Fair Values (Tables)

3 Months Ended

Mar. 31, 2015

Assets Measured at Fair Value on Recurring Basis

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


	Level 1		Level 2		Level 3		Fair Value⁽¹⁾
March 31, 2015
Other assets, at fair value⁽¹⁾	$	—	$	1,712	$	49,967	$	51,679
December 31, 2014
Other assets, at fair value⁽¹⁾	$	—	$	2,648	$	47,507	$	50,155

(1)	Other assets include loans, securities, equity investments, and other receivables carried at fair value, as well as derivative financial instruments.

Reconciliation of Beginning and Ending Balances of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs

The following table reconciles the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


	Three Months Ended March 31,
	2015			2014
January 1,	$	47,507		$	54,461
Proceeds from investments		(15,038	)		(113	)
Adjustments to fair value included in earnings
Unrealized gain (loss) on investments at fair value		17,498			(1,331	)

March 31,	$	49,967		$	53,017

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

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


	March 31, 2015						December 31, 2014
	Carrying Amount		Face Amount		Fair Value		Carrying Amount		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	18,474	$	18,474	$	18,474	$	51,810	$	51,810	$	51,810
Restricted cash		26,890		26,890		26,890		11,591		11,591		11,591
Loans receivable, net		4,943,383		4,977,468		4,977,468		4,428,500		4,462,897		4,462,897
Financial liabilities
Revolving repurchase facilities		2,241,630		2,241,630		2,241,630		2,040,783		2,040,783		2,040,783
Asset-specific repurchase agreements		407,203		407,203		407,203		324,553		324,553		324,553
Loan participations sold		708,845		708,845		708,845		499,433		499,433		499,433
Convertible notes, net		162,460		172,500		180,852		161,853		172,500		181,341

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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.

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