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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of carrying values and fair values of financial instruments
The following table displays the carrying values and fair values of financial instruments as of June 30, 2020 and December 31, 2019:
 
 
 
 
June 30, 2020
 
December 31, 2019
 
 
 
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets carried at historical cost on the condensed consolidated balance sheets:
 
 
 
 
 
 
 
 
 
 
Investments in debt securities(1)
 
Level 2
 
$
310,380

 
$
309,011

 
$
316,991

 
$
318,299

 
 
 
 
 
 
 
 
 
 
 
Liabilities carried at historical cost on the condensed consolidated balance sheets:
 
 
 
 
 
 
 
 
 
 
Mortgage loans(2)
 
Level 2
 
$
6,134,906

 
$
6,113,628

 
$
6,266,407

 
$
6,292,261

Secured Term Loan(3)
 
Level 3
 
403,363

 
450,008

 
403,464

 
411,213

Term Loan Facility(4)
 
Level 3
 
1,500,000

 
1,491,166

 
1,500,000

 
1,500,444

Convertible Senior Notes(5)
 
Level 3
 
336,820

 
351,456

 
334,299

 
346,489

 
(1)
The carrying values of investments in debt securities are shown net of discount.
(2)
The carrying values of the mortgage loans are shown net of discount and exclude $16,331 and $27,946 of deferred financing costs as of June 30, 2020 and December 31, 2019, respectively.
(3)
The carrying value of the Secured Term Loan excludes $2,377 and $2,486 of deferred financing costs as of June 30, 2020 and December 31, 2019, respectively.
(4)
The carrying value of the Term Loan Facility excludes $4,809 and $6,253 of deferred financing costs as of June 30, 2020 and December 31, 2019, respectively.
(5)
The carrying values of the Convertible Senior Notes include unamortized discounts of $8,180 and $10,701 as of June 30, 2020 and December 31, 2019, respectively
Fair value measurement inputs and valuation techniques The following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of June 30, 2020:
 
 
Quantitative Information about Level 3 Fair Value Measurement(1)
 
 
Fair Value
 
Valuation Technique
 
Unobservable Input
 
Rate
Secured Term Loan
 
$
450,008

 
Discounted Cash Flow
 
Effective Rate
 
2.39%
Term Loan Facility
 
1,491,166

 
Discounted Cash Flow
 
Effective Rate
 
2.19
%
—
2.28%
Convertible Senior Notes
 
351,456

 
Discounted Cash Flow
 
Effective Rate
 
2.26%
 
(1)
Our Level 3 fair value instruments require interest only monthly payments.
Schedule of impaired assets, measured at fair value on a nonrecurring basis The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
 
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Investments in single-family residential properties, net held for use (Level 3):
 
 
 
 
 
 
 
 
Pre-impairment amount
 
$
451

 
$
7,313

 
$
451

 
$
7,553

Total impairments
 
(89
)
 
(1,788
)
 
(89
)
 
(1,818
)
Fair value
 
$
362

 
$
5,525

 
$
362

 
$
5,735

 
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Investments in single-family residential properties, net held for sale (Level 3):
 
 
 
 
 
 
 
 
Pre-impairment amount
 
$
6,994

 
$
12,090

 
$
17,794

 
$
31,114

Total impairments
 
(1,353
)
 
(2,288
)
 
(3,824
)
 
(5,511
)
Fair value
 
$
5,641

 
$
9,802

 
$
13,970

 
$
25,603