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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2019
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 our financial instruments not carried at fair value on the consolidated balance sheet at December 31, 2019 and 2018 ($ in thousands):
 
December 31, 2019
 
December 31, 2018
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
452,282

 
$
452,282

 
$
109,806

 
$
109,806

Commercial mortgage loans, net
5,326,967

 
5,380,693

 
3,878,981

 
3,894,947

Subordinate loans and other lending assets, net (1)
1,048,126

 
1,050,961

 
1,048,612

 
1,047,854

Secured debt arrangements, net
(3,078,366
)
 
(3,078,366
)
 
(1,897,077
)
 
(1,897,077
)
Senior secured term loan, net
(487,961
)
 
(499,988
)
 
—

 
—

2019 Notes
—

 
—

 
(34,278
)
 
(35,276
)
2022 Notes
(337,755
)
 
(348,060
)
 
(335,291
)
 
(326,025
)
2023 Notes
(223,818
)
 
(234,600
)
 
(222,431
)
 
(221,964
)

———————
(1)
As of December 31, 2019 includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying values. We did not hold any such instruments as of December 31, 2018.
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 we 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, convertible senior notes, net and senior secured term loan, 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."