5.    Real Estate Owned

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

As of September 30, 2021, and December 31, 2020, real estate owned totaled $6,774,522 and $8,861,609, respectively. As of September 30, 2021, real estate owned included $916,325 of real estate held for rental and $5,858,197 of real estate held for sale. In the first nine-months of 2021, the Company recorded an impairment loss and loss on sale of real estate of $469,000 and $111,545, respectively, compared to an impairment loss and loss on sale of real estate of $495,000 and $7,276, respectively, in the first nine-months of 2020. For the three-months ended September 30, 2021 and 2020, the impairment loss was $150,000 and $0, respectively, and loss on sale of real estate was $94,450 and $2,816, respectively.