XML 42 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (amounts in thousands):
March 31, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
AMH 2015-SFR1 securitization, net$— $— $494,635 $496,776 
AMH 2015-SFR2 securitization, net428,479 430,916 429,709 432,316 
Total asset-backed securitizations, net428,479 430,916 924,344 929,092 
2028 unsecured senior notes, net497,732 494,955 497,534 488,265 
2029 unsecured senior notes, net397,806 401,728 397,665 397,064 
2031 unsecured senior notes, net443,470 386,501 443,210 376,947 
2032 unsecured senior notes, net586,006 545,184 585,509 537,174 
2034 unsecured senior notes I, net594,787 600,678 594,640 597,504 
2034 unsecured senior notes II, net493,506 499,050 493,336 496,185 
2035 unsecured senior notes, net493,370 491,055 493,150 487,335 
2051 unsecured senior notes, net291,884 198,906 291,807 198,174 
2052 unsecured senior notes, net289,662 234,381 289,567 234,258 
Total unsecured senior notes, net4,088,223 3,852,438 4,086,418 3,812,906 
Revolving credit facility410,000 410,000 — — 
Total debt$4,926,702 $4,693,354 $5,010,762 $4,741,998 

During the first quarter of 2025, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $200.0 million based on the 10-year treasury note rates at the time. The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value liability of $1.5 million as of March 31, 2025, which was included in accounts payable and accrued expenses within the condensed consolidated balance sheets, with a corresponding unrealized loss reflected in accumulated other comprehensive income. The treasury locks will be settled upon the issuance of debt and any gain or loss recorded in accumulated other comprehensive income upon settlement will be reclassified into earnings as either a reduction of or increase to interest expense over the term of the debt. The treasury locks are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and are classified as Level 2 within the fair value hierarchy as their fair values are estimated using observable inputs based on the 10-year treasury note rate.