Table:
|  |  | December 31, 2019 |  | December 31, 2018 |  |
| --- | --- | --- | --- | --- | --- |
|  | Level | Carrying Value | Fair Value | Carrying Value | Fair Value |
| Assets: |  |  |  |  |  |
| Cash and cash equivalents(1) | 1 | $195,760 | $195,760 | $303,390 | $303,390 |
| Loan receivables held for sale, net(2) | 2 | 51,926 | 55,958 | 2,876 | 3,552 |
| Servicing assets(3) | 3 | 30,459 | 30,459 | — | — |
| Liabilities: |  |  |  |  |  |
| Finance charge reversal liability(3) | 3 | $206,035 | $206,035 | $138,589 | $138,589 |
| Term loan(1) | 2 | 384,497 | 392,201 | 386,822 | 386,234 |
| Interest rate swap(3) | 2 | 2,763 | 2,763 | — | — |
| Servicing liabilities(3) | 3 | 3,796 | 3,796 | 3,016 | 3,016 |
Paragraphs:
GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Note 3. Fair Value of Assets and Liabilities
The following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 4, Note 7, Note 8, and Note 9 for additional information on these assets and liabilities.
(1) Disclosed, but not carried, at fair value.
(2) Measured at fair value on a nonrecurring basis.
(3) Measured and carried at fair value on a recurring basis.
Question:
How was net Loan receivables held for sale measured by the company?
Answer: at fair value on a nonrecurring basis.