XML 88 R40.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
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 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.