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Real Estate Owned ("REO") | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Real Estate Owned ("REO") | Real Estate Owned (“REO”) Property acquired through foreclosure are included on the Condensed Consolidated Balance Sheets as real estate owned and further categorized as held for sale or held for rental, described in detail below. As of September 30, 2025 and December 31, 2024, real estate owned, net totaled $18.9 million and $18.6 million, respectively. During the nine months ended September 30, 2025, the Company recorded an impairment loss on real estate owned of $0.2 million compared to an impairment loss of $0.5 million for the year ended December 31, 2024, which is considered a Level 3 non-recurring fair market value adjustment. The following table presents the Company’s REO activity during the nine months ended September 30, 2025:
| (in thousands)
Real estate owned at December 31, 2024 | $ | 18,574 |
Principal basis transferred to real estate owned | 17,185 |
Investment in real estate owned | 235 |
Charge-offs on principal transferred | (8,344) |
Proceeds from sale of real estate owned | (3,282) |
Real estate owned transferred to investment in developmental real estate | (4,250) |
Loans origination from sale of real estate owned | (840) |
Impairment of real estate owned | (185) |
Loss on sale of real estate owned | (181) |
Real estate owned at September 30, 2025 | $ | 18,912 |
As of September 30, 2025, REO included $0.8 million of real estate held for rental and $18.1 million of real estate held for sale. As of December 31, 2024, REO included $0.8 million of real estate held for rental and $17.8 million of real estate held for sale. Properties Held for Sale During the nine months ended September 30, 2025, the Company sold ten properties held for sale and recognized a loss on sale of $0.2 million. In addition, the Company transferred two properties held for sale to investments in developmental real estate carried at an aggregate value of $4.3 million. During the nine months ended September 30, 2024, the Company sold eleven property held for sale and recognized a gain on sale of $0.3 million. There were no properties transferred from held for sale to investments in developmental real estate during the three and nine months ended September 30, 2024. Such sales are included in gain on sale of real estate owned and property and equipment, net on the Company’s Condensed Consolidated Statements of Operations. Properties Held for Rental As of September 30, 2025 and December 31, 2024, one property, a commercial building, was held for rental. The tenant signed a 5-year lease that commenced on August 1, 2021. As of September 30, 2025, future minimum rents under this lease were as follows:
Years Ending December 31, |  | Amount
|  | (in thousands)
2025 (remaining three months) |  | $ | 18 |
2026 |  | 31 |
Total |  | $ | 49 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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