5.    Real Estate Owned

Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.

As of June 30, 2022 and June 30, 2021, real estate owned totaled $5,904,614 and $7,892,845, respectively , with no valuation allowance. For the six months ended June 30, 2022, the Company recorded an impairment loss of $490,500 compared to an impairment loss of $319,000 for the same period in 2021. For the three-months ended June 30, 2022 and 2021, the impairment loss was $335,000 and $294,000, respectively.

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As of June 30, 2022, real estate owned included $800,949 of real estate held for rental and $5,103,685 of real estate held for sale.As of June 30, 2021, real estate owned included $986,975 of real estate held for rental and $6,905,870 of real estate held for sale.

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Properties Held for Sale

During the three and six months ended June 30, 2022, the Company sold two properties held for sale and recognized an aggregate gain of $188,182 and $122,343, respectively. During the three and six months ended June 30, 2021, the Company sold a property classified as real estate held for sale, and recognized an aggregate loss of $14,962 and $17,096, respectively.

Properties Held for Rental

As of June 30, 2022, one property, a commercial building, was held for rental. The tenant signed a 5 year lease that commenced on August 1, 2021.

Rental payments due from real estate held for rental are as follows:

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