Fair Values (Tables)

3 Months Ended

Mar. 31, 2022

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):

	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	51,884	$	—	$	51,884	$	—	$	30,531	$	—	$	30,531
Liabilities
Derivatives	$	—	$	6,241	$	—	$	6,241	$	—	$	5,890	$	—	$	5,890

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):

	March 31, 2022						December 31, 2021
	Book Value		Face  Amount		Fair Value		Book Value		Face  Amount		Fair Value
Financial assets
Cash and cash equivalents	$	309,425	$	309,425	$	309,425	$	551,154	$	551,154	$	551,154
Loans receivable, net	23,586,769		23,873,563		23,684,237		21,878,338		22,156,437		22,013,762
Debt securities held-to-maturity, net(1)	—		—		—		78,013		79,200		77,229
Financial liabilities
Secured debt, net	13,092,408		13,117,249		13,117,249		12,280,042		12,299,580		12,299,580
Securitized debt obligations, net	2,839,818		2,855,625		2,825,774		2,838,062		2,855,625		2,850,399
Asset-specific debt, net	463,097		469,766		469,766		393,824		400,699		400,699
Loan participations sold, net	243,760		244,367		244,367		—		—		—
Secured term loans, net	1,325,222		1,345,837		1,333,424		1,327,406		1,349,271		1,335,844
Senior secured notes, net	394,303		400,000		373,112		394,010		400,000		399,012
Convertible notes, net	850,084		857,850		858,042		619,876		622,500		630,821

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