Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table displays the carrying values and fair values of our debt instruments as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value ⁽¹⁾		Fair Value
AH4R 2014-SFR2 securitization	$	479,706	$	491,302	$	483,790	$	494,820
AH4R 2014-SFR3 securitization	495,029		510,486		499,108		511,450
AH4R 2015-SFR1 securitization	519,576		534,531		523,865		534,666
AH4R 2015-SFR2 securitization	450,733		466,558		454,748		467,303
Total asset-backed securitizations ⁽¹⁾	1,945,044		2,002,877		1,961,511		2,008,239
2028 unsecured senior notes, net	493,589		531,870		492,800		479,730
2029 unsecured senior notes, net	394,864		446,728		—		—
Total unsecured senior notes, net ⁽¹⁾	888,453		978,598		492,800		479,730
Revolving credit facility ⁽²⁾	—		—		250,000		250,000
Term loan facility ^{(1) (2)}	—		—		99,232		100,000
Total debt	$	2,833,497	$	2,981,475	$	2,803,543	$	2,837,969


(1)	To conform with current year presentation, the carrying values of the asset-backed securitizations, unsecured senior notes and term loan facility are presented net of unamortized deferred financing costs of $31.0 million, $4.7 million and $0.8 million, respectively, as of December 31, 2018. The carrying values of the unsecured senior notes, net remain presented net of unamortized discounts.

(2)

As our revolving credit facility and term loan facility bear interest at a floating rate based on an index plus a spread (see Note 7), management believes that the carrying values (excluding deferred financing costs) of the revolving credit facility and term loan facility reasonably approximate fair value.

Changes in Fair Value of Level 3 Financial Instruments

The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the consolidated statements of operations for the years ended December 31, 2018 and 2017 (in thousands):



Description	January 1, 2018		Conversions			Remeasurement Included in Earnings			December 31, 2018
Liabilities:
Participating preferred shares derivative liability	$	29,470	$	(28,258	)	$	(1,212	)	$	—



Description	January 1, 2017		Conversions			Remeasurement Included in Earnings			December 31, 2017
Liabilities:
Participating preferred shares derivative liability	$	69,810	$	(37,499	)	$	(2,841	)	$	29,470