The following table details activity in the Company's carrying value of REO for the three- and nine-month periods ended September 30, 2019. | | | | | | | | | | | | | | | | | | Three-Month Period Ended September 30, 2019 | | Nine-Month Period Ended September 30, 2019 | | | Number of Properties | | Carrying Value | | Number of Properties | | Carrying Value | | | | | (In thousands) | | | | (In thousands) | Beginning Balance (6/30/2019 and 1/1/2019, respectively) | | 20 |
| | $ | 47,621 |
| | 20 |
| | $ | 30,778 |
| Transfers from mortgage loans | | 1 |
| | 601 |
| | 5 |
| | 18,314 |
| Capital expenditures and other adjustments to cost | | | | — |
| | | | 240 |
| Adjustments to record at the lower of cost or fair value | | | | 6 |
| | | | (257 | ) | Disposals | | (7 | ) | | (3,805 | ) | | (11 | ) | | (4,652 | ) | Ending Balance (9/30/2019) | | 14 |
| | $ | 44,423 |
| | 14 |
| | $ | 44,423 |
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