Fair Value

12 Months Ended

Dec. 31, 2024

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 7. 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 December 31, 2024 and 2023 (amounts in thousands):

	December 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
AMH 2014-SFR2 securitization, net	$	—	$	—	$	460,507	$	463,237
AMH 2014-SFR3 securitization, net	—		—		475,854		478,833
AMH 2015-SFR1 securitization, net	494,635		496,776		500,713		503,668
AMH 2015-SFR2 securitization, net	429,709		432,316		434,347		437,508
Total asset-backed securitizations, net	924,344		929,092		1,871,421		1,883,246
2028 unsecured senior notes, net	497,534		488,265		496,745		486,875
2029 unsecured senior notes, net	397,665		397,064		397,107		396,956
2031 unsecured senior notes, net	443,210		376,947		442,172		371,817
2032 unsecured senior notes, net	585,509		537,174		583,521		539,304
2034 unsecured senior notes I, net	594,640		597,504		—		—
2034 unsecured senior notes II, net	493,336		496,185		—		—
2035 unsecured senior notes, net	493,150		487,335		—		—
2051 unsecured senior notes, net	291,807		198,174		291,498		207,264
2052 unsecured senior notes, net	289,567		234,258		289,183		244,275
Total unsecured senior notes, net	4,086,418		3,812,906		2,500,226		2,246,491
Revolving credit facility	—		—		90,000		90,000
Total debt	$	5,010,762	$	4,741,998	$	4,461,647	$	4,219,737

During the third quarter of 2024, 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 fourth quarter of 2024 in connection with the pricing of the 2035 Notes (see Note 7. Debt), which resulted in an aggregate gain of $8.6 million recorded in other comprehensive income at the time that will be reclassified into earnings as a reduction of interest expense over the 10-year term of the 2035 Notes. The treasury locks were the only financial instruments recorded at fair value on a recurring basis in the 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 rate.