v3.22.2.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Carrying Value and Estimated Fair Value of Company's Financial Instruments
The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheet at September 30, 2022 and December 31, 2021 ($ in thousands):
September 30, 2022December 31, 2021
 Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Cash and cash equivalents$319,264 $319,264 $343,106 $343,106 
Commercial mortgage loans, net8,013,469 7,991,134 7,012,312 6,945,038 
Subordinate loans and other lending assets, net(1)
717,837 718,524 844,948 725,906 
Secured debt arrangements, net(5,350,586)(5,350,586)(4,150,268)(4,150,268)
Senior secured term loans, net(764,899)(749,917)(768,325)(782,995)
Senior secured notes, net(494,644)(375,845)(494,051)(489,175)
2022 Notes— — (343,117)(347,552)
2023 Notes(229,175)(230,000)(226,862)(231,150)
Participations sold(22,696)(22,696)(27,064)(27,064)
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(1)Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value.