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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
77,671

 
$
77,671

 
$
200,996

 
$
200,996

Restricted cash
—

 
—

 
62,457

 
62,457

Securities, held-to-maturity
—

 
—

 
146,352

 
146,489

Commercial first mortgage loans, net
2,653,826

 
2,657,262

 
1,641,856

 
1,648,896

Subordinate loans, net
1,025,932

 
1,029,390

 
1,051,236

 
1,060,882

Secured debt arrangements
(1,345,195
)
 
(1,345,195
)
 
(1,146,566
)
 
(1,146,807
)
2019 Notes
(251,935
)
 
(276,506
)
 
(249,994
)
 
(268,124
)
2022 Notes
(332,962
)
 
(350,175
)
 
—

 
—

Participations sold
—

 
—

 
(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. Estimates of fair value for cash and cash equivalents, restricted cash and convertible senior notes, net are measured using observable Level I inputs as defined in "Note 3 - Fair Value Disclosure." Estimates of fair value for all other financial instruments in the table above are measured using significant estimates, or unobservable Level III inputs as defined in "Note 3 - Fair Value Disclosure."