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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table displays the carrying values and fair values of our debt instruments as of September 30, 2019 and December 31, 2018 (in thousands):
| September 30, 2019 |  | December 31, 2018
| Carrying Value |  | Fair Value |  | Carrying Value (1) |  | Fair Value
AH4R 2014-SFR2 securitization | $ | 480,717 |  |  | $ | 492,792 |  |  | $ | 483,790 |  |  | $ | 494,820 |
AH4R 2014-SFR3 securitization | 496,024 |  |  | 512,582 |  |  | 499,108 |  |  | 511,450 |
AH4R 2015-SFR1 securitization | 520,619 |  |  | 534,231 |  |  | 523,865 |  |  | 534,666 |
AH4R 2015-SFR2 securitization | 451,642 |  |  | 468,015 |  |  | 454,748 |  |  | 467,303 |
Total asset-backed securitizations (1) | 1,949,002 |  |  | 2,007,620 |  |  | 1,961,511 |  |  | 2,008,239 |
2028 unsecured senior notes, net | 493,390 |  |  | 539,945 |  |  | 492,800 |  |  | 479,730 |
2029 unsecured senior notes, net | 394,723 |  |  | 455,664 |  |  | — |  |  | — |
Total unsecured senior notes, net (1) | 888,113 |  |  | 995,609 |  |  | 492,800 |  |  | 479,730 |
Revolving credit facility (2) | — |  |  | — |  |  | 250,000 |  |  | 250,000 |
Term loan facility (1) (2) | — |  |  | — |  |  | 99,232 |  |  | 100,000 |
Total debt | $ | 2,837,115 |  |  | $ | 3,003,229 |  |  | $ | 2,803,543 |  |  | $ | 2,837,969 |
(1) | To conform with current year presentation, the carrying values of the asset-backed securitizations, unsecured senior notes and term loan facility have been presented net of unamortized deferred financing costs of $31.0 million, $4.7 million and $0.8 million, respectively, as of December 31, 2018. The carrying values of the unsecured senior notes, net remain presented net of unamortized discounts.
(2) As our revolving credit facility and term loan facility bear interest at a floating rate based on an index plus a spread (see Note 8), management believes that the carrying values (excluding deferred financing costs) of the revolving credit facility and term loan facility reasonably approximate fair value.
Changes in Fair Value of Level 3 Financial Instruments | The following table presents changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the condensed consolidated statements of operations for the nine months ended September 30, 2018 (in thousands):
Description |  | January 1, 2018 |  | Conversions |  | Remeasurement included in earnings |  | September 30, 2018
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Participating preferred shares derivative liability |  | $ | 29,470 |  |  | $ | (28,258 | ) |  | $ | (1,212 | ) |  | $ | — |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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