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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
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 condensed consolidated balance sheet at March 31, 2016 and December 31, 2015:
 
 
March 31, 2016
 
December 31, 2015
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
23,035

 
$
23,035

 
$
67,415

 
$
67,415

Restricted cash
55,781

 
55,781

 
30,127

 
30,127

Securities, held-to-maturity
152,451

 
152,483

 
153,193

 
153,230

Commercial first mortgage loans
1,173,185

 
1,180,472

 
994,301

 
999,517

Subordinate loans
930,401

 
937,922

 
931,351

 
939,545

Borrowings under repurchase agreements
(1,083,665
)
 
(1,084,091
)
 
(918,421
)
 
(918,567
)
Convertible senior notes, net
(248,617
)
 
(257,147
)
 
(248,173
)
 
(253,986
)
Participations sold
(116,952
)
 
(116,970
)
 
(118,201
)
 
(118,226
)