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v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
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 March 31, 2023 and December 31, 2022:
|  |  |  | March 31, 2023 |  | December 31, 2022
|  |  |  | 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 |  | $ | 86,910 |  |  | $ | 85,441 |  |  | $ | 86,980 |  |  | $ | 84,992 |
Liabilities carried at historical cost on the condensed consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Unsecured Notes — public offering(2) |  | Level 1 |  | $ | 2,238,378 |  |  | $ | 1,844,616 |  |  | $ | 2,238,066 |  |  | $ | 1,798,658 |
Mortgage loans(3) |  | Level 2 |  | 1,649,437 |  |  | 1,595,558 |  |  | 1,653,724 |  |  | 1,588,550 |
Unsecured Notes — private placement(4) |  | Level 2 |  | 300,000 |  |  | 235,031 |  |  | 300,000 |  |  | 228,726 |
Secured Term Loan(5) |  | Level 3 |  | 403,129 |  |  | 365,141 |  |  | 403,363 |  |  | 356,557 |
Term Loan Facilities(6) |  | Level 3 |  | 3,225,000 |  |  | 3,231,074 |  |  | 3,225,000 |  |  | 3,233,677 |
(1)The carrying values of investments in debt securities are shown net of discount. (2)The carrying value of the Unsecured Notes — public offering includes $11,622 and $11,934 of unamortized discount and excludes $17,973 and $18,534 of deferred financing costs as of March 31, 2023 and December 31, 2022, respectively. (3)The carrying values of the mortgage loans are shown net of discount and exclude $7,478 and $7,929 of deferred financing costs as of March 31, 2023 and December 31, 2022, respectively. (4)The carrying value of the Unsecured Notes — private placement excludes $1,305 and $1,347 of deferred financing costs as of March 31, 2023 and December 31, 2022, respectively. (5)The carrying value of the Secured Term Loan excludes $1,778 and $1,833 of deferred financing costs as of March 31, 2023 and December 31, 2022, respectively. (6)The carrying values of the Term Loan Facilities exclude $19,357 and $21,433 of deferred financing costs as of March 31, 2023 and December 31, 2022, respectively.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of March 31, 2023:
|  | Quantitative Information about Level 3 Fair Value Measurement(1)
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Rate
Secured Term Loan |  | $ | 365,141 |  |  | Discounted Cash Flow |  | Effective Rate |  | 4.99%
Term Loan Facilities |  | 3,231,074 |  |  | Discounted Cash Flow |  | Effective Rate |  | 3.92% | — | 6.28%
(1)Our Level 3 fair value instruments require interest only payments.
Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis | 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 March 31, |  |  |  |  |  |
|  | 2023 |  | 2022 |  |  |  |  |  |  |  |  |  |
Investments in single-family residential properties, net held for sale (Level 3): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-impairment amount |  | $ | 690 |  |  | $ | 523 |  |  |  |  |  |  |  |  |  |  |
Total impairments |  | (178) |  |  | (101) |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 512 |  |  | $ | 422 |  |  |  |  |  |  |  |  |  |  |

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