Unrealized gains ( losses ) , net of reversals , of $ 34.0 million and $ 13.9 million , respectively , were recorded on our real estate loans held for sale during the three and twelve months ended December 31 , 2008 , respectively . Note that these amounts are net of the reversal of prior period unrealized losses of $ 31.4 million as of September 30 , 2008 and $ 54.7 million as of December 31 , 2007 , respectively , on loans that were disposed of during the applicable periods resulting in realized losses of $ 72.2 million and $ 92.5 million during the three and twelve months ended December 31 , 2008 , respectively . The losses were primarily due to spread widening on such loans and the impact of higher benchmark rates on fixed rate loans .