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Item 9A. Controls and Procedures

2026-02-19 compared with 2025-02-27 · 446 added, 512 removed, 1121 unchanged (46% of the section changed)

13 unchanged sentences

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with United States generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company’s management and directors;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the Company that could have a material effect on the consolidated financial statements.

and (3) provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the Company that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

65 unchanged sentences

Exhibit number

2.1 Agreement and Plan of Merger, dated August 9, 2017, by and among Invitation Homes Inc., Invitation Homes Operating Partnership LP, IH Merger Sub, LLC, Starwood Waypoint Homes and Starwood Waypoint Homes Partnership, L.P.

(incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on August 14, 2017).

3.1 Charter of Invitation Homes Inc., dated as of February 6, 2017 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on February 6, 2017).

3.1 Charter of Invitation Homes Inc., dated as of February 6, 2017 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on February 6, 2017).

3.2 Amended and Restated Bylaws of Invitation Homes Inc., dated as of May 17, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 18, 2023).

4.1 Description of Securities (incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K (File No.

1-38004) filed on February 19, 2020).

4.2 Indenture, dated as of January 10, 2017, between Starwood Waypoint Homes and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 of SWH’s Current Report on Form 8-K (File No.

1-36163) filed January 10, 2017).

4.3 Form of 3.50% Convertible Senior Notes due 2022 (incorporated by reference to Exhibit 4.1 of SWH’s Current Report on Form 8-K (File No.

1-36163) filed January 10, 2017).

4.4 First Supplemental Indenture between Invitation Homes Inc., IH Merger Sub LLC and Wilmington Trust, National Association, as trustee dated as of November 16, 2017 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No.1-38004) filed on November 20, 2017).

4.1 Description of Securities (incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K filed on February 19, 2020).

First Supplemental Indenture between Invitation Homes Inc., IH Merger Sub LLC and Wilmington Trust, National Association, as trustee dated as of November 16, 2017 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on November 20, 2017).

Indenture, dated as of August 6, 2021, among Invitation Homes Operating Partnership LP, the Guarantors (as defined therein) party hereto and U.S.

Bank National Association, a national banking association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K (File No.1-38004) filed on August 6, 2021).

Bank National Association, a national banking association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on August 6, 2021).

First Supplemental Indenture, dated as of August 6, 2021 among Invitation Homes Operating Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and U.S.

Bank National Association, as trustee including the form of 2.000% Senior Notes due 2031 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No.1-38004) filed on August 6, 2021).

4.7 Second Supplemental Indenture, dated as of November 5, 2021, among Invitation Homes Operating Partnership LP , the Guarantors and the Trustee, including the form of 2.300% Senior Notes due 2028 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No.1-38004) filed on November 5, 2021).

4.8 Third Supplemental Indenture, dated as of November 5, 2021, among Invitation Homes Operating Partnership LP , the Guarantors and the Trustee, including the form of 2.700% Senior Notes due 2034 (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K (File No.1-38004) filed on November 5, 2021).

Bank National Association, as trustee including the form of 2.000% Senior Notes due 2031 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on August 6, 2021).

Second Supplemental Indenture, dated as of November 5, 2021, among Invitation Homes Operating Partnership LP, the Guarantors and the Trustee, including the form of 2.300% Senior Notes due 2028 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on November 5, 2021).

Third Supplemental Indenture, dated as of November 5, 2021, among Invitation Homes Operating Partnership LP , the Guarantors and the Trustee, including the form of 2.700% Senior Notes due 2034 (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K filed on November 5, 2021).

Fourth Supplemental Indenture, dated as of April 5, 2022, among Invitation Homes Operating Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and U.S.

Bank Trust Company, National Association (as successor to U.S.

Bank National Association), as trustee, including the form of 4.150% Senior Notes due 2032 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K (File No.1-38004) filed on April 5, 2022).

Exhibit number

Bank National Association), as trustee, including the form of 4.150% Senior Notes due 2032 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on April 5, 2022).

Fifth Supplemental Indenture, dated as of August 2, 2023, among Invitation Homes Operating Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and U.S.

2 unchanged sentences

Bank Trust Company, National Association, as trustee, including the form of the 5.500% Senior Notes due 2033 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on August 2, 2023).

Exhibit number

Seventh Supplemental Indenture, dated as of September 26, 2024, among Invitation Homes Operating Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and U.S.

Bank Trust Company, National Association, as trustee, including the form of the 4.875% Senior Notes due 2035 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed on September 26, 2024).

10.1 Note Purchase Agreement, dated May 25, 2021, among Invitation Homes Operating Partnership LP and the purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on May 26, 2021).

10.2 Form of Invitation Homes Operating Partnership LP 2.46% Senior Note, Series A, due May 25, 2028 (included as a part of Exhibit 10.1 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on May 26, 2021)).

10.3 Form of Invitation Homes Operating Partnership LP 3.18% Senior Note, Series B, due May 25, 2036 (included as a part of Exhibit 10.1 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on May 26, 2021)).

Eighth Supplemental Indenture, dated as of August 15, 2025, among Invitation Homes Operating Partnership LP, Invitation Homes Inc., Invitation Homes OP GP LLC, IH Merger Sub, LLC, and U.S.

Bank Trust Company, National Association, as trustee, including the form of the 4.950% Senior Notes due 2033 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 15, 2025).

10.4 Parent Guaranty Agreement dated as of September 17, 2021 re:

2.46% Senior Notes, Series A, due May 25, 2028 and 3.18% Senior Notes, Series B, due May 25, 2036 of Invitation Homes Inc., Invitation Homes GP LLC and IH Merger Sub, LLC (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No.

1-38004) filed on October 28, 2021).

10.5 Parent Guaranty dated as of September 17, 2021 by Invitation Homes Inc., Invitation Homes GP LLC and IH Merger Sub, LLC for the benefit of Bank of America, N.A., in its capacity as the administrative agent for the Lenders under that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 8, 2020, for the benefit of itself and such Lenders (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No.

1-38004) filed on October 28, 2021).

10.6 Amended and Restated Agreement of Limited Partnership of Invitation Homes Operating Partnership LP, dated as of August 9, 2017, by and among Invitation Homes OP GP LLC and Invitation Homes Inc.

(incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on August 14, 2017).

10.7 Amended and Restated Registration Rights Agreement, dated as of October 4, 2016, among SWH and the other parties named therein (incorporated by reference to Exhibit 10.1 of SWH’s Current Report on Form 8-K (File No.

1- 36163) filed with the SEC on October 11, 2016).

(incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on August 14, 2017).

10.7 Amended and Restated Registration Rights Agreement, dated as of October 4, 2016, among Starwood Waypoint Homes and the other parties named therein (incorporated by reference to Exhibit 10.1 of SWH’s Current Report on Form 8-K filed with the SEC on October 11, 2016).

10.8 Assignment and Assumption Agreement, dated as of November 16, 2017, between Invitation Homes Inc.

and IH Merger Sub, LLC (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.1-38004) filed on November 20, 2017).

and IH Merger Sub, LLC (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 20, 2017).

10.9 Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 8, 2020, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent and the other parties party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 9, 2020).

Exhibit number

1-38004) filed on December 9, 2020).

First Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 18, 2023, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent and solely for purposes of Sections 3, 4, 5 and 7 thereof, each of the guarantors party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2023).

Term Loan Agreement, dated as of June 22, 2022, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Capital One, National Association, as administrative agent and the other parties party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on June 22, 2022).

Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of September 9, 2024, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent and the other parties party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on September 10, 2024).

First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 4, 2026, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent , and the other parties thereto .

First Amendment to Term Loan Agreement, dated as of September 9, 2024, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Capital One, National Association, as administrative agent and the other parties party thereto (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed on September 10, 2024).

Loan Agreement, dated as of April 28, 2017, between IH 2017-1 Borrower, LP, as Borrower, and Wells Fargo Bank, National Association, as Lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed May 1, 2017).

Loan Agreement, dated as of February 8, 2018, between IH 2018-1 Borrower, LP, as Borrower, and JPMorgan Chase Bank, National Association, as Lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on February 12, 2018).

Loan Agreement, dated as of May 8, 2018, between IH 2018-2 Borrower, LP, as Borrower, and JPMorgan Chase Bank, National Association, as Lender (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No.

1-38004) filed on May 9, 2018).

Loan Agreement, dated as of June 28, 2018, between IH 2018-3 Borrower, LP, as Borrower, and German American Capital Corporation, as Lender (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K (File No.

1-38004) filed on July 2, 2018).

Loan Agreement, dated as of November 7, 2018, between IH 2018-4 Borrower LP, as Borrower, and German American Capital Corporation, as Lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on November 8, 2018).

Loan Agreement, dated as of June 7, 2019, between 2019-1 IH Borrower LP, as Borrower, and Rothesay Life PLC, as Lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on June 10, 2019).

Second Amendment to Term Loan Agreement, dated as of April 28, 2025, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Capital One, National Association, as administrative agent and the other parties party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on April 30, 2025).

Third Amendment to Term Loan Agreement, dated as of February 5, 2026, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Capital One, National Association, as administrative agent , and the other parties party thereto .

Amendment to Loan Agreement, dated as of June 23, 2023, among Wilmington Trust National Association, as Trustee for the Registered Holders of Invitation Homes 2018-SFR4 Single Family Rental Pass-Through Certificates, 2018-4 IH Borrower LP, and 2018-4 Equity Owner LLC, and 2018-4 IH Borrower GP.

LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No.

1-38004) filed on July 27, 2023).

LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on July 27, 2023).

Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K filed on February 21, 2024).

Exhibit number

Securities Purchase Agreement, dated as of June 5, 2017, between Waypoint/GI Venture, LLC and CSH Property Three, LLC (incorporated by reference to Exhibit 10.1 of the SWH’s Current Report on Form 8-K (File No.

1-36163) filed June 5, 2017).

Form of Director and Officer Indemnification Agreement ( incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K (File No.

1-38004) filed on February 21, 202 4 ) .

Invitation Homes Inc.

2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on February 6, 2017).

Employment Agreement with Dallas B.

Tanner, dated November 9, 2015 (incorporated by reference to Exhibit 10.12 to the Company’s Registration Statement on Form S-11 (No.

333-215452) filed on January 6, 2017).

2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on February 6, 2017).

Form of Award Notice and Restricted Stock Unit Agreement for Non-Employee Directors (General Form) (incorporated by reference to Exhibit 10.21 to the Company’s Registration Statement on Form S-11 (No.

333-215452) filed on January 23, 2017).

2019 Outperformance Award Agreement (LTIP Units) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No.

1-38004) filed on July 31, 2019).

2019 Outperformance Award Agreement (LTIP Units) (incorporated by reference to Exhibit 10.

3 to the Company’s Quarterly Report on Form 10-Q filed on July 31, 2019).

Invitation Homes Inc.

Executive Severance Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No.

1-38004) filed on May 7, 2020.) †

Form of Outperformance Award Agreement (LTIP Units) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No.

1-38004) filed on April 28, 2022).

Executive Severance Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 1 , 202 5 .) †

Form of Outperformance Award Agreement (LTIP Units) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on April 28, 2022).

Form of Award Notice and Restricted Stock Unit Agreement (LTIP Equity Award) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 1, 2023).

Executive Transition Services Agreement dated February 1, 2023, between Ernest M.

Freedman and Invitation Homes Inc.

(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on February 1, 2023) .

Form of Award Notice and Restricted Stock Unit Agreement (LTIP RSU Award Agreement) under the Invitation Homes Inc.

2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on February 25, 2025).

2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 25, 2025).

Form of Award Notice and LTIP Unit Agreement (LTIP Unit Award Agreement) under the Invitation Homes Inc.

2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

1-38004) filed on February 25, 2025).

2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on February 25, 2025).

Policies and Procedures for Trading in Securities of Invitation Homes Inc.

(incorporated by reference to Exhibit 19.1 to the Company’s Annual Report on Form 10-K filed on February 27, 2025).

21.1 Subsidiaries of the Registrant.

2 unchanged sentences

31.1 Certification of Dallas B.

Tanner, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit number

Tanner, President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of Jonathan S.

1 unchanged sentence

32.1 Certification of Dallas B.

Tanner, Chief Executive Officer, pursuant to Section 18 U.S.C.

Tanner, President and Chief Executive Officer, pursuant to Section 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

2 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

97.1 Incentive Compensation Clawback Policy (incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K (File No.

1-38004) filed on February 21, 202 4 ) .

97.1 Incentive Compensation Clawback Policy (incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K filed on February 21, 2024).

Exhibit number

101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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/s/ Dallas B.

Chief Executive Officer

President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1934, this report has been signed by the following persons in the capacities indicated on the 19th day of February 2026.

1 unchanged sentence

/s/ Dallas B.

