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Item 9A. Controls and Procedures

2026-02-20 compared with 2025-02-21 · 241 added, 413 removed, 1560 unchanged (30% of the section changed)

68 unchanged sentences

OTHER INFORMATION

During the three months ended December 31, 2024, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

During the three months ended December 31, 2025, no trustee or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

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DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this item with respect to trustees, executive officers and, to the extent applicable, Section 16(a) compliance will be included in the Company’s definitive proxy statement for the 2025 Annual Meeting to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024 (the “2025 Proxy Statement”) and is incorporated herein by reference.

The information required by this item with respect to the nominating process, the audit committee and the audit committee financial expert will be included in the 2025 Proxy Statement and is incorporated herein by reference.

The information required by this item with respect to a code of ethics and insider trading arrangements and policies will be included in the 2025 Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in the Company’s definitive proxy statement for the 2026 Annual Meeting (the “2026 Proxy Statement”) and is incorporated herein by reference.

The Company will file the 2026 Proxy Statement with the SEC within 120 days of the fiscal year ended December 31, 2025.

Any amendments to or waivers of the code of ethics granted to the Company’s executive officers or the controller will be published promptly on our website or by other appropriate means in accordance with SEC rules and regulations.

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Share-Based Compensation to the consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

The Plans and the 2021 ESPP were approved by the Company’s shareholders.

7 unchanged sentences

The information required by this item will be included in the 2026 Proxy Statement and is incorporated herein by reference.

EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) (1) and (2) Financial Statements and Financial Statement Schedules

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3.4 Articles Supplementary for American Homes 4 Rent 6.25% Series H Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed September 14, 2018.)

3.5 Amended and Restated Bylaws of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 10, 2020.)

3.5 Amended and Restated Bylaws of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 4, 2023.)

4.1 Description of Securities (Incorporated by reference to Exhibit 4.7 to the Company’s Annual Report on Form 10-K filed February 24, 2023.)

4.2 Indenture, dated as of February 7, 2018, between American Homes 4 Rent, L.P.

4 unchanged sentences

Number Exhibit Document

4.4 Second Supplemental Indenture, dated as of January 23, 2019, among American Homes 4 Rent, L.P.

4.5 Second Supplemental Indenture, dated as of January 23, 2019, between American Homes 4 Rent, L.P.

Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed January 23, 2019.)

4.5 Form of Global Note representing the Notes (Incorporated by reference to and included in Exhibit 4.3 to the Company's Current Report on Form 8-K filed January 23, 2019.)

4.6 Description of Securities (Incorporated by reference to Exhibit 4.7 to the Company’s Annual Report on Form 10-K filed February 24, 2023.)

4.6 Form of Global Note representing the 2029 Notes (Incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed January 23, 2019.)

4.7 Third Supplemental Indenture, dated as of July 8, 2021, between American Homes 4 Rent, L.P.

5 unchanged sentences

4.11 Fifth Supplemental Indenture, dated as of April 7, 2022, between American Homes 4 Rent, L.P.

Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed April 7, 2022.)

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed April 7, 2022.)

4.12 Form of Global Note representing the 2032 Notes (Incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed April 7, 2022.)

4.13 Sixth Supplemental Indenture, dated as of April 7, 2022, between American Homes 4 Rent, L.P.

Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed April 7, 2022.)

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed April 7, 2022.)

4.14 Form of Global Note representing the 2052 Notes (Incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed April 7, 2022.)

4.15 Seventh Supplemental Indenture, dated as of January 30, 2024, among American Homes 4 Rent, L.P.

4.15 Seventh Supplemental Indenture, dated as of January 30, 2024, between American Homes 4 Rent, L.P.

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed January 30, 2024.)

6 unchanged sentences

4.20 Form of Global Note representing the 2035 Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed December 9, 2024.)

4.21 Tenth Supplemental Indenture, dated as of May 13, 2025, between American Homes 4 Rent, L.P.

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed May 13, 2025.)

4.22 Form of Global Note representing the 2030 Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed May 13, 2025.)

10.1 Agreement of Limited Partnership of American Homes 4 Rent, L.P.

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1 to the Company's Registration Statement on Form S-11 (Registration Number 333-189103) filed June 25, 2013.)

Number Exhibit Document

10.5 Fourth Amendment to Agreement of Limited Partnership of American Homes 4 Rent, L.P.

1 unchanged sentence

1 to the Company's Registration Statement on Form S-11 (Registration Number 333-189103) filed June 25, 2013.)

Number Exhibit Document

10.6 Fifth Amendment to Agreement of Limited Partnership of American Homes 4 Rent, L.P.

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(Incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed February 22, 2019.)

10.18 Loan Agreement dated as of March 6, 2015 between AMH 2015-1 Borrower, LLC, as Borrower and Goldman Sachs Mortgage Company, as Lender (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 11, 2015.)

10.19 Loan Agreement dated as of September 22, 2015 between AMH 2015-2 Borrower, LLC, as Borrower and Goldman Sachs Mortgage Company, as Lender (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed September 23, 2015.)

10.18 Amendment Number Seven to the Master Loan and Security Agreement.

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10.21 † American Homes 4 Rent 2021 Equity Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed August 6, 2021.)

10.24 † Form of Restricted Share Unit Agreement – Retention (2021) (Incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K filed February 25, 2022.)

10.25 † Form of Restricted Share Unit Agreement – Time-Vesting for Vice Presidents and Above (2021) (Incorporated by reference to Exhibit 10.30 to the Company’s Annual Report on Form 10-K filed February 25, 2022.)

10.26 † Form of Restricted Share Unit Agreement – Performance-Vesting for Vice Presidents and Above (2021) (Incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K filed February 25, 2022.)

10.22 † Form of Restricted Share Unit Agreement for Non-Management Trustees (2021) (Incorporated by reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K filed February 25, 2022.)

10.23 † Form of Restricted Share Unit Agreement – Time-Vesting for Vice Presidents and Above (2023) (Incorporated by reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K filed February 24, 2023.)

Number Exhibit Document

10.24 † Form of Restricted Share Unit Agreement – Performance-Vesting for Vice Presidents and Above (2023) (Incorporated by reference to Exhibit 10.33 to the Company’s Annual Report on Form 10-K filed February 24, 2023.)

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(Incorporated by reference to Exhibit 10.33 to the Company’s Annual Report on Form 10-K filed February 23, 2024.)

10.31 † Form of Retirement and Award Agreement between American Homes 4 Rent and David P.

(Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed May 3, 2024.)

10.32 † Form of Restricted Share Unit Agreement – Performance-Vesting for Executives (2024).

10.26 † Form of Restricted Share Unit Agreement – Performance-Vesting for Vice Presidents and Above (2024) (Incorporated by reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K filed February 21, 2025.)

10.27 † Form of Restricted Share Unit Agreement – Retention (2026).

Filed herewith.

10.28 † Form of Severance and Change of Control Letter Agreement.

(Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 15, 2022.)

10.34 Credit Agreement, dated July 16, 2024, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Agent, and the other lending institutions that are parties thereto, as Lenders (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 19, 2024.)

19.1 Policy on Inside Information and Insider Trading.

Filed herewith.

Number Exhibit Document

10.29 Credit Agreement, dated July 16, 2024, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Agent, and the other lending institutions that are parties thereto, as Lenders (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 19, 2024.)

10.30 Amendment No.

1 to Credit Agreement, dated May 6, 2025, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Agent, and the other lending institutions that are parties thereto, as Lenders.

(Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed August 1, 2025.)

19.1 Policy on Inside Information and Insider Trading (Incorporated by reference to Exhibit 19.1 to the Company's Annual Report on Form 10-K filed February 21, 2025.)

21.1 List of Subsidiaries of American Homes 4 Rent and American Homes 4 Rent, L.P.

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Michelle Kerrick

/s/ JAMES KROPP

/s/ DAVID SINGELYN

David Singelyn

/s/ LYNN SWANN

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Michelle Kerrick

/s/ JAMES KROPP

/s/ DAVID SINGELYN

David Singelyn

/s/ LYNN SWANN

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The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Purchase price accounting

Description of the Matter For the year ended December 31, 2024, the Company completed the acquisition of 1,724 single-family properties for a total purchase price of $495.9 million.

As explained in Note 2 to the consolidated financial statements, the transactions were accounted for as asset acquisitions, and as such, were recorded at the price to acquire the single-family properties including acquisition costs.

The purchase price was allocated to the acquired components, which consist principally of land and buildings, based upon their relative fair values, which were determined using the Company’s own knowledge obtained from published market data, including county tax assessment records, and supplemented by the Company’s historical costs to construct a home.

Auditing the accounting for the Company’s 2024 acquisitions of single-family properties was challenging because the determination of the relative fair values of the acquired land and buildings involved a higher degree of subjectivity due to the lack of availability of direct comparable market information.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management’s accounting for acquired single-family properties, including controls over the review of assumptions underlying the purchase price allocation and accuracy of the underlying data used.

