the Company sold eleven property held for sale and recognized a gain on sale of $0.3 million. Such sales are included in gain on sale of real estate owned and property and equipment, net on the Company’s Condensed Consolidated Statements of Operations. Properties Held for Rental As of June 30, 2025 and December 31, 2024, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021. As of June 30, 2025, future minimum rents under this lease were as follows:
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