Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2014

Financial Instruments Disclosure [Abstract]

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 December 31, 2014 and 2013:



	December 31, 2014						December 31, 2013
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and cash equivalents	$	40,641		$	40,641		$	20,096		$	20,096
Restricted cash	30,127			30,127			30,127			30,127
Securities, held-to-maturity	154,283			154,980			—			—
Commercial first mortgage loans	458,520			465,510			161,099			164,405
Subordinate loans	561,182			566,385			497,484			503,267
Borrowings under repurchase agreements	(622,194		)	(621,269		)	(202,033		)	(202,148		)
Convertible senior notes, net	(246,464		)	(254,605		)	—			—
Participations sold	(89,584		)	(89,995		)	—			—

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 securities, held-to-maturity, commercial first mortgage loans, subordinate loans, borrowings under repurchase agreements, convertible senior notes and participations sold are carried at amortized cost on the consolidated financial statements and are classified as Level III in the fair value hierarchy.