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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Financial Instruments Disclosure [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 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
)