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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
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, 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
)