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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [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 condensed consolidated balance sheet at March 31, 2017 and December 31, 2016:
 
 
March 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
142,905

 
$
142,905

 
$
200,996

 
$
200,996

Restricted cash
54,702

 
54,702

 
62,457

 
62,457

Securities, held-to-maturity
145,780

 
146,026

 
146,352

 
146,489

Commercial mortgage loans
1,955,816

 
1,953,073

 
1,641,856

 
1,648,896

Subordinate loans
1,195,570

 
1,199,865

 
1,051,236

 
1,060,882

Borrowings under repurchase agreements
(1,487,235
)
 
(1,485,831
)
 
(1,146,566
)
 
(1,146,807
)
Convertible senior notes, net
(250,468
)
 
(274,262
)
 
(249,994
)
 
(268,124
)
Participations sold
(84,647
)
 
(84,811
)
 
(84,979
)
 
(85,072
)

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 condensed consolidated financial statements and are classified as Level III in the fair value hierarchy.