Fair Values (Tables)

9 Months Ended

Sep. 30, 2015

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):


	September 30, 2015								December 31, 2014
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets
Derivatives	$	—	$	3,730	$	—	$	3,730	$	—	$	1,138	$	—	$	1,138
Other assets, at fair value⁽¹⁾	$	—	$	377	$	12,696	$	13,073	$	—	$	1,510	$	47,507	$	49,017
Liabilities
Derivatives	$	—	$	368	$	—	$	368	$	—	$	—	$	—	$	—

(1)	Other assets include loans, securities, equity investments, and other receivables measured at fair value.

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):


	Nine Months Ended September 30,
	2015			2014
January 1,	$	47,507		$	54,461
Proceeds from investment realizations		(57,039	)		(19,781	)
Adjustments to fair value included in earnings
Unrealized gain on investments at fair value		22,228			7,616

September 30,	$	12,696		$	42,296

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):


	September 30, 2015						December 31, 2014
	Carrying Amount		Face Amount		Fair Value		Carrying Amount		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	138,600	$	138,600	$	138,600	$	51,810	$	51,810	$	51,810
Restricted cash		9,063		9,063		9,063		11,591		11,591		11,591
Loans receivable, net		9,377,591		9,412,965		9,441,754		4,428,500		4,462,897		4,462,897

Financial liabilities
Secured debt agreements		6,585,654		6,585,654		6,585,654		2,365,336		2,365,336		2,365,336
Loan participations sold		507,200		507,200		507,200		499,433		499,433		499,433
Convertible notes, net		163,699		172,500		181,988		161,853		172,500		181,341