Debt (Tables)

3 Months Ended

Mar. 31, 2015

The following table presents the Company’s debt as of March 31, 2015, and December 31, 2014 (in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2015		December 31, 2014
2014-SFR1 securitization (2)	1.79%	June 9, 2019	$	477,363	$	478,565
2014-SFR2 securitization	4.42%	October 9, 2024	511,151		512,435
2014-SFR3 securitization	4.40%	December 9, 2024	527,097		528,390
2015-SFR1 securitization (3)	4.14%	April 9, 2045	552,778		—
Total asset-backed securitizations			2,068,389		1,519,390
Secured note payable	4.06%	July 1, 2019	51,417		51,644
Credit facility (4)	2.93%	September 30, 2018	45,000		207,000
Total debt			$	2,164,806	$	1,778,034

(1)

Interest rates are as of March 31, 2015. Unless otherwise stated, interest rates are fixed percentages.

(2)

The 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of LIBOR plus 1.54%. The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.

(3)

The 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.

(4)

The credit facility provides for a borrowing capacity of up to $800 million through March 2016 and bears interest at LIBOR plus 2.75% (3.125% beginning in March 2017). Any outstanding borrowings upon expiration of the credit facility period in March 2016 will become due in September 2018.

Summary of activity that relates to capitalized interest

The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three months ended March 31, 2015 and 2014 (in thousands):

	For the Three Months Ended,
	March 31, 2015			March 31, 2014
Gross interest cost	$	20,239		$	4,430
Capitalized interest	(4,569		)	(2,928		)
Interest expense	$	15,670		$	1,502