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Real Estate Assets, Net

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Real Estate Assets, Net

Real Estate Assets, Net

The Company acquires real estate properties (“REO”) when it forecloses on a borrower or when the borrower surrenders the deed in lieu of foreclosure. Property is recorded at the present value of expected future cash flows when it is transferred from a mortgage loan to an REO. The Company intends to sell all REO it acquires.

The following table presents the activity in the Company’s carrying value of property held-for-sale for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):

						Three months ended September 30,																								Nine months ended September 30,
						2024												2023												2024												2023
Real estate assets, net						Count						Amount						Count						Amount						Count						Amount						Count						Amount
Balance at beginning of period						22						$	4,309					28						$	3,745					20						$	3,785					39						$	6,333
Net transfers from mortgage loans						—						—						4						1,339						7						2,041						5						1,348
Adjustments to record at lower of cost or fair value						—						(5)						—						(249)						—						(521)						—						(1,045)
Disposals						(2)						(68)						(7)						(795)						(7)						(1,069)						(19)						(2,596)
Balance at end of period						20						$	4,236					25						$	4,040					20						$	4,236					25						$	4,040

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- References

No definition available.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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