Debt (Tables)

9 Months Ended

Sep. 30, 2015

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