Jonathan, thanks for the tip. I did exactly what you suggested and was able to identify that Portal was searching for a thumbnail image that no longer existed. We installed Portal 10.3 then upgraded to 10.3.1 and in the upgrade process the call for the images had changed but the images had not. Must have been a slight glitch in the updgrade process. Anyhow Esri Support was able to provide the updated images and correct location to place them. Below are the three thumbnails that changed for us and needed to be updated. If anyone runs into this problem Esri Support is very good resource for the correct image type, names, and locations.
Thumbnail Type and Name Changes
imagery_labels.jpg (10.3)
tempimagery_with_labels_ne_usa.png (10.3.1)
terrain_labels.jpg (10.3)
tempTerrain_with_labels_ne_usa.png (10.3.1)
light_gray_canvas.jpg (10.3)
templight_gray_canvas_with_labels__ne_usa.png (10.3.1)
