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Investment in Loans | 9 Months Ended
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Sep. 30, 2016
Receivables [Abstract] |
Investment in Loans | Investment in Loans The following table presents the Company’s loans, measured at fair value and amortized cost:
| As of
| September 30, 2016 |  | December 31, 2015
Loans, at fair value |  |  |
Corporate loans | $ | 151,997 |  |  | $ | 233,861 |
Mortgage loans held for sale | 166,503 |  |  | 120,836 |
Non-performing and re-performing residential mortgage loans | 52,024 |  |  | 38,289 |
Other loans receivable | 1,410 |  |  | 1,409 |
Total loans, at fair value | $ | 371,934 |  |  | $ | 394,395 |
Loans owned at amortized cost, net |  |  |
Asset backed loans and other loans, net | 97,633 |  |  | 52,994 |
Less: Allowance for loan losses | 937 |  |  | 463 |
Total loans owned, at amortized cost, net | $ | 96,696 |  |  | $ | 52,531 |
Net deferred loan origination fees included in asset backed loans | $ | 3,854 |  |  | $ | 3,520 |
Loans, at fair value Corporate Loans Corporate loans primarily include syndicated leveraged loans held by the Company as principal investments, which consist of $151,997 in loans as of September 30, 2016. As of September 30, 2016, the unpaid principal balance on these loans was $154,492. As of September 30, 2016, the difference between fair value of the Corporate loans and the unpaid principal balance was $(2,495). Mortgage Loans Held for Sale Mortgage loans held for sale that have been pledged as collateral totaled $159,645 at September 30, 2016 and $112,743 at December 31, 2015. As of September 30, 2016, the fair value of mortgage loans exceeded the unpaid principal balance of $160,527 by $5,976. The unpaid principal balance and fair value of mortgage loans held for sale that are 90 days or more past due were $142 and $66, respectively, as of September 30, 2016. The unpaid principal balance and fair value of mortgage loans held for sale that are 90 days or more past due were $142 and $82, respectively, as of December 31, 2015. The Company discontinues accruing interest on all loans that are 90 days or more past due. Non-performing and Re-performing Residential Mortgage Loans (NPLs) As of September 30, 2016, the Company’s investments included $52,024 of non-performing and re-performing residential mortgage loans collateralized by real estate of which the unpaid principal balance was $77,568. Non-performing loans are loans that are greater than 60 days delinquent on obligated payments of principal and interest. Re-performing loans are loans less than 60 days delinquent or performing on a workout plan with a minimum of two contractual payments received in a three month period. As of September 30, 2016, the difference between the fair value of the NPLs and the unpaid principal balance was $(25,544). When NPLs enter into a foreclosure process or similar proceeding, we become owner of the property and the fair value of these assets at the time of transfer are estimated using BPOs, and if the property meets held-of-sale criteria, it is initially recorded at fair value less costs to sell as its new cost basis. Subsequently, the property is carried at (i) the fair value of the asset minus the estimated costs to sell the asset or (ii) the cost of the asset, whichever is lower. Included in other assets as of September 30, 2016 are $10,233 of foreclosed residential real estate property. Loans Owned at amortized cost, net Asset backed loans As of September 30, 2016 and December 31, 2015, the Company held $95,996 and $51,831 of loans receivable, net, attributable to Siena. Siena structures asset-based loan facilities in the $1,000 to $25,000 range for small to mid-sized companies. Collateral for asset-backed loan receivables, as of September 30, 2016 and December 31, 2015, consisted primarily of inventory, equipment and accounts receivable. Management reviews collateral for these loans on at least a monthly basis or more frequently if a draw is requested and Management has determined that no impairment existed as of September 30, 2016. As of September 30, 2016, there were no delinquencies in the Siena portfolio and all loans were classified as performing.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e4975-111524 + Details
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