For example, we tested controls over the determination of the fair value of the land and buildings, including review of the significant inputs and assumptions used to develop those estimates.

Management’s review of the allocated values included the use of historical market data and internal construction costs to validate the reasonableness of the allocated land and building values.

For the 2024 single-family property acquisitions described above, our procedures included, among others, an evaluation of the methodology used by the Company and an assessment of the sensitivity of changes in the inputs and assumptions on the purchase price allocation.

For a sample of acquisitions, we read the purchase and sale agreements and tested the completeness and accuracy of the underlying data supporting the significant inputs and assumptions.

For example, on a sub-market basis, we compared the allocated land and building values to the historical allocations for single-family properties acquired in similar markets or submarkets in prior years.

We also performed a sensitivity analysis to evaluate the impact on the Company’s financial statements resulting from changes in allocated building values.

In addition, for a sample of the acquired properties, our valuation specialists performed corroborative calculations to assess whether management’s allocations were supported by observable market data.

Specifically, our valuation specialists utilized alternative data sources to develop a range of independent estimates of the land and building fair values to evaluate the reasonableness of management’s allocations.

Real Estate Assets, net

Description of the Matter As of December 31, 2025, the Company had total real estate assets, net of $12.5 billion, consisting of single-family properties in operation, single-family properties in development and development land, and single-family properties and land held-for-sale.

As explained in Note 2 to the consolidated financial statements, the Company capitalizes costs to prepare single-family properties to be leased and for the development of single-family properties through its internal construction program.

From time to time, the Company identifies single-family properties to be sold.

At the time such properties are identified, the Company evaluates whether such properties should be classified as held for sale.

Given the number of homes and the volume and nature of the different transactions affecting the recognition, measurement, and classification of real estate assets, performing audit procedures to evaluate the accounting for real estate assets was challenging and required an increased extent of audit effort.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management’s accounting for real estate assets, including controls over capitalization of costs, dispositions, and classifications of the Company’s properties.

Our procedures also included testing management’s control over the completeness and accuracy of underlying data used in the operation of controls.

To test the existence, measurement, and presentation and disclosure of real estate assets, we performed audit procedures that included, among others, selecting a sample of costs capitalized during the year, such as development costs, and evaluating the accuracy and classification of recorded amounts, evaluating the methodologies used to capitalize soft costs, including interest and payroll expenses, and selecting a sample of properties completed during the period and verifying that they were accounted for appropriately when placed into service.

As it relates to dispositions, we selected a sample of properties disposed during the year and evaluated the terms and conditions of the sales contracts to assess whether the sale was properly recorded, including the removal of the assets from the accounting records and the recognition of the related gain or loss on sale.

We also selected a sample of properties classified as held for sale and evaluated whether the properties met the criteria to be classified as held for sale as of December 31, 2025 and selected a sample of properties sold after December 31, 2025 and evaluated whether each property was properly classified as held for sale or held for use as of December 31, 2025.

/s/ Ernst & Young LLP

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Purchase price accounting

Description of the Matter For the year ended December 31, 2024, the Operating Partnership completed the acquisition of 1,724 single-family properties for a total purchase price of $495.9 million.

The purchase price was allocated to the acquired components, which consist principally of land and buildings, based upon their relative fair values, which were determined using the Operating Partnership’s own knowledge obtained from published market data, including county tax assessment records, and supplemented by the Operating Partnership’s historical costs to construct a home.

Auditing the accounting for the Operating Partnership’s 2024 acquisitions of single-family properties was challenging because the determination of the relative fair values of the acquired land and buildings involved a higher degree of subjectivity due to the lack of availability of direct comparable market information.

For example, we tested controls over the determination of the fair value of the land and buildings, including review of the significant inputs and assumptions used to develop those estimates.

Management’s review of the allocated values included the use of historical market data and internal construction costs to validate the reasonableness of the allocated land and building values.

For the 2024 single-family property acquisitions described above, our procedures included, among others, an evaluation of the methodology used by the Operating Partnership and an assessment of the sensitivity of changes in the inputs and assumptions on the purchase price allocation.

For a sample of acquisitions, we read the purchase and sale agreements and tested the completeness and accuracy of the underlying data supporting the significant inputs and assumptions.

We also performed a sensitivity analysis to evaluate the impact on the Company’s financial statements resulting from changes in allocated building values.

Real Estate Assets, net

Description of the Matter As of December 31, 2025, the Operating Partnership had total real estate assets, net of $12.5 billion, consisting of single-family properties in operation, single-family properties in development and development land, and single-family properties and land held-for-sale.

As explained in Note 2 to the consolidated financial statements, the Operating Partnership capitalizes costs to prepare single-family properties to be leased and for the development of single-family properties through its internal construction program.

From time to time, the Operating Partnership identifies single-family properties to be sold.

At the time such properties are identified, the Operating Partnership evaluates whether such properties should be classified as held for sale.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management’s accounting for real estate assets, including controls over capitalization of costs, dispositions, and classifications of the Operating Partnership’s properties.

Our procedures also included testing management’s control over the completeness and accuracy of underlying data used in the operation of controls.

/s/ Ernst & Young LLP

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Consolidated Balance Sheets

(Amounts in thousands, except share data)

(Amounts in thousands, except share and per share data)

December 31, 2025 December 31, 2024

13 unchanged sentences

Investments in unconsolidated joint ventures 148,935 159,134

Asset-backed securitization certificates — 25,666

Goodwill 120,279 120,279

38 unchanged sentences

Dividends on preferred shares 13,944 13,944 13,944

Redemption of perpetual preferred shares — — 5,276

Net income attributable to common shareholders $ 439,030 $ 398,482 $ 366,224

12 unchanged sentences

Net income $ 513,392 $ 468,142 $ 432,142

Other comprehensive income (loss):

Other comprehensive (loss) income:

Cash flow hedging instruments:

1 unchanged sentence

Reclassification adjustment for amortization of interest expense included in net income ( 1,432 ) ( 615 ) ( 564 )

Other comprehensive income (loss):

7,980 ( 564 ) ( 564 )

Other comprehensive (loss) income ( 1,401 ) 7,980 ( 564 )

Comprehensive income 511,991 476,122 431,578

1 unchanged sentence

Dividends on preferred shares 13,944 13,944 13,944

Redemption of perpetual preferred shares — — 5,276

Comprehensive income attributable to common shareholders $ 437,792 $ 405,491 $ 365,735

16 unchanged sentences

10,799,683 108 — — — — 398,092 — — 398,200 — 398,200

Redemption of Series F perpetual preferred shares — — — — ( 6,200,000 ) ( 62 ) ( 149,662 ) ( 5,276 ) — ( 155,000 ) — ( 155,000 )

Distributions to equity holders:

18 unchanged sentences

Net income — — — — — — — 412,426 — 412,426 55,716 468,142

Total other comprehensive loss — — — — — — — — ( 489 ) ( 489 ) ( 75 ) ( 564 )

Total other comprehensive income — — — — — — — — 7,009 7,009 971 7,980

Balances at December 31, 2024 368,987,993 $ 3,690 635,075 $ 6 9,200,000 $ 92 $ 7,529,008 $ ( 380,632 ) $ 7,852 $ 7,160,016 $ 688,614 $ 7,848,630

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Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 854,877 8 — — — — ( 5,793 ) — — ( 5,785 ) — ( 5,785 )

Issuance of Class A common shares, net of offering costs of $ 257

3,919,770 39 — — — — 142,778 — — 142,817 — 142,817

Redemptions of Class A units 900,000 9 — — — — 12,019 — 16 12,044 ( 12,044 ) —

Repurchases of Class A common shares ( 4,721,205 ) ( 47 ) — — — — ( 150,046 ) — — ( 150,093 ) — ( 150,093 )

Distributions to equity holders:

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Net income — — — — — — — 452,974 — 452,974 60,418 513,392

Total other comprehensive income — — — — — — — — 7,009 7,009 971 7,980

Total other comprehensive loss — — — — — — — — ( 1,238 ) ( 1,238 ) ( 163 ) ( 1,401 )

Balances at December 31, 2025 366,021,665 $ 3,660 635,075 $ 6 9,200,000 $ 92 $ 7,411,003 $ ( 387,643 ) $ 6,630 $ 7,033,748 $ 675,758 $ 7,709,506

12 unchanged sentences

Loss on early extinguishment of debt 396 6,323 —

Equity in net loss (income) of unconsolidated entities 6 ( 1,227 ) ( 3,066 )

Equity in net (income) loss of unconsolidated entities ( 320 ) 6 ( 1,227 )

Return on investment from unconsolidated joint ventures 3,629 1,946 3,345

14 unchanged sentences

Investment in unconsolidated joint ventures ( 15,078 ) ( 19,680 ) ( 12,614 )

Distributions from joint ventures 116,311 47,736 68,310

Distributions from unconsolidated entities 78,702 116,311 47,736

Renovations to single-family properties ( 40,645 ) ( 34,052 ) ( 40,137 )

8 unchanged sentences

Payments of Class A common share issuance costs — ( 257 ) ( 400 )

