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Fair Value
 9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020 (in thousands):
September 30, 2021December 31, 2020
Carrying ValueFair ValueCarrying ValueFair Value
AH4R 2014-SFR2 securitization$471,457 $481,550 $475,144 $488,140 
AH4R 2014-SFR3 securitization486,475 498,225 490,319 504,364 
AH4R 2015-SFR1 securitization511,627 523,360 515,326 529,542 
AH4R 2015-SFR2 securitization443,763 457,049 446,818 461,037 
Total asset-backed securitizations1,913,322 1,960,184 1,927,607 1,983,083 
2028 unsecured senior notes, net494,970 566,865 494,378 575,220 
2029 unsecured senior notes, net395,849 468,684 395,427 482,276 
2031 unsecured senior notes, net439,764 447,008 — — 
2051 unsecured senior notes, net290,759 306,492 — — 
Total unsecured senior notes, net1,621,342 1,789,049 889,805 1,057,496 
Revolving credit facility— — — — 
Total debt$3,534,664 $3,749,233 $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 Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 Notes (see Note 8. Debt), which resulted in a $4.0 million loss recorded in other comprehensive loss for the nine months ended September 30, 2021 and is being reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 Notes. The treasury lock was 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.