Invitation Homes (INVH) 10-K risk factor changes: FY2025 vs FY2024

- [removed: bank failures or other] liquidity constraints affecting financial institutions;

- fraud by borrowers, originators, and/or sellers of [removed: mortgage loans;][added: secured debt;]

- the cost, quality, and condition of the properties we are able to acquire; [removed: and]

General economic conditions in the United States have [removed: fluctuated] [added: continued to fluctuate] in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as fluctuating global and United States economic conditions (including [removed: elevated] interest [removed: rates,] [added: rate volatility,] political dissension, and labor [removed: shortfalls).][added: market conditions).]

[removed: Persistent inflation has] [added: While inflationary pressures have moderated from prior peaks, they remain above historical norms and have] adversely affected us by increasing the costs of products, materials, and labor needed to operate our business and could continue to adversely affect us in future periods.

The effects of inflation on our financial condition and results of operations over the past few years are primarily related to increased operating costs for the procurement of goods and [removed: service,] [added: services,] compensation of our associates, including benefits, and financing costs in the form [removed: of interest expense.]

[added: In general, these factors have put pressure on insurance premiums] and made it more challenging to obtain appropriate insurance coverage at reasonable rates without the assumption of increasingly higher levels of self-retained risk.

A general decline in business activity and demand for real estate transactions resulting from a pandemic could adversely affect (1) our ability to [removed: acquire] [added: build, acquire,] or dispose of single-family homes on terms that are attractive or at all and (2) the value of our homes and our business such that we may recognize impairment on the carrying value of our investments in single-family residential properties and other assets subject to impairment review, including, but not limited to, goodwill.

An economic downturn resulting from a pandemic, and a disruption of, and/or instability in, the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations, including [added: construction and] acquisitions, or address maturing liabilities on a timely basis.

[removed: Since commencing operations in 2012, we] [added: We] have grown rapidly, assembling a portfolio of [removed: 85,138] [added: 86,192] owned homes as of December 31, [removed: 2024 and] [added: 2025,] providing property and asset management services to portfolio owners of single-family residential [added: properties, and beginning to construct homes for ourselves and third parties.]

Many of the expenses associated with our business, such as property taxes, insurance, HOA fees, utilities, [added: construction,] acquisition, renovation and maintenance costs, and other general corporate expenses are relatively inflexible and will not necessarily decrease with a reduction in revenue from our business.

[removed: As a result, we may not be able to fully offset rising] costs and capital spending by increasing rental rates, which could have a material adverse effect on our results of operations and cash available for distribution.

High unemployment levels and federal unemployment subsidies may adversely affect the labor force available to [added: us or increased labor costs.]

[added: If our assumptions regarding the costs or] timing of renovation and maintenance across our properties prove to be materially inaccurate, our operating results and ability to make distributions to our stockholders may be adversely affected.

Additionally, we may fail to receive certain [added: government] subsidies [added: or assistance] that we have received in the past, [added: and federal and state legislative or regulatory initiatives could limit or restrict the availability of such subsidies or assistance for our properties,] while some competing housing options may qualify for such government subsidies or [removed: other government subsidies,] [added: assistance,] which [removed: may render] [added: could make] the properties of our competitors [removed: as] more accessible and [removed: therefore more] attractive [added: to potential residents] than our properties.

Fluctuating global and United States economic conditions, uncertainty in financial [removed: markets (including due to bank failures),] [added: markets, and elevated interest rates] may materially negatively impact our residents, [removed: such as being unable to access their existing cash to fulfill their payment obligations to us due to future bank failures,] and our business could be negatively impacted.

Continuing development of apartment [removed: buildings and] [added: buildings,] condominium [removed: units] [added: units, and single-family rental communities] in many of our markets will increase the supply of housing and exacerbate competition for residents.