Redemption of perpetual preferred shares — — ( 155,000 )

Repurchases of Class A common shares ( 150,093 ) — —

Proceeds from issuances under share-based compensation plans 6,066 6,422 6,539

5 unchanged sentences

Settlement of cash flow hedging instruments 31 8,595 —

Proceeds from liabilities related to consolidated land not owned — — 60,217

Payments related to liabilities to repurchase consolidated land not owned ( 54,036 ) ( 82,001 ) —

3 unchanged sentences

Deferred financing costs paid ( 5,193 ) ( 25,216 ) —

Net cash provided by (used for) financing activities 142,696 ( 42,210 ) 786,177

Net increase in cash, cash equivalents and restricted cash 128,355 3,901 26,193

Net cash (used for) provided by financing activities ( 655,686 ) 142,696 ( 42,210 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 119,526 ) 128,355 3,901

Cash, cash equivalents and restricted cash, beginning of period (see Note 2) 350,216 221,861 217,960

221,861 217,960 191,767

Cash, cash equivalents and restricted cash, end of period (see Note 2) $ 230,690 $ 350,216 $ 221,861

$ 350,216 $ 221,861 $ 217,960

American Homes 4 Rent

9 unchanged sentences

Property and land contributions to unconsolidated joint ventures ( 66,047 ) ( 156,934 ) ( 46,109 )

Property and land distributions from unconsolidated joint ventures — — 8,397

Noncash right-of-use assets obtained in exchange for operating lease liabilities 4,629 1,625 963

20 unchanged sentences

Investments in unconsolidated joint ventures 148,935 159,134

Amounts due from affiliates — 25,666

Goodwill 120,279 120,279

13 unchanged sentences

Limited partner:

Common units ( 51,376,980 units issued and outstanding at December 31, 2024 and 2023)

Common units ( 50,476,980 and 51,376,980 units issued and outstanding at December 31, 2025 and 2024, respectively)

674,847 687,524

22 unchanged sentences

Preferred distributions 13,944 13,944 13,944

Redemption of perpetual preferred units — — 5,276

Net income attributable to common unitholders $ 499,448 $ 454,198 $ 418,198

12 unchanged sentences

Net income $ 513,392 $ 468,142 $ 432,142

Other comprehensive income (loss):

Other comprehensive (loss) income:

Cash flow hedging instruments:

1 unchanged sentence

Reclassification adjustment for amortization of interest expense included in net income ( 1,432 ) ( 615 ) ( 564 )

Other comprehensive income (loss):

7,980 ( 564 ) ( 564 )

Other comprehensive (loss) income ( 1,401 ) 7,980 ( 564 )

Comprehensive income 511,991 476,122 431,578

Preferred distributions 13,944 13,944 13,944

Redemption of perpetual preferred units — — 5,276

Comprehensive income attributable to common unitholders $ 498,047 $ 462,178 $ 417,634

3 unchanged sentences

(Amounts in thousands, except unit and per unit data)

General Partner Limited Partners

Common capital Preferred capital amount Common capital Accumulated

comprehensive income Total capital

General Partner Limited Partners Accumulated

comprehensive income

Common capital Preferred capital amount Common capital Total capital

of units Amount Number

5 unchanged sentences

10,799,683 398,200 — — — — 398,200

Redemption of Series F perpetual preferred units — ( 5,276 ) ( 149,724 ) — — — ( 155,000 )

Distributions to capital holders:

16 unchanged sentences

Net income — 398,482 13,944 — 55,716 — 468,142

Total other comprehensive loss — — — — — ( 564 ) ( 564 )

Total other comprehensive income — — — — — 7,980 7,980

Balances at December 31, 2024 369,623,068 $ 6,930,324 $ 221,840 51,376,980 $ 687,524 $ 8,942 $ 7,848,630

2 unchanged sentences

(Amounts in thousands, except unit and per unit data)

General Partner Limited Partners

Common capital Preferred capital amount Common capital Accumulated

comprehensive income Total capital

General Partner Limited Partners Accumulated

comprehensive income

Common capital Preferred capital amount Common capital Total capital

of units Amount Number

3 unchanged sentences

Common units issued under share-based compensation plans, net of units withheld for employee taxes 854,877 ( 5,785 ) — — — — ( 5,785 )

Issuance of Class A common units, net of offering costs of $ 257

3,919,770 142,817 — — — — 142,817

Redemptions of Class A units 900,000 12,028 — ( 900,000 ) ( 12,028 ) — —

Repurchases of Class A units ( 4,721,205 ) ( 150,093 ) — — — — ( 150,093 )

Distributions to capital holders:

4 unchanged sentences

Net income — 439,030 13,944 — 60,418 — 513,392

Total other comprehensive income — — — — — 7,980 7,980

Total other comprehensive loss — — — — — ( 1,401 ) ( 1,401 )

Balances at December 31, 2025 366,656,740 $ 6,805,278 $ 221,840 50,476,980 $ 674,847 $ 7,541 $ 7,709,506

12 unchanged sentences

Loss on early extinguishment of debt 396 6,323 —

Equity in net loss (income) of unconsolidated entities 6 ( 1,227 ) ( 3,066 )

Equity in net (income) loss of unconsolidated entities ( 320 ) 6 ( 1,227 )

Return on investment from unconsolidated joint ventures 3,629 1,946 3,345

14 unchanged sentences

Investment in unconsolidated joint ventures ( 15,078 ) ( 19,680 ) ( 12,614 )

Distributions from joint ventures 116,311 47,736 68,310

Distributions from unconsolidated entities 78,702 116,311 47,736

Renovations to single-family properties ( 40,645 ) ( 34,052 ) ( 40,137 )

8 unchanged sentences

Payments of Class A common unit issuance costs — ( 257 ) ( 400 )

Redemption of perpetual preferred units — — ( 155,000 )

Repurchases of Class A common units ( 150,093 ) — —

Proceeds from issuances under share-based compensation plans 6,066 6,422 6,539

5 unchanged sentences

Settlement of cash flow hedging instruments 31 8,595 —

Proceeds from liabilities related to consolidated land not owned — — 60,217

Payments related to liabilities to repurchase consolidated land not owned ( 54,036 ) ( 82,001 ) —

2 unchanged sentences

Deferred financing costs paid ( 5,193 ) ( 25,216 ) —

Net cash provided by (used for) financing activities 142,696 ( 42,210 ) 786,177

Net increase in cash, cash equivalents and restricted cash 128,355 3,901 26,193

Net cash (used for) provided by financing activities ( 655,686 ) 142,696 ( 42,210 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 119,526 ) 128,355 3,901

Cash, cash equivalents and restricted cash, beginning of period (see Note 2) 350,216 221,861 217,960

221,861 217,960 191,767

Cash, cash equivalents and restricted cash, end of period (see Note 2) $ 230,690 $ 350,216 $ 221,861

$ 350,216 $ 221,861 $ 217,960

American Homes 4 Rent, L.P.

9 unchanged sentences

Property and land contributions to unconsolidated joint ventures ( 66,047 ) ( 156,934 ) ( 46,109 )

Property and land distributions from unconsolidated joint ventures — — 8,397

Noncash right-of-use assets obtained in exchange for operating lease liabilities 4,629 1,625 963

6 unchanged sentences

Organization and Operations

American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing single-family homes as rental properties.

American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of developing, renovating, leasing and managing single-family homes as rental properties.

American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets.

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The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity.

One difference between the Company and the Operating Partnership was $ 25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AMH in connection with the Operating Partnership’s AMH 2014-SFR2 securitization debt offering.

The asset-backed securitization certificates were recorded as asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the Operating Partnership’s payoff of the AMH 2014-SFR2 securitization during the first quarter of 2024 (see Note 7.

AMH contributes all net proceeds from its various equity offerings to the Operating Partnership.

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In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.

Rent and Other Receivables, the Company reclassified certain immaterial tenant charge-backs from variable lease payments to fixed lease payments for the years ended December 31, 2023 and 2022 and certain immaterial fees from single-family properties from variable lease payments to fixed lease payments for the year ended December 31, 2023 to conform with the current year presentation.

Rent and Other Receivables, the Company reclassified certain immaterial tenant charge-backs from variable lease payments to fixed lease payments for the year ended December 31, 2023, and certain immaterial fees from single-family properties from variable lease payments to fixed lease payments for the year ended December 31, 2023 to conform with the current year presentation.

Additionally, in Note 5.

Escrow Deposits, Prepaid Expenses and Other Assets, certain prior year amounts have been reclassified to conform with the current year presentation.

Principles of Consolidation

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Intercompany accounts and transactions have been eliminated.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity.

Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control are accounted for under the equity method of accounting.

Entities that are not VIEs and for which the Company owns an interest and has

the ability to exercise significant influence but does not control are accounted for under the equity method of accounting.

See Investments in Unconsolidated Joint Ventures below for a further discussion of our investments in unconsolidated joint ventures.

The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE.

During the year ended December 31, 2024, the Company entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”).

The Company has entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”).

Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete.

The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code.

To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company.

The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the consolidated financial statements.

The Company also holds investments in venture capital funds and deposits with land banking entities that we determined are VIEs.

The QI established a special purpose entity, which was determined to be a VIE (the “QI VIE”), to hold the disposition proceeds in an escrow account and the QI VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code.

To the extent the proceeds are not used to acquire replacement real property, the QI VIE pays the proceeds to the Company.

The Company is the primary beneficiary of the QI VIE as it retains essentially all economic benefits related to the QI VIE and directs the activities that most significantly impact the QI VIE’s economic performance and therefore the QI VIE and the related disposition proceeds are consolidated within the consolidated financial statements.

Our 1031 Exchange transactions also are facilitated by an exchange accommodation titleholder (the “EAT”), which holds the replacement property for the 1031 Exchange until such transactions are complete.

The EAT established a special purpose entity, which was determined to be a VIE (the “EAT VIE”), to hold the replacement property and the EAT VIE must transfer the replacement property to the Company in a manner consistent with the requirements of Section 1031 of the Code.

The Company is the primary beneficiary of the EAT VIE as it retains essentially all economic benefits related to the EAT VIE and directs the activities that most significantly impact the EAT VIE’s economic performance and therefore the EAT VIE and the related replacement property is consolidated within the consolidated financial statements.

The Company also holds investments in proptech venture capital funds and deposits with land banking entities that we determined are VIEs.

As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

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federal, state and local authorities for the periods presented.

We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are

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Notes to Consolidated Financial Statements

subject to U.S.

We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S.

federal, state and local taxes on their income at regular corporate rates.

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federal income tax on our income.

Instead, each of the Operating Partnership’s partners, including AMH, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income.

Instead, each of the Operating Partnership’s

partners, including AMH, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income.

As such, no provision for U.S.

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The Operating Partnership funds the payment of distributions.

We historically used our net operating loss (“NOL”) for U.S.

federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

Investments in Real Estate

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Land and construction in progress for our AMH Development Program are presented separately in single-family properties under development and development land within the consolidated balance sheets.

Our capitalization policy on development properties

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Notes to Consolidated Financial Statements

follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General .

Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General .

Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs.

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Single-family properties and land lots are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall , including, but not limited to, the availability of the property for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the property within one year.

Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties and land held for sale, net within the consolidated balance sheets.

Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value

less costs to sell, and are presented separately in single-family properties and land held for sale, net within the consolidated balance sheets.

As of December 31, 2025 and 2024, the Company had 1,142 and 805 single-family properties, respectively, classified as held for sale, and recorded $ 34.4 million, $ 9.2 million and $ 1.9 million of impairment on single-family properties and land held for sale for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations.

Fair Value for details on nonrecurring fair value measurements and impairment of single-family properties and land upon classification as held for sale.

The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations .

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Land Option Contracts

We enter into land option contracts to acquire the right to purchase land for our AMH Development Program.

We may enter into land option contracts to acquire the right to purchase land for our AMH Development Program.

Under these contracts, we typically make a specified option payment or deposit in consideration for the right to purchase land in the future, usually at a predetermined price.

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Deposits with land banking entities determined to be VIEs but not consolidated because we are not the primary beneficiary are at held at cost and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.

As of December 31, 2024 and 2023, the carrying value of these deposits and the Company’s maximum exposure to loss was $ 6.9 million and $ 15.7 million, respectively.

As of December 31, 2025 and 2024, the carrying value of these deposits and the Company’s maximum exposure to loss was zero and $ 6.9 million, respectively.

We also consider whether the land option contracts should be accounted for as financing arrangements when the land banking entity is not consolidated under the variable interest model, as may be required if the land banking entity or other third-party acquires specific land parcels directly from us, on our behalf or at our direction or where we make improvements to the underlying land during the option period.

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Improvements made to the land under the related development agreements prior to exercising the options to repurchase the finished lots are capitalized to consolidated land not owned and reimbursement proceeds from the land banking entity are accreted to liability for consolidated land not owned in the consolidated balance sheets.

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Notes to Consolidated Financial Statements

the option to repurchase finished lots is exercised, the Company reclassifies the associated consolidated land not owned to single-family properties and reduces its liability for consolidated land not owned accordingly.

If the option to repurchase finished lots is exercised, the Company reclassifies the associated consolidated land not owned to single-family properties and reduces its liability for consolidated land not owned accordingly.

Commercial Office Leases

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As the implicit rate is generally not determinable, the right-of-use assets and lease liabilities are measured using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date.

The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.

The expected lease terms include options to extend or terminate the lease when it is

reasonably certain that we will exercise such options.

Lease expense for operating leases is recognized on a straight-line basis over the expected lease term in general and administrative expense within the consolidated statements of operations.

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No goodwill impairment was recorded during the years ended December 31, 2025, 2024 and 2023.

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Notes to Consolidated Financial Statements

Deferred Financing Costs

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We believe that the risk is not significant.

Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements, funds held in the custody of our transfer agent for the payment of distributions and certain funds held for the purpose of facilitating 1031 Exchange transactions.

Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year .

Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.

During the year ended December 31, 2025, we paid off the final asset-backed securitizations (see Note 7.

Debt) and therefore as of December 31, 2025, there was no restricted cash related to loan agreements or securitizations.

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (amounts in thousands):

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Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.

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Notes to Consolidated Financial Statements

Investments in Venture Capital Funds

Investments in venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.

Investments in proptech venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.

We record our proportionate shares of net income or loss resulting from these investments within other income and expense, net in the consolidated statements of operations.

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No unrealized gains or losses nor impairments were recorded during the years ended December 31, 2025, 2024 and 2023.

Notes Receivable, Net

The Company obtained promissory notes in connection with two bulk dispositions of our single-family properties.

The promissory note obtained during the second quarter of 2019 was paid in full during the year ended December 31, 2022 and the promissory note obtained during the first quarter of 2017 matured in the first quarter of 2022 and is still being actively collected.

The promissory notes are secured by first priority mortgages on the disposed homes, contain certain covenants and require monthly or quarterly interest payments with the full principal due at maturity.

Notes receivable are presented net of discounts in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.

Interest income from the notes, including amortization of discounts, is presented in other income and expense, net within the consolidated statements of operations.

We are required to estimate and recognize lifetime expected losses on these notes receivable in accordance with ASC 326, Financial Instruments—Credit Losses .

Notes receivable are also presented net of the allowance for expected credit losses, which the Company estimates on a quarterly basis based on (i) credit quality indicators such as the borrower’s historical performance, including the borrower’s financial results and satisfaction of scheduled payments, (ii) current conditions, including macroeconomic conditions and other conditions affecting the borrower, and (iii) other reasonable and supportable forecasts about the future.

As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis.

A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments.

Changes to the allowance for expected credit losses are recognized in other income and expense, net within the consolidated statements of operations.

Revenue and Expense Recognition

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The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period.

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American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Gains or losses on sales of properties and upon contributions to our unconsolidated joint ventures are recognized pursuant to the provisions included in ASC 610-20, Other Income .

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• Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;

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Notes to Consolidated Financial Statements

• Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;

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Cash flows from derivative instruments accounted for as a cash flow hedge are classified in the same category as the hedged transaction within the consolidated statements of cash flows.

Accounting Pronouncements Adopted

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

The amendments in this ASU require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

Public entities with a single reportable segment are also required to provide the new disclosures and all the disclosures required under ASC 280.

The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable.

The Company adopted ASU 2023-07 on January 1, 2024.

Segment Reporting.

Recent Accounting Pronouncements Not Yet Effective

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures .

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures.

The amendments in this ASU require public entities to disclose disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis.

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The amendments in this ASU should be applied prospectively to reporting periods issued after the effective date or retrospectively to all periods presented.

The Company is currently assessing the impact of the guidance on its financial statements.

The Company is currently assessing the impact of the guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software.

The amendments in this ASU remove all references to prescriptive and sequential software development stages and clarifies when an entity should begin capitalizing software costs including consideration of significant development uncertainty.

The guidance is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted.

The amendments in this ASU should be applied prospectively as of the beginning of the period of adoption, retrospectively to all periods presented with a cumulative-effect adjustment to the opening balance of retained earnings, or on a modified transition approach.

The Company is currently assessing the impact of the guidance on its consolidated financial statements.

Real Estate Assets, Net

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Total real estate assets, net $ 12,471,080 $ 12,365,691

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Notes to Consolidated Financial Statements

Depreciation expense related to single-family properties was $ 477.8 million, $ 454.2 million and $ 436.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits.

During the year ended December 31, 2024, the Company recognized $ 12.8 million in gross charges primarily related to actual and estimated accruals for minor repair and remediation costs, partially offset by an estimated $ 3.9 million of related insurance claims that the Company believes is probable it will recover.

The $ 8.9 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for the year ended December 31, 2024.

Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the year ended December 31, 2022.

During the year ended December 31, 2022, the Company recognized $ 8.9 million in gross charges primarily related to minor repair and remediation costs, partially offset by $ 2.8 million of related insurance claims.

