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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
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 condensed consolidated balance sheet at June 30, 2020 and December 31, 2019 ($ in thousands):
 
June 30, 2020
 
December 31, 2019
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
487,165

 
$
487,165

 
$
452,282

 
$
452,282

Commercial mortgage loans, net
5,343,437

 
5,342,373

 
5,326,967

 
5,380,693

Subordinate loans and other lending assets, net(1)
1,044,400

 
1,029,175

 
1,048,126

 
1,050,961

Secured debt arrangements, net
(3,425,098
)
 
(3,425,098
)
 
(3,078,366
)
 
(3,078,366
)
Senior secured term loan, net
(485,179
)
 
(457,875
)
 
(487,961
)
 
(499,988
)
2022 Notes
(339,039
)
 
(300,250
)
 
(337,755
)
 
(348,060
)
2023 Notes
(224,544
)
 
(189,433
)
 
(223,818
)
 
(234,600
)

———————
(1) Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value.