| Schedule of Real Estate Owned |
The following tables detail activity in the Company's carrying value of REO for the three- and nine-month periods ended September 30, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three-Month Period Ended | | | September 30, 2022 | | September 30, 2021 | | | Number of Properties | | Carrying Value | | Number of Properties | | Carrying Value | | | | | (In thousands) | | | | (In thousands) | | Beginning Balance (June 30, 2022 and 2021, respectively) | | 6 | | | $ | 20,866 | | | 14 | | | $ | 35,295 | | | Transfers from mortgage loans | | — | | | — | | | 4 | | | 1,479 | | | Capital expenditures and other adjustments to cost | | | | 62 | | | | | 312 | | | Adjustments to record at the lower of cost or fair value | | | | (121) | | | | | 699 | | | Dispositions | | (1) | | | (69) | | | (3) | | | (783) | | | Ending Balance (September 30, 2022 and 2021, respectively) | | 5 | | | $ | 20,738 | | | 15 | | | $ | 37,002 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine-Month Period Ended | | | September 30, 2022 | | September 30, 2021 | | | Number of Properties | | Carrying Value | | Number of Properties | | Carrying Value | | | | | (In thousands) | | | | (In thousands) | | Beginning Balance (December 31, 2021 and 2020, respectively) | | 7 | | | $ | 24,681 | | | 13 | | | $ | 23,598 | | | Transfers from mortgage loans | | 3 | | | 1,018 | | | 7 | | | 14,033 | | | Capital expenditures and other adjustments to cost | | | | 137 | | | | | 2,205 | | | Adjustments to record at the lower of cost or fair value | | | | (539) | | | | | (1,406) | | | Dispositions | | (5) | | | (4,559) | | | (5) | | | (1,428) | | | Ending Balance (September 30, 2022 and 2021, respectively) | | 5 | | | $ | 20,738 | | | 15 | | | $ | 37,002 | |
|