| 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):
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September 30, 2015 |
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December 31, 2014 |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair Value |
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Assets
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Derivatives
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$ |
— |
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$ |
3,730 |
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$ |
— |
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$ |
3,730 |
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$ |
— |
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$ |
1,138 |
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$ |
— |
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$ |
1,138 |
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Other assets, at fair value(1)
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$ |
— |
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$ |
377 |
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$ |
12,696 |
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$ |
13,073 |
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$ |
— |
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$ |
1,510 |
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$ |
47,507 |
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$ |
49,017 |
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Liabilities
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Derivatives
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$ |
— |
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$ |
368 |
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$ |
— |
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$ |
368 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| (1) |
Other assets include loans, securities, equity
investments, and other receivables measured at fair value.
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| 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):
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Nine Months Ended September 30, |
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2015 |
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2014 |
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January 1,
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$ |
47,507 |
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$ |
54,461 |
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Proceeds from investment realizations
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(57,039 |
) |
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(19,781 |
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Adjustments to fair value included in earnings
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Unrealized gain on investments at fair value
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22,228 |
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7,616 |
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September 30,
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$ |
12,696 |
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$ |
42,296 |
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| 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):
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September 30, 2015 |
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December 31, 2014 |
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Carrying
Amount |
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Face
Amount |
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Fair
Value |
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Carrying
Amount |
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Face
Amount |
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Fair
Value |
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Financial assets
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Cash and cash equivalents
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$ |
138,600 |
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$ |
138,600 |
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$ |
138,600 |
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$ |
51,810 |
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$ |
51,810 |
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$ |
51,810 |
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Restricted cash
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9,063 |
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9,063 |
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9,063 |
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11,591 |
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11,591 |
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11,591 |
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Loans receivable, net
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9,377,591 |
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9,412,965 |
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9,441,754 |
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4,428,500 |
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4,462,897 |
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4,462,897 |
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Financial liabilities
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Secured debt agreements
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6,585,654 |
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6,585,654 |
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6,585,654 |
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2,365,336 |
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2,365,336 |
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2,365,336 |
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Loan participations sold
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507,200 |
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507,200 |
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507,200 |
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499,433 |
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499,433 |
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499,433 |
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Convertible notes, net
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163,699 |
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172,500 |
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181,988 |
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161,853 |
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172,500 |
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181,341 |
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