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Fair Values (Tables)

3 Months Ended

Mar. 31, 2017

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):


	March 31, 2017								December 31, 2016
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets
Derivatives	$	—	$	1,424	$	—	$	1,424	$	—	$	4,086	$	—	$	4,086
Liabilities
Derivatives	$	—	$	—	$	—	$	—	$	—	$	210	$	—	$	210

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,
	2017		2016⁽¹⁾
January 1,	$	—	$	12,561
Proceeds from investment realizations		—		(2,406	)
Adjustments to fair value included in earnings
Gain on investments at fair value		—		66

March 31,	$	—	$	10,221

(1)

All assets measured at fair value on a recurring basis using Level 3 inputs were included as a component of other assets in the consolidated Balance Sheets.

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, 2017						December 31, 2016
	Carrying		Face		Fair		Carrying		Face		Fair
	Amount		Amount		Value		Amount		Amount		Value
Financial assets
Cash and cash equivalents	$	64,275	$	64,275	$	64,275	$	75,567	$	75,567	$	75,567
Loans receivable, net		8,721,768		8,759,696		8,765,688		8,692,978		8,727,218		8,733,784
Financial liabilities
Secured debt agreements, net		5,760,191		5,776,165		5,776,165		5,716,354		5,731,626		5,731,626
Loan participations sold, net		354,131		355,583		355,583		348,077		349,633		349,633
Convertible notes, net		167,475		172,500		194,870		166,762		172,500		191,763