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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 and December 31, 2023:
|  |  |  | March 31, 2024 |  | December 31, 2023
|  |  |  | 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 |  | $ | 86,333 |  |  | $ | 84,584 |  |  | $ | 86,471 |  |  | $ | 84,591 |
Liabilities carried at historical cost on the condensed consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Unsecured Notes — public offering(2) |  | Level 1 |  | $ | 3,030,428 |  |  | $ | 2,714,883 |  |  | $ | 3,029,856 |  |  | $ | 2,725,884 |
Mortgage loans(3) |  | Level 2 |  | 1,627,874 |  |  | 1,575,141 |  |  | 1,633,585 |  |  | 1,576,813 |
Unsecured Notes — private placement(4) |  | Level 2 |  | 300,000 |  |  | 245,665 |  |  | 300,000 |  |  | 245,766 |
Secured Term Loan(5) |  | Level 3 |  | 403,129 |  |  | 360,927 |  |  | 403,129 |  |  | 369,402 |
Term Loan Facilities(6) |  | Level 3 |  | 3,225,000 |  |  | 3,227,452 |  |  | 3,225,000 |  |  | 3,230,747 |
(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 $19,572 and $20,144 of unamortized discount and excludes $22,420 and $23,211 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (3)The carrying values of the mortgage loans include $1,144 and $1,232 of unamortized discount and exclude $5,838 and $6,329 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (4)The carrying value of the Unsecured Notes — private placement excludes $1,135 and $1,178 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (5)The carrying value of the Secured Term Loan excludes $1,560 and $1,614 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. (6)The carrying values of the Term Loan Facilities exclude $11,096 and $13,186 of deferred financing costs as of March 31, 2024 and December 31, 2023, 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, 2024:
|  | Quantitative Information about Level 3 Fair Value Measurement(1)
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Rate
Secured Term Loan |  | $ | 360,927 |  |  | Discounted Cash Flow |  | Effective Rate |  | 5.34%
Term Loan Facilities |  | 3,227,452 |  |  | Discounted Cash Flow |  | Effective Rate |  | 4.96% | — | 6.69%
(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, |  |  |  |
|  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |  |
Investments in single-family residential properties, net held for sale (Level 3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-impairment amount |  | $ | 413 |  |  | $ | 690 |  |  |  |  |  |  |  |  |  |  |  |  |
Total impairments |  | (60) |  |  | (178) |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value |  | $ | 353 |  |  | $ | 512 |  |  |  |  |  |  |  |  |  |  |  |  |

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