The carrying amounts and estimated fair values of financial instruments were as follows (in thousands):



	December 31, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc.	$	8,407	$	8,407	$	10,377	$	10,377
Derivative assets	1,149		1,149		753		753
Financial assets not measured at fair value:
Cash and cash equivalents	$	126,790	$	126,790	$	105,039	$	105,039
Restricted cash	37,855		37,855		33,135		33,135
Accounts receivable, net	18,194		18,194		13,370		13,370
Note receivable	8,098		8,511 to 9,407		8,098		9,157 to 10,120
Due from Ashford Trust OP, net	488		488		—		—
Due from AQUA U.S. Fund	2,289		2,289		—		—
Due from related party, net	377		377		371		371
Due from third-party hotel managers	7,555		7,555		10,722		10,722
Financial liabilities not measured at fair value:
Indebtedness	$	766,964	$726,774 to $803,276		$	840,232	$801,058 to $885,379
Accounts payable and accrued expenses	44,791		44,791		43,568		43,568
Dividends and distributions payable	5,038		5,038		3,439		3,439
Due to Ashford Trust OP, net	—		—		528		528
Due to Ashford Inc.	5,085		5,085		6,369		6,369
Due to affiliate	2,500		2,500		—		—
Due to third-party hotel managers	973		973		1,158		1,158