Note 6.—Securitized Mortgage Trusts

Securitized Mortgage Trust Assets

Securitized mortgage trust assets, which are recorded at their estimated fair value, are comprised of the following at March 31, 2020 and December 31, 2019:


	March 31,		December 31,
	2020		2019
Securitized mortgage collateral, at fair value	$	2,248,813	$	2,628,064
REO, at net realizable value (NRV)		4,510		6,682
Total securitized mortgage trust assets	$	2,253,323	$	2,634,746

Securitized Mortgage Trust Liabilities

Securitized mortgage trust liabilities, which are recorded at their estimated fair value, are comprised of the following at March 31, 2020 and December 31, 2019:


	March 31,		December 31,
	2020		2019
Securitized mortgage borrowings	$	2,238,208	$	2,619,210

Changes in fair value of net trust assets, including trust REO gains, are comprised of the following for the three months ended March 31, 2020 and 2019:


	For the Three Months Ended
	March 31,
	2020		2019
Change in fair value of net trust assets, excluding REO	$	(4,096)	$	(6,156)
Gains from REO		1,713		3,473
Change in fair value of net trust assets, including trust REO gains	$	(2,383)	$	(2,683)