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



	September 30, 2017				December 31, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc.	$	11,810	$	11,810	$	8,407	$	8,407
Derivative assets	758		758		1,149		1,149
Financial assets not measured at fair value:
Cash and cash equivalents	$	126,771	$	126,771	$	126,790	$	126,790
Restricted cash	31,609		31,609		37,855		37,855
Accounts receivable, net	20,493		20,493		18,194		18,194
Insurance receivable	19,037		19,037		—		—
Note receivable	8,098		8,189 to 9,051		8,098		8,511 to 9,407
Due from Ashford Trust OP, net	—		—		488		488
Due from AQUA U.S. Fund	—		—		2,289		2,289
Due from related party, net	645		645		377		377
Due from third-party hotel managers	7,492		7,492		7,555		7,555
Financial liabilities not measured at fair value:
Indebtedness	$	914,079	$863,534 to $954,431		$	766,964	$ 726,774 to $ 803,276
Accounts payable and accrued expenses	59,912		59,912		44,791		44,791
Dividends and distributions payable	8,599		8,599		5,038		5,038
Due to Ashford Inc.	1,380		1,380		5,085		5,085
Due to affiliate	—		—		2,500		2,500
Due to third-party hotel managers	2,633		2,633		973		973