The $ 6.1 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for year ended December 31, 2022.

The $ 8.9 million of net charges were included in hurricane-related charges, net within the consolidated statement of operations for the year ended December 31, 2024.

Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis.

The Company disposed of single-family properties and land for aggregate net proceeds of $ 630.4 million, $ 573.2 million and $ 469.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, which resulted in an aggregate net gain on sale of $ 277.0 million, $ 248.6 million and $ 215.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company did not identify any indicators of impairment related to single-family properties in operation or under development for the years ended December 31, 2025, 2024 and 2023.

Fair Value for details on nonrecurring fair value measurements and impairment of single-family properties and land upon classification as held for sale.

Rent and Other Receivables

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Total $ 807,733

Rent and other receivables included $ 3.9 million of insurance claims receivables related to Hurricanes Milton and Helene as of December 31, 2024 and no storm-related insurance claims receivables as of December 31, 2023.

The Company collected zero , $ 4.0 million and $ 2.0 million in proceeds from storm-related insurance claims during the years ended December 31, 2024, 2023 and 2022, respectively.

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Notes to Consolidated Financial Statements

Rent and other receivables included $ 0.2 million and $ 3.9 million of insurance claims receivables related to Hurricanes Milton and Helene as of December 31, 2025 and 2024, respectively.

The Company collected $ 4.0 million, zero and $ 4.0 million in proceeds from storm-related insurance claims during the years ended December 31, 2025, 2024 and 2023, respectively.

Escrow Deposits, Prepaid Expenses and Other Assets

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December 31, 2025 December 31, 2024

Escrow deposits, prepaid expenses and other $ 115,801 $ 136,640

Commercial real estate, software, vehicles and FF&E, net $ 108,497 $ 104,188

Consolidated land not owned (see Note 2)

89,745 147,330

Escrow deposits, prepaid expenses and other 94,354 116,316

Operating lease right-of-use assets 15,684 14,729

Deferred costs and other intangibles, net

Notes receivable, net 515 1,053

Consolidated land not owned (see Note 2) — 89,745

Total $ 228,017 $ 337,379

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14,725 15,258

15,258 25,356

accumulated amortization ( 5,243 ) ( 2,857 )

( 2,857 ) ( 17,726 )

Total $ 9,482 $ 12,401

(1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility.

As of December 31, 2024, deferred financing costs and accumulated amortization reflect costs and related amortization incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 7.

Amortization expense related to deferred leasing costs was $ 4.2 million, $ 3.4 million and $ 3.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in depreciation and amortization within the consolidated statements of operations.

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The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2025 for future periods (amounts in thousands):

Leasing Costs Deferred

Financing Costs (1)

2025 $ 1,956 $ 2,300 $ 4,256

Deferred Leasing Costs Deferred Financing Costs Total

2026 $ 1,337 $ 2,300 $ 3,637

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Total $ 1,337 $ 8,145 $ 9,482

(1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility.

Estimated annual amortization expense related to deferred financing costs as of December 31, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 7.

Investments in Unconsolidated Joint Ventures

As of December 31, 2025, the Company held 20 % ownership interests in four unconsolidated joint ventures.

In evaluating the Company’s 20 % ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries

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Notes to Consolidated Financial Statements

after applying the voting interest model using the equity method of accounting.

Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the consolidated statements of operations.

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During the third quarter of 2018, the Company entered into a joint venture with another leading institutional investor (the “Institutional Investor JV”) to invest in newly constructed single-family rental homes, which was subsequently amended and upsized to $ 312.5 million during the third quarter of 2019.

The initial term of the joint venture with Institutional Investor JV is five years from the effective date of the amended agreement, during which neither member could unilaterally market properties for sale.

The initial term of the joint venture with Institutional Investor JV was five years from the effective date of the amended agreement, during which neither member could unilaterally market properties for sale.

During the first quarter of 2020, the Company entered into a $ 253.1 million strategic joint venture, which has an evergreen term, with institutional investors advised by J.P.

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Joint Venture Description % Ownership at December 31, 2025 Completed Homes at

December 31, 2024 Balances at

December 31, 2023

December 31, 2025 Investments in Unconsolidated Joint Ventures

December 31, 2025 December 31, 2024

Alaska JV 20 % 142 $ 10,564 $ 15,598

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Management fee and development fee income from unconsolidated joint ventures was $ 15.7 million, $ 14.4 million and $ 10.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in other income and expense, net within the consolidated statements of operations.

As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the consolidated balance sheets.

The Company also transfers single-family properties or land to the joint ventures in the ordinary course of business and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the consolidated statements of operations.

During the first quarter of 2022, the Company acquired 200 properties in a bulk transaction from the Institutional Investor JV for total consideration of $ 74.6 million, of which (i) $ 66.2 million was paid in cash and included in cash paid for single-family properties in the consolidated statements of cash flows and (ii) $ 8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment.

The transaction was accounted for as an asset acquisition and resulted in a gain on sale at the Institutional Investor JV.

Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our consolidated balance sheets.

As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or accounts payable and accrued expenses in the consolidated balance sheets.

The Company also transfers single-family properties or land to the joint ventures and recognized losses on transfers of $ 9.2 million, $ 14.1 million and $ 2.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, which were included in gain on sale and impairment of single-family properties and other, net in the consolidated statements of operations.

During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement.

During the three -year term, the loan, which has an aggregate commitment of $ 232.7 million, bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.90 % margin and matures on July 1, 2027.

As of December 31, 2025, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

During the first quarter of 2025, J.P.

Morgan JV I entered into a loan agreement to borrow up to a $ 375.0 million aggregate commitment.

During the initial three-year term, the loan bore interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.50 % margin and had a maturity date of January 28, 2025.

As of December 31, 2024, J.P.

Morgan JV I’s loan had a $ 324.0 million outstanding principal balance.

In January 2025, J.P.

Morgan JV I amended its existing loan agreement to increase borrowing capacity

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Notes to Consolidated Financial Statements

to $ 500.0 million.

Morgan JV I amended its existing loan agreement to increase borrowing capacity to $ 500.0 million.

During the initial three-year term, the loan bears interest at SOFR plus a 1.50 % margin and matures on January 24, 2028.

The loan agreement provides for one one-year extension option that includes additional fees and interest.

During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement.

During the three -year term, the loan, which has an aggregate commitment of $ 232.7 million, bears interest at SOFR plus a 1.90 % margin and matures on July 1, 2027.

As of December 31, 2024, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P.

Morgan JV I and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures.

As of December 31, 2025, J.P.

Morgan JV I’s loan had a $ 479.8 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the Institutional Investor JV and J.P.

Morgan JV I loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures.

To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur.

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AMH 2015-SFR2 securitization 4.36 % N/A — 430,523

AMH 2015-SFR1 securitization (2)

4.14 % April 9, 2045 494,868 502,299

AMH 2015-SFR2 securitization (3)

4.36 % October 9, 2045 430,523 436,297

Total asset-backed securitizations — 925,391

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2029 unsecured senior notes 4.90 % February 15, 2029 400,000 400,000

2030 unsecured senior notes 4.95 % June 15, 2030 650,000 —

2031 unsecured senior notes (3)

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Unless otherwise stated, interest rates are fixed percentages.

(2) The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00 %.

The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025.

(3) The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.

If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00 %.

(2) The stated interest rate on the 2028 unsecured senior notes is 4.25 %, which was hedged to yield an interest rate of 4.08 %.

6 unchanged sentences

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 5.0 million, $ 6.2 million and $ 7.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Debt Maturities

1 unchanged sentence

Debt Maturities

2025 $ 10,302

Thereafter 3,250,000

6 unchanged sentences

AMH 2015-SFR2 securitization — — 4,153 523,082

AMH 2015-SFR1 securitization 4,666 560,692 4,684 579,274

AMH 2015-SFR2 securitization 4,153 523,082 4,162 539,659

Total encumbered properties — $ — 8,819 $ 1,083,774

3 unchanged sentences

The Company received $ 25.7 million from the payoff for its investment in the AMH 2014-SFR2 Class F certificates that were issued by the Operating Partnership and acquired by the Company in 2014 as part of the AMH 2014-SFR2 securitization debt offering.

See AMH 2014-SFR2 Securitization below and Note 13.

Related Party Transactions.

During the third quarter of 2024, the Company terminated its previous revolving credit facility, which resulted in $ 4.8 million of charges related to the write-off of unamortized deferred financing costs that are included in loss on early extinguishment of debt within the consolidated statements of operations.

1 unchanged sentence

The payoff of the AMH 2014-SFR3 securitization also resulted in the release of the 4,541 homes pledged as collateral and $ 10.9 million of cash restricted for lender requirements.

During the first quarter of 2025, the Operating Partnership paid off the $ 493.2 million outstanding principal on the AMH 2015-SFR1 securitization, which resulted in $ 0.2 million of charges related to legal and bank fees that are included in loss on early extinguishment of debt within the consolidated statements of operations.

