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Fair Value
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
 
        The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts.

        Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value.

        Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.
        The following table displays the carrying values and fair values of our debt instruments as of June 30, 2020 and December 31, 2019 (in thousands):
June 30, 2020December 31, 2019
Carrying ValueFair ValueCarrying ValueFair Value
AH4R 2014-SFR2 securitization$477,329  $491,262  $479,706  $491,302  
AH4R 2014-SFR3 securitization492,175  507,435  495,029  510,486  
AH4R 2015-SFR1 securitization517,486  532,246  519,576  534,531  
AH4R 2015-SFR2 securitization448,810  464,351  450,733  466,558  
Total asset-backed securitizations1,935,800  1,995,294  1,945,044  2,002,877  
2028 unsecured senior notes, net493,984  534,910  493,589  531,870  
2029 unsecured senior notes, net395,145  452,532  394,864  446,728  
Total unsecured senior notes, net889,129  987,442  888,453  978,598  
Revolving credit facility130,000  130,000  —  —  
Total debt$2,954,929  $3,112,736  $2,833,497  $2,981,475