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Commercial Loans (Tables)
 9 Months Ended
Sep. 30, 2016
Commercial Loans  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Classifications and Carrying Value of Loans
The following table summarizes the classifications and carrying value of commercial loans at September 30, 2016 and December 31, 2015.
Table 7.1 – Classifications and Carrying Value of Commercial Loans
(In Thousands)
 
September 30, 2016
 
December 31, 2015
Held-for-sale
 
 
 
 
At fair value
 
$
—

 
$
39,141

At lower of cost or fair value
 
30,400

 
—

Held-for-investment
 
 
 
 
At fair value
 
—

 
67,657

At amortized cost
 
—

 
295,849

Total Commercial Loans
 
$
30,400

 
$
402,647
Carrying Value for Loans Held-for-Investment
The following table provides additional information for our commercial loans held-for-investment at amortized cost at September 30, 2016 and December 31, 2015.
Table 7.2 – Carrying Value for Commercial Loans Held-for-Investment at Amortized Cost
(In Thousands)
 
September 30, 2016
 
December 31, 2015
Principal balance
     
$
—

 
$
307,047

Unamortized discount, net
 
—

 
(4,096
)
Recorded investment
 
—

 
302,951

Allowance for loan losses
 
—

 
(7,102
)
Carrying Value
 
$
—

 
$
295,849
Activity in Allowance for Loans Losses
The following table summarizes the activity in the allowance for commercial loan losses for the three and nine months ended September 30, 2016 and 2015.
Table 7.4 – Activity in the Allowance for Commercial Loan Losses
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
 
$
859

 
$
7,401

 
$
7,102

 
$
7,456

Reversal of provision for loan losses
 
(859
)
 
(60
)
 
(7,102
)
 
(115
)
Balance at End of Period
 
$
—

 
$
7,341

 
$
—

 
$
7,341
Loans Collectively Evaluated for Impairment
The following table summarizes the balances for loans collectively evaluated for impairment at September 30, 2016 and December 31, 2015.
Table 7.5 – Loans Collectively Evaluated for Impairment Review
(In Thousands)
 
September 30, 2016
 
December 31, 2015
Principal balance
 
$
—

 
$
307,047

Recorded investment
 
—

 
302,951

Related allowance
 
—

 
7,102
Commercial loans, held-for-investment  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Principal Balance of Commercial Loans Held-for-Investment by Risk Category
The following table presents the principal balance of commercial loans held-for-investment by risk category.
Table 7.3 – Principal Balance of Commercial Loans Held-for-Investment by Risk Category
(In Thousands)
 
September 30, 2016
 
December 31, 2015
Pass
 
$
—

 
$
272,768

Watch list
 
—

 
34,279

Workout
 
—

 
—

Total Commercial Loans Held-for-Investment
 
$
—

 
$
307,047