v3.26.1
Real Estate Owned
 6 Months Ended
Jun. 30, 2026
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, 2026 and 2025:
Three-Month Periods Ended
June 30, 2026June 30, 2025
Number of PropertiesCarrying ValueNumber of PropertiesCarrying Value
(In thousands)(In thousands)
Beginning Balance (March 31, 2026 and 2025, respectively)199 $101,167 135 $65,447 
Transfers from mortgage loans53 20,722 47 15,836 
Capital expenditures and other adjustments to cost339 114 
Adjustments to record at the lower of cost or fair value(1,721)5 
Dispositions(62)(39,465)(53)(32,581)
Ending Balance (June 30, 2026 and 2025, respectively)190 $81,042 129 $48,821 
Six-Month Periods Ended
June 30, 2026June 30, 2025
Number of PropertiesCarrying ValueNumber of PropertiesCarrying Value
(In thousands)(In thousands)
Beginning Balance (December 31, 2025 and 2024, respectively)177 $75,548 117 $46,661 
Transfers from mortgage loans122 63,959 95 47,091 
Capital expenditures and other adjustments to cost730 72 
Adjustments to record at the lower of cost or fair value(2,132)(4,475)
Dispositions(109)(57,063)(83)(40,528)
Ending Balance (June 30, 2026 and 2025, respectively)190 $81,042 129 $48,821 
During the three-month period ended June 30, 2026, the Company sold 62 REO properties, realizing a net gain (loss) of approximately $(7.1) million. During the three-month period ended June 30, 2025, the Company sold 53 REO properties, realizing a net gain (loss) of approximately $(1.4) million. During the six-month period ended June 30, 2026, the Company sold 109 REO properties, realizing a net gain (loss) of approximately $(10.2) million. During the six-month period ended June 30, 2025, the Company sold 83 REO properties, realizing a net gain (loss) of approximately $(2.3) 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 June 30, 2026 and December 31, 2025, the Company's REO had primarily been obtained as a result of obtaining physical possession through foreclosure. Of the Company's total REO holdings, $55.5 million and $41.7 million were measured at fair value on a non-recurring basis as of June 30, 2026 and December 31, 2025, respectively.