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Real Estate Owned
 9 Months Ended
Sep. 30, 2025
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 nine-month periods ended September 30, 2025 and 2024:
Three-Month Period Ended
September 30, 2025September 30, 2024
Number of PropertiesCarrying ValueNumber of PropertiesCarrying Value
(In thousands)(In thousands)
Beginning Balance (June 30, 2025 and 2024, respectively)129 $48,821 105 $25,248 
Transfers from mortgage loans64 18,207 44 17,144 
Capital expenditures and other adjustments to cost378 59 
Adjustments to record at the lower of cost or fair value794 (820)
Dispositions(47)(16,117)(37)(11,941)
Ending Balance (September 30, 2025 and 2024, respectively)146 $52,083 112 $29,690 
Nine-Month Period Ended
September 30, 2025September 30, 2024
Number of PropertiesCarrying ValueNumber of PropertiesCarrying Value
(In thousands)(In thousands)
Beginning Balance (December 31, 2024 and 2023, respectively)117 $46,661 81 $22,085 
Transfers from mortgage loans159 65,298 127 42,588 
Capital expenditures and other adjustments to cost450 433 
Adjustments to record at the lower of cost or fair value(3,681)(2,551)
Dispositions(130)(56,645)(96)(32,865)
Ending Balance (September 30, 2025 and 2024, respectively)146 $52,083 112 $29,690 
During the three-month period ended September 30, 2025, the Company sold 47 REO properties, realizing a net gain (loss) of approximately $(3.4) million. During the three-month period ended September 30, 2024, the Company sold 37 REO properties, realizing a net gain (loss) of approximately $(0.4) million. During the nine-month period ended September 30, 2025, the Company sold 130 REO properties, realizing a net gain (loss) of approximately $(5.7) million. During the nine-month period ended September 30, 2024, the Company sold 96 REO properties, realizing a net gain (loss) of approximately $(3.6) million. Such realized gains (losses) are included in Realized gains (losses) on real estate owned, net, on the Company's Condensed Consolidated Statement of Operations. As of both September 30, 2025 and December 31, 2024, all of the Company's REO had been obtained as a result of obtaining physical possession through foreclosure. Of the Company's total REO holdings, $23.9 million and $19.0 million were measured at fair value on a non-recurring basis as of September 30, 2025 and December 31, 2024, respectively.