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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of other financial instruments in carrying values and fair values

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



		June 30, 2020				December 31, 2019
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse secured debt, net ^{(a) (b)}	3	$	1,207,475	$	1,228,468	$	1,201,913	$	1,239,004
Notes receivable ^(c)	3	28,000		30,300		28,000		30,300

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(a)	As of June 30, 2020 and December 31, 2019, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.0 million and $5.8 million, respectively, and unamortized premium, net of $2.0 million and $2.1 million, respectively (Note 9).

(b)

We determined the estimated fair value of our Non-recourse secured debt, 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.