LOANS

The Company accounts for all of its loans at estimated fair value. The following table summarizes the Company’s loans as of March 31, 2017 and December 31, 2016 (amounts in thousands):



	March 31, 2017						December 31, 2016
	Par		Amortized Cost		Estimated Fair Value		Par		Amortized Cost		Estimated Fair Value
Corporate loans, at estimated fair value	$	3,391,473	$	3,363,359	$	3,248,385	$	3,433,059	$	3,419,483	$	3,305,264
Total	$	3,391,473	$	3,363,359	$	3,248,385	$	3,433,059	$	3,419,483	$	3,305,264

Net Realized and Unrealized Gains (Losses)

Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the asset without regard to unrealized gains or losses previously recognized. Unrealized gains or losses are computed as the difference between the estimated fair value of the asset and the amortized cost basis of such asset. Unrealized gains or losses primarily reflect the change in asset values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. The following tables present the Company’s realized and unrealized gains (losses) from loans (amounts in thousands):



	Three Months Ended March 31, 2017			Three months ended March 31, 2016
Net realized gains (losses)	$	(3,886	)	$	(30,714	)
Net (increase) decrease in unrealized losses	(1,886		)	44,923
Net realized and unrealized gains (losses)	$	(5,772	)	$	14,209

For the corporate loans measured at estimated fair value under the fair value option of accounting, $5.5 million and $6.3 million of net gains were attributable to changes in instrument specific credit risk for the three months ended March 31, 2017 and 2016, respectively. Gains and losses attributable to changes in instrument specific credit risk were determined by excluding the non-credit components of gains and losses, such as those due to changes in interest rates and general market conditions. In addition, gains and losses attributable to those loans on non-accrual status or specifically identified as more volatile based on financial or operating performance, restructuring or other factors, were considered instrument specific.

Non-Accrual Loans

A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on non-accrual status regardless of whether or not such loan is considered past due. As of March 31, 2017, the Company held a total par value and estimated fair value of $138.6 million and $37.6 million, respectively, of non-accrual loans carried at estimated fair value. As of December 31, 2016, the Company held a total par value and estimated fair value of $114.1 million and $26.0 million, respectively, of non-accrual loans carried at estimated fair value. As of both March 31, 2017 and December 31, 2016, there were no corporate loans past due 90 or more days and still accruing.

Defaulted Loans

As of both March 31, 2017 and December 31, 2016, the Company held no corporate loans that were in default.

Concentration Risk

The Company’s corporate loan portfolio has certain credit risk concentrated in a limited number of issuers. As of March 31, 2017, approximately 21% of the total estimated fair value of the Company’s corporate loan portfolio was concentrated in twenty issuers, with no single issuer individually greater than 2% of the aggregate estimated fair value of the Company’s corporate loans. As of December 31, 2016, approximately 21% of the total estimated fair value of the Company’s corporate loan portfolio was concentrated in twenty issuers, with no single issuer individually greater than 2% of the aggregate estimated fair value of the Company’s corporate loans.

Pledged Assets

Note 6 to these condensed consolidated financial statements describes the Company’s borrowings under which the Company has pledged assets for borrowings. The following table summarizes the corporate loans, at estimated fair value, pledged as collateral as of March 31, 2017 and December 31, 2016 (amounts in thousands):



	March 31, 2017		December 31, 2016
Pledged as collateral for collateralized loan obligation secured debt	$	3,061,010	$	3,048,841
Total	$	3,061,010	$	3,048,841