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Fair Values (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
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, 2019
   
December 31, 2018
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Assets
   
     
     
     
     
     
     
     
 
Derivatives
  $
   —  
    $
   
1,079
    $
   —  
    $
   
1,079
    $
   —  
    $
   
9,916
    $
   —  
    $
   
9,916
 
Liabilities
   
     
     
     
     
     
     
     
 
Derivatives
  $
   —  
    $
   
42,263
    $
   —  
    $
   
42,263
    $
   —  
    $
   
2,925
    $
   —  
    $
   
2,925
 
 
 
 
 
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments
The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
 
December 31, 2019
   
December 31, 2018
 
 
Book
Value
 
 
 
Face 
Amount
 
 
Fair
Value
 
 
Book
Value
 
 
Face
Amount
 
 
Fair
Value
 
Financial assets
   
     
     
     
     
     
 
Cash and cash equivalents
  $
150,090
    $
150,090
    $
150,090
    $
105,662
    $
105,662
    $
105,662
 
Loans receivable, net
   
16,164,801
     
16,277,343
     
16,279,904
     
14,191,200
     
14,293,970
     
14,294,836
 
Debt securities
held-to-maturity
(1)
   
86,638
     
88,958
     
88,305
     
96,167
     
99,000
     
96,600
 
                                                 
Financial liabilities
   
     
     
     
     
     
 
Secured debt agreements, net
   
10,054,930
     
10,083,938
     
10,083,938
     
8,974,756
     
8,996,481
     
8,996,481
 
Loan participations sold, net
   
—  
     
—  
     
—  
     
94,418
     
94,528
     
94,528
 
Securitized debt obligations, net
   
1,187,084
     
1,189,642
     
1,189,368
     
1,285,471
     
1,292,120
     
1,283,086
 
Secured term loan, net
   
736,142
     
746,878
     
750,769
     
—  
     
—  
     
—  
 
Convertible notes, net
   
613,071
     
622,500
     
665,900
     
609,911
     
622,500
     
605,348
 
 
(1) Included in other assets on our consolidated balance sheets.