Invitation Homes INVH · USD

Segment ReportingOur principal business is investment in and management of single-family residential properties for lease. 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, all of which are primarily located in 16 core markets across the country. We have determined that these properties are managed on a consolidated basis and represent one reportable segment.Our Chief Executive Officer is our chief operating decision maker (“CODM”). We concluded that we have one reportable segment based on the way our CODM regularly reviews internally reported financial information to evaluate performance, make operating decisions, and allocate resources at a consolidated level. Net income as reported on our consolidated statements of operations is a primary metric utilized by the CODM to analyze the performance of the segment, including budget versus actual performance, and to allocate resources. The assets of our single reportable segment are reported as total assets on our consolidated balance sheets as our CODM does not use this measure to assess segment performance or to make resource allocation decisions. The accounting policies for the reportable segment are the same as those described in Note 2.Significant Segment ExpensesOur operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided additional detail regarding the direct costs of operating our properties included in property operating and maintenance expense on our consolidated statements of operations. Other expense categories such as property management expense, general and administrative, depreciation and amortization, and interest expense are included on our consolidated statements of operations. The following table sets forth the significant expenses that comprise property operating and maintenance expense on our consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023:For the Years Ended December 31,202520242023Fixed expenses(1)$520,136 $504,025 $474,182 Controllable expenses(2)465,451 431,248 406,153 Total property operating and maintenance$985,587 $935,273 $880,335 (1)Fixed expenses include the following: property taxes; insurance expense; and HOA expenses.

Commitments and ContingenciesLease CommitmentsThe following table sets forth our fixed lease payment commitments as a lessee as of December 31, 2025, for the periods below:YearOperatingLeasesFinanceLeases2026$5,105 $5,314 20275,645 4,807 20285,061 2,938 20294,534 1,705 20304,121 32 Thereafter22,018 — Total lease payments46,484 14,796 Less: imputed interest(10,990)(1,284)Total lease liability$35,494 $13,512 The components of lease expense for the years ended December 31, 2025, 2024, and 2023 are as follows:For the Years Ended December 31,202520242023Operating lease cost:Fixed lease cost$5,743 $4,225 $3,317 Variable lease cost1,691 1,574 1,515 Total operating lease cost$7,434 $5,799 $4,832 Finance lease cost:Amortization of ROU assets$4,378 $4,006 $2,790 Interest on lease liabilities621 581 375 Total finance lease cost$4,999 $4,587 $3,165 New-Build CommitmentsAs 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. Insurance PoliciesPursuant 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, 2025, there are no material contingent liabilities related to uninsured losses with respect to our properties. Legal and Other MattersWe 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.

DebtSecured DebtThe following table sets forth a summary of our secured debt as of December 31, 2025 and 2024:Outstanding PrincipalBalance(1)OriginationDateMaturityDateInterestRateDecember 31,2025December 31, 2024IH 2017-1(2)(3)April 28, 2017June 9, 20274.23%$987,486 $988,271 IH 2019-1(4)June 7, 2019June 9, 20313.59%400,386 403,046 Total Secured Debt1,387,872 1,391,317 Less: deferred financing costs, net (3,758)(5,744)Total $1,384,114 $1,385,573 (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. Interest payments are made monthly.(3)Net of unamortized discount of $527 and $880 as of December 31, 2025 and 2024, respectively.(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.

Income TaxWe account for income taxes under the asset and liability method. For our taxable REIT subsidiaries, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of December 31, 2025 and 2024, we have not recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.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.

Share-Based CompensationOur board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock.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 EPS purposes, and PRSUs and Outperformance Awards are not.Share-Based AwardsThe following summarizes our share-based award activity during the years ended December 31, 2025, 2024, and 2023.Annual LTIP:•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. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance period on the date on which the performance results are certified by our compensation and management development committee (the “Compensation Committee”).All of the LTIP awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules.

Our operations are highly dependent upon information systems that support our business processes. In the ordinary course of our business, we collect and store certain confidential information such as personal information of our residents and associates and information about our business partners, contractors, vendors, and suppliers. Cyber intrusions could seriously compromise our networks and the information stored therein could be accessed, publicly disclosed, misused, lost, or stolen. As such, we have established information security processes and policies using principles from industry recognized cybersecurity frameworks focused on: (i) developing organizational understanding to manage cybersecurity risks; (ii) applying safeguards to protect our systems; (iii) detecting the occurrence of a cybersecurity incident; (iv) responding to a cybersecurity incident; and (v) recovering from a cybersecurity incident. Where appropriate, these processes and policies are integrated into our overall risk management systems and processes.Information technology and data security, particularly cybersecurity, are areas of focus for our board of directors and its audit committee. We employ a multi-layered security model that leverages risk-based controls with a focus on protecting our residents’ and associates’ data. We follow a cloud-first approach to enable efficient scaling, robust business continuity, and access to the latest technology innovations. Our cybersecurity risk management program aims to protect and preserve the confidentiality, integrity, and continued availability of our residents’ and associates’ data and includes controls and procedures for the identification, containment, and remediation of cyber threats.Our cybersecurity risk management program includes, among other key features:•regular cybersecurity risk assessments;•detection and reporting of any cybersecurity events;•independent strategy consultation on enhancement items and processes for cybersecurity tabletop exercises;•robust information security training program that includes annual information security training for all associates, as well as additional role-specific information security training; and•cyber incident response plan that provides controls and procedures for timely and accurate reporting of any material cybersecurity incident to executive leadership and our board of directors.

Items 10, 11, 12, 13, and 14 of Part III incorporate information by reference from the registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders (the “2026 Proxy Statement”) to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year to which this report relates.

Other AssetsAs of December 31, 2025 and 2024, the balances in other assets, net are as follows:December 31,2025December 31, 2024Investments in equity and other securities$63,122 $60,120 Rent and other receivables, net59,947 61,235 Held for sale assets(1)58,563 49,434 Corporate fixed assets, net56,613 42,704 Prepaid expenses56,278 49,877 Investments in debt securities, net54,972 54,619 ROU lease assets — operating and finance, net45,949 28,830 Amounts deposited and held by others39,419 93,965 Investments in land held for development 23,839 — Deferred financing costs, net17,230 23,579 Derivative instruments (Note 8)14,354 61,479 Other47,749 43,478 Total$538,035 $569,320 (1)As of December 31, 2025 and 2024, 278 and 237 properties, respectively, are classified as held for sale.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: December 31,2025December 31, 2024Investments without a readily determinable fair value$62,296 $59,405 Investments with a readily determinable fair value826 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 31,202520242023Net 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 value111 (589)350 Total $318 $1,046 $350 Rent and Other Receivables, netWe lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements.