| Carrying Value and Estimated Fair Value of Company's 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 | ) |
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