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Fair Value
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 (amounts in thousands):
June 30, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
AMH 2015-SFR1 securitization, net$— $— $494,635 $496,776 
AMH 2015-SFR2 securitization, net427,275 429,230 429,709 432,316 
Total asset-backed securitizations, net427,275 429,230 924,344 929,092 
2028 unsecured senior notes, net497,929 497,340 497,534 488,265 
2029 unsecured senior notes, net397,947 404,604 397,665 397,064 
2030 unsecured senior notes, net641,361 656,767 — — 
2031 unsecured senior notes, net443,730 392,036 443,210 376,947 
2032 unsecured senior notes, net586,503 554,850 585,509 537,174 
2034 unsecured senior notes I, net594,935 610,626 594,640 597,504 
2034 unsecured senior notes II, net493,681 507,305 493,336 496,185 
2035 unsecured senior notes, net493,530 497,060 493,150 487,335 
2051 unsecured senior notes, net291,961 199,089 291,807 198,174 
2052 unsecured senior notes, net289,757 234,303 289,567 234,258 
Total unsecured senior notes, net4,731,334 4,553,980 4,086,418 3,812,906 
Revolving credit facility— — — — 
Total debt$5,158,609 $4,983,210 $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. The Company settled the treasury locks during the second quarter of 2025 in connection with the pricing of the 2030 Notes (see Note 8. Debt), which resulted in an immaterial gain. The treasury locks were the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and were classified as Level 2 within the fair value hierarchy as their fair values were estimated using observable inputs based on the 10-year treasury note rates.