Tanner Chief Executive Officer, and Director

Tanner President, Chief Executive Officer, and Director

Tanner (Principal Executive Officer)

8 unchanged sentences

Barbe Director

/s/ Richard D.

Bronson Director

Wyman Howard III

2 unchanged sentences

Kelter Director

/s/ Kellyn Smith Kenny

Kellyn Smith Kenny

Signature Title

2 unchanged sentences

Rhea Director

/s/ Janice L.

Sears Director

/s/ Frances Aldrich Sevilla-Sacasa

23 unchanged sentences

Critical Audit Matter Description

The Company owned approximately 85,000 single-family residential properties with a carrying value of $17.2 billion of investments in single-family residential properties, net on the balance sheet as of December 31, 2024.

The Company capitalizes costs to acquire, stabilize, and prepare single-family residential properties to be leased.

They also capitalize costs that improve or extend the life of the home, a portion of the salaries and benefits of the employees who are directly responsible for such improvements, and for certain furniture and fixtures additions.

The Company owned 86,192 individual single-family residential properties with a net carrying value of $17.3 billion of investments in single-family residential properties, net on the balance sheet as of December 31, 2025.

The Company capitalizes costs 1) to acquire, stabilize, and prepare single-family residential properties to be leased and 2) that improve or extend the life of the home, a portion of the salaries and benefits of the employees who are directly responsible for such improvements, and for certain furniture and fixtures additions.

The determination of which costs to capitalize requires significant management judgment.

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• We tested the effectiveness of relevant controls over investments in single-family residential properties, including management’s controls over the acquisition, and cost capitalization of its properties.

• We selected a sample of properties acquired and evaluated the accuracy of the amounts recorded and appropriate transfer of title.

• We selected a sample of costs capitalized during the year and evaluated the accuracy and classification of recorded amounts.

• We developed an expectation of the capitalized costs associated with the acquisitions of homes, taking into account changes in the portfolio of single-family residential properties and market conditions, and compared our expectation to the recorded balance.

• We developed an expectation of capitalized recurring expenditures that improve or extend the life of the home based on the historical amounts recorded, taking into account changes in the portfolio of single-family residential properties and market conditions, and compared our expectation to the recorded balance.

18 unchanged sentences

Total assets $ 18,680,290 $ 18,700,951

Mortgage loans, net $ 983,924 $ 1,627,256

Secured term loan, net 401,649 401,515

Secured debt, net

$ 1,384,114 $ 1,385,573

Unsecured notes, net 4,398,921 3,800,688

33 unchanged sentences

Total expenses 2,341,670 2,326,696 2,074,828

Gains (losses) on investments in equity and other securities, net

1,046 350 ( 3,939 )

Other, net ( 54,032 ) ( 2,435 ) ( 11,261 )

Gain on sale of property, net of tax 218,235 244,550 183,540

Losses from investments in unconsolidated joint ventures ( 11,607 ) ( 28,445 ) ( 17,877 )

Other, net ( 4,345 ) ( 52,986 ) ( 2,085 )

Net income 589,909 455,365 521,028

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Other comprehensive income (loss)

Unrealized gains on interest rate swaps

Unrealized gains (losses) on interest rate swaps

( 24,290 ) 73,042 39,488

(Gains) losses from interest rate swaps reclassified into earnings from accumulated other comprehensive income (loss)

Gains from interest rate swaps reclassified into earnings from accumulated other comprehensive income (loss)

( 30,439 ) ( 75,772 ) ( 73,856 )

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(in thousands, except share and per share data)

Number of Shares Amount Additional

Number of Shares

Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Non-Controlling Interests Total Equity

Balance as of December 31, 2022 611,411,382 $ 6,114 $ 11,138,463 $ ( 951,220 ) $ 97,985 $ 10,291,342 $ 32,289 $ 10,323,631

601,045,438 $ 6,010 $ 10,873,539 $ ( 794,869 ) $ ( 286,938 ) $ 9,797,742 $ 41,062 $ 9,838,804

Capital distributions — — — — — — ( 2,397 ) ( 2,397 )

Distributions to non-controlling interests — — — — — — ( 2,374 ) ( 2,374 )

Net income — — — 519,470 — 519,470 1,558 521,028

2 unchanged sentences

Issuance of common stock — settlement of RSUs, net of tax 546,857 6 ( 8,155 ) — — ( 8,149 ) — ( 8,149 )

Issuance of common stock — settlement of 2022 Convertible Notes 6,216,261 62 141,157 — — 141,219 — 141,219

Issuance of common stock, net 2,438,927 25 98,342 — — 98,367 — 98,367

Share-based compensation expense — — 26,428 — — 26,428 3,075 29,503

Total other comprehensive income

Total other comprehensive loss

— — — — ( 34,284 ) ( 34,284 ) ( 84 ) ( 34,368 )

Redemption of OP Units for common stock 1,050,000 10 13,351 — 73 13,434 ( 13,434 ) —

Balance as of December 31, 2023 611,958,239 6,120 11,156,736 ( 1,070,586 ) 63,701 10,155,971 34,464 10,190,435

611,411,382 6,114 11,138,463 ( 951,220 ) 97,985 10,291,342 32,289 10,323,631

Capital distributions — — — — — — ( 2,374 ) ( 2,374 )

Distributions to non-controlling interests — — — — — — ( 3,326 ) ( 3,326 )

Net income — — — 453,917 — 453,917 1,448 455,365

Dividends and dividend equivalents paid ($ 1.04 per share)

Dividends and dividend equivalents declared ($ 1.41 per share)

— — — ( 864,259 ) — ( 864,259 ) — ( 864,259 )

2 unchanged sentences

Total other comprehensive loss — — — — ( 2,733 ) ( 2,733 ) 3 ( 2,730 )

— — — — ( 34,284 ) ( 34,284 ) ( 84 ) ( 34,368 )

Redemption of OP Units for common stock 7,500 — 80 — 1 81 ( 81 ) —

Balance as of December 31, 2024 612,605,478 6,126 11,170,597 ( 1,480,928 ) 60,969 9,756,764 35,745 9,792,509

611,958,239 6,120 11,156,736 ( 1,070,586 ) 63,701 10,155,971 34,464 10,190,435

Capital distributions — — — — — — ( 3,326 ) ( 3,326 )

Distributions to non-controlling interests — — — — — — ( 2,591 ) ( 2,591 )

Net income — — — 587,924 — 587,924 1,985 589,909

2 unchanged sentences

Issuance of common stock — settlement of RSUs, net of tax 408,439 4 ( 5,765 ) — — ( 5,761 ) — ( 5,761 )

Repurchases of common stock

( 2,232,685 ) ( 22 ) ( 61,276 ) — — ( 61,298 ) — ( 61,298 )

Share-based compensation expense — — 24,688 — — 24,688 3,142 27,830

Total other comprehensive loss — — — — ( 54,554 ) ( 54,554 ) ( 175 ) ( 54,729 )

— — — — ( 2,733 ) ( 2,733 ) 3 ( 2,730 )

Redemption of OP Units for common stock 7,500 — 346 — — 346 ( 346 ) —

15 unchanged sentences

Provisions for impairment 657 506 427

(Gains) losses on investments in equity and other securities, net

( 1,046 ) ( 350 ) 3,939

Gains on sale of property, net of tax ( 218,235 ) ( 244,550 ) ( 183,540 )

9 unchanged sentences

Investing Activities:

Deposits for acquisition of single-family residential properties ( 2,292 ) 6,365 ( 35,460 )

Acquisition of single-family residential properties ( 752,893 ) ( 737,939 ) ( 963,305 )

2 unchanged sentences

Proceeds from sale of single-family residential properties 498,106 585,176 488,055

Investments in land held for development ( 20,197 ) — —

Repayment proceeds from retained debt securities — 32,204 861

Investments in equity securities ( 2,892 ) ( 4,718 ) ( 33,577 )

Proceeds from sale of investments in equity securities — — 5,762

Investments in unconsolidated joint ventures ( 45,682 ) ( 44,186 ) ( 442 )

5 unchanged sentences

Distributions to non-controlling interests ( 2,591 ) ( 3,326 ) ( 2,374 )

Repurchases of common stock

( 53,207 ) — —

Payment of taxes related to net share settlement of RSUs ( 5,761 ) ( 10,894 ) ( 8,149 )

Payments on mortgage loans ( 645,666 ) ( 20,491 ) ( 1,412,249 )

Payments on secured term loan ( 83 ) ( 234 ) —

Payments on secured debt ( 3,798 ) ( 645,749 ) ( 20,725 )

Proceeds from unsecured notes 596,862 494,275 790,144

Proceeds from term loan facility — 1,750,000 —

Payments on term loan facility — ( 2,500,000 ) —

Proceeds from revolving facility 545,000 750,000 150,000

INVITATION HOMES INC.

3 unchanged sentences

2025 2024 2023

Proceeds from term loan facility 1,750,000 — 725,000

Payments on term loan facility ( 2,500,000 ) — —

Proceeds from revolving facility 750,000 150,000 130,000

Payments on revolving facility $ ( 970,000 ) $ ( 180,000 ) $ ( 150,000 )

Proceeds from issuance of common stock, net — — 98,367

Deferred financing costs paid ( 8,803 ) ( 54,246 ) ( 7,767 )

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Dividends declared but not paid 183,962 176,952 —

Net settlement of 2022 Convertible Notes in shares of common stock — — 141,219

Repurchases of common stock accrued but not paid 8,091 — —

The accompanying notes are an integral part of these consolidated financial statements.

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Invitation Homes Inc.

(“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”).

(“INVH”) is a real estate investment trust (“REIT”), organized under the laws of Maryland, that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”).

INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties.

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The Manager also provides professional property and asset management services to portfolio owners of single-family homes for lease, including our investments in unconsolidated joint ventures.

On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $ 0.01 par value per share.

In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities.

These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis.

On November 16, 2017, INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities.

These transactions were accounted for as a business combination in accordance with ASC 805, Business Combinations , and INVH was designated as the accounting acquirer.

As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes.

The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”).

As of December 31, 2024, INVH owns 99.7 % of the common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.

As of December 31, 2025, INVH owns 99.7 % of the common OP Units directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and INVH has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.

Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”).

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Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”).

These consolidated financial statements include the accounts of INVH and its consolidated subsidiaries.

All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

All intercompany accounts and transactions have been eliminated on the consolidated financial statements.

We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP.

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Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method.

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When events or circumstances indicate that our investments in unconsolidated joint ventures may not be recoverable, we assess the investments for and recognize other-than-temporary impairment.

INVITATION HOMES INC.

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(dollar amounts in thousands)

Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards.

Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets as of December 31, 2025 and 2024, and the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 include an allocation of the net income attributable to the non-controlling interest holders.

OP Units are redeemable for shares of our common stock on a one -for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.

OP Units are redeemable for shares of our common stock on a one -for-one basis or, at our sole discretion, in cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.

Significant Risks and Uncertainties

Our financial condition and results of operations are subject to risks related to overall fluctuating global and United States economic conditions (including inflation, elevated interest rates, political dissension, and labor shortfalls), uncertainty in financial markets (including as a result of events affecting financial institutions, such as bank failures), ongoing geopolitical tensions, and a general decline in business activity and/or consumer confidence.

These factors could adversely affect (i) our occupancy levels, our rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill.

Inflationary pressures, bank failures, and other unfavorable global and regional economic conditions, as well as geopolitical events, may also negatively impact consumer income, credit availability, interest rates, and spending, among other factors, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent.

These factors, which include labor shortages and inflationary increases in labor and material costs, have impacted and may continue to impact certain aspects of our business.

In addition, consumer confidence and spending can be materially adversely affected in response to changes in fiscal and monetary policy, declines in income or asset values, and other macroeconomic factors.

Our financial condition and results of operations are subject to risks related to overall fluctuating global and United States economic conditions (including uncertainty in financial markets, inflation, elevated interest rates, political dissension, and labor shortfalls), ongoing geopolitical tensions, and a general decline in business activity and/or consumer confidence.

In addition, our business is subject to risks arising from legislative and regulatory initiatives at the federal, state, and local levels addressing residential housing supply and availability, including increased scrutiny of institutional ownership of single-family rental housing and proposals that could restrict or otherwise affect the acquisition, ownership, or operation of single-family residential rental properties.

These factors could adversely affect (i) our occupancy levels, rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in the value of our tangible assets or goodwill.

Such macroeconomic conditions and geopolitical events may also negatively impact consumer income, credit availability, and spending, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent.

Regulatory actions or policy changes affecting single-family residential rental housing, whether enacted or proposed, could adversely affect our ability to grow or reposition our portfolio, increase our compliance and operating costs, limit our operational flexibility, reduce rental revenue, or otherwise negatively affect our results of operations, financial condition, or cash flows.

