Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

As of September 30, 2020, the Company held no assets or liabilities measured at fair value on a recurring basis. The following table displays the Company’s assets measured at fair value on a recurring basis as of December 31, 2019.

	Recurring Fair Value Measurements
	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Available-for-sale securities	$	—	$	12,830	$	—	$	12,830
Total assets	$	—	$	12,830	$	—	$	12,830

Fair Value, by Balance Sheet Grouping

The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2020 and December 31, 2019:

	September 30, 2020				December 31, 2019
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Loans held-for-investment, net of allowance for credit losses	$	3,978,862	$	3,951,248	$	4,226,212	$	4,261,612
Available-for-sale securities	$	—	$	—	$	12,830	$	12,830
Held-to-maturity securities	$	—	$	—	$	18,076	$	18,076
Cash and cash equivalents	$	353,679	$	353,679	$	80,281	$	80,281
Restricted cash	$	5,326	$	5,326	$	79,483	$	79,483
Liabilities
Repurchase agreements	$	1,850,845	$	1,850,845	$	1,924,021	$	1,924,021
Securitized debt obligations	$	928,623	$	912,190	$	1,041,044	$	1,050,912
Asset-specific financings	$	123,091	$	123,091	$	116,465	$	116,465
Revolving credit facilities	$	—	$	—	$	42,008	$	42,008
Convertible senior notes	$	270,847	$	257,735	$	269,634	$	283,332
Senior secured term loan facilities	$	205,647	$	205,647	$	—	$	—