Our other financial instruments had the following carrying values and fair values as of the dates shown (in thousands):



		June 30, 2014				December 31, 2013
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse debt ^(a)	3	$	1,940,848	$	1,991,018	$	1,915,601	$	1,944,865
Note receivable ^(a)	3	40,000		42,760		40,000		43,890
Deferred acquisition fees payable^(b)	3	9,153		10,261		15,033		15,950
Other securities ^(c)	3	10,385		10,385		9,915		15,548
CMBS ^(d)	3	3,126		9,446		2,791		6,052

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(a)

We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate.

(b)

We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment of 355 basis points and 75 basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement.

(c)

Amounts at June 30, 2014 primarily reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements. Amounts at December 31, 2013 reflect equity securities and an interest in a foreign debenture, both of which was included in Other assets, net in the consolidated financial statements. As of June 30, 2014, we converted the equity securities to an equity investment in real estate (Note 6).


(d)	The carrying value of our commercial mortgage-backed securities, or CMBS, is inclusive of accretion related to the estimated cash flows expected to be received. There were no purchases, sales, or impairment charges recognized during either the six months ended June 30, 2014 or 2013.