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Fair Value
 6 Months Ended
Jun. 30, 2021
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 generally 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, 2021 and December 31, 2020 (in thousands):
June 30, 2021December 31, 2020
Carrying ValueFair ValueCarrying ValueFair Value
AH4R 2014-SFR2 securitization$472,610 $483,541 $475,144 $488,140 
AH4R 2014-SFR3 securitization487,774 500,415 490,319 504,364 
AH4R 2015-SFR1 securitization512,778 525,461 515,326 529,542 
AH4R 2015-SFR2 securitization444,671 458,748 446,818 461,037 
Total asset-backed securitizations1,917,833 1,968,165 1,927,607 1,983,083 
2028 unsecured senior notes, net494,773 561,940 494,378 575,220 
2029 unsecured senior notes, net395,708 465,212 395,427 482,276 
Total unsecured senior notes, net890,481 1,027,152 889,805 1,057,496 
Revolving credit facility620,000 620,000 — — 
Total debt$3,428,314 $3,615,317 $2,817,412 $3,040,579 

    During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument. The treasury lock was settled in June 2021 in connection with the pricing of the 2031 Notes (see Note 16) and resulted in a $4.0 million loss that was recorded in other comprehensive loss as of June 30, 2021 and will be reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 Notes. As the $4.0 million loss was paid upon issuance of the 2031 Notes in July 2021 (see Note 16), the amount was recorded in accounts payable and accrued expenses within the condensed consolidated balance sheets as of June 30, 2021. The treasury lock is classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs, based on the 10-year treasury note rate.