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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
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 sheets at September 30, 2023 and December 31, 2022 ($ in thousands):
| September 30, 2023 |  | December 31, 2022
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Cash and cash equivalents | $ | 307,845 |  |  | $ | 307,845 |  |  | $ | 222,030 |  |  | $ | 222,030 |
Commercial mortgage loans, net | 7,561,254 |  |  | 7,487,855 |  |  | 8,121,109 |  |  | 8,083,410 |
Subordinate loans and other lending assets, net(1) | 412,777 |  |  | 412,897 |  |  | 560,881 |  |  | 558,740 |
Secured debt arrangements, net | (5,135,855) |  |  | (5,135,855) |  |  | (5,296,825) |  |  | (5,296,825) |
Term loans, net | (760,381) |  |  | (746,119) |  |  | (763,813) |  |  | (731,709) |
Senior secured notes, net | (495,437) |  |  | (378,750) |  |  | (494,844) |  |  | (400,950) |
2023 Notes | (176,018) |  |  | (175,844) |  |  | (229,361) |  |  | (225,366) |
Debt related to real estate owned, held for investment, net | (161,245) |  |  | (161,245) |  |  | (160,294) |  |  | (160,294) |
Participations sold | — |  |  | — |  |  | (25,130) |  |  | (25,130) |
——————— (1)Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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