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



		March 31, 2017				December 31, 2016
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt, net ^{(a) (b)}	3	$	1,895,407	$	1,930,477	$	2,022,250	$	2,053,353
Loans receivable ^(b)	3	110,500		110,500		31,500		31,500
CMBS ^(c)	3	4,554		7,456		4,027		7,470

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(a)	The carrying value of Debt, net includes unamortized deferred financing costs of $8.5 million and $9.3 million at March 31, 2017 and December 31, 2016, respectively.

(b)

We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.


(c)	At March 31, 2017 and December 31, 2016, we had three separate tranches of CMBS investments, which are scheduled to mature between November 2017 and February 2018. The carrying value of our CMBS is inclusive of impairment charges for the year ended December 31, 2016, as well as accretion related to the estimated cash flows expected to be received.