v3.24.2.u1
Fair Value
 6 Months Ended
Jun. 30, 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 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, 2024 and December 31, 2023 (amounts in thousands):
June 30, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
AMH 2014-SFR2 securitization, net$— $— $460,507 $463,237 
AMH 2014-SFR3 securitization, net472,332 474,945 475,854 478,833 
AMH 2015-SFR1 securitization, net497,743 500,623 500,713 503,668 
AMH 2015-SFR2 securitization, net432,413 435,369 434,347 437,508 
Total asset-backed securitizations, net1,402,488 1,410,937 1,871,421 1,883,246 
2028 unsecured senior notes, net497,140 479,080 496,745 486,875 
2029 unsecured senior notes, net397,382 390,668 397,107 396,956 
2031 unsecured senior notes, net442,691 365,544 442,172 371,817 
2032 unsecured senior notes, net584,515 523,506 583,521 539,304 
2034 unsecured senior notes I, net594,384 590,526 — — 
2034 unsecured senior notes II, net492,962 490,940 — — 
2051 unsecured senior notes, net291,652 196,038 291,498 207,264 
2052 unsecured senior notes, net289,376 232,587 289,183 244,275 
Total unsecured senior notes, net3,590,102 3,268,889 2,500,226 2,246,491 
Revolving credit facility— — 90,000 90,000 
Total debt$4,992,590 $4,679,826 $4,461,647 $4,219,737