In addition, consumer confidence and spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors.

Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business.

Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter tariffs in response could lead to increased costs and supply chain disruptions.

If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods.

These estimates are inherently subjective in nature and actual results could differ materially from those estimates.

These estimates are inherently subjective in nature and actual results could differ from those estimates.

Reclassifications

As of December 31, 2024, we combined balances of $ 401,649 and $ 983,924 from secured term loan, net and mortgage loans, net, respectively, into secured debt, net to conform to our current presentation on the consolidated balance sheets.

The reclassification had no effect on total reported liabilities for the comparative period.

For the years ended December 31, 2024 and 2023, we combined balances of $ 1,046 and $ 350 , respectively, from gains on investments in equity and other securities, net, into other, net to conform to our current presentation on the consolidated statements of operations.

The reclassification had no effect on total reported net income for the comparative periods.

INVITATION HOMES INC.

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(dollar amounts in thousands)

The following table summarizes prior year balances that were reclassified to conform to our current presentation on the consolidated statements of cash flows.

The reclassifications had no effect on total reported operating, investing, or financing activities for the comparative periods.

December 31, 2024 December 31,

Operating Activities:

Gains on investments in equity and other securities, net (1)

$ ( 1,046 ) $ ( 350 )

Investing Activities:

Deposits for acquisition of single-family residential properties (2)

( 2,292 ) 6,365

Financing Activities:

Payments on mortgage loans (3)

( 645,666 ) ( 20,491 )

Payments on secured term loan (3)

( 83 ) ( 234 )

(1) Reclassified into other non-cash amounts included in net income.

(2) Reclassified into acquisition of single-family residential properties.

(3) Reclassified into payments on secured debt.

Investments in Single-Family Residential Properties

The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our owned portfolio of approximately 85,000 single-family residentia l properties located primarily in 16 core markets across the United States as of December 31, 2024:

The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our owned portfolio of 86,192 single-family residentia l properties located primarily in 16 core markets across the United States as of December 31, 2025:

• Acquisition of Real Estate Assets:

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The capitalization period associated with our stabilization activities begins at the time that such activities commence and concludes at the time that a single-family residential property is available to be leased.

Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home, a portion of the salaries and benefits of the Manager’s employees who are directly responsible for such improvements, and for certain furniture and fixtures additions.

Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred.

We capitalize expenditures that improve or extend the life of a home, a portion of the salaries and benefits of the Manager’s employees who are directly responsible for such improvements, and for certain furniture and fixtures additions.

The determination of which costs to capitalize requires significant judgment.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative.

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Cash flow projections are prepared using internal analyses based on current rental, renewal, and occupancy rates, operating expenses, and inputs from our annual planning process that give consideration to each property’s historical results, current operating trends, and current market conditions.

INVITATION HOMES INC.

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extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value.

To determine the estimated fair value, we utilize home price appreciation (“HPA”) indices, local broker price opinions (“BPOs”), and automated valuation model (“AVM”) data, each of which are important components of our process with no one information source being necessarily determinative.

To validate the HPA indices, BPOs, and AVM data received and used in our assessment of fair value of real estate, we perform an internal review to determine if an acceptable valuation approach was used to estimate fair value in compliance with guidance provided by ASC 820, Fair Value Measurements .

To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value.

To determine the estimated fair value, we utilize home price appreciation (“HPA”) indices, local broker price opinions (“BPOs”), and automated valuation model (“AVM”) data, each of which are important components of our process with no single information source being necessarily determinative.

Additionally, we undertake an internal review to assess the relevance and appropriateness of comparable transactions that have been used, and any adjustments to comparable transactions made, in reaching the value opinions.

The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty.

We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative.

The process to assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty.

We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no single information source or analysis being necessarily determinative.

• Single-Family Residential Properties Held for Sale:

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As of December 31, 2025 and 2024, we classified $ 58,563 and $ 49,434 , respectively, as held for sale assets in our consolidated balance sheets (see Note 6).

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Cash and Cash Equivalents

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Restricted cash represents cash deposited in accounts related to certain rent deposits and collections, tax deferred property exchange deposits, security deposits, property taxes, insurance premiums and deductibles, and capital expenditures (see Note 4).

Amounts deposited in the reserve accounts associated with the mortgage loans and the secured term loan can only be used as provided for in the respective loan agreements (see Note 7), and security deposits held pursuant to lease agreements are required to be segregated.

Amounts deposited in the reserve accounts associated with secured debt can only be used as provided for in the respective loan agreements (see Note 7), and security deposits held pursuant to lease agreements are required to be segregated.

Accordingly, these items are separately presented within our consolidated balance sheets.

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These investments are recorded at amortized cost, net of the amount expected not to be collected.

Interest income, including amortization of any premium or discount, is classified as other, net in the consolidated statements of operations.

Interest income, including amortization of any premium or discount, is classified as other, net on the consolidated statements of operations.

For purposes of classification within the consolidated statements of cash flows, purchases of and repayments from these securities are classified as investing activities.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Investments in Equity Securities

Investments in equity securities consist of investments both with and without a readily determinable fair value.

These are presented within other assets, net on our consolidated balance sheets (see Note 6).

These financial instruments are presented within other assets, net on our consolidated balance sheets (see Note 6).

Investments with a readily determinable fair value are measured at fair value.

Investments without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investment in the same issuer.

Any such unrealized gains and losses and impairments are included in gains (losses) on investments in equity securities, net in the consolidated statements of operations.

Any unrealized gains and losses and impairments on investments in equity securities are included in other, net on the consolidated statements of operations.

Amounts Deposited and Held by Others

Amounts deposited and held by others consist of earnest money deposits for the acquisition of single-family residential properties, including deposits made to homebuilders, and amounts owed to us from title companies in connection with the disposition of homes.

These are presented within other assets, ne t on our consolidated balance sheets (see Note 6).

Amounts deposited and held by others consist of deposits made to homebuilders, earnest money deposits for the acquisition of single-family residential properties, and amounts owed to us from title companies in connection with the disposition of homes.

These deposits are presented within other assets, ne t on our consolidated balance sheets (see Note 6).

Investments in Land Held for Development

We hold investments in land held for potential future development to construct single‑family homes for lease.

Land and capitalized development costs are classified in other assets, net on our consolidated balance sheets until construction is complete and a certificate of occupancy is obtained.

At that time, the residential property is reclassified to investments in single‑family residential properties on our consolidated balance sheets and allocated between land and building and improvements (see Note 6).

Deferred Financing Costs

Costs incurred that are directly attributable to procuring external financing are deferred and amortized over the term of the related financing agreement as interest expense in the consolidated statements of operations, and we accelerate amortization if the debt is retired before the maturity date, as appropriate.

Costs incurred that are directly attributable to procuring external financing are deferred and amortized over the term of the related financing agreement as interest expense on the consolidated statements of operations, and we accelerate amortization if the debt is retired before the maturity date.

Costs that are deferred for the procurement of such financing are presented either as an asset in other assets, net when associated with a revolving debt instrument and prior to funding of a loan or as a component of the liability for the related financing agreement.

Convertible Senior Notes

Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options , requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate.

The initial proceeds from the issuance of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time.

The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance.

We measure the fair value of the debt component of our convertible senior notes as of the issuance date based on our nonconvertible debt borrowing rate.

In connection with the SWH merger, we assumed convertible senior notes that were recorded at their estimated fair value based on our nonconvertible debt borrowing rate, and all remaining amounts outstanding pursuant to these debt instruments were fully converted into shares of our common stock in January 2022.

The resulting discount from the outstanding principal balance of the convertible senior notes was amortized using the effective interest rate method over the periods to maturity.

Amortization of this discount was recorded as interest expense in the consolidated statement of operations for the year ended December 31, 2022 .

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Revenue Recognition and Resident Receivables

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Sales taxes and other similar taxes assessed by governmental authorities that we collect from residents are excluded from our rental revenues and other property income.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Management fee revenues consist of fees from property and asset management services provided to portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures.

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Management fee revenues are recognized as performance obligations are satisfied in accordance with the underlying agreements, and the performance obligation is the management of the homes, entities, or other defined tasks.

While the performance obligations associated with base management fees can vary from day to day, the nature of the overall performance obligation to provide management services is the same and considered by us to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation.

While the performance obligations associated with base management fees can vary from day to day, the nature of the overall performance obligation to provide management services is the same and considered to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation.

Leases Entered Into as a Lessee

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Such amounts are not included in the measurement of the lease liability but are recognized as a variable lease expense when incurred.

At this time, it is not reasonably certain that we will exercise any of the future renewal or termination options on these leases, and the measurement of the right-of-use (“ROU”) asset and lease liability is calculated assuming we will not exercise any of the remaining renewal or termination options.

At the commencement date of each lease, we make a determination whether or not it is reasonably certain that we will exercise any of the future renewal or termination options available on such leases.

That determination is then considered in the measurement of the respective right-of-use (“ROU”) assets and lease liabilities.

For each of our current office leases, we have determined that it is not reasonably certain that we will exercise any of the remaining renewal or termination options.

We have elected the practical expedient under which the lease components of our office and vehicle fleet leases are not separated from the nonlease components.

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As of December 31, 2025 , no impairment of goodwill has been recorded.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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Fair Value Measurements

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See Note 11 for further information related to our fair value measurements.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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We enter into interest rate swap agreements (“Hedging Derivatives”) to hedge the risk arising from changes in our interest payments on variable-rate debt.

We do not enter into Hedging Derivatives for trading or other speculative purposes, and all of our Hedging Derivatives are carried at fair value in our consolidated balance sheets.

Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges.

Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we have not elected to designate as hedges.

All of our debt instruments and swap agreements are currently indexed to the one month Secured Overnight Financing Rate (“SOFR”).

We have elected to account for each of our interest rate swap agreements as effective cash flow hedges, and we assess the effectiveness of these interest rate swap cash flow hedging relationships on an ongoing basis.

The effect of these interest rate swap agreements is to reduce the variability of interest payments due to changes in SOFR.

The fair value of Hedging Derivatives that are in an asset position are included in other assets, net and those in a liability position are included in other liabilities in our consolidated balance sheets.

For designated hedges, changes in fair value are reported as a component of other comprehensive income (loss) in our consolidated balance sheets and reclassified into earnings as interest expense in our consolidated statements of operations when the hedged transactions affect earnings.

In the event we enter into non-designated hedges, changes in fair value of such instruments are reflected within interest expense on the consolidated statements of operations.

See Note 8 for further discussion of derivative financial instruments.

Earnings Per Share

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Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders for the period by the weighted average number of shares of common stock outstanding for the period, excluding non-vested share-based awards.

Our share-based awards consist of restricted stock units (“RSUs”), including certain RSUs that contain performance and market based vesting conditions (“PRSUs”), and Outperformance Awards (as defined in Note 10) (see Share-Based Compensation Expense below).

Our share-based awards consist of restricted stock units (“RSUs”) and, in certain cases, partnership ownership units (“LTIP OP Units”) , including certain RSUs and LTIP OP Units that contain performance and/or market based vesting conditions (“PRSUs”).

Historically, we also issued Outperformance Awards, as defined in Note 10 .

Diluted EPS reflects the maximum potential dilution that could occur from non-vested share-based awards.

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The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings in periods when we have net income.

We enter into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes.

We do not enter into Hedging Derivatives for trading or other speculative purposes, and all of our Hedging Derivatives are carried at fair value in our consolidated balance sheets.

Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges.

Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we have not elected to designate as hedges.

Pursuant to the terms of certain of our mortgage loans, we were required to maintain interest rate caps.

Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sell interest rate caps (which have identical terms and notional amounts) such that the purchase price and sale proceeds of the related interest rate caps are intended to offset each other.

We elected not to designate these interest cap agreements for hedge accounting (collectively, the “Non-Designated Hedges”).

We enter into interest rate swap agreements to hedge the risk arising from changes in our interest payments on variable-rate debt due to changes in the one month Secured Overnight Financing Rate (“SOFR”), which replaced the London Interbank Offer Rate (“LIBOR”) beginning in July 2023.

All of our debt instruments and swap agreements are currently indexed to one month SOFR.

We have elected to account for our interest rate swap agreements as effective cash flow hedges (collectively, the “Designated Hedges”).

We assess the effectiveness of these interest rate swap cash flow hedging relationships on an ongoing basis.

The effect of these interest rate cap agreements and interest rate swap agreements is to reduce the variability of interest payments due to changes in SOFR.

For Non-Designated Hedges, changes in fair value are reflected within interest expense in the consolidated statements of operations.

For Designated Hedges, changes in fair value are reported as a component of other comprehensive income (loss) in our consolidated balance sheets and reclassified into earnings as interest expense in our consolidated statements of operations when the hedged transactions affect earnings.

