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Debt (Tables) | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2015, and December 31, 2014 (in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | September 30, 2015 |  | December 31, 2014
2014-SFR1 securitization (2) | 1.79 | % |  | June 9, 2019 |  | $ | 474,958 |  |  | $ | 478,565 |
2014-SFR2 securitization | 4.42 | % |  | October 9, 2024 |  | 508,587 |  |  | 512,435 |
2014-SFR3 securitization | 4.40 | % |  | December 9, 2024 |  | 524,429 |  |  | 528,390 |
2015-SFR1 securitization (3) | 4.14 | % |  | April 9, 2045 |  | 550,502 |  |  | — |
2015-SFR2 securitization (4) | 4.36 | % |  | October 9, 2045 |  | 477,716 |  |  | — |
Total asset-backed securitizations |  |  |  |  |  | 2,536,192 |  |  | 1,519,390 |
Secured note payable | 4.06 | % |  | July 1, 2019 |  | 50,980 |  |  | 51,644 |
Credit facility (5) | 2.96 | % |  | September 30, 2018 |  | — |  |  | 207,000 |
Total debt (6) |  |  |  |  |  | $ | 2,587,172 |  |  | $ | 1,778,034 |
(1) | Interest rates are as of September 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 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025.
(5) | 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.
(6) | The Company was in compliance with all debt covenants associated with its asset-backed securitizations and credit facility as of September 30, 2015.
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 nine months ended September 30, 2015 and 2014 (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, 2015 |  | September 30, 2014 |  | September 30, 2015 |  | September 30, 2014
Gross interest | $ | 25,029 |  |  | $ | 8,500 |  |  | $ | 69,181 |  |  | $ | 19,228 |
Capitalized interest | (1,163 | ) |  | (3,388 | ) |  | (7,642 | ) |  | (8,726 | )
Interest expense | $ | 23,866 |  |  | $ | 5,112 |  |  | $ | 61,539 |  |  | $ | 10,502 |

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