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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Schedule of carrying values and fair values of financial instruments | The following table displays the carrying values and fair values of financial instruments as of September 30, 2020 and December 31, 2019:
|  |  |  | September 30, 2020 |  | December 31, 2019
|  |  |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Investments in debt securities(1) |  | Level 2 |  | $ | 309,122 |  |  | $ | 312,661 |  |  | $ | 316,991 |  |  | $ | 318,299 |
Liabilities carried at historical cost on the condensed consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Mortgage loans(2) |  | Level 2 |  | $ | 6,108,880 |  |  | $ | 6,181,214 |  |  | $ | 6,266,407 |  |  | $ | 6,292,261 |
Secured Term Loan(3) |  | Level 3 |  | 403,363 |  |  | 461,617 |  |  | 403,464 |  |  | 411,213 |
Term Loan Facility(4) |  | Level 3 |  | 1,500,000 |  |  | 1,499,446 |  |  | 1,500,000 |  |  | 1,500,444 |
Convertible Senior Notes(5) |  | Level 3 |  | 338,112 |  |  | 352,103 |  |  | 334,299 |  |  | 346,489 |
(1)The carrying values of investments in debt securities are shown net of discount. (2)The carrying values of the mortgage loans are shown net of discount and exclude $13,900 and $27,946 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively. (3)The carrying value of the Secured Term Loan excludes $2,323 and $2,486 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively. (4)The carrying value of the Term Loan Facility excludes $4,087 and $6,253 of deferred financing costs as of September 30, 2020 and December 31, 2019, respectively. (5)The carrying values of the Convertible Senior Notes include unamortized discounts of $6,888 and $10,701 as of September 30, 2020 and December 31, 2019, respectively
Fair value measurement inputs and valuation techniques | The following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of September 30, 2020:
|  | Quantitative Information about Level 3 Fair Value Measurement(1)
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Rate
Secured Term Loan |  | $ | 461,617 |  |  | Discounted Cash Flow |  | Effective Rate |  | 2.08%
Term Loan Facility |  | 1,499,446 |  |  | Discounted Cash Flow |  | Effective Rate |  | 1.88 | % | — | 1.91%
Convertible Senior Notes |  | 352,103 |  |  | Discounted Cash Flow |  | Effective Rate |  | 1.88%
(1)Our Level 3 fair value instruments require interest only monthly payments.
Schedule of impaired assets, measured at fair value on a nonrecurring basis | Single-Family Residential Properties The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Investments in single-family residential properties, net held for use (Level 3): |  |  |  |  |  |  |  |  |  |
Pre-impairment amount |  | $ | — |  |  | $ | 885 |  |  | $ | 451 |  |  | $ | 8,438 |  |  |
Total impairments |  | — |  |  | (254) |  |  | (89) |  |  | (2,072) |  |  |
Fair value |  | $ | — |  |  | $ | 631 |  |  | $ | 362 |  |  | $ | 6,366 |  |  |
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |
Investments in single-family residential properties, net held for sale (Level 3): |  |  |  |  |  |  |  |  |  |
Pre-impairment amount |  | $ | 1,800 |  |  | $ | 18,723 |  |  | $ | 19,594 |  |  | $ | 49,837 |  |  |
Total impairments |  | (289) |  |  | (3,706) |  |  | (4,113) |  |  | (9,217) |  |  |
Fair value |  | $ | 1,511 |  |  | $ | 15,017 |  |  | $ | 15,481 |  |  | $ | 40,620 |  |  |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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