The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $ 16.0 million of cash restricted for lender requirements.

During the third quarter of 2025, the Operating Partnership paid off the $ 426.1 million outstanding principal on the AMH 2015-SFR2 securitization, which resulted in $ 0.2 million of charges related to legal and bank fees that are included in loss on early extinguishment of debt within the consolidated statements of operations.

The payoff of the AMH 2015-SFR2 securitization also resulted in the release of the 4,147 homes pledged as collateral and $ 12.8 million of cash restricted for lender requirements.

Asset-backed Securitizations

The Company completed multiple asset-backed securitizations, all of which have certain general characteristics in common.

The Company completed multiple asset-backed securitizations, all of which had certain general characteristics in common.

The asset-backed securitization transactions resulted in newly-formed special purpose entities (the “Borrowers”), which entered into loans with third-party lenders.

The Borrowers are each wholly owned by respective special purpose entities (the “Equity Owners”), which are wholly owned by the Operating Partnership.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

exchange for single-family rental pass-through certificates representing the beneficial ownership interests in the respective loans and trusts.

The Borrowers were each wholly owned by respective special purpose entities (the “Equity Owners”), which were wholly owned by the Operating Partnership.

The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to Real Estate Mortgage Investment Conduit (“REMIC”) trusts in exchange for single-family rental pass-through certificates representing the beneficial ownership interests in the respective loans and trusts.

Upon receipt of the certificates, the subsidiaries sold the certificates to investors.

The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest.

The loans require monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans.

The loans are secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties.

The principal amount of each class of certificates corresponded to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest.

The loans required monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans.

The loans were secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties.

The Borrowers’ homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties.

During the duration of the loans, the Borrowers’ properties may not generally be transferred, sold or otherwise securitized and the Company can substitute properties if a property owned by the Borrowers becomes a disqualified property under the terms of the loan or voluntarily with properties eligible for substitution, in limited circumstances, subject to the terms, conditions and limitations provided in the loan agreements.

The loans are also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers.

The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings.

During the duration of the loans, the Borrowers’ properties could not generally be transferred, sold or otherwise securitized and the Company could substitute properties if a property owned by the Borrowers became a disqualified property under the terms of the loan

or voluntarily with properties eligible for substitution, in limited circumstances, subject to the terms, conditions and limitations provided in the loan agreements.

The loans were also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers.

The Company provided a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings.

The Company accounted for the transfers of the notes from its subsidiaries to the trusts as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the notes were both originated by the third-party lenders and immediately transferred at the same fair market value.

The Company also evaluated and did not identify any variable interests in the trusts.

Accordingly, the Company consolidates, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes are included in asset-backed securitizations, net within the consolidated balance sheets.

The loan agreements provide that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00.

The loan agreements define the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination.

Accordingly, the Company consolidated, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes were included in asset-backed securitizations, net within the consolidated balance sheets.

The loan agreements provided that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00.

The loan agreements defined the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination.

AMH 2015-SFR1 Securitization

The AMH 2014-SFR2 securitization completed during the third quarter of 2014 was a fixed-rate loan for $ 513.3 million with a 10 -year term maturing on October 9, 2024 and had a duration-adjusted weighted-average interest rate of 4.42 %.

The loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties.

In addition to the single-family rental pass-through certificates sold to third parties, the Company had acquired all of the Class F certificates, which bore no interest, for $ 25.7 million.

The Company evaluated the purchased Class F certificates as a variable interest in the trust and concluded that the Class F certificates would not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns.

The Company also concluded that the Class F certificates did not provide the Company with an ability to direct activities that could have impacted the trust’s economic performance.

The Company did not consolidate the trust and the $ 25.7 million of purchased Class F certificates were reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets.

Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $ 487.7 million before issuance costs of $ 12.9 million.

The AMH 2015-SFR1 securitization completed during the first quarter of 2015 was a fixed-rate loan for $ 552.8 million with a 30 -year term maturing on April 9, 2045 and had a duration-adjusted weighted-average interest rate of 4.14 %.

The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower.

Gross proceeds from the transaction were $ 552.8 million before issuance costs of $ 13.3 million.

During the first quarter of 2025, the Operating Partnership paid off the AMH 2015-SFR1 securitization using available cash on hand.

The Company received $ 25.7 million from the payoff for its investment in the Class F certificates.

See Early Extinguishment of Debt above and Note 13.

Related Party Transactions.

See Early Extinguishment of Debt above.

AMH 2015-SFR2 Securitization

The AMH 2014-SFR3 securitization completed during the fourth quarter of 2014 was a fixed-rate loan for $ 528.4 million with a 10 -year term maturing on December 9, 2024 and had a duration-adjusted weighted-average interest rate of 4.40 %.

The loan was originally

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower.

The AMH 2015-SFR2 securitization completed during the third quarter of 2015 was a fixed-rate loan for $ 477.7 million with a 30 -year term maturing on October 9, 2045 and had a duration-adjusted weighted-average interest rate of 4.36 %.

The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower.

Gross proceeds from the transaction were $ 477.7 million before issuance costs of $ 11.3 million.

1 unchanged sentence

See Early Extinguishment of Debt above.

AMH 2015-SFR1 Securitization

The AMH 2015-SFR1 securitization completed during the first quarter of 2015 is a fixed-rate loan for $ 552.8 million with a 30 -year term maturing on April 9, 2045 and has a duration-adjusted weighted-average interest rate of 4.14 %.

The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower and has an anticipated repayment date of April 9, 2025.

Gross proceeds from the transaction were $ 552.8 million before issuance costs of $ 13.3 million.

AMH 2015-SFR2 Securitization

The AMH 2015-SFR2 securitization completed during the third quarter of 2015 is a fixed-rate loan for $ 477.7 million with a 30 -year term maturing on October 9, 2045 and has a duration-adjusted weighted-average interest rate of 4.36 %.

The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower and has an anticipated repayment date of October 9, 2025.

Gross proceeds from the transaction were $ 477.7 million before issuance costs of $ 11.3 million.

Unsecured Senior Notes

15 unchanged sentences

If the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

If the 2051 Notes are redeemed on or after January 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the second quarter of 2021, the 2031 Notes yield an effective interest rate of 2.46 %.

22 unchanged sentences

The Operating Partnership may redeem the 2035 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2035 Notes are redeemed on or after December 15, 2034 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2035 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the fourth quarter of 2024 (see Note 12.

Fair Value), the 2035 Notes yield an effective interest rate of 5.08 %.

The 2028 Notes, 2029 Notes, 2031 Notes, 2032 Notes, 2034 Notes I, 2034 Notes II, 2035 Notes, 2051 Notes and 2052 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

During the second quarter of 2025, the Operating Partnership issued $ 650.0 million of 4.950 % unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”).

Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025.

The Operating Partnership received aggregate net proceeds of $ 642.5 million from this offering, after underwriting fees of $ 3.9 million and a $ 3.6 million discount, and before offering costs of $ 1.3 million.

The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including repayment of amounts outstanding on its revolving credit facility, as well as general corporate purposes.

The Operating Partnership may redeem the 2030 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2030 Notes are redeemed on or after May 15, 2030 (one month prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The 2028 Notes, 2029 Notes, 2030 Notes, 2031 Notes, 2032 Notes, 2034 Notes I, 2034 Notes II, 2035 Notes, 2051 Notes and 2052 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indentures require that we maintain certain financial covenants.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Revolving Credit Facility

During the second quarter of 2021, the Company amended and restated its previous revolving credit agreement with a $ 1.25 billion sustainability-linked revolving credit facility which was further amended during the second quarter of 2023 to transition from the LIBOR to the SOFR.

The interest rate under the amended revolving credit facility was either the SOFR plus a 0.1 % spread adjustment and a margin ranging from 0.725 % to 1.45 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily SOFR plus 1.1 %) plus a margin ranging from 0.00 % to 0.45 %.

In each case the actual margin was determined based on the Company’s credit ratings in effect from time to time.

The amended revolving credit facility had a maturity date of April 15, 2025, with two six-month extension options at the Company’s election if certain conditions were met.

In addition, the Company was required to pay a facility fee of an amount ranging from 0.125 % to 0.30 % of the aggregate amount of the revolving commitments, which fee is also based on the Company’s credit rating.

During the third quarter of 2024, the Company terminated this revolving credit facility.

See Early Extinguishment of Debt above.

During the third quarter of 2024, the Company entered into a new credit agreement with a $ 1.25 billion sustainability-linked revolving credit facility.

The interest rate on the new revolving credit facility is at either a daily or Term SOFR plus a 0.10 % spread adjustment and a margin ranging from 0.725 % to 1.40 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily SOFR plus 1.10 %) plus a margin ranging from 0.00 % to 0.40 %.

During the third quarter of 2024, the Company entered into a credit agreement with a $ 1.25 billion sustainability-linked revolving credit facility.

The interest rate on the revolving credit facility is at either a daily or Term SOFR plus a 0.10 % spread adjustment and a margin ranging from 0.725 % to 1.40 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily SOFR plus 1.10 %) plus a margin ranging from 0.00 % to 0.40 %.