In addition, laudable government sponsored programs to promote home ownership [added: or executive, legislative, or regulatory initiatives on the federal and state levels that disproportionately affect large institutional owners] may encourage potential renters to purchase residences [added: or lease from smaller investors or partnerships] rather than [removed: lease them,] [added: from us,] thereby causing a decline in the number and quality of potential residents available to us.

We intend to [removed: continue to] acquire properties [added: and to engage in development and construction activities] from time to time consistent with our investment strategy even if the rental and housing markets are not as favorable as they have been in the recent past, which could adversely impact anticipated [removed: yields.][added: yields and returns on our development investments.]

We intend to continue to acquire properties [added: and pursue development opportunities, including build-to-rent development and third-party fee-building arrangements] from time to time consistent with our investment strategy, even if the rental and housing markets are not as favorable as they have been in the recent past.

The following factors, among others, may make acquisitions [added: or development activities] more expensive:

- the emergence of increased competition for single-family properties [added: and developable land] from private investors and entities with similar investment objectives to ours; [removed: and]

- tax or other government incentives that encourage [removed: homeownership.][added: homeownership; and]

A general decline in business activity and demand for real estate transactions could adversely affect our ability to acquire or dispose of single-family homes [added: or to successfully complete and lease development projects] on terms that are attractive or at all, which may be impacted in periods of elevated interest rates.

We plan to continue acquiring properties [added: and pursuing development opportunities] as long as we believe such properties offer an attractive total return opportunity.

Accordingly, future acquisitions [added: and development projects] may have lower yield characteristics than recent past and present opportunities and, if such future acquisitions [added: or development activities] are funded through equity issuances, the yield and distributable cash per share may be reduced, and the value of our common stock may decline.

Competition in identifying and acquiring our properties [added: and in pursuing development opportunities] could adversely affect our ability to implement our business and growth strategies, which could materially and adversely affect us.

In acquiring our [removed: properties,] [added: properties and pursuing development opportunities,] we compete with a variety of institutional investors, including other REITs, specialty finance companies, public and private funds, savings and loan associations, banks, mortgage bankers, insurance companies, institutional investors, investment banking firms, financial institutions, governmental bodies, [removed: and other entities.]

[removed: We] [added: On a limited basis, when acquiring existing homes through retail channels, we may] also compete with individual [removed: private] home buyers and small-scale investors.

In addition, any potential competitor may have higher risk tolerances or different risk assessments and may not be subject to the operating constraints associated with qualification for taxation as a REIT, which could allow them to consider a wider variety of [removed: investments.][added: investments or development opportunities.]

Competition may result in fewer investments, higher [removed: prices,] [added: prices for both existing homes and developable land,] a broadly dispersed portfolio of properties that does not lend itself to efficiencies of concentration, acceptance of greater risk, lower yields and a narrower spread of yields over our financing costs.

In addition, competition for desirable investments [added: and development sites] could delay the investment of our capital, which could adversely affect our results of operations and cash flows.

As a result, there can be no assurance that we will be able to identify and finance investments [added: or development opportunities] that are consistent with our investment objectives or to achieve positive investment results, and our failure to accomplish any of the foregoing could have a material adverse effect on us and cause the value of our common stock to decline.

Our evaluation of properties [added: and development projects] involves a number of assumptions that may prove inaccurate, which could result in us paying too much for properties we acquire [added: or development projects we undertake] and/or overvaluing our properties or [added: development projects, or] our properties [added: or development projects] failing to perform as we expect.

Our board of directors periodically reviews and updates the investment policy and also [added: reviews our portfolio of residential real estate, but it generally does not review or approve specific property acquisitions or development projects.]

Our success depends on our ability to acquire properties that can be quickly possessed, renovated, repaired, upgraded, and rented with minimal expense and maintained in quality [removed: condition.][added: condition, as well as our ability to successfully manage land acquisition strategies, construction processes, and development timelines for our development]

In determining whether a particular property [added: or development project] meets our investment criteria, we also make a number of assumptions, including, among other things, assumptions related to estimated time of possession and estimated renovation costs and time frames, annual operating costs, market rental rates and potential rent amounts, time from purchase to leasing, and resident default rates.

These assumptions may prove inaccurate, particularly since the properties that we acquire [added: and the development projects that we undertake] vary materially in terms of time to possession, renovation, quality and type of construction, geographic location, and [removed: hazards.][added: hazards and since development projects are subject to market conditions and cost fluctuations over extended time horizons.]

As a result, we may pay too much for properties we acquire [added: or land and lots for development] and/or overvalue our [removed: properties,] [added: properties] or [added: development projects, or] our properties [added: or development projects] may fail to perform as anticipated.

Adjustments to the assumptions we make in evaluating potential purchases may result in fewer properties [added: or development opportunities] qualifying under our investment criteria, including assumptions related to our ability to lease properties we have [removed: purchased.][added: purchased or developed.]

- executive actions and proposed federal and state legislation or regulations aimed at limiting institutional institutional ownership and acquisition of single-family homes;

- our development activities which expose us to execution, integration, cost, regulatory, permitting, and land acquisition risks, as well as potential delays, construction challenges, and lower-than-expected returns;

- our developer lending program which exposes us to heightened credit, construction, valuation, and execution risks that could result in cost overruns, project delays, insufficient collateral value, or loan losses; and

In addition, executive actions and federal and state legislative, regulatory, or policy initiatives, particularly those focused on institutional ownership and acquisition of single-family homes, could limit our ability to acquire properties, impose additional compliance or operating requirements, or constrain pricing flexibility in certain markets.

of interest expense.

As a result, we may not be able to fully offset rising

Future acquisitions of properties and development projects may be more costly and have lower yield characteristics than recent past and present opportunities.

- increases in construction costs, including labor, materials, and supplies or delays in construction timelines.

For additional information regarding risks related to our development and construction activities, see — “Our expansion into land development and home construction activities exposes us to additional operational and real estate risks, which may adversely affect our financial condition, cash flows, and operating results.”

and other entities.

With respect to our development and construction activities, we also compete with national and regional homebuilders, land developers, and other build-to-rent operators for the acquisition of developable land, finished lots, and lot option contracts, as well as for construction labor, materials, and subcontractor services.

Although collections from residents have improved over the past year compared to recent periods, they have not returned to historical levels and may never fully do so.

We may also experience higher resident turnover.

activities.

With respect to our development and construction activities, we make additional assumptions, including assumptions related to land acquisition and lot costs, construction cost estimates, availability and cost of labor, materials, and subcontractor services, permitting and entitlement timelines, construction schedules, and projected rental rates and lease-up timing at the time of project completion.

With respect to our development and construction activities, we rely on general contractors, subcontractors, and other third-party service providers to perform land development, site work, and home construction.

Our reliance on a limited number of third-party digital marketing and lead-generation platforms, including a single dominant platform, exposes us to significant business, financial, and operational risk.

We rely heavily on third-party digital marketing and residential listing platforms to generate leasing leads for our homes.

A substantial portion of prospective residents are introduced to our properties through a single, widely used third-party platform that plays a significant role in resident search behavior and lead origination.

As a result, our ability to attract residents, maintain occupancy levels, and efficiently lease our homes is materially dependent on the continued effectiveness, availability, and commercial terms of that platform.

Our reliance on this platform subjects us to risks largely outside of our control, including changes in pricing, algorithms, listing prioritization, data access, advertising formats, contractual terms, or policies governing the display or distribution of our listings.

Any adverse changes to these factors could reduce lead volume or quality, increase our marketing and customer acquisition costs, or impair our ability to convert prospects into residents, any of which could materially and adversely affect our operating results and cash flows.

In addition, the platform may prioritize its own interests or those of competitors, including by favoring certain listings, business models, or service offerings, or by entering into strategic relationships that disadvantage us.

