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.