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



		March 31, 2019				December 31, 2018
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt, net ^{(a) (b)}	3	$	1,201,993	$	1,230,036	$	1,237,427	$	1,257,032
Notes receivable ^(c)	3	63,954		66,154		63,954		66,154

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(a)

Debt, net consists of Non-recourse mortgages, net and Bonds payable, net. As of March 31, 2019 and December 31, 2018, the carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $5.9 million and $6.2 million, respectively. As of March 31, 2019 and December 31, 2018, the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.6 million and $0.7 million, respectively. As of March 31, 2019 and December 31, 2018, the carrying value of Non-recourse mortgages, net includes unamortized discount, net of $3.5 million. As of March 31, 2019 and December 31, 2018, the carrying value of Bonds payable, net includes unamortized premium, net of $5.0 million and $4.8 million, respectively (Note 9).

(b)

We determined the estimated fair value of our Non-recourse mortgages, net and Bonds payable, net 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)

We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, 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.