Fair Values (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets
Derivatives	$	—	$	268	$	—	$	268	$	—	$	8,657	$	—	$	8,657
Other assets⁽¹⁾	$	—	$	241	$	1,200	$	1,441	$	—	$	1,659	$	12,561	$	14,220
Liabilities
Derivatives	$	—	$	1,141	$	—	$	1,141	$	—	$	1,448	$	—	$	1,448

(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,
	2016			2015
January 1,	$	12,561		$	47,507
Proceeds from investment realizations		(2,406	)		(57,039	)
Transfers out of level 3		(20,745	)		—
Adjustments to fair value included in earnings
Gain on investments at fair value		11,790			22,228

September 30,	$	1,200		$	12,696

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, 2016						December 31, 2015
	Carrying		Face		Fair		Carrying		Face		Fair
	Amount		Amount		Value		Amount		Amount		Value
Financial assets
Cash and cash equivalents	$	94,061	$	94,061	$	94,061	$	96,450	$	96,450	$	96,450
Restricted cash		877		877		877		9,556		9,556		9,556
Loans receivable, net		8,347,712		8,381,679		8,392,677		9,077,007		9,108,361		9,121,732
Financial liabilities
Secured debt agreements		5,320,358		5,335,908		5,335,908		6,116,105		6,131,751		6,131,751
Loan participations sold		409,654		411,427		411,427		497,032		498,992		498,992
Convertible notes, net		166,064		172,500		190,181		164,026		172,500		171,344