We generally do not control how prospective residents interact with or are directed by the platform, and we may have limited ability to influence changes that negatively impact our visibility or performance.

Our dependence on this platform also exposes us to operational and reputational risks arising from service disruptions, system outages, cybersecurity incidents, data integrity issues, or reputational harm suffered by the platform itself.

Any interruption in the platform’s operations or loss of consumer trust could materially reduce leasing activity for our homes.

While we seek to diversify our marketing channels and invest in alternative lead-generation strategies, there can be no assurance that we will be able to do so effectively or on commercially reasonable terms, or that alternative channels would generate comparable lead volume or efficiency.

If our relationship with this platform were terminated, materially altered, or became significantly more costly or less effective, we may not be able to replace the lost leads in a timely or cost-effective manner, which could have a material adverse effect on our business, financial condition, results of operations, and ability to execute our growth strategy.

If we conclude that certain individual properties purchased in bulk portfolio sales do not fit our target

Our expansion into land development and home construction activities exposes us to additional operational and real estate risks, which may adversely affect our financial condition, cash flows, and operating results.

As part of our growth strategy, we completed the acquisition of ResiBuilt and expanded our platform to engage in the development and construction of single-family rental homes and communities, including through build-to-rent development and third-party fee-building arrangements.

These activities involve substantial up-front costs, operational complexity, and execution risk, and require us to successfully manage land acquisition strategies, construction processes, and development timelines before homes are available for rent and to generate income.

Our development and construction strategy may also be restricted by governmental regulations and zoning requirements that limit the locations, density, or types of homes we are able to build.

Building rental homes and rental communities also involves significant risks to our business, such as delays or cost increases due to changes in or failure to meet regulatory requirements, including permitting and zoning regulations, failure of lease rentals on newly-constructed properties to achieve anticipated investment returns, inclement weather, adverse site selection, unforeseen site conditions or shortages of suitable land, construction materials, and labor, and other risks.

We may be unable to build new rental homes and rental communities that generate acceptable returns, and, as a result, our growth and results of operations may be adversely impacted.

The successful integration of ResiBuilt’s operations, personnel, systems, and development pipeline into our organization is subject to execution risk.

We may encounter challenges in retaining key personnel, aligning development standards and processes, managing increased operational scale, or realizing anticipated benefits from the acquisition.

If we are unable to effectively integrate these operations or manage expanded development activities, our growth strategy, results of operations, and cash flows could be adversely affected.

Although the ResiBuilt acquisition includes options to acquire approximately 1,500 lots, no land was acquired in the transaction, and there can be no assurance that we will exercise these options on favorable terms, if at all.

The availability, timing, and economics of future lot acquisitions remain subject to market conditions, entitlement risk, competition with other homebuilders and land buyers, inflation in land prices, zoning and density restrictions, and other regulatory approvals, many of which are outside of our control.

In general, these factors have put pressure on insurance premiums

properties.

us or increased labor costs.

If our assumptions regarding the costs or

Future acquisitions of properties may be more costly than those we have acquired previously.

We have been experiencing lower collections from residents with accounts receivable balances that are aged greater than 30 days, or bad debt, and we may experience higher resident turnover.

reviews our portfolio of residential real estate, but it generally does not review or approve specific property acquisitions.

such properties, which may cause the amount of time and cost required to renovate and/or maintain such properties to substantially exceed our estimates.

With respect to auction process acquisitions, allegations of deficiencies in auction practices could result in claims challenging the validity of some auctions, potentially placing our claim of ownership to the properties at risk.

remain obligated under any recourse debt associated with such properties.

In light of the recent change in administration in the United States, there is considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes, and enforcement priorities and strategies, further complicating regulatory compliance.

organizations at any time with respect to our properties, including prior to acquiring any of our properties or when undertaking renovations of any of our existing properties.

Our business and growth strategies may be materially and adversely affected by our ability to obtain permits, licenses, and approvals.

This law has negatively impacted our rental income from certain of the 11,453 homes we own in California as of December 31, 2024, and may continue to do so.