See Note 8 for further discussion of derivative financial instruments.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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Share-Based Compensation Expense

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See Note 10 for further discussion of share-based compensation expense.

INVITATION HOMES INC.

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We have elected to be treated as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended (the “Code”).

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In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries (“TRSs”) is subject to federal, state, and local income taxes.

A TRS is a subsidiary C corporation that has not elected REIT status and as such is subject to United States federal and state corporate income tax.

We use TRS entities to facilitate our ability to perform non-real estate related activities and/or perform non-customary services for residents that cannot be offered directly by a REIT.

A TRS is a subsidiary C corporation that has not elected REIT status and is thus subject to United States federal and state corporate income tax.

We use TRS entities to facilitate our ability to perform certain activities and provide non-customary resident services that cannot be performed directly by a REIT.

For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse.

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Recently Adopted Accounting Standards

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

Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

The updated standard is effective for annual reporting periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024.

We have applied this updated standard within our consolidated financial statements and have updated our segment disclosures accordingly (see Note 15).

Recent Accounting Pronouncements

In August 2023, the FASB issued Accounting Standards Update ASU 2023-05, Business Combinations (Subtopic 805-60):

Joint Venture Formations, which clarifies the business combination accounting for joint venture formations.

The ASU is intended to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements.

The ASU also seeks to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture.

The updated standard is effective for all joint venture formations with a formation date on or after January 1, 2025.

Retrospective application of the amendments is permitted.

We will apply the guidance in this ASU to any joint ventures formed after January 1, 2025.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures, which enhances the transparency and effectiveness of income tax disclosures.

The updated standard was effective for annual reporting periods beginning after December 15, 2024, and interim periods beginning after December 15, 2025.

This ASU did not have a material impact on our consolidated financial statements and disclosures.

INVITATION HOMES INC.

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(dollar amounts in thousands)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures, which enhances the transparency and effectiveness of income tax disclosures.

The updated standard is effective for annual reporting periods beginning after December 15, 2024, and interim periods beginning after December 15, 2025, with early adoption permitted.

We are currently evaluating the impact of this ASU on our consolidated financial statements and disclosures.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Subtopic 220-40):

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This new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

The amendments should be applied on a prospective basis, with retrospective application allowed.

We are currently evaluating the impact of this ASU on our consolidated financial statements and disclosures.

Recent SEC Rules

In March 2024, the SEC adopted the final rule under SEC Release No.

33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors .

This rule will require registrants to disclose certain climate-related information in registration statements and annual reports.

In April 2024, the SEC issued an order voluntarily staying the effectiveness of the new rules pending the completion of judicial review of certain legal challenges to their validity.

On February 11, 2025, SEC Acting Chairman Mark T.

Uyeda released a public statement and notified the United States Court of Appeals for the Eighth Circuit (where the challenges are consolidated) to hold off scheduling the case for argument to provide time for the SEC to further deliberate and determine next steps.

Therefore, the timing of the effectiveness of these disclosure requirements is uncertain.

We are currently assessing the effect of new rules on our consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in a Business Combination in the Acquisition of a Variable Interest Entity.

This ASU amends the guidance for determining the accounting acquirer in transactions involving the acquisition of a VIE that meets the definition of a business.

The amendments are intended to improve consistency and comparability in financial reporting by aligning the accounting treatment of VIE acquisitions with that of VOEs.

The ASU also allows for the possibility of reverse acquisitions involving VIEs, which was not permitted under prior guidance.

The updated standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those fiscal years, with early adoption permitted.

The amendments should be applied on a prospective basis.

We are currently evaluating the impact of this ASU on our consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows the election of a practical expedient when estimating credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers .

In developing reasonable and supportable forecasts, the practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

The updated standard is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods.

The amendments should be applied on a prospective basis.

We are currently evaluating the impact of this ASU on our consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software , which modernizes the accounting for internal-use software costs by removing prescriptive project stage guidance and introducing a principles-based capitalization threshold.

The ASU requires entities to begin capitalizing internal-use software costs when (1) management has authorized and committed to funding the software project and (2) it is probable the project will be completed and the software will be used to perform the function intended.

The amendment also introduces a requirement to evaluate significant development uncertainty with the development activities of the software.

The updated standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.

The amendments may be applied on a prospective, modified, or retrospective basis.

We are currently evaluating the impact of this ASU on our consolidated financial statements and disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvement s, which introduces refinements to existing hedge accounting guidance.

The amendments clarify application in five key areas:

(1) similar risk assessment for cash flow hedges, (2) hedging interest payments on choose-your-rate debt, (3) cash flow hedges of nonfinancial forecasted transactions, (4) use of net written options as hedging instruments, and (5) foreign currency-denominated debt as both a hedging instrument and hedged item.

The updated standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.

The amendments should be applied on a prospective basis.

We are currently evaluating the impact of this ASU on our consolidated financial statements and disclosures.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements , which clarifies the applicability of Topic 270, specifies the form and content of interim financial statements, compiles a comprehensive list of existing interim disclosures required by GAAP, and introduces a disclosure principle requiring entities to report events since year end that have a material impact.

The updated standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.

The amendments should be applied on a prospective or retrospective basis.

We are currently evaluating the impact of this ASU on our interim consolidated financial statements and disclosures.

Note 3— Investments in Single-Family Residential Properties

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As of December 31, 2025 and 2024, the carrying amount of the residential properties above includes $ 148,650 and $ 140,202 , respectively, of capitalized acquisition costs (excluding purchase price), along with $ 79,124 and $ 78,776 , respectively, of capitalized interest, $ 31,493 and $ 31,718 , respectively, of capitalized property taxes, $ 5,138 and $ 5,202 , respectively, of capitalized insurance, and $ 3,758 and $ 3,745 , respectively, of capitalized HOA fees.

During the years ended December 31, 2024, 2023, and 2022, we recognized $ 699,474 , $ 663,398 , and $ 629,301 , respectively, of depreciation expense related to the components of the properties, and $ 14,852 , $ 10,889 , and $ 8,813 , respectively, of depreciation and amortization related to corporate furniture and equipment.

These amounts are included in depreciation and amortization in the consolidated statements of operations.

Further, during the years ended December 31, 2024, 2023, and 2022, impairments totaling $ 506 , $ 427 , and $ 310 , respectively, have been recognized and are included in casualty losses, impairment, and other in the consolidated statements of operations.

During the years ended December 31, 2025, 2024, and 2023, we recognized $ 728,652 , $ 699,474 , and $ 663,398 , respectively, of depreciation expense related to the components of the properties, and $ 18,281 , $ 14,852 and $ 10,889 , respectively, of depreciation and amortization related to corporate fixed assets.

These amounts are included in depreciation and amortization on the consolidated statements of operations.

During the years ended December 31, 2025, 2024, and 2023, impairments totaling $ 657 , $ 506 and $ 427 , respectively, have been recognized and are included in casualty losses, impairment, and other on the consolidated statements of operations.

See Note 11 for additional information regarding these impairments.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Note 4— Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash flows:

2025 December 31, 2024

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Restricted cash 224,894 245,202

Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows

Total cash, cash equivalents, and restricted cash shown on the consolidated statements of cash flows

$ 354,865 $ 419,693

Pursuant to the terms of the mortgage loans and the Secured Term Loan (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts.

Pursuant to the terms of the Secured Debt loans (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts.

These reserve accounts include, but are not limited to, the following types of accounts:

3 unchanged sentences

and (iv) HOA reserves.

The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer.

Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate.

The reserve accounts associated with our Secured Debt loans are under the sole control of the loan servicer.

Additionally, we hold security deposits pursuant to resident lease

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

agreements that we are required to segregate.

We also hold deposits for certain tax deferred property exchange transactions and letters of credit required by certain of our insurance policies, for which the use of each are restricted.

Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our consolidated balance sheets as restricted cash.

The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met.

The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the Secured Debt loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met.

To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours.

The balances of our restricted cash accounts are set forth in the table below.

As of December 31, 2024 and 2023, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist.

As of December 31, 2025 and 2024, no amounts were funded to the insurance accounts as the conditions specified in the Secured Debt loan agreements that require such funding did not exist.

2025 December 31, 2024

1 unchanged sentence

Tax deferred property exchange deposits

Property taxes 4,343 2,014

23,346 47,551

Collections 8,177 7,365

Property taxes 4,079 4,343

Letters of credit 2,510 2,495

2 unchanged sentences

Total $ 224,894 $ 245,202

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Note 5— Investments In Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of December 31, 2024 and 2023:

The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method of accounting, as of December 31, 2025 and 2024:

Number of Properties Owned Carrying Value

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Upward America JV (2)

7.2 % 3,720 N/A 37,809 —

7.2 % 3,720 3,720 32,292 37,809

1 unchanged sentence

15.0 % N/A N/A 26,948 20,706

2022 Rockpoint JV (1)

10.0 % 320 387 17,280 22,072

2024 Peregrine JV (6)

30.0 % N/A N/A 3,226 —

30.0 % 119 — 16,073 3,226

2022 Rockpoint JV (1)

16.7 % 389 319 13,272 10,426

Total $ 254,561 $ 241,605

1 unchanged sentence

(2) Owns homes in markets within the Southeast United States, Florida, Minnesota, Tennessee, and Texas.

(3) Owns homes within the Western United States.

(3) Represents an investment in an operating company that provides a technology platform and asset management services.

(5) Represents an investment in a joint venture that will invest in newly-constructed homes and communities.

(4) Owns homes within the Western United States.

(5) During the year ended December 31, 2025, our share of income and distributions increased from 10.0 % to 50.0 % as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement.

(6) Owns homes in markets within the Southeast United States and Florida.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Each joint venture was initially capitalized with equity investments.

4 unchanged sentences

Accordingly, we do not have a controlling interest in any of our joint ventures, and they are accounted for using the equity method of accounting.

We recorded net losses from these investments for the years ended December 31, 2024, 2023, and 2022, totaling $ 28,445 , $ 17,877 , and $ 9,606 , respectively, which are included in losses from investments in unconsolidated joint ventures in the consolidated statements of operations.

We recorded net losses from these investments for the years ended December 31, 2025, 2024, and 2023, totaling $ 11,607 , $ 28,445 , and $ 17,877 , respectively, which are included in losses from investments in unconsolidated joint ventures on the consolidated statements of operations.

We earn property and/or asset management fees from each of the joint ventures (except the Pathway Operating Company investment), and these fees are related party transactions.

For the years ended December 31, 2024, 2023, and 2022, we earned $ 18,222 , $ 13,647 , and $ 11,480 , respectively, of management fees from these related parties which are included in management fee revenues in the consolidated statements of operations.

For the years ended December 31, 2025, 2024, and 2023, we earned $ 24,930 , $ 18,222 and $ 13,647 , respectively, of management fees from these related parties which are included in management fee revenues on the consolidated statements of operations.

As of December 31, 2025 and 2024, management fee receivables from our related parties totaled $ 1,884 and $ 1,952 , respectively.

(See Note 6 for additional information regarding total management fee revenues.)

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Note 6— Other Assets

1 unchanged sentence

2025 December 31, 2024

Amounts deposited and held by others $ 93,965 $ 92,151

Derivative instruments (Note 8) 61,479 75,488

Rent and other receivables, net 61,235 60,810

Investments in equity and other securities $ 63,122 $ 60,120

Investments in debt securities, net 54,619 86,471

Prepaid expenses 49,877 47,770

Rent and other receivables, net 59,947 61,235

Held for sale assets (1)

1 unchanged sentence

Corporate fixed assets, net 56,613 42,704

Prepaid expenses 56,278 49,877

Investments in debt securities, net 54,972 54,619

ROU lease assets — operating and finance, net 45,949 28,830

Amounts deposited and held by others 39,419 93,965

Investments in land held for development 23,839 —

Deferred financing costs, net 17,230 23,579

Derivative instruments (Note 8) 14,354 61,479

Other 47,749 43,478

1 unchanged sentence

(1) As of December 31, 2025 and 2024, 278 and 237 properties, respectively, are classified as held for sale.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Investments in Equity and Other Securities

We hold investments in equity and other securities both with and without a readily determinable fair value.

Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer.

As of December 31, 2025 and 2024, the values of our investments in equity and other securities are as follows:

2025 December 31, 2024

Investments without a readily determinable fair value $ 62,296 $ 59,405

Investments with a readily determinable fair value 826 715

Total $ 63,122 $ 60,120

The components of gains (losses) on investments in equity and other securities, net, included in other, net on the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 are as follows:

For the Years Ended December 31,

2025 2024 2023

Net gains recognized on investments sold during the reporting period $ 207 $ 1,635 $ —

Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value 111 ( 589 ) 350

Total $ 318 $ 1,046 $ 350

Rent and Other Receivables, net

3 unchanged sentences

Variable lease payments are charged based on the terms and conditions included in the resident leases.

