Investments in Loans Held at Amortized Cost

The components of the Company’s loan portfolio measured at amortized cost were as follows as of March 31, 2014 and December 31, 2013:



	March 31, 2014		December 31, 2013
Commercial real estate - Care	$	22,220	$	22,335
Asset backed - Siena	17,894		16,493
Other loans	1,991		1,432
Total loans, net	$	42,105	$	40,260

Total loans include net deferred loan origination fees of $555 and $686 at March 31, 2014 and December 31, 2013, respectively.

Commercial Real Estate - Care

As of March 31, 2014 and December 31, 2013, the Company, through its subsidiary Care, had a loan investment that was secured by skilled nursing facilities, as well as collateral relating to assisted living facilities and a multifamily property. The properties securing the loan are all located in Louisiana. The Company performs a collateral valuation on these properties on an individual basis to determine if any impairment exists. As of both March 31, 2014 and December 31, 2013 no impairment existed on these properties.

Asset Backed - Siena

Siena structures asset-based loan facilities in the $1,000 to $20,000 range across diversified industries which include manufacturing distribution, wholesale, and service companies. As of March 31, 2014, the Company carried $17,894 in loans receivable on its consolidated balance sheet which is net of a participation interest of $290. Collateral for asset-backed loan receivables as of March 31, 2014 consisted 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 as such has determined that no impairment existed as of March 31, 2014.

As of March 31, 2014 and December 31, 2013, there were no delinquencies in the Siena portfolio and all loans were classified as performing.

Other Loans

Care, through indirect subsidiaries of Care, owns two assisted living and memory care facilities located in upstate New York. The properties are leased to affiliates of Premier Senior Living, LLC (Premier), a privately-held owner and operator of senior housing facilities pursuant to a triple net master lease (Premier Master Lease). In connection therewith, an indirect subsidiary of Care, made a loan to the lessees of the properties. The loan is secured by a pledge of outstanding equity interest in the lessees. The cost basis in the loan at March 31, 2014 was approximately $700 which equals its carrying value. In addition, the Company granted two limited recourse loans totaling $423 and two limited recourse loan advances totaling $868 to two principals of Luxury Mortgage Corp.