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Fair Value (Tables)
12 Months Ended
Dec. 31, 2020
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 December 31, 2020 and 2019 (in thousands):
December 31, 2020December 31, 2019
Carrying ValueFair ValueCarrying ValueFair Value
AH4R 2014-SFR2 securitization$475,144 $488,140 $479,706 $491,302 
AH4R 2014-SFR3 securitization490,319 504,364 495,029 510,486 
AH4R 2015-SFR1 securitization515,326 529,542 519,576 534,531 
AH4R 2015-SFR2 securitization446,818 461,037 450,733 466,558 
Total asset-backed securitizations1,927,607 1,983,083 1,945,044 2,002,877 
2028 unsecured senior notes, net494,378 575,220 493,589 531,870 
2029 unsecured senior notes, net395,427 482,276 394,864 446,728 
Total unsecured senior notes, net889,805 1,057,496 888,453 978,598 
Revolving credit facility— — — — 
Total debt$2,817,412 $3,040,579 $2,833,497 $2,981,475 
Changes in Fair Value of Level 3 Financial Instruments The following tables present 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 consolidated statements of operations for the year ended December 31, 2018 (in thousands):
DescriptionJanuary 1, 2018ConversionsRemeasurement Included in EarningsDecember 31, 2018
Liabilities:   
Participating preferred shares derivative liability$29,470 $(28,258)$(1,212)$—