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Other Assets | 3 Months Ended
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Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets | Other Assets As of March 31, 2024 and December 31, 2023, the balances in other assets, net are as follows:
|  | March 31, 2024 |  | December 31, 2023
Amounts deposited and held by others (Note 14) |  | $ | 89,585 |  |  | $ | 92,151 |
Investments in debt securities, net |  | 86,333 |  |  | 86,471 |
Derivative instruments (Note 8) |  | 84,339 |  |  | 75,488 |
Rent and other receivables, net |  | 70,393 |  |  | 60,810 |
Prepaid expenses |  | 67,736 |  |  | 47,770 |
Investments in equity securities |  | 56,170 |  |  | 55,991 |
Held for sale assets(1) |  | 30,923 |  |  | 46,203 |
Corporate fixed assets, net |  | 30,225 |  |  | 31,474 |
ROU lease assets — operating and finance, net |  | 14,969 |  |  | 13,532 |
Deferred financing costs, net |  | 2,241 |  |  | 2,972 |
Other |  | 46,210 |  |  | 16,034 |
Total |  | $ | 579,124 |  |  | $ | 528,896 |
(1)As of March 31, 2024 and December 31, 2023, 124 and 189 properties, respectively, are classified as held for sale. Investments in Debt Securities, net In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $86,333, net of unamortized discounts of $1,144 as of March 31, 2024. These investments in debt securities are classified as held to maturity investments. As of March 31, 2024, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next nine months to three years. Rent and Other Receivables, net We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented. Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For th e three months ended March 31, 2024 and 2023, rental revenues and other property income includes $41,845 and $35,511 of variable lease payments, respectively. Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of March 31, 2024 are as follows:
Year |  | Lease Payments to be Received
Remainder of 2024 |  | $ | 1,204,700 |
2025 |  | 416,112 |
2026 |  | 18,130 |
2027 |  | — |
2028 |  | — |
Thereafter |  | — |
Total |  | $ | 1,638,942 |
Management fee revenues and the corresponding receivables related to property and asset management services provided to portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures (see Note 5). O ur services include resident support, maintenance, marketing, and administrative functions. Revenues are recognized as performance obligations are satisfied in accordance with the underlying agreements, and the performance obligation is the management of the homes, entities, or other defined tasks. While the performance obligations associated with base management fees can vary from day to day, the nature of the overall performance obligation to provide management services is the same and considered by us to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. As of March 31, 2024 and 2023, we provided property and asset management services for 18,122 and 3,570 homes, respectively, of which 3,844 and 3,570 homes were owned by our unconsolidated joint ventures, respectively. For the three months ended March 31, 2024 and 2023, we earned management fees totaling $13,942 and $3,375, respectively, which are included in management fee revenues in the condensed consolidated statements of operations. Investments in Equity Securities We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of March 31, 2024 and December 31, 2023, the values of our investments in equity securities are as follows:
|  | March 31, 2024 |  | December 31, 2023
Investments without a readily determinable fair value |  | $ | 55,074 |  |  | $ | 54,686 |
Investments with a readily determinable fair value |  | 1,096 |  |  | 1,305 |
Total |  | $ | 56,170 |  |  | $ | 55,991 |
The components of gains (losses) on investments in equity securities, net as of three months ended March 31, 2024 and 2023 are as follows:
|  | For the Three Months Ended March 31, |  |  |  |
|  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value |  | $ | (209) |  |  | $ | 88 |  |  |  |  |  |  |  |  |
Total |  | $ | (209) |  |  | $ | 88 |  |  |  |  |  |  |  |  |
Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net The following table presents supplemental information related to leases into which we have entered as a lessee as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  | December 31, 2023
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Other assets |  | $ | 8,425 |  |  | $ | 6,544 |  |  | $ | 9,236 |  |  | $ | 4,296 |
Other liabilities (Note 14) |  | 10,095 |  |  | 5,606 |  |  | 11,097 |  |  | 3,796 |
Weighted average remaining lease term |  | 3.4 years |  | 3.8 years |  | 3.3 years |  | 2.9 years
Weighted average discount rate |  | 3.7% |  | 6.0% |  | 3.6% |  | 5.2%
Deferred Financing Costs, net In connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of March 31, 2024 and December 31, 2023, the unamortized balances of these deferred financing costs are $2,241 and $2,972, respectively. Other Other is primarily comprised of deferred costs related to property and asset management contracts that are being amortized over the estimated lives of the underlying contracts and other deferred costs, including those that will be capitalized as corporate fixed assets upon deployment of the software or commencement of the underlying office lease.

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