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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
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 condensed consolidated balance sheet at June 30, 2021 and December 31, 2020 ($ in thousands):
June 30, 2021December 31, 2020
 Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Cash and cash equivalents$204,581 $204,581 $325,498 $325,498 
Commercial mortgage loans, net6,653,197 6,508,986 5,451,084 5,361,948 
Subordinate loans and other lending assets, net(1)
866,908 774,257 1,045,893 1,027,582 
Secured debt arrangements, net(3,679,906)(3,679,906)(3,436,672)(3,436,672)
Senior secured term loans, net(774,569)(784,112)(483,465)(475,263)
Senior secured notes, net(493,694)(496,145)— — 
2022 Notes(341,720)(359,904)(340,361)(327,381)
2023 Notes(226,065)(234,747)(225,293)(214,875)
Participations sold(27,662)(27,695)(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.