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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2021
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 our condensed consolidated balance sheet at March 31, 2021 and December 31, 2020 ($ in thousands):
| March 31, 2021 |  | December 31, 2020
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Cash and cash equivalents | $ | 294,060 |  |  | $ | 294,060 |  |  | $ | 325,498 |  |  | $ | 325,498 |
Commercial mortgage loans, net | 5,754,258 |  |  | 5,679,416 |  |  | 5,451,084 |  |  | 5,361,948 |
Subordinate loans and other lending assets, net(1) | 1,065,816 |  |  | 1,058,560 |  |  | 1,045,893 |  |  | 1,027,582 |
Secured debt arrangements, net | (3,418,579) |  |  | (3,418,579) |  |  | (3,436,672) |  |  | (3,436,672) |
Senior secured term loan, net | (775,974) |  |  | (781,767) |  |  | (483,465) |  |  | (475,263) |
2022 Notes | (341,035) |  |  | (342,764) |  |  | (340,361) |  |  | (327,381) |
2023 Notes | (225,676) |  |  | (226,870) |  |  | (225,293) |  |  | (214,875) |
Participations sold | (50,709) |  |  | (50,646) |  |  | (34,974) |  |  | (34,919) |
Debt related to real estate owned, held for sale | (33,000) |  |  | (33,000) |  |  | (33,000) |  |  | (33,000) |
——————— (1)Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value. 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, secured debt arrangements 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."

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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