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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Carrying Value and Estimated Fair Value of Company's 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, 2014 and December 31, 2013:
 
 
September 30, 2014
 
December 31, 2013
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
58,649

 
$
58,649

 
$
20,096

 
$
20,096

Restricted cash
30,127

 
30,127

 
30,127

 
30,127

Securities, held-to-maturity
153,998

 
154,984

 
—

 
—

Commercial first mortgage loans
369,924

 
372,228

 
161,099

 
164,405

Subordinate loans
585,504

 
589,818

 
497,484

 
503,267

Borrowings under repurchase agreements
(537,766
)
 
(536,612
)
 
(202,033
)
 
(202,148
)
Convertible senior notes, net
(246,054
)
 
(253,476
)
 
—

 
—

Participations sold
(89,418
)
 
(89,996
)
 
—

 
—