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Loans Receivable Loans Receivable
 3 Months Ended
Mar. 31, 2016
Receivables [Abstract]  
Loans Receivable
Loans Receivable
Loans receivable are as follows:
(In thousands)
March 31, 2016
 
December 31, 2015
Amortized cost (net of valuation allowance):
 
 
 
  Real estate loans
$
121,861

 
$
200,499

  Commercial loans
27,527

 
72,604

  Total
$
149,388

 
$
273,103

 
 
 
 
Fair value:
 
 
 
  Real estate loans
$
124,393

 
$
201,641

  Commercial loans
27,527

 
74,106

  Total
$
151,920

 
$
275,747

 
 
 
 
Valuation allowance:
 
 
 
  Specific
$
555

 
$
—

  General
2,107

 
2,094

  Total
$
2,662

 
$
2,094

 
 
 
 
 
2016
 
2015
  Increase (decrease) in valuation allowance
$
568

 
$
(47
)
 
 
 
 

Loans receivable in non-accrual status were $6.7 million and $3.1 million as of March 31, 2016 and December 31, 2015, respectively.
The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions. Loans receivable with a potential for default are further assessed using discounted cash flow analysis and comparable cost and sales methodologies, if appropriate.
The real estate loans are secured by commercial real estate primarily located in Delaware, Maryland, and New York. These loans generally earn interest at floating LIBOR-based interest rates and have maturities (inclusive of extension options) through August 2025. The commercial loans are with small business owners who have secured the related financing with the assets of the business. Commercial loans generally earn interest on a fixed basis and have varying maturities not exceeding 10 years.
In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions. Based on these considerations, none of the real estate loans were considered to be impaired at March 31, 2016, and accordingly, the Company determined that a specific valuation allowance was not required.