For th e years ended December 31, 2024, 2023, and 2022 , rental revenues and other property income includes $ 163,700 , $ 153,016 , and $ 139,829 of variable lease payments, respectively.

For the years ended December 31, 2025, 2024, and 2023 , rental revenues and other property income includes $ 173,631 , $ 163,700 , and $ 153,016 of variable lease payments, respectively.

Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of December 31, 2025 are as follows:

7 unchanged sentences

Management fee revenues and the corresponding receivables are related to property and asset management services provided to portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures (see Note 5).

O ur services include resident support, maintenance, marketing, and administrative functions .

As of December 31, 2025, 2024, and 2023, we provided property and asset management services for 23,872 , 25,300 , and 3,848 homes, respectively, of which 8,006 , 7,622 , and 3,848 homes, respectively, were owned by our unconsolidated joint ventures.

For the years ended December 31, 2025, 2024, and 2023, we earned management fees totaling $ 87,339 , $ 69,978 , and $ 13,647 , respectively.

These revenues are included in management fee revenues in the consolidated statements of operations.

Investments in Equity and Other Securities

We hold investments in equity and other securities both with and without a readily determinable fair value.

As of December 31, 2024 and 2023, the values of our investments in equity and other securities are as follows:

2024 December 31, 2023

Investments without a readily determinable fair value $ 59,405 $ 54,686

Investments with a readily determinable fair value 715 1,305

Total $ 60,120 $ 55,991

The components of gains (losses) on investments in equity and other securities, net for the years ended December 31, 2024, 2023, and 2022 are as follows:

For the Years Ended December 31,

2024 2023 2022

Net gains (losses) recognized on investments sold during the reporting period

$ 1,635 $ — $ ( 1,452 )

Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value ( 589 ) 350 ( 2,487 )

Total $ 1,046 $ 350 $ ( 3,939 )

These revenues are included in management fee revenues on the consolidated statements of operations.

Investments in Debt Securities, net

In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $ 54,619 , net of unamortized discounts of $ 880 as of December 31, 2024.

In connection with our Secured Debt (as defined in Note 7), we have retained and purchased certificates totaling $ 54,972 , net of unamortized discounts of $ 527 as of December 31, 2025.

These investments in debt securities are classified as held to maturity investments.

As of December 31, 2024, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature in two years .

As of December 31, 2025, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature in one year .

ROU Lease Assets — Operating and Finance, net

8 unchanged sentences

Weighted average discount rate 5.7 % 5.9 % 5.6 % 6.0 %

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Investments in Land Held for Development

We hold investments in land held for potential future development to construct single‑family homes for lease.

Deferred Financing Costs, net

In connection with the new Revolving Facility (as defined in Note 7), we incurred $ 25,567 of financing costs, which have been deferred as other assets, net on our consolidated balance sheets.

In connection with the Revolving Facility (as defined in Note 7), we incurred $ 25,626 of financing costs, which have been deferred as other assets, net on our consolidated balance sheets.

We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date, as appropriate.

The deferred financing costs as of December 31, 2023 were incurred in connection with a previous revolving facility that was replaced by the new Revolving Facility during the third quarter of 2024 (see Note 7).

As of December 31, 2025 and 2024, the unamortized balances of these deferred financing costs are $ 17,230 and $ 23,579 , respectively.

Other is primarily comprised of deferred costs related to property and asset management contracts that are being amortized over the estimated lives of the underlying contracts and other deferred costs, including those that will be capitalized as corporate fixed assets upon deployment of the software.

Mortgage Loans

Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities.

We utilize the proceeds from our Securitizations to fund:

(i) repayments of then-outstanding indebtedness;

(ii) initial deposits into Securitization reserve accounts;

(iii) closing costs in connection with the mortgage loans;

and (iv) general costs associated with our operations.

The following table sets forth a summary of our mortgage loan indebtedness as of December 31, 2024 and 2023:

Other is primarily comprised of deferred costs related to property and asset management contracts that are amortized over the estimated lives of the underlying contracts and other deferred costs, including those that will be capitalized as corporate fixed assets upon deployment of the software.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

The following table sets forth a summary of our secured debt as of December 31, 2025 and 2024:

Outstanding Principal

2 unchanged sentences

IH 2017-1 (2)(3)

2027 4.23 % $ 988,271 $ 990,555

April 28, 2017 June 9, 2027 4.23 % $ 987,486 $ 988,271

IH 2019-1 (4)

2018 November 8,

Total Securitizations 988,271 1,633,585

June 7, 2019 June 9, 2031 3.59 % 400,386 403,046

Total Secured Debt

1,387,872 1,391,317

deferred financing costs, net ( 3,758 ) ( 5,744 )

1 unchanged sentence

(1) Outstanding principal balance is net of discounts and does not include deferred financing costs, net.

(2) IH 2017-1 is comprised of two components, and Component A benefits from the Federal National Mortgage Association’s guaranty of timely payment of principal and interest.

IH 2017-1 bears interest at a fixed rate of 4.23 % per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees.

The interest rate for IH 2018-4 was based on a weighted average spread over a published forward-looking SOFR for the interest period relevant to such borrowing (“Term SOFR”) adjusted for an 0.11 % credit spread adjustment.

Interest payments are made monthly.

(3) Net of unamortized discount of $ 527 and $ 880 as of December 31, 2025 and 2024, respectively.

(4) Maturity date represents repayment date.

Securitization Transactions

IH 2017-1 is a 10 year, fixed rate mortgage loan comprised of two components, and Component A of IH 2017-1 benefits from the Federal National Mortgage Association’s guaranty of timely payment of principal and interest.

Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related personal property.

As of December 31, 2024 and 2023, a total of 5,592 and 10,581 homes, respectively, with a gross book value of $ 1,054,239 and $ 2,348,044 , respectively, and a net book value of $ 687,487 and $ 1,779,169 , respectively, are pledged pursuant to the

(4) IH 2019-1 bears interest at a fixed rate of 3.59 % per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to the one month London Interbank Offer Rate as provided for in the loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement.

Interest payments are made monthly.

IH 2017-1 and IH 2019-1 (collectively, the “Secured Debt”) are secured by first priority mortgages on the underlying properties as well as first priority pledges of the equity in the assets of the respective Borrower Entities.

IH 2017-1 is further secured by a grant of security interests in all the related personal property.

As of December 31, 2025 and 2024, a total of 8,891 and 8,923 homes, respectively, with a gross book value of $ 1,929,649 and $ 1,900,818 , respectively, and a net book value of $ 1,311,955 and $ 1,350,641 , respectively, are pledged pursuant to the Secured Debt.

Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties.

In addition, four times after the first anniversary of the closing date, the IH 2019-1 Borrower Entity has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15 % of the then-outstanding principal balance of the loan in order to bring the loan-to-value ratio back in line with the loan’s loan-to-value ratio as of the closing date.

Any such special release of collateral would not change the then-outstanding principal balance of the loan, but rather would reduce the number of single-family rental homes included in the collateral pool.

Transaction with Trust

Concurrent with the execution of the IH 2017-1 loan agreement, the respective third-party lender sold the loan it originated to an individual depositor entity, which is a wholly owned subsidiary, who subsequently transferred the loan to a securitization-specific trust entity (the “Trust”).

We accounted for the transfer of IH 2017-1 as a sale under ASC 860, Transfers and Servicing , with no resulting gain or loss as the securitization was both originated by the lender and immediately transferred at the same fair market value.

This transaction had no effect on our consolidated financial statements other than with respect to certificates issued by the Trust (the “Certificates”) that we retained in connection with securitization or purchased at a later date.

The Trust is structured as a pass-through entity that receives interest payments from the securitization and distributes those payments to the holders of the Certificates.

The assets held by the Trust are restricted and can only be used to fulfill the

INVITATION HOMES INC.

1 unchanged sentence

(dollar amounts in thousands)

mortgage loans.

Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties.

We are obligated to make monthly payments of interest for each mortgage loan.

Transactions with Trusts

Concurrent with the execution of each mortgage loan agreement, the respective third-party lender sold each loan it originated to individual depositor entities, which are wholly owned subsidiaries, who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”).

We accounted for the transfers of the individual Securitizations as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the Securitizations were both originated by the lender and immediately transferred at the same fair market value.

These transactions had no effect on our consolidated financial statements other than with respect to certificates issued by the Trusts (collectively, the “Certificates”) that we retained in connection with Securitizations or purchased at a later date.

The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and distribute those payments to the holders of the Certificates.

The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities.

The obligations of the Trusts do not have any recourse to the general credit of any entities in these consolidated financial statements.

We have evaluated our interests in certain certificates of the Trusts held by us and determined that they do not create a more than insignificant variable interest in the Trusts.

As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended.

obligations of that entity.

The obligations of the Trust do not have any recourse to the general credit of any entities in these consolidated financial statements.

We have evaluated our interests in certain certificates of the Trust held by us and determined that they do not create a more than insignificant variable interest in the Trust.

As the Trust made Certificates available for sale to both domestic and foreign investors, sponsors of the IH 2017-1 loan are required to retain a portion of the risk that represents a material net economic interest in the loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended.

As loan sponsors, we are thus required to retain a portion of the credit risk that represents not less than 5 % of the aggregate fair value of the loan as of the closing date.

Accordingly, we have retained the restricted Class B Certificates issued by IH 2017-1, which bear a stated annual interest rate of 4.23 % (including applicable servicing fees), that were made available exclusively to INVH LP to comply with the Risk Retention Rules.

For IH 2018-4, we retained 5 % of each class of certificates to meet the Risk Retention Rules.

These retained certificates accrued interest at a floating rate of Term SOFR plus a spread ranging from 1.15 % to 1.45 %.

The retained certificates, net of discount, total $ 54,972 and $ 54,619 as of December 31, 2025 and 2024, respectively, and are classified as held to maturity investments and recorded in other assets, net on the consolidated balance sheets (see Note 6).

Loan Covenants

The general terms that apply to all of the mortgage loans require each Borrower Entity to maintain compliance with certain affirmative and negative covenants.

Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal requirements specified in the mortgage loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective mortgage loan agreements.

The general terms that apply to the Secured Debt loan agreements require each Borrower Entity to maintain compliance with certain affirmative and negative covenants.

Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal requirements specified in the Secured Debt loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective Secured Debt loan agreements.

Negative covenants include each Borrower Entity’s, and certain of their affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements.

Prepayments of Secured Debt are generally not permitted under the terms of the respective loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements.

The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property.

To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1.

For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium.

For the years ended December 31, 2024, 2023, and 2022, we made voluntary and mandatory prepayments of $ 645,666 , $ 20,491 , and $ 1,412,249 , respectively, under the terms of the mortgage loan agreements.

To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before specified dates.

For IH 2017-1 and IH 2019-1, prepayments on or before December 2026 or June 2030, respectively, will require a yield maintenance premium.

For the years ended December 31, 2025, 2024, and 2023, we made voluntary and mandatory prepayments of $ 3,798 , $ 645,666 , and $ 20,491 , respectively, under the terms of the loan agreements.

For the year ended December 31, 2024, prepayments included the full repayment of the IH 2018-4 mortgage loan.

For the year ended December 31, 2022, prepayments included the full repayment of the IH 2018-1, IH 2018-2, and IH 2018-3 mortgage loans.

Secured Term Loan

On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term Loan”).

The Secured Term Loan bears interest at a fixed rate of 3.59 %, including applicable servicing fees, for the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing fees, over a comparable or successor rate to one month LIBOR for the twelfth year as provided for in our loan agreement (subject to certain adjustments as outlined in the loan agreement).

The Secured Term Loan is secured by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the equity interests of 2019-1 IH Borrower.

We utilized the proceeds from the Secured Term Loan to fund:

(i) repayments of then-outstanding indebtedness;

(ii) initial deposits into the Secured Term Loan’s reserve accounts;

(iii) transaction costs related to the closing of the Secured Term Loan;

and (iv) general corporate purposes.

The following table sets forth a summary of our Secured Term Loan indebtedness as of December 31, 2024 and 2023:

Date Interest

2024 December 31, 2023

Secured Term Loan

June 9, 2031 3.59 % $ 403,046 $ 403,129

Deferred financing costs, net

( 1,397 ) ( 1,614 )

Secured Term Loan, net $ 401,649 $ 401,515

(1) The Secured Term Loan bears interest at a fixed rate of 3.59 % per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to one month LIBOR as provided for in our loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement.

Interest payments are made monthly.

As of December 31, 2024 and 2023, the Secured Term Loan’s collateral pool contains 3,331 and 3,332 homes, respectively, with a gross book value of $ 846,579 and $ 828,570 , respectively, and a net book value of $ 663,154 and $ 675,075 , respectively.

