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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2013
Investments, All Other Investments [Abstract] |
Fair Value of Financial Instruments | 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 September 30, 2013 and December 31, 2012:
| September 30, 2013 |  | December 31, 2012
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Cash and cash equivalents | $ | 86,824 |  |  | $ | 86,824 |  |  | $ | 108,619 |  |  | $ | 108,619 |
Restricted cash | 15,794 |  |  | 15,794 |  |  | — |  |  | — |
Commercial first mortgage loans | 160,893 |  |  | 165,063 |  |  | 142,921 |  |  | 150,144 |
Subordinate loans | 394,554 |  |  | 400,099 |  |  | 246,246 |  |  | 250,520 |
Repurchase agreements | — |  |  | — |  |  | 6,598 |  |  | 6,598 |
Borrowings under repurchase agreements | (227,167 | ) |  | (227,175 | ) |  | (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.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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- Details
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