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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2015
Financial Instruments Disclosure [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at December 31, 2015 and 2014:

 
December 31, 2015
 
December 31, 2014
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
Cash and cash equivalents
$
67,415

 
$
67,415

 
$
40,641

 
$
40,641

Restricted cash
30,127

 
30,127

 
30,127

 
30,127

Securities, held-to-maturity
153,193

 
153,230

 
154,283

 
154,980

Commercial first mortgage loans
994,301

 
999,517

 
458,520

 
465,510

Subordinate loans
931,351

 
939,545

 
561,182

 
566,385

Borrowings under repurchase agreements
(925,774
)
 
(925,920
)
 
(622,194
)
 
(622,193
)
Convertible senior notes, net
(248,173
)
 
(253,986
)
 
(246,464
)
 
(254,605
)
Participations sold
(118,201
)
 
(118,226
)
 
(89,584
)
 
(89,995
)

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The Company’s securities, held-to-maturity, commercial first mortgage loans, subordinate loans, borrowings under repurchase agreements, convertible senior notes and participations sold are carried at amortized cost on the consolidated financial statements and are classified as Level III in the fair value hierarchy.