2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to substitute properties representing up to 20 % of the collateral pool annually, and to substitute properties representing up to 100 % of the collateral pool over the life of the Secured Term Loan.

In addition, four times after the first anniversary of the closing date, 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15 % of the then-outstanding principal balance of the Secured Term Loan in order to bring the loan-to-value ratio back in line with the Secured Term Loan’s loan-to-value ratio as of the closing date.

Any such special release of collateral would not change the then-outstanding principal balance of the Secured Term Loan, but rather would reduce the number of single-family rental homes included in the collateral pool.

INVITATION HOMES INC.

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Loan Covenants

The Secured Term Loan requires 2019-1 IH Borrower to maintain compliance with certain affirmative and negative covenants.

Affirmative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the loan agreement, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the loan agreement.

Negative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with limitations surrounding (i) the amount of 2019-1 IH Borrower’s indebtedness and the nature of its investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of 2019-1 IH Borrower’s business activities, and (v) the required maintenance of specified cash reserves.

Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in the loan agreement.

To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before June 9, 2030.

For the years ended December 31, 2024 and 2023, we made mandatory prepayments of $ 83 and $ 234 , respectively, under the terms of the Secured Term Loan agreement.

No such prepayments were made during the year ended December 31, 2022.

Unsecured Notes

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We utilize proceeds from the Unsecured Notes to fund:

(i) repayments of then-outstanding indebtedness, including the Securitizations;

(i) repayments of then-outstanding indebtedness;

(ii) closing costs in connection with the Unsecured Notes;

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Interest on the Unsecured Notes is payable semi-annually in arrears.

INVITATION HOMES INC.

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The following table sets forth a summary of our Unsecured Notes as of December 31, 2025 and 2024:

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The following activity occurred during the years ended December 31, 2025, 2024, and 2023 with respect to the Unsecured Notes:

• On August 15, 2025, in a public offering under our shelf registration statement, we issued $ 600,000 aggregate principal amount of 4.95 % Senior Notes which mature on January 15, 2033.

• On September 26, 2024, in a public offering under our shelf registration statement, we issued $ 500,000 aggregate principal amount of 4.88 % Senior Notes which mature on February 1, 2035.

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• On August 2, 2023, in a public offering under our existing shelf registration statement, we issued (1) $ 450,000 aggregate principal amount of 5.45 % Senior Notes which mature on August 15, 2030 and (2) $ 350,000 aggregate principal amount of 5.50 % Senior Notes which mature on August 15, 2033.

• On April 5, 2022, in a public offering under our existing shelf registration statement, we issued $ 600,000 aggregate principal amount of 4.15 % Senior Notes which mature on April 15, 2032.

The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a redemption price equal to (i) 100 % of the principal amount to be redeemed plus accrued and unpaid interest and (ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption occurs in certain amounts or in certain periods that range from one to three months prior to the maturity date.

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The Unsecured Notes contain customary events of default (subject in certain cases to specified cure periods), the occurrence of which would allow the holders of notes to take various actions, including the acceleration of amounts due under the Unsecured Notes.

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Term Loan Facilities and Revolving Facility

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Future proceeds from the Revolving Facility are expected to be used for general corporate purposes.

INVITATION HOMES INC.

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On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans (as amended on September 9, 2024, the “2022 Term Loan Facility,” and together with the 2024 Term Loan Facility and the 2020 Term Loan Facility, the “Term Loan Facilities”).

On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans (as amended on September 9, 2024 and April 28, 2025 (see below), the “2022 Term Loan Facility,” and together with the 2024 Term Loan Facility and the 2020 Term Loan Facility, the “Term Loan Facilities”).

The 2022 Term Loan Facility provided $ 725,000 of borrowing capacity, consisting of a $ 150,000 initial term loan (the “Initial Term Loan”) and delayed draw term loans totaling $ 575,000 (the “Delayed Draw Term Loans”) which were fully drawn on December 8, 2022.

The Initial Term Loan and the Delayed Draw Term Loans (together, the “2022 Term Loans”) mature on June 22, 2029.

The Initial Term Loan and the Delayed Draw Term Loans (together, the “2022 Term Loans”) originally matured on June 22, 2029.

The 2022 Term Loan Facility also includes an accordion feature providing the option to increase the size of the 2022 Term Loans or enter into additional incremental 2022 Term Loans, such that the aggregate amount of all 2022 Term Loans does not exceed $ 950,000 at any time, subject to certain limitations.

On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings as more fully described below.

The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facility, as of December 31, 2025 and 2024:

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2024 Term Loan Facility (1)(2)

September 9, 2024 N/A $ — $ 2,500,000

2024 Term Loan Facility (2)(3)

September 9, 2028 4.64 % $ 1,750,000 $ 1,750,000

2022 Term Loan Facility (3)(4)

June 22, 2029 5.58 % 725,000 725,000

April 28, 2028 4.54 % 725,000 725,000

Total Term Loan Facilities 2,475,000 2,475,000

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September 9, 2028 4.57 % $ 145,000 $ 570,000

(1) Maturity date represents repayment date.

(2) Interest rates for the 2024 Term Loan Facility and the Revolving Facility are based on Term SOFR adjusted for a 0.10 % credit spread adjustment, plus an applicable margin.

(1) Interest rates for the 2024 Term Loan Facility and the Revolving Facility are based on the weighted average spread over a published forward-looking SOFR for the interest period relevant to such borrower (“Term SOFR”) adjusted for a 0.10 % credit spread adjustment, plus an applicable margin.

As of December 31, 2025, the applicable margins were 0.85 % and 0.78 % for the 2024 Term Loan Facility and the Revolving Facility, respectively, and Term SOFR was 3.69 %.

On February 4, 2026, we entered into an amendment to the Credit Facility whereby Term SOFR is no longer subject to a 0.10 % credit spread adjustment (see Note 16).

(2) If we exercise the two six month extension options, the maturity date will be September 9, 2029.

(4) Interest rate for the 2022 Term Loan Facility is based on Term SOFR adjusted for a 0.10 % credit spread adjustment, plus the applicable margin.

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(3) Interest rate for the 2022 Term Loan Facility is based on Term SOFR plus the applicable margin.

As of December 31, 2025, the applicable margin was 0.85 % and Term SOFR was 3.69 %.

(4) If we exercise the two one year extension options, the maturity date will be April 28, 2030.

(5) As of December 31, 2025, $ 1,605,000 of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants.

Interest Rate and Fees

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As a result of an April 18, 2023 amendment to the 2020 Credit Facility, borrowings thereunder bore interest, at our option, at a rate equal to (a) a Term SOFR rate determined by reference to the forward-looking SOFR rate published by Reuters (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing plus 0.10 % credit spread adjustment or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50 %, (3) the Term SOFR rate that would be payable on such day for a Term SOFR rate loan with a one month interest period plus 1.00 %, and (4) 1.00 %.

Prior to the April 18, 2023 amendment to the 2020 Credit Facility, borrowings thereunder bore interest, at our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg LIBOR rate (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50 %, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one month interest period plus 1.00 %.

INVITATION HOMES INC.

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Borrowings under the 2022 Term Loan Facility bear interest, at our option, at a rate equal to a margin over either (a) Term SOFR adjusted for an applicable credit spread adjustment (“Adjusted SOFR”) for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50 %, and (3) Adjusted SOFR for a one month interest period plus 1.00 %.

Borrowings under the 2022 Term Loan Facility bear interest, at our option, at a rate equal to a margin over either (a) Term SOFR for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50 %, and (3) SOFR for a one month interest period plus 1.00 %.

The margins for the Term Loan Facilities, the Revolving Facility, and the 2020 Revolving Facility are as follows:

Base Rate Loans Adjusted SOFR Rate Loans

2024 Term Loan Facility 0.00 % — 0.60 % 0.75 % — 1.60 %

Base Rate Loans SOFR Rate Loans

2024 Term Loan Facility 0.00 % — 0.60 % 0.75 % — 1.60 %

2020 Term Loan Facility 0.00 % — 0.65 % 0.80 % — 1.65 %

2022 Term Loan Facility, prior to amendment 0.15 % — 1.20 % 1.15 % — 2.20 %

2022 Term Loan Facility, as amended 0.00 % — 0.60 % 0.75 % — 1.60 %

Revolving Facility 0.00 % — 0.40 % 0.70 % — 1.40 %

2020 Revolving Facility 0.00 % — 0.45 % 0.75 % — 1.45 %

The 2022 Term Loan Facility includes a sustainability component whereby pricing can improve upon our achievement of certain sustainability ratings, determined via an independent third-party evaluation.

In addition to paying interest on outstanding principal, we are required to pay certain facility and unused commitment fees.

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Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of our subsidiaries to (i) engage in certain mergers, consolidations, or liquidations, (ii) sell, lease, or transfer all or substantially all of our respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and (vi) enter into certain burdensome agreements.

INVITATION HOMES INC.

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(dollar amounts in thousands)

The Credit Facility and the 2022 Term Loan Facility also require us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, and (v) minimum unsecured interest coverage ratio.

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The obligations under the Credit Facility and the 2022 Term Loan Facility are guaranteed on a joint and several basis by INVH and two of its wholly owned subsidiaries, the General Partner, and IH Merger Sub.

On September 17, 2021, the obligations under the 2020 Credit Facility became guaranteed pursuant to a similar parent guaranty agreement with INVH, the General Partner, and IH Merger Sub.

INVITATION HOMES INC.

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(dollar amounts in thousands)

Debt Maturities Schedule

The following table summarizes the contractual maturities of our debt as of December 31, 2025:

Year Mortgage

Secured Term Loan Unsecured Notes Term Loan Facilities (1)

Year Secured Debt

Unsecured Notes Term Loan Facilities (1)(2)

Revolving Facility (1)(3)

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450,000 450,000

— — — 725,000 — 725,000

Thereafter 400,386 3,250,000 — — 3,650,386

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(1) If we exercise the two six month extension options, the maturity date for the 2024 Term Loan Facility and the Revolving Facility will be September 9, 2029.

(2) If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.

(3) Deferred financing costs related to the Revolving Facility are classified in other assets, net (see Note 6).

Note 8— Derivative Instruments

From time to time, we enter into derivative instruments to manage the economic risk of changes in interest rates.

We do not enter into derivative transactions for speculative or trading purposes.

Designated Hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges.

Non-Designated Hedges are derivatives that do not meet the criteria for hedge accounting or that we did not elect to designate as hedges.

Designated Hedges

We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments.

Each of our swap agreements is designated for hedge accounting purposes and is currently indexed to one month Term SOFR.

Changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings.

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Note 8— Derivative Instruments

We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments.

We do not enter into derivative transactions for speculative or trading purposes.

Each of our swap agreements meets the criteria for hedge accounting and has been designated for hedge accounting purposes.

The table below summarizes our interest rate swap instruments as of December 31, 2025:

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Rate Index Notional

April 18, 2023 March 31, 2023 January 31, 2025 2.80 % One month Term SOFR $ 400,000

April 18, 2023 April 15, 2023 June 9, 2025 2.94 % One month Term SOFR 325,000

April 18, 2023 April 15, 2023 July 31, 2025 3.08 % One month Term SOFR 200,000

September 20, 2024 December 31, 2024 May 31, 2028 3.13 % One month Term SOFR $ 200,000

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September 25, 2024 December 31, 2024 May 31, 2029 3.12 % One month Term SOFR 200,000

May 8, 2025 May 8, 2025 May 31, 2028 3.51 % One month Term SOFR 200,000

June 20, 2025 June 20, 2025 May 31, 2028 3.60 % One month Term SOFR 200,000

March 22, 2023 July 9, 2025 May 31, 2029 2.99 % One month Term SOFR 300,000

During the year ended December 31, 2024, we entered into certain new interest rate swap agreements and terminated others resulting in a net payment to the counterparties of $ 1,140 .

There were no such terminations during the year ended December 31, 2023, and during the year ended December 31, 2022, we terminated interest rate swaps or portions thereof and paid counterparties $ 13,292 in connection with those terminations.

There were no such terminations during the year ended December 31, 2025 and 2023.

During the years ended December 31, 2025, 2024, and 2023, interest rate swap instruments were used to hedge the variable cash flows associated with existing variable-rate interest payments.

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During the next 12 months, we estimate that $ 4,405 will be reclassified to earnings as a decrease in interest expense.

Non-Designated Hedges

Concurrent with entering into certain of the mortgage loan agreements, we entered into or acquired and maintained interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third-party lenders.

Any such interest rate cap agreement, including all of our rights to payments owed by the counterparties and all other rights, was pledged as additional collateral for the mortgage loan.

Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sold interest rate caps (which have identical terms and notional amounts) such that the purchase price and sales proceeds of the related interest rate caps were intended to offset each other.

