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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2016
Financial Instruments Disclosure [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 December 31, 2016 and 2015:

 
December 31, 2016
 
December 31, 2015
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
200,996

 
$
200,996

 
$
67,415

 
$
67,415

Restricted cash
62,457

 
62,457

 
30,127

 
30,127

Securities, held-to-maturity
146,352

 
146,489

 
153,193

 
153,230

Commercial first mortgage loans
1,641,856

 
1,648,896

 
994,301

 
999,517

Subordinate loans
1,051,236

 
1,060,882

 
931,351

 
939,545

Borrowings under repurchase agreements
(1,146,566
)
 
(1,146,807
)
 
(925,774
)
 
(925,920
)
Convertible senior notes, net
(249,994
)
 
(268,124
)
 
(248,173
)
 
(253,986
)
Participations sold
(84,979
)
 
(85,072
)
 
(118,201
)
 
(118,226
)

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 would be classified as Level III in the fair value hierarchy.