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 June 30, 2020 and December 31, 2019:


	June 30,		December 31,
	2020		2019
Securitized mortgage collateral, at fair value	$	2,225,422	$	2,628,064
REO, at net realizable value (NRV)		4,240		6,682
Total securitized mortgage trust assets	$	2,229,662	$	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 June 30, 2020 and December 31, 2019:


	June 30,		December 31,
	2020		2019
Securitized mortgage borrowings	$	2,213,863	$	2,619,210

Changes in fair value of net trust assets, including trust REO gains (losses), are comprised of the following for the three and six months ended June 30, 2020 and 2019:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Change in fair value of net trust assets, excluding REO	$	(2,316)	$	3,113	$	(6,412)	$	(3,043)
Gains (losses) from REO		1,452		(4,572)		3,165		(1,099)
Change in fair value of net trust assets, including trust REO gains (losses)	$	(864)	$	(1,459)	$	(3,247)	$	(4,142)