After fully cooperating with the inquiry and engaging in extensive negotiations, we entered into a stipulated order with the FTC in September 2024, resolving all aspects of the investigation without any admission of liability and agreeing to $48.0 million in monetary relief.

Separately, in July 2024, we reached a settlement agreement in the legal dispute *City of San Diego et al v.

Invitation Homes, Inc*., which fully released INVH without any admission of liability.

In October 2024, $20.0 million from the settlement was disbursed to the plaintiffs.

Until a municipal inspector verifies that the

restrictive or arbitrary regulations may cause us to sell such property at a loss, prevent us from leasing such property, or otherwise reduce our cash flow from such property, which would have an adverse effect on our returns on these properties.

properties (for example, to improve their energy efficiency and/or resistance to inclement weather) without a corresponding increase in revenue, resulting in adverse impacts to our results of operations.

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.

Additionally, the State of California recently passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that will impose broad climate-related disclosure obligations on certain companies doing business in California, including us, starting in 2026, though the Governor of California has directed further consideration of the implementation deadlines for each of the laws.

Both laws have been challenged in federal court.

Unless legal challenges to the foregoing new rules prevail or they are otherwise modified prior to effective dates or the effective dates are delayed, we will become subject to the rules as adopted, and they could significantly increase compliance burdens and associated regulatory costs and complexity.

applicable environmental laws may be held responsible for all of the clean-up costs incurred.

These risks include: (1) our cash flow may not be sufficient to satisfy required payments of principal and interest; (2) we may not be able to refinance existing indebtedness or

Following a series of increases to combat inflation beginning in March 2022, the United States Federal Reserve began reducing short-term interest rates in September 2024.

Furthermore, new tax legislation, administrative guidance, or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT.

Even if we qualify to be subject to United States federal income tax as a REIT, we could be subject to tax on any unrealized net built-in gains in certain assets.

As part of our pre-IPO reorganization transactions, we acquired certain appreciated assets that were held (directly or indirectly) in part by one or more C corporations in transactions in which the adjusted tax basis of the assets in our hands is determined by reference to the adjusted basis of such assets in the hands of such C corporations.

If we dispose of any such appreciated assets during the five-year period following the date we acquired those assets, we will be subject to United States federal income tax on the portion of such gain attributable to such C corporations at the highest corporate tax rates to the extent of the excess of the fair market value of such assets on the date that we acquired those assets over the adjusted tax basis of such assets on such date, which are referred to as built-in gains.

Further, such built-in gains may also be subject to certain state income taxes, for a length of time equal to or exceeding the federal five-year period.

We would be subject to this tax liability even if we qualify and maintain our status as a REIT.

Any recognized built-in gain will retain its character as ordinary income or capital gain and will be taken into account in determining REIT taxable income and our distribution requirement.

Item [removed: 1.][added: 7.]

*For similar operating and financial data and discussion of our results for the year ended December 31, [removed: 2023] [added: 2024] compared to the year ended December 31, [removed: 2022,] [added: 2023,] refer to Part II.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K which was filed with the SEC on February [removed: 21, 2024] [added: 27, 2025] (the [removed: “2023] [added: “2024] 10-K”).

The sections entitled “Result of Operations — Year Ended December 31, [removed: 2023] [added: 2024] Compared to Year Ended December 31, [removed: 2022”] [added: 2023”] and “Cash Flows — Year Ended December 31, [removed: 2023] [added: 2024] Compared to Year Ended December 31, [removed: 2022”] [added: 2023”] in Part II.