As of December 31, 2024, we did not have any interest rate caps.

INVITATION HOMES INC.

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Fair Values of Derivative Instruments on the Consolidated Balance Sheets

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Total $ 14,354 $ 61,479 $ 2,616 $ —

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Offsetting Derivatives

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Derivatives $ — $ — $ — $ — $ — $ —

INVITATION HOMES INC.

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Effect of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Operations

The tables below present the effect of our derivative financial instruments in the consolidated statements of comprehensive income (loss) and the consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022:

Amount of Gain Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Consolidated Statements of Operations

The tables below present the effect of our derivative financial instruments on the consolidated statements of comprehensive income (loss) and the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023:

Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income Amount of Gain Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Consolidated Statements of Operations

For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31,

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Interest rate swaps $ ( 24,290 ) $ 73,042 $ 39,488 Interest expense $ 30,439 $ 75,772 $ 73,856 $ 353,327 $ 366,070 $ 333,457

INVITATION HOMES INC.

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Recognized in

Net Income on Derivative Amount of Loss Recognized in Net Income on Derivative

Net Income on Derivative Amount of Loss Recognized in Net Income on Derivatives

For the Years Ended December 31,

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The agreements with our derivative counterparties which govern our interest rate swap agreements contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.

As of December 31, 2024, we were not in a net liability position with any of our derivative counterparties.

As of December 31, 2025, the fair value of certain derivatives in a net liability position was $ 2,616 .

If we had breached any of these provisions at December 31, 2025, we could have been required to settle the obligations under the agreements at their termination value, which includes accrued interest and excludes the nonperformance risk related to these agreements, of $ 2,644 .

Note 9— Stockholders’ Equity

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In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one -for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our consolidated balance sheets and statements of equity.

As of December 31, 2024, 1,979,009 outstanding OP Units are redeemable.

As of December 31, 2025, 2,099,937 OP Units are outstanding, of which 128,428 are not currently redeemable.

During the years ended December 31, 2025, 2024, and 2023, we issued 415,939 , 647,239 , and 546,857 , shares of common stock, respectively.

At the Market Equity Program

On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), and on June 14, 2024, we entered into distribution agreements with additional Agents and Forward Sellers.

Pursuant to these agreements, we may sell, from time to time, up to an aggregate sales price of $ 1,250,000 of our common stock through the Agents and the Forward Sellers (the “ATM Equity Program”).

In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with

During the year ended December 31, 2025, we repurchased 2,232,685 shares of common stock.

Share Repurchase Program

On October 28, 2025, our board of directors authorized a share repurchase program pursuant to which we may acquire shares of our common stock up to an aggregate purchase price of $ 500,000 (the “Share Repurchase Program”) in the open market or negotiated transactions, including through Rule 10b5-1 plans.

Repurchases under the Share Repurchase Program will be made at our discretion and are not required or guaranteed.

The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities.

The Share Repurchase Program does not have an expiration date.

Under Maryland law, our state of incorporation, there is no concept of treasury shares.

Therefore, any shares we repurchase are immediately retired and revert to authorized but unissued status upon settlement.

During the year ended December 31, 2025, we repurchased 2,232,685 shares of our common stock for a total cost of $ 61,298 , including legal fees and commissions.

As of December 31, 2025, $ 438,765 remains available for future repurchases under the Share Repurchase Program.

During January 2026, we repurchased an additional 1,402,639 shares of our common stock for a total cost of $ 38,805 , including legal fees and commissions (see Note 16).

INVITATION HOMES INC.

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certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction.

At the Market Equity Program

In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction.

During the years ended December 31, 2025, 2024, and 2023, we did not sell any shares of common stock under the ATM Equity Program.

During the year ended December 31, 2022, we sold 2,438,927 shares of our common stock under our ATM Equity Program, generating net proceeds of $ 98,367 , after giving effect to Agent commissions and other costs totaling $ 1,633 .

As of December 31, 2025, $ 1,150,000 remains available for future offerings under the ATM Equity Program.

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per Share Pay Date Total Amount Paid

Q4-2025 September 25, 2025 $ 0.29 October 17, 2025 $ 178,016

Q3-2025 June 26, 2025 0.29 July 18, 2025 178,020

Q2-2025 March 27, 2025 0.29 April 17, 2025 177,963

Q1-2025 December 26, 2024 0.29 January 17, 2025 177,839

September 26, 2024 0.28 October 18, 2024 171,485

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Q1-2024 December 27, 2023 0.28 January 19, 2024 171,721

Q4-2023 November 7, 2023 0.26 November 22, 2023 160,350

Q3-2023 August 8, 2023 0.26 August 25, 2023 160,540

Q2-2023 May 10, 2023 0.26 May 26, 2023 159,493

Q1-2023 February 14, 2023 0.26 February 28, 2023 158,453

On December 4, 2025, our board of directors declared a dividend of $ 0.30 (actual $) per share to stockholders of record on December 23, 2025, resulting in a $ 183,962 dividend payment on January 16, 2026 (see Note 16).

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Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock.

Our share-based awards consist of RSUs, which may be time vesting, performance based vesting, or market based vesting, and Outperformance Awards (defined below).

Time-vesting RSUs are participating securities for EPS purposes, and PRSUs and Outperformance Awards are not.

Share-Based Awards

The following summarizes our share-based award activity during the years ended December 31, 2024, 2023, and 2022.

Annual Long Term Incentive Plan (“LTIP”):

• Annual LTIP Awards Granted:

During the years ended December 31, 2024, 2023, and 2022, we granted 810,615 , 776,492 , and 640,107 , RSUs, respectively, pursuant to LTIP awards.

Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is subject to continued employment through the applicable vesting date.

Share-based awards in connection with our annual long term incentive plan (“LTIP”) may be issued in the form of time vesting, performance based vesting, and/or market based vesting RSUs or, in certain cases, LTIP OP Units.

Historically, we also issued Outperformance Awards (defined below).

Time-vesting RSUs are participating securities for E PS purposes, and PRSUs and Outperformance Awards are not.

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LTIP time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1st.

Share-Based Awards

The following summarizes our share-based award activity during the years ended December 31, 2025, 2024, and 2023.

• Annual LTIP Awards Granted:

During the years ended December 31, 2025, 2024, and 2023, we granted 938,979 , 810,615 , and 776,492 , RSUs, respectively.

During the year ended December 31, 2025, we granted 207,173 LTIP OP Units pursuant to LTIP awards.

Each award includes components which vest based on time-vesting conditions, market-based vesting conditions, and/or performance-based vesting conditions, each of which is subject to continued employment through the applicable vesting date.

Time-vesting RSUs and LTIP OP Units vest in three equal annual installments based on an anniversary date of March 1st.

LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period.

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• PRSU Results:

During the year ended December 31, 2025, certain PRSUs did not achieve performance criteria, resulting in the cancellation of 281,588 awards.

Such awards are reflected as an increase in the number of awards forfeited/canceled in the table below.

During the years ended December 31, 2024 and 2023, certain LTIP PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 193,615 and 188,001 shares of common stock, respectively.

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Other Award Activity:

• Other Awards:

During the year ended December 31, 2024, we granted 51,372 time-vesting RSUs to members of our board of directors, which will fully vest on the date of INVH’s 2025 annual stockholders meeting, subject to continued service on the board of directors through such date.

During the years ended December 31, 2023 and 2022, INVH issued 50,895 and 36,912 time-vesting RSUs, which fully vested on the dates of INVH’s 2024 and 2023 annual stockholders meetings, respectively.

• Retention Awards:

During the year ended December 31, 2025, we granted 73,508 employment awards in the form of time-vesting RSUs that vest in two equal installments based on the third and fourth anniversary of the grant date.

During the year ended December 31, 2023 , we granted 56,562 employment awards, respectively, in the form of time-vesting RSUs that vest in three equal annual installments based on an anniversary date of the grant date.

• Director Awards:

During the year ended December 31, 2025, we granted 50,256 time-vesting RSUs to members of our board of directors, which will fully vest on the date of INVH’s 2026 annual stockholders meeting, subject to continued service on the board of directors through that date.

During the years ended December 31, 2024 and 2023, INVH issued 51,372 and 50,895 time-vesting RSUs, which fully vested on the dates of INVH’s 2025 and 2024 annual stockholders meetings, respectively.

• Modifications:

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Outperformance Awards

On May 1, 2019, the Compensation Committee approved equity based awards in the form of PRSUs and OP Units (the “2019 Outperformance Awards”).

The 2019 Outperformance Awards included market based vesting conditions related to absolute and relative total shareholder returns (“TSRs”) over a three year performance period that ended on March 31, 2022.

In April 2022, the absolute TSR and the relative TSR were separately calculated, and the Compensation Committee certified achievement of each at maximum achievement.

The number of earned 2019 Outperformance Awards was then determined based on the earned dollar value of the awards (at maximum) and the stock price at the performance certification date, resulting in 311,425 earned PRSUs and 498,224 earned OP Units.

Earned awards vested 50 % on the certification date in April 2022, 25 % vested on March 31, 2023, and the remaining 25 % vested on March 31, 2024.

The estimated fair values of 2019 Outperformance Awards that fully vested during the years ended December 31, 2024, 2023, and 2022 were an aggregate $ 2,808 , $ 3,164 , and $ 6,134 , respectively.

The aggregate $ 12,160 grant-date fair value of the 2019 Outperformance Awards that were earned was determined based on Monte-Carlo option pricing models which estimated the probability of achievement of the TSR thresholds.

The grant-date fair value was amortized ratably over each vesting period.

On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting conditions in the form of PRSUs and OP Units (the “2022 Outperformance Awards” and together with the 2019 Outperformance Awards, the “Outperformance Awards”).

The 2022 Outperformance Awards may be earned based on the achievement of rigorous absolute TSR and relative TSR return thresholds over a three year performance period ending March 31, 2025.

The 2022 Outperformance Awards provide that upon completion of 75 % of the performance period, or June 30, 2024 (the “Interim Measurement Date”), performance achieved as of the Interim Measurement Date was calculated consistent with the award terms.

To the extent performance through the Interim Measurement Date resulted in a payout if the performance period had ended on that date, a minimum of 50 % of such hypothetical payout amount is guaranteed as a minimum level payout for the full performance period, so long as certain minimum levels of relative TSR are achieved for the full performance period.

As of the Interim Measurement Date, the relative TSR component of the 2022 Outperformance Awards was calculated at maximum achievement, while the absolute TSR component was below threshold.

As such, overall performance as of the

On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting conditions in the form of PRSUs (the “2022 Outperformance Awards” and together with the 2019 outperformance program, the “Outperformance Awards”).

The 2022 Outperformance Awards included market based vesting conditions related to rigorous absolute and relative total shareholder returns (“TSRs”) over a three year performance period that ended on March 31, 2025.

The 2022 Outperformance Awards provided that upon completion of 75 % of the performance period, or June 30, 2024 (the “Interim Measurement Date”), performance achieved as of the Interim Measurement Date was calculated consistent with the award terms.

INVITATION HOMES INC.

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(dollar amounts in thousands)

Interim Measurement Date results in a 50 % payout of the 2022 Outperformance Awards, or a guaranteed minimum payout of 25 %, provided that certain minimum levels of relative TSR are achieved for the full performance period.

The final award achievement will be equal to the greater of the payouts determined based on the Interim Measurement Date and performance through March 31, 2025.

Upon completion of the performance period, the dollar value of the awards earned under the absolute and relative TSR components will be separately calculated, and the number of earned 2022 Outperformance Awards will be determined based on the earned dollar value of the awards and the stock price at the performance certification date.

Earned awards will vest 50 % on the certification date and 50 % on March 31, 2026, subject to continued employment.

As of December 31, 2024, 2022 Outperformance Awards with an approximate aggregate $ 17,100 grant-date fair value have been issued and remain outstanding.

The grant-date fair value was determined based on Monte-Carlo option pricing models which estimate the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period.

the full performance period, so long as certain minimum levels of relative TSR are achieved for the full performance period.

As of the Interim Measurement Date, the relative TSR component of the 2022 Outperformance Awards was calculated at maximum achievement, while the absolute TSR component was below threshold.

As such, overall performance as of the Interim Measurement Date resulted in a 50 % payout of the 2022 Outperformance Awards, or a guaranteed minimum payout of 25 %, provided that certain minimum levels of relative TSR were achieved for the full performance period.

The final award achievement is equal to the greater of the payouts determined based on the Interim Measurement Date and actual performance through March 31, 2025.

In April 2025, upon completion of the performance period, the absolute and relative TSR components were separately calculated, and the Compensation Committee certified achievement of the absolute TSR at 0 % and the relative TSR at 50 % based on achievement as of the Interim Measurement Date, as compared to actual relative TSR achievement of 42 %.

