Debt (Tables)

6 Months Ended

Jun. 30, 2015

The following table presents the Company’s debt as of June 30, 2015, and December 31, 2014 (in thousands):

				Outstanding Principal Balance
	Interest Rate (1)		Maturity Date	June 30, 2015		December 31, 2014
2014-SFR1 securitization (2)	1.79	%	June 9, 2019	$	476,160	$	478,565
2014-SFR2 securitization	4.42	%	October 9, 2024	509,868		512,435
2014-SFR3 securitization	4.40	%	December 9, 2024	525,776		528,390
2015-SFR1 securitization (3)	4.14	%	April 9, 2045	551,859		—

Total asset-backed securitizations				2,063,663		1,519,390
Secured note payable	4.06	%	July 1, 2019	51,200		51,644
Credit facility (4)	2.94	%	September 30, 2018	177,000		207,000

Total debt				$	2,291,863	$	1,778,034

(1)

Interest rates are as of June 30, 2015. Unless otherwise stated, interest rates are fixed percentages.

(2)

The 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of LIBOR plus 1.54%, subject to a LIBOR floor of 0.25%. The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.

(3)

The 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.

(4)

The credit facility provides for a borrowing capacity of up to $800.0 million through March 2016 and bears interest at LIBOR plus 2.75% (3.125% beginning in March 2017). Any outstanding borrowings upon expiration of the credit facility period in March 2016 will become due in September 2018.

Summary of activity that relates to capitalized interest

The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three and six months ended June 30, 2015 and 2014 (in thousands):

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Gross interest	$	23,913		$	6,298		$	44,152		$	10,728
Capitalized interest	(1,910		)	(2,410		)	(6,479		)	(5,338		)

Interest expense	$	22,003		$	3,888		$	37,673		$	5,390