“Management’s Discussion and Analysis of Financial Condition and Result of Operations” of our* [removed: *[2023 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001687229/000168722924000013/invh-20231231.htm)*] [added: *[202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001687229/000168722925000008/invh-20241231.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001687229/000168722925000008/invh-20241231.htm) [10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001687229/000168722925000008/invh-20241231.htm)*] *are incorporated herein by reference.*

As of December 31, [removed: 2024,] [added: 2025,] we wholly own [removed: 85,138] [added: 86,192] homes for lease, jointly own [removed: 7,622] [added: 8,006] homes for lease, and provide professional third-party property and asset management services for an additional [removed: 17,678] [added: 15,866] homes, all of which are primarily located in 16 core markets across the country.

These homes help meet the needs of a growing share of Americans who [removed: prefer the ease of a leasing lifestyle over] [added: count on] the [removed: burden] [added: ease, flexibility, and savings] of [removed: owning a home.][added: leasing.]

[removed: We provide our residents] access to updated homes with features they value, as well as close proximity to jobs and [removed: access to] good schools.

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, [removed: while at the same time advancing efforts that make] [added: which is underscored by] our company [removed: more innovative and our processes more sustainable.][added: purpose to Unlock the Power of Home™.]

[removed: Sustainability] [added: We also work to advance sustainability, which] is an important part of our strategic business objectives and is critical to our long-term success.

Our commitment to high-touch customer service continuously enhances residents’ living experiences and provides [removed: homes] [added: an environment] where individuals and families can thrive.

We also place a strong emphasis on the impact we have in our communities and [removed: to] [added: on] the environment in general, and we continue to [removed: develop] [added: support] programs that demonstrate those commitments.

In addition, we [removed: ensure that we] operate under strong, well-defined governance practices and [removed: adhere] [added: are dedicated] to [added: adhering to] the highest ethical standards at all times.

General economic conditions in the United States have [removed: fluctuated] [added: continued to fluctuate] in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, [removed: elevated] interest [removed: rates,] [added: rate volatility,] political dissension, and labor [removed: shortfalls.][added: market conditions.]

[removed: Such macroeconomic factors coupled] [added: These factors, together] with [added: ongoing] uncertainty in financial [added: and capital] markets, [added: geopolitical tensions, evolving trade] and [added: tariff policies, labor market conditions, and] a general decline in [removed: business activity and/or] consumer confidence could adversely affect (i) our occupancy levels, [removed: 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 [added: the] value of our tangible assets or goodwill.

[removed: Inflationary pressures, bank failures, and other unfavorable global and regional economic] [added: Such macroeconomic] conditions, [removed: as well as] [added: and] geopolitical events, may also negatively impact consumer income, credit availability, [removed: interest rates,] and spending, [removed: 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.

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

In addition, consumer confidence and spending [removed: can be materially adversely affected] [added: may decline] in response to changes in fiscal and monetary policy, [removed: declines] [added: reductions] in income or asset values, and other macroeconomic factors.

[removed: Mandated] [added: Imposition of, increases in,] and [removed: proposed] [added: changing policies around] tariffs [removed: to be imposed] by the United States on imports from certain countries and potential counter-tariffs in response could lead to increased costs and supply chain disruptions.

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

[removed: Experiencing or addressing the various physical,] [added: Physical,] regulatory, and transition risks from climate change may significantly reduce our revenues and profitability or cause us to generate losses.

We are subject to evolving laws and regulations relating to climate change, [removed: promulgated by governmental and regulatory organizations,] including regulations aimed at drastically increasing reporting and governance related to climate change as well as focused on limiting [removed: GHG emissions and the implementation of “green” building codes.][added: greenhouse gas emissions.]

Evolving laws and regulations or any changed interpretation of such laws and regulations may require us to make costly improvements to our [removed: existing] properties [removed: beyond our current plans to decrease the impact of our homes on the environment,] resulting in increased operating [removed: costs.][added: costs and compliance burdens.]

[removed: Additionally, choosing] [added: Choosing] not to enhance our homes’ resource efficiency could make our portfolio less attractive to residents and investors.

We recognize that climate change could have a significant impact on our portfolio of homes [removed: located in a variety of markets across the United States] and that an increase in the number of acute weather events, natural disasters, and other climate-related events could significantly impact our business, operations, and homes.

