Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2013

Investments All Other Investments [Abstract]

Note 14 – Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at March 31, 2013 and December 31, 2012:


	March 31, 2013						December 31, 2012
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and cash equivalents	$	225,723		$	225,723		$	108,619		$	108,619
Commercial first mortgage loans		142,833			149,495			142,921			150,144
Subordinate loans		286,569			290,978			246,246			250,520
Repurchase agreements		—			—			6,598			6,598
Borrowings under repurchase agreements		(211,944	)		(211,944	)		(225,158	)		(225,158	)

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The Company’s commercial first mortgage loans, subordinate loans and repurchase agreements are carried at amortized cost on the condensed consolidated financial statements and are classified as Level III in the fair value hierarchy.