The number of earned 2022 Outperformance Awards was then determined based on the earned dollar value of the awards (overall 25 % achievement) and the closing stock price on the performance certification date, resulting in 177,336 earned RSUs and 256,858 earned LTIP OP Units.

Earned awards vested 50 % on the certification date in April 2025, and the remaining 50 % will vest on March 31, 2026, subject to continued employment.

During the year ended December 31, 2025, 6,327 earned RSUs and 25,446 earned LTIP OP Units were forfeited.

The estimated fair value of 2022 Outperformance Awards that fully vested at the certification date was an aggregate $ 8,500 .

The aggregate $ 17,100 grant-date fair value of the 2022 Outperformance Awards that were earned was determined based on a Monte-Carlo option pricing model which estimated the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period.

Summary of Total Share-Based Awards

The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the years ended December 31, 2024, 2023, and 2022:

Time-Vesting Awards PRSUs Total Share-Based Awards (1)

The following table summarizes activity related to share-based awards, other than Outperformance Awards, during the years ended December 31, 2025, 2024, and 2023:

Time-Vesting Awards Performance and/or Market Vesting Awards

Total Share-Based Awards (1)

Number Weighted

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Balance, December 31, 2024

631,388 34.32 1,446,701 34.01 2,078,089 34.10

Granted 560,232 33.87 709,684 42.45 1,269,916 38.66

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(1) Total share-based awards excludes Outperformance Awards.

(2) All vested share-based awards are included in basic EPS for the periods after each award’s vesting date.

(2) Vested share-based awards issued in shares of common stock are included in basic EPS for the periods after each award’s vesting date, and vested share-based awards issued in the form LTIP OP Units are included as a component of non-controlling interest for the periods after each award’s vesting date.

The estimated aggregate fair value of share-based awards that fully vested during the years ended December 31, 2025, 2024, and 2023 was $ 20,457 , $ 28,207 , and $ 23,265 , respectively.

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For the Years Ended December 31,

2025 2024 2023

Expected volatility (1)

4 unchanged sentences

4.31 % — 4.62 %

1.72 % — 2.59 %

Expected holding period (years) 2.83

11 unchanged sentences

Our interest rate swap agreements, interest rate cap agreements, if any, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our consolidated financial statements.

The fair values of interest rate swaps and caps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities.

See Note 8 for the details of the consolidated balance sheet classification and the fair values for the interest rate swaps and caps.

The fair values of interest rate swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities.

See Note 8 for the details of the consolidated balance sheet classification and the fair values for the interest rate swaps.

The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy.

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Level 1 $ 4,126,356 $ 3,994,910 $ 3,526,544 $ 3,218,156

Mortgage loans (3)

IH 2017-1 (3)

Level 2 987,486 972,278 988,271 945,386

1 unchanged sentence

Level 2 300,000 267,537 300,000 251,855

Secured Term Loan (5)

IH 2019-1 (5)

Level 3 400,386 374,136 403,046 358,222

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(2) The carrying value of the Unsecured Notes — public offering includes $ 23,644 and $ 23,456 of unamortized discount and excludes $ 26,595 and $ 24,847 of deferred financing costs as of December 31, 2025 and 2024, respectively.

(3) The carrying values of the mortgage loans include $ 880 and $ 1,232 of unamortized discount and exclude $ 4,347 and $ 6,329 of deferred financing costs as of December 31, 2024 and 2023, respectively.

(3) The carrying values of IH 2017-1 includes $ 527 and $ 880 of unamortized discount and excludes $ 2,579 and $ 4,347 of deferred financing costs as of December 31, 2025 and 2024, respectively.

(4) The carrying value of the Unsecured Notes — private placement excludes $ 840 and $ 1,009 of deferred financing costs as of December 31, 2025 and 2024, respectively.

(5) The carrying value of the Secured Term Loan excludes $ 1,397 and $ 1,614 of deferred financing costs as of December 31, 2024 and 2023, respectively.

(5) The carrying value of the IH 2019-1 excludes $ 1,179 and $ 1,397 of deferred financing costs as of December 31, 2025 and 2024, respectively.

(6) The carrying values of the Term Loan Facilities exclude $ 23,015 and $ 28,959 of deferred financing costs as of December 31, 2025 and 2024, respectively.

1 unchanged sentence

We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy.

The fair values of our investments in debt securities, Unsecured Notes — private placement, and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end.

The fair values of our investments in debt securities, Unsecured Notes — private placement, and the IH 2017-1 secured loan, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end.

We review the fair value hierarchy classifications each reporting period.

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Fair Value Valuation Technique Unobservable Input Rate

Secured Term Loan $ 358,222 Discounted Cash Flow Effective Rate 5.65 %

Secured Debt — IH 2019-1

$ 374,136 Discounted Cash Flow Effective Rate 4.97 %

Term Loan Facilities 2,483,014 Discounted Cash Flow Effective Rate 3.95 % — 4.52 %

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For additional information related to our single-family residential properties as of December 31, 2025 and 2024, refer to Note 3.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Note 12— Earnings per Share

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Net income per common share — diluted $ 0.96 $ 0.74 $ 0.85

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive.

Because their inclusion would have been anti-dilutive, incremental shares attributed to non-vested share-based awards are excluded from the denominator.

Anti-dilutive shares total 133,464 , 3,125 , and 57,278 for the years ended December 31, 2024, 2023, and 2022, respectively.

For the years ended December 31, 2025, 2024, and 2023, 345,371 , 133,464 , and 3,125 incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator because they are anti-dilutive.

For the years ended December 31, 2025, 2024, and 2023, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

In connection with the SWH merger, we assumed certain convertible senior notes including $ 345,000 in aggregate principal amount of 3.50 % convertible senior notes due 2022 issued by SWH in January 2017 (the “2022 Convertible Notes”).

The outstanding balance of the 2022 Convertible Notes was settled in January 2022.

As such, they had no effect on potential dilution for the years ended December 31, 2024 and 2023.

For the year ended December 31, 2022, using the “if-converted” method, 290,079 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive.

Additionally, no adjustment to the numerator was required for interest expense related to the 2022 Convertible Notes for the year ended December 31, 2022 or any period subsequent thereto.

Note 13— Income Tax

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We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) Act was signed into law in the United States, which contains a broad range of tax reform provisions affecting businesses, including the temporary and permanent extension of expiring provisions of the Tax Cuts and Jobs Act of 2017.

The OBBB Act did not have a material impact on our consolidated financial statements or disclosures.

Note 14— Commitments and Contingencies

4 unchanged sentences

$ 5,105 $ 5,314

2030 4,121 32

Thereafter 22,018 —

2 unchanged sentences

Total lease liability $ 35,494 $ 13,512

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

The components of lease expense for the years ended December 31, 2025, 2024, and 2023 are as follows:

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New-Build Commitments

We have entered into binding purchase agreements with certain homebuilders for the purchase of 2,031 homes over the next three years .

As of December 31, 2025, we have entered into binding development and purchase agreements for 809 homes over the next two years .

Remaining commitments under these agreements total approximately $ 220,000 as of December 31, 2025.

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Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties.

As of December 31, 2024, there are no material contingent liabilities related to uninsured losses with respect to our properties, except as noted below.

INVITATION HOMES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

Hurricane-Related Losses

During the year ended December 31, 2024, Hurricanes Milton, Beryl, Debby, and Helene damaged certain of our properties in Texas, Florida, Atlanta, and the Carolinas.

We estimate that our homes incurred approximately $ 55,100 of hurricane damage, net of estimated insurance recoveries, which has been expensed as casualty losses, impairment, and other on our consolidated statement of operations for the year ended December 31, 2024.

Remaining unpaid estimated costs totaling $ 36,400 are reflected in accounts payable and accrued expenses on our consolidated balance sheet as of December 31, 2024.

As of December 31, 2024, we have recorded $ 6,400 of receivables for the portion of the related damages we believe will be recoverable through our property and casualty insurance policies which provide coverage for wind and flood damage, as well as business interruption costs during the period of remediation and repairs, subject to specified deductibles and limits.

As of December 31, 2025, there are no material contingent liabilities related to uninsured losses with respect to our properties.

Legal and Other Matters

We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements.

We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as governmental and regulatory inquiries and engagements.

We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss.

We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our consolidated financial statements, except as noted below.

In August 2021, the Federal Trade Commission (“FTC”) began investigating certain of our business practices.

The inquiry related primarily to how we conduct our business generally and how business was conducted during the COVID-19 pandemic specifically.

After fully cooperating with the inquiry and extensive negotiations with the FTC, we entered into a stipulated proposed order with the FTC, resolving all aspects of the inquiry without any admission of liability, which became final on September 27, 2024.

Pursuant to the stipulated order, we paid $ 48,000 of monetary relief, with no civil penalties, to the FTC during the year ended December 31, 2024.

The full amount of the monetary relief and other costs associated therewith are included in other, net on our consolidated statements of operations.

In July 2024, we entered into an agreement which completely resolved the legal dispute entitled City of San Diego et al v.

Invitation Homes, Inc ., fully releasing INVH without any admission of liability.

Pursuant to the settlement agreement, we paid $ 19,993 during the year ended December 31, 2024.

The full settlement amount and other costs associated therewith are included in other, net on our consolidated statements of operations.

We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our consolidated financial statements.

Note 15— Segment Reporting

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In connection with the preparation of the accompanying consolidated financial statements, we have evaluated events and transactions occurring after December 31, 2025, for potential recognition or disclosure.

Acquisition of ResiBuilt Homes, LLC (“ResiBuilt ”)

On January 14, 2026, we acquired ResiBuilt for a total estimated purchase price of $ 100,000 .

ResiBuilt is a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets.

The acquisition will be accounted for as a business combination, and we have not completed our determination of the purchase price or our allocation of the purchase price to acquired assets and liabilities.

Required disclosures regarding this transaction will be provided in subsequent filings.

Share Repurchase Program

During January 2026, we repurchased an additional 1,402,639 shares of our common stock for a total cost of $ 38,805 , including legal fees and commissions (see Note 9).

Amendment of Credit Facility

On February 4, 2026, we entered into an amendment to the Credit Facility whereby Term SOFR is no longer subject to a 0.10 % credit spread adjustment (see Note 7).

Dividend Payment

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6,142 526 81,637 234,761 1,104,512 — 173,636 234,761 1,278,148 1,512,909 ( 329,881 ) 1900-2025

2,464 — — 124,418 306,790 — 132,614 124,418 439,404 563,822 ( 162,480 ) 1877-2015

2,446 — — 123,556 304,092 — 141,881 123,556 445,973 569,529 ( 181,101 ) 1877-2015 2012-2017 7 - 32 years

3,540 519 58,993 172,167 680,770 — 88,254 172,167 769,024 941,191 ( 158,484 ) 1952-2025

1 unchanged sentence

2,644 280 24,333 99,545 428,707 — 59,671 99,545 488,378 587,923 ( 108,880 ) 1954-2025

1 — — 74 164 — — 74 164 238 ( 10 ) 1996 2023 7 - 32 years

2,144 274 41,278 104,807 300,535 — 80,155 104,807 380,690 485,497 ( 134,302 ) 1955-2025

2 unchanged sentences

272 — — 21,463 76,837 — 2,632 21,463 79,469 100,932 ( 2,876 ) 1990-2025

161 — — 11,183 42,233 — 1,240 11,183 43,473 54,656 ( 799 ) 1990-2024

Northern California

3,987 614 119,294 325,437 740,170 — 179,495 325,437 919,665 1,245,102 ( 322,032 ) 1900-2017

6,790 901 125,528 255,317 1,062,867 — 216,635 255,317 1,279,502 1,534,819 ( 356,096 ) 1947-2024

2012-2022 7 - 32 years

6,955 896 125,187 270,909 1,122,937 — 236,030 270,909 1,358,967 1,629,876 ( 407,336 ) 1947-2025

9,191 1,214 184,164 432,580 1,377,311 — 300,852 432,580 1,678,163 2,110,743 ( 502,786 ) 1929-2025

Salt Lake City

6 — — 1,221 2,329 — 39 1,221 2,368 3,589 ( 16 ) 2025 2025 7 - 32 years

3,905 148 34,288 320,141 727,474 — 212,507 320,141 939,981 1,260,122 ( 300,958 ) 1890-2022 2012-2022 7 - 32 years

South Florida

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(1) Number of properties represents 86,192 total properties owned less 278 properties classified as held for sale and recorded in other assets, net on the consolidated balance sheet as of December 31, 2025.

(2) Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages under the mortgage loan and the Secured Term Loan, as well as the aggregate value of outstanding debt attributable to such properties.

(2) Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages, as well as the aggregate value of outstanding debt attributable to such properties.

Excluded from this is original issue discount and deferred financing costs.

24 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