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Fair Values
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Values FAIR VALUES
Assets and Liabilities Measured at Fair Value
The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
 March 31, 2023December 31, 2022
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets        
Derivatives$— $16,907 $— $16,907 $— $7,349 $— $7,349 
Liabilities
Derivatives$— $13,550 $— $13,550 $— $119,665 $— $119,665 
Refer to Note 2 for further discussion regarding fair value measurement.
Fair Value of Financial Instruments
As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.
The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
 March 31, 2023December 31, 2022
 
Book
Value
Face
 Amount
Fair
Value
Book
Value
Face
 Amount
Fair
Value
Financial assets      
Cash and cash equivalents$515,808 $515,808 $515,808 $291,340 $291,340 $291,340 
Loans receivable, net24,559,773 25,020,489 24,314,435 24,691,743 25,160,343 24,445,042 
Financial liabilities
Secured debt, net14,029,486 14,051,435 13,640,859 13,528,164 13,549,748 13,121,306 
Securitized debt obligations, net2,664,208 2,671,734 2,557,118 2,664,010 2,673,541 2,597,377 
Asset-specific debt, net817,444 822,873 815,049 942,503 950,278 934,815 
Loan participations sold, net229,003 229,468 222,681 224,232 224,744 217,717 
Secured term loans, net2,111,232 2,151,719 1,974,538 2,114,549 2,157,218 2,103,943 
Senior secured notes, net395,461 400,000 315,944 395,166 400,000 343,665 
Convertible notes, net294,888 300,000 240,711 514,257 520,000 478,232 

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the term loans, and the senior secured notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.