Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands):



	March 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:
Restricted investment	$	340	$	340	$	1,195	$	1,195
Financial liabilities measured at fair value:
Deferred compensation plan	$	1,150	$	1,150	$	4,729	$	4,729
Contingent consideration	2,072		2,072		5,627		5,627
Financial assets not measured at fair value:
Cash and cash equivalents	$	54,906	$	54,906	$	35,349	$	35,349
Restricted cash	20,671		20,671		17,900		17,900
Accounts receivable, net	14,949		14,949		7,241		7,241
Due from affiliates	121		121		357		357
Due from Ashford Trust	1,280		1,280		4,805		4,805
Due from Braemar	891		891		1,591		1,591
Investments in unconsolidated entities	3,712		3,712		3,476		3,476
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses	$	29,550	$	29,550	$	39,160	$	39,160
Dividends payable	7,875		7,875		4,725		4,725
Due to affiliates	1,828		1,828		1,011		1,011
Other liabilities	21,071		21,071		13,868		13,868
Notes payable	63,124		58,277 to 64,411		36,810		34,705 to 38,359