The following table presents the Company’s debt as of March 31, 2017, and December 31, 2016 (in thousands):



			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2017			December 31, 2016
AH4R 2014-SFR1 securitization (2)	2.52%	June 9, 2019	$	455,385		$	456,074
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	500,527			501,810
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	516,144			517,827
AH4R 2015-SFR1 securitization (3)	4.14%	April 9, 2045	542,099			543,480
AH4R 2015-SFR2 securitization (4)	4.36%	October 9, 2045	470,849			472,043
Total asset-backed securitizations			2,485,004			2,491,234
Exchangeable senior notes	3.25%	November 15, 2018	115,000			115,000
Secured note payable	4.06%	July 1, 2019	49,583			49,828
Revolving credit facility (5)	2.73%	August 16, 2020	—			—
Term loan facility (6)	2.68%	August 16, 2021	350,000			325,000
Total debt (7)			2,999,587			2,981,062
Unamortized discount on exchangeable senior notes			(1,656		)	(1,883		)
Equity component of exchangeable senior notes			(4,356		)	(4,969		)
Deferred financing costs, net (8)			(49,479		)	(51,636		)
Total debt per balance sheet			$	2,944,096		$	2,922,574


(1)	Interest rates are as of March 31, 2017. Unless otherwise stated, interest rates are fixed percentages.

(2)

The AH4R 2014-SFR1 securitization had a duration-weighted blended interest rate of 1-month 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 was no event of default and compliance with certain other terms. This securitization was paid off in full during April 2017.


(3)	The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.


(4)	The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025.

(5)

The revolving credit facility provides for a borrowing capacity of up to $650.0 million, with a fully extended maturity date of August 2020, and bears interest at a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30%. The interest rate stated represents the applicable spread for LIBOR based borrowings as of March 31, 2017, plus 1-month LIBOR.

(6)

The term loan facility provides for a borrowing capacity of up to $350.0 million, with a fully extended maturity date of August 2021, and bears interest at a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30%. The interest rate stated represents the applicable spread for LIBOR based borrowings as of March 31, 2017, plus 1-month LIBOR.


(7)	The Company was in compliance with all debt covenants associated with its asset-backed securitizations, secured note payable, revolving credit facility and term loan facility as of March 31, 2017, and December 31, 2016.


(8)	Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $2.2 million and $2.1 million for the three months ended March 31, 2017 and 2016, respectively, which has been included in gross interest, prior to interest capitalization.