In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time.

The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met.

The revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met.

In addition, the Company is required to pay a facility fee of an amount ranging from 0.125 % to 0.30 % of the aggregate amount of the revolving commitments, which fee is also based on the Company’s credit rating.

10 unchanged sentences

Resident security deposits $ 121,025 $ 123,377

Accrued construction and maintenance liabilities 80,710 94,004

Liability for consolidated land not owned (see Note 2)

74,518 108,688

Accrued interest 68,763 65,824

Accrued property taxes 65,328 61,044

Accrued construction and maintenance liabilities 57,662 80,710

Prepaid rent 33,189 30,153

1 unchanged sentence

Accounts payable 322 96

Liability for consolidated land not owned (see Note 2) — 74,518

Other accrued liabilities 73,394 69,728

2 unchanged sentences

When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Class A Common Shares / Units

4 unchanged sentences

In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “2022 Forward Sale Agreements”) for these 13,000,000 shares, which were accounted for in equity.

The Company received net proceeds of $ 375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $ 0.2 million.

The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis.

D uring the third quarter of 2022, the Company issued and physically settled 5,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds of $ 185.6 million.

During the first quarter of 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds of $ 298.4 million.

At-the-Market Common Share Offering Program

During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “2023 At-the-Market Program”).

The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “At-the-Market Program”).

The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers.

The At-the-Market Program may be suspended or terminated by the Company at any time.

During the year ended December 31, 2022, the Company issued zero Class A common shares under its previous program.

During the years ended December 31, 2024 and 2023, the Company directly issued 932,746 and 2,799,683 Class A common shares under its At-the-Market Program, respectively, raising $ 33.7 million and $ 102.0 million in gross proceeds before commissions and other expenses of approximately $ 0.5 million and $ 1.7 million, respectively.

1 unchanged sentence

The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $ 110.6 million before commissions and other expenses of approximately $ 0.8 million and before offering costs of approximately $ 0.2 million.

As of December 31, 2024, 6,719,453 shares have been issued under the 2023 At-the-Market Program and $ 753.7 million remained available for future issuances.

During the year ended December 31, 2025, no shares were issued under the At-the-Market Program.

As of December 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $ 753.7 million remained available for future share issuances.

Share Repurchase Program

The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $ 300.0 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions.

The program does not have an expiration date, but may be suspended or discontinued at any time without notice.

In 2018, the Company’s board of trustees authorized the establishment of a share repurchase program for the repurchase of up to $ 300.0 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions (the “2018 Share Repurchase Program”).

All repurchased shares are constructively retired and returned to an authorized and unissued status.

The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units.

During the years ended December 31, 2024, 2023 and 2022, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of December 31, 2024, we had a remaining repurchase authorization of up to $ 265.1 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the program.

During the year ended December 31, 2025, the Company repurchased and retired 4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $ 31.77 per share and a total price of $ 150.0 million.

During the years ended December 31, 2024 and 2023, the Company did not repurchase and retire any of its Class A common shares or preferred shares.

As of December 31, 2025, the Company had a remaining repurchase authorization under the 2018 Share Repurchase Program of up to $ 115.1 million of its outstanding Class A common shares and up to $ 250.0 million of its outstanding preferred shares.

In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program, at a weighted-average price of $ 31.49 per share and a total price of $ 115.1 million.

In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program.

Subsequent Events for further details.

Class B Common Shares

2 unchanged sentences

Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote.

The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Company no greater than if they had solely received Class A common shares.

The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the Company no greater than if they had solely received Class A common shares.

Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30 % total voting interest.

10 unchanged sentences

The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after the earliest redemption date shown in the table above or within 120 days after the occurrence of a change in control at a redemption price equal to the $ 25.00 per share liquidation preference, plus any accumulated and unpaid dividends.

During the second quarter of 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875 % Series F perpetual preferred shares, $ 0.01 par value per share, for cash at the liquidation preference of $ 25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares.

The Operating Partnership also redeemed its corresponding Series F perpetual preferred units.

As a result of the redemption, the Company recorded a $ 5.3 million allocation of income to the Series F perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date.

Distributions

1 unchanged sentence

The Operating Partnership funds the payment of distributions.

We historically used our NOL for U.S.

federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series G and Series H perpetual preferred shares.

The distribution preference of our Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

The Company’s board of trustees declared the following distributions during the years ended December 31, 2025, 2024 and 2023.

3 unchanged sentences

Class A and Class B common shares $ 1.20 $ 1.04 $ 0.88

5.875 % Series F perpetual preferred shares (1)

5.875 % Series G perpetual preferred shares

2 unchanged sentences

1.56 1.56 1.56

(1) The 5.875 % Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the year ended December 31, 2022 include the accrued and unpaid dividends paid to shareholders as part of the redemption.

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s consolidated balance sheets primarily consists of the interests held by former AH LLC members in units in the Operating Partnership.

Former AH LLC members owned 50,779,990 , or approximately 12.1 % and 12.2 %, of the total 421,000,048 and 416,308,486 Class A units in the Operating Partnership as of December 31, 2024 and 2023, respectively.

Former AH LLC members owned 49,879,990 and 50,779,990 , or approximately 12.0 % and 12.1 %, of the total 417,133,720 and 421,000,048 Class A units in the Operating Partnership as of December 31, 2025 and 2024, respectively.

Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 421,000,048 and 416,308,486 Class A units in the Operating Partnership as of December 31, 2024 and 2023, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 417,133,720 and

421,000,048 Class A units in the Operating Partnership as of December 31, 2025 and 2024, respectively.

The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s consolidated balance sheets and limited partner capital in the Operating Partnership’s consolidated balance sheets.

7 unchanged sentences

During the years ended December 31, 2025, 2024 and 2023, employees were granted RSUs that generally vest over a three-year service period and non-management trustees were granted RSUs that vest over a one-year service period.

In addition, the Company granted Chris Lau, the Company’s Chief Financial Officer, 143,968 RSUs on February 21, 2024, which cliff vest five years from the date of grant.

Options expire 10 years from the date of grant.

During the first quarter of 2024, the Company announced that David Singelyn, the Company’s Chief Executive Officer, would retire effective December 31, 2024.

In connection with Mr.

Singelyn’s retirement, the Company and Mr.

Singelyn entered into a Retirement and Award Agreement (the “Retirement Agreement”), which became effective February 21, 2024, pursuant to which Mr.

Singelyn agreed to provide transition advisory services from his retirement until June 30, 2025 and the Company granted him 46,070 RSUs on February 21, 2024 which cliff vest on June 30, 2025 upon satisfaction of certain vesting conditions, including performance of his obligations under the Retirement Agreement.

In addition, the Company granted Chris Lau, the Company’s Chief Financial Officer, 143,968 RSUs on February 21, 2024, which cliff vest five years from the date of grant in connection with his appointment to the elevated role of Senior Executive Vice President.

During the years ended December 31, 2025, 2024 and 2023, certain senior employees were granted PSUs that cliff vest at the end of a three-year service period based on satisfaction of performance conditions.

The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2025 through December 31, 2027 for PSUs granted during the year ended December 31, 2025, January 1, 2024 through December 31, 2026 for PSUs granted during the year ended December 31, 2024 and January 1, 2023 through December 31, 2025 for PSUs granted during the year ended December 31, 2023.

A portion of the PSUs are

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”).

A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”).

The number of PSUs that may ultimately vest range from zero to 200 % of the number of PSUs granted based on the level of achievement of these performance conditions.

6 unchanged sentences

Options outstanding at December 31, 2022 730,550 $ 17.97 3.0 $ 8,889

Granted — — —

Exercised ( 207,875 ) 16.76 3,852

1 unchanged sentence

Options outstanding at December 31, 2023 522,675 $ 18.45 2.5 $ 9,150

Granted — — —

Exercised ( 193,175 ) 16.11 4,019

1 unchanged sentence

Options outstanding at December 31, 2024 329,500 $ 19.83 2.1 $ 5,796

Granted — — —

Exercised ( 139,000 ) 18.11 2,551

4 unchanged sentences

For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2025, 2024 and 2023:

21 unchanged sentences

Granted 254,157 41.46

Adjustment for performance achievement 75,109 34.83

Vested ( 167,428 ) 34.83

Forfeited ( 4,759 ) 41.51

6 unchanged sentences

(1) Represents the number of target shares at grant date for PSUs outstanding, granted and forfeited.

Adjustment for performance achievement represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and vested during the first quarter of 2024.

Adjustment for performance achievement represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2024 and 2023, which was determined and vested during the first quarters of 2025 and 2024, respectively.

