Real Estate Owned, Net (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate Owned, Disclosure of Detailed Components [Abstract]

Summary of Activity in Real Estate Owned

The Company’s real estate owned activities were as follows during the years ended December 31, 2023, 2022, and 2021 (in thousands):

	December 31,
	2023			2022			2021
Beginning balance	$	13,325		$	17,557		$	15,767
Additions		56,025			13,439			12,583
Capitalized improvements		—			—			194
Sales		(21,179	)		(19,558	)		(9,228	)
Other adjustments		—			2,250			—
Valuation adjustments		(3,903	)		(363	)		(1,759	)
Ending balance	$	44,268		$	13,325		$	17,557

Sale of Real Estate Owned

The following table summarizes information about real estate operating income and expenses, realized gains and losses on sales of real estate, and unrealized gains and losses resulting from adjustments to valuation allowances for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	December 31,
	2023			2022			2021
Operating income	$	—		$	275		$	451
Operating expenses		(2,818	)		(2,781	)		(2,251	)
Valuation adjustments		(3,903	)		(363	)		(1,759	)
Net gain on sales of real estate		568			2,939			409
Total	$	(6,153	)	$	70		$	(3,150	)

Gross Gains and Losses And Number of Properties Sold

The following table provides additional information about the number of properties sold and the gross gains and losses recognized in real estate owned, net, in the consolidated statements of income, during the years ended December 31, 2023, 2022 and 2021 (in thousands, except properties sold):

	Year Ended December 31,
	2023					2022					2021
	Properties		Gain			Properties		Gain			Properties		Gain
	sold		(loss)			sold		(loss)			sold		(loss)
Sales resulting in gains		24	$	1,442			31	$	3,401			23	$	972
Sales resulting in losses		19		(874	)		12		(462	)		14		(563	)
Total		43	$	568			43	$	2,939			37	$	409