Fair Values (Tables)

9 Months Ended

Sep. 30, 2021

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):

	September 30, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	35,858	$	—	$	35,858	$	—	$	522	$	—	$	522
Liabilities
Derivatives	$	—	$	355	$	—	$	355	$	—	$	58,915	$	—	$	58,915

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):

	September 30, 2021						December 31, 2020
	Book		Face		Fair		Book		Face		Fair
	Value		Amount		Value		Value		Amount		Value
Financial assets
Cash and cash equivalents	$	211,180	$	211,180	$	211,180	$	289,970	$	289,970	$	289,970
Loans receivable, net		20,276,078		20,522,560		20,358,824		16,399,166		16,652,824		16,447,192
Debt securities held-to-maturity(1)		77,636		79,200		78,633		75,722		79,200		70,127
Financial liabilities
Secured debt, net		11,170,330		11,188,855		11,188,855		7,880,536		7,896,863		7,896,863
Securitized debt obligations, net		2,836,049		2,855,625		2,855,589		2,922,499		2,940,638		2,923,489
Asset-specific debt, net		320,895		328,068		328,068		391,269		399,699		399,699
Term loans, net		1,329,637		1,352,706		1,343,771		1,041,704		1,062,766		1,053,060
Convertible notes, net		618,985		622,500		633,845		616,389		622,500		621,568

(1)   Included in other assets on our consolidated balance sheets.