Fair Values (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets
Derivatives	$	—	$	4,086	$	—	$	4,086	$	—	$	8,657	$	—	$	8,657
Other assets⁽¹⁾	$	—	$	—	$	—	$	—	$	—	$	1,659	$	12,561	$	14,220
Liabilities
Derivatives	$	—	$	210	$	—	$	210	$	—	$	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):


	Year Ended December 31,
	2016			2015
January 1,	$	12,561		$	47,507
Proceeds from investment realizations		(3,609	)		(57,039	)
Transfers out of level 3		(20,745	)		—
Adjustments to fair value included in earnings
Gain on investments at fair value		11,793			22,093

December 31,	$	—		$	12,561

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):


	December 31, 2016						December 31, 2015
	Carrying Amount		Face Amount		Fair Value		Carrying Amount		Face Amount		Fair Value
Financial assets
Cash and cash equivalents	$	75,567	$	75,567	$	75,567	$	96,450	$	96,450	$	96,450
Restricted cash		—		—		—		9,556		9,556		9,556
Loans receivable, net		8,692,978		8,727,218		8,733,784		9,077,007		9,108,361		9,121,732

Financial liabilities
Secured debt agreements, net		5,716,354		5,731,626		5,731,626		6,116,105		6,131,751		6,131,751
Loan participations sold, net		348,077		349,633		349,633		497,032		498,992		498,992
Convertible notes, net		166,762		172,500		191,763		164,026		172,500		171,344