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

6 unchanged sentences

(1) Estimated volatility for the performance period is based on 50 % historical volatility and 50 % implied volatility.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

2021 Employee Stock Purchase Plan

15 unchanged sentences

The unrecognized compensation expense for unvested RSUs and PSUs is expected to be recognized over a weighted-average period of 1.6 years and 1.2 years, respectively.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Earnings per Share / Unit

6 unchanged sentences

Dividends on preferred shares 13,944 13,944 13,944

Redemption of perpetual preferred shares — — 5,276

Allocation to participating securities (1)

11 unchanged sentences

(1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2024, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the years ended December 31, 2024 and 2022 (see Note 9.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2025, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the year ended December 31, 2024 (see Note 9.

Shareholders’ Equity / Partners’ Capital).

2 unchanged sentences

As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands, except unit and per unit data):

3 unchanged sentences

Preferred distributions 13,944 13,944 13,944

Redemption of perpetual preferred units — — 5,276

Allocation to participating securities (1)

10 unchanged sentences

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2025, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the year ended December 31, 2024 (see Note 9.

Shareholders’ Equity / Partners’ Capital).

8 unchanged sentences

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.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

The following table displays the carrying values and fair values of our debt instruments as of December 31, 2025 and 2024 (amounts in thousands):

3 unchanged sentences

AMH 2015-SFR2 securitization, net — — 429,709 432,316

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

3 unchanged sentences

2031 unsecured senior notes, net 444,249 402,764 443,210 376,947

2032 unsecured senior notes, net 587,497 567,708 585,509 537,174

2034 unsecured senior notes I, net 595,230 620,784 594,640 597,504

6 unchanged sentences

Total debt $ 5,095,735 $ 4,990,714 $ 5,010,762 $ 4,741,998

Recurring Fair Value Measurements

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.

2 unchanged sentences

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.

During the first quarter of 2025, 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 second quarter of 2025 in connection with the pricing of the 2030 Notes (see Note 7.

Debt), which resulted in an immaterial gain.

Nonrecurring Fair Value Measurements

Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately in single-family properties and land held for sale, net within the consolidated balance sheets.

The fair values were classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs based on the estimated sales prices derived from third-party automated valuation models upon classification as held for sale.

Impairment charges are included in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations.

The following table summarizes single-family properties and land for which the Company has recorded impairments in the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):

For the Years Ended December 31,

2025 2024 2023

Pre-impairment carrying value $ 149,398 $ 59,195 $ 14,633

Total impairments ( 34,363 ) ( 9,163 ) ( 1,908 )

Fair value $ 115,035 $ 50,032 $ 12,725

Related Party Transactions

As of December 31, 2025 and 2024, affiliates owned approximately 8.3 % and 12.4 %, respectively, of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of December 31, 2024 and 2023) an approximate 23.0 % and 23.3 % interest as of December 31, 2024 and 2023, respectively.

As of December 31, 2023, the Operating Partnership had a receivable from affiliates of $ 25.7 million related to the asset-backed securitization certificates held by AMH, which was included in amounts due from affiliates on the Operating Partnership’s consolidated balance sheets.

During the first quarter of 2024, the Operating Partnership paid off the outstanding principal on the AMH 2014-SFR2 securitization which resulted in the settlement of the receivable from affiliates.

See Note 7 Debt.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 49,372,165 and 50,622,165 Class A units as of December 31, 2025 and 2024, respectively) an approximate 19.3 % and 23.0 % interest as of December 31, 2025 and 2024, respectively.

Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Commitments and Contingencies

1 unchanged sentence

The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements.

Our operating leases have remaining lease terms of one to seven years before any unexercised options to extend.

Our operating leases have remaining lease terms of one to six years before any unexercised options to extend.

For the years ended December 31, 2025, 2024 and 2023, operating lease costs were as follows (amounts in thousands):

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Other Commitments

As of December 31, 2024, the Company had commitments to acquire one single-family property through our traditional acquisition channel for a purchase price of $ 0.3 million as well as $ 81.1 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

As of December 31, 2025, the Company had $ 86.5 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

3 unchanged sentences

We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code.

In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $ 3.8 million, $ 3.6 million and $ 3.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

In addition to

employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $ 4.0 million, $ 3.8 million and $ 3.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Captive Insurance Company

7 unchanged sentences

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance.

The Company is organized as a REIT with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment.

The Company is organized as a REIT with activities related to developing, renovating, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment.

Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants.

5 unchanged sentences

The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure.

The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for acquisitions or development of new properties.

Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level.

Property disposition decisions are made at the individual property level and development decisions are made at the community level.

Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors.

The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

In addition to the revenues and significant segment expenses included within the consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the years ended December 31, 2024, 2023 and 2022:

For the Years Ended December 31,

6 unchanged sentences

Total property operating expenses $ 663,954 $ 625,883 $ 599,459

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the years ended December 31, 2024, 2023 and 2022:

The table below summarizes the components and significant expense categories included in Core NOI and regularly provided to the CODM for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):

For the Years Ended December 31,

(Amounts in thousands)

2025 2024 2023

25 unchanged sentences

Subsequent Events

Subsequent Acquisitions

From January 1, 2025 through February 14, 2025, the Company added 221 single-family properties to its portfolio for a total cost of approximately $ 88.3 million, which included 218 newly constructed properties delivered through our AMH Development Program and three properties acquired through our traditional acquisition channel.

Subsequent Additions

From January 1, 2026 through February 13, 2026, the Company added 207 newly constructed properties delivered through its AMH Development Program to its operating portfolio for a total cost of approximately $ 85.8 million.

Subsequent Dispositions

From January 1, 2025 through February 14, 2025, the Company disposed of 200 single-family properties as well as land for aggregate net proceeds of approximately $ 63.9 million.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

AMH 2015-SFR1 Securitization Payoff Intent

In February 2025, the Company provided notice to its third-party lender of its intent to repay all amounts due under the AMH 2015-SFR1 securitization during the second quarter of 2025.

As of December 31, 2024, the AMH 2015-SFR1 securitization had an outstanding principal balance of $ 494.9 million.

From January 1, 2026 through February 13, 2026, the Company disposed of 307 single-family properties for aggregate net proceeds of approximately $ 85.5 million.

Distributions

1 unchanged sentence

The quarterly dividends are payable on March 31, 2026 to shareholders of record on March 13, 2026.

Share Repurchase Program

In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program at a weighted-average price of $ 31.49 per share and a total price of $ 115.1 million.

In February 2026, the Company’s board of trustees authorized a new share repurchase program to repurchase up to $ 500.0 million of outstanding Class A common shares and up to $ 250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions.

The new share repurchase program does not have an expiration date, but may be suspended or discontinued at any time without notice.

All repurchased shares are constructively retired and returned to an authorized and unissued status.

Revolving Credit Facility

From January 1, 2026 through February 13, 2026, the Company borrowed an additional $ 20.0 million under its revolving credit facility, resulting in $ 380.0 million of outstanding borrowings under its revolving credit facility as of February 13, 2026.

American Homes 4 Rent

3 unchanged sentences

as of December 31, 2025 (1)

Market Number of Single-Family Homes Gross Book Value of Encumbered Assets Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation Net Cost Basis Date of Acquisition

Market Number of Single-Family Properties (2)

Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation Net Cost Basis Date of Acquisition

Single-family properties in operation

15 unchanged sentences

Indianapolis, IN 2,993 89,950 366,563 — 91,238 89,950 457,801 547,751 ( 168,593 ) 379,158 2012-2025

Inland Empire, CA 10 — 1,104 1,116 — 245 1,104 1,361 2,465 ( 464 ) 2,001 2014-2016

Jacksonville, FL 3,382 124,641 549,508 — 132,337 124,641 681,845 806,486 ( 165,722 ) 640,764 2012-2025

19 unchanged sentences

Total single-family properties in operation 60,337 2,406,467 9,702,352 — 2,269,609 2,406,467 11,971,961 14,378,428 ( 3,366,795 ) 11,011,633 2011-2025

Properties under development & development land — — 418,662 — 706,712 146,910 1,125,374 146,910 1,272,284 — 1,272,284

Total single-family properties and land held for sale 805 — 74,806 116,561 30,696 31,044 105,502 147,605 253,107 ( 40,299 ) 212,808 2011-2024

Single-family properties under development & development land — 400,460 — 680,134 152,992 1,080,594 152,992 1,233,586 — 1,233,586

Single-family properties and land held for sale 1,142 53,252 149,238 40,044 44,219 93,296 193,457 286,753 ( 60,892 ) 225,861 2011-2025

Total real estate assets 61,479 $ 2,860,179 $ 9,851,590 $ 720,178 $ 2,466,820 $ 3,580,357 $ 12,318,410 $ 15,898,767 $ ( 3,427,687 ) $ 12,471,080 2011-2025

(1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $ 15.8 billion as of December 31, 2025.

(2) There were no encumbrances on any of our real estate assets as of December 31, 2025.

American Homes 4 Rent

5 unchanged sentences

Balance, beginning of period $ 13,929,467 $ 12,885,689 $ 12,325,124

Acquisitions and building improvements 1,495,474 871,828 1,325,231

Development, acquisitions and building improvements 971,712 1,495,474 871,828

Dispositions ( 408,553 ) ( 416,933 ) ( 313,029 )

15 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures