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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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 our consolidated balance sheet at December 31, 2020 and December 31, 2019 ($ in thousands):
December 31, 2020December 31, 2019
 Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Cash and cash equivalents$325,498 $325,498 $452,282 $452,282 
Commercial mortgage loans, net5,451,084 5,361,948 5,326,967 5,380,693 
Subordinate loans and other lending assets, net(1)
1,045,893 1,027,582 1,048,126 1,050,961 
Secured debt arrangements, net(3,436,672)(3,436,672)(3,078,366)(3,078,366)
Senior secured term loan, net(483,465)(475,263)(487,961)(499,988)
2022 Notes(340,361)(327,381)(337,755)(348,060)
2023 Notes(225,293)(214,875)(223,818)(234,600)
Participations sold(34,974)(34,919)— — 
Debt related to real estate owned, held for sale(33,000)(33,000)— — 
———————
(1)Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value.