Fair Values (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	June 30, 2019								December 31, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	14,000	$	—	$	14,000	$	—	$	9,916	$	—	$	9,916
Liabilities
Derivatives	$	—	$	4,968	$	—	$	4,968	$	—	$	2,925	$	—	$	2,925

Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	June 30, 2019						December 31, 2018
	Book Value		Face Amount		Fair Value		Book Value		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	80,584	$	80,584	$	80,584	$	105,662	$	105,662	$	105,662
Loans receivable, net		14,280,919		14,372,950		14,375,273		14,191,200		14,293,970		14,294,836
Debt securities held-to-maturity(1)		94,595		97,174		96,239		96,167		99,000		96,600
Financial liabilities
Secured debt agreements, net		8,257,370		8,283,613		8,283,613		8,974,756		8,996,481		8,996,481
Loan participations sold, net		—		—		—		94,418		94,528		94,528
Securitized debt obligations, net		1,287,364		1,292,120		1,291,784		1,285,471		1,292,120		1,283,086
Secured term loan, net		491,598		500,000		501,095		—		—		—
Convertible notes, net		611,472		622,500		649,275		609,911		622,500		605,348
____________

(1) Included in other assets on our consolidated balance sheets.