We [removed: actively] consider physical [removed: risks such as] [added: risks, including] the potential for natural disasters such as hurricanes, floods, [removed: droughts,] and [removed: wildfires] [added: wildfires,] when assessing our portfolio of homes and our business processes.

The following table provides summary information regarding our total and Same Store portfolios as of and for the year ended December 31, [removed: 2024] [added: 2025] as noted below:

(2)Represents average occupancy for the year ended December 31, [removed: 2024.][added: 2025.]

(3)Represents average monthly rent for the year ended December 31, [removed: 2024.][added: 2025.]

(4)Represents the percentage of rental revenues and other property income generated in each market for the year ended December 31, [removed: 2024.][added: 2025.]

Sensitivity to many of these factors has been heightened as a result of current macroeconomic conditions, including [removed: elevated] [added: inflation,] interest [removed: rates,] [added: rate volatility,] political dissension, [removed: and] labor [removed: shortfalls.][added: market conditions, evolving regulatory landscape affecting institutional ownership and acquisition of single-family rental properties, and adverse global economic conditions.]

Additionally, each of these factors may also impact the results of operations and financial condition of our joint venture investments and those of third parties for whom we perform property and asset management services, which would impact the amount of management fee revenues and income [removed: (loss)] [added: (losses)] from investments in unconsolidated joint ventures that we earn.

Market Fundamentals: Our results are impacted by housing market fundamentals and supply and demand conditions in our markets, particularly in the Western United States and Florida, which represented [removed: 72.1%] [added: 71.2%] of our rental revenues and other property income during the year ended December 31, [removed: 2024.][added: 2025.]

The period of time to market and lease a property can vary greatly and is impacted by local demand, our marketing techniques, the size of our available inventory, the ability of our suppliers and other business partners to carry out their assigned tasks and/or source labor or supply materials at ordinary levels of performance relative to the conduct of our business, and both current economic conditions and future economic outlook, including the impact of [added: inflation,] elevated interest rates, political dissension, and labor shortfalls which could adversely affect demand for our properties.

As a result of [removed: recent] inflationary [removed: trends,] [added: trends and/or imposition of or increases in tariffs,] we [added: may experience, as we] have [removed: experienced, and expect to continue to incur,] [added: in the past,] increased costs for certain materials and services necessary to improve and maintain our homes.

We continue to actively manage the impact of [removed: inflation] [added: these factors] on these costs, and we believe we are able to purchase goods and services at favorable prices compared to other purchasers due to our size and scale both nationally and locally.

Property [removed: Acquisitions] [added: Development, Acquisitions,] and Renovations: Future growth in rental revenues and other property income may be impacted by our ability to [added: and the pace at which we] identify and [added: build or] acquire [removed: homes, our pace of property acquisitions,] [added: homes] and the time and cost required to renovate and lease [removed: a newly acquired home.][added: those homes.]

Our ability to identify and acquire single-family homes that meet our investment criteria is impacted by home prices in targeted acquisition locations, the inventory of homes available for sale through our acquisition channels, and [removed: competition for our target assets.]

Additionally, we incur costs to renovate [removed: a home] [added: acquired homes] to prepare [removed: it] [added: them] for [removed: rental.][added: rent.]

The time and cost involved in [removed: accessing our homes and] preparing [removed: them] [added: acquired homes] for [removed: rental] [added: rent] can significantly impact our financial performance.

We provide our residents

On January 14, 2026, we acquired ResiBuilt, 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 is a natural extension of our business and supports our growth strategy by adding home building capabilities to our platform.

By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets.

We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards.

Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace are designed to create an authentic experience for our residents, shareholders, and associates.

Many of our residents are first responders, healthcare workers, teachers, and other essential members of their communities, people who dedicate themselves to serving others every day.

We are honored to serve them in return, and we work hard to ensure they come home to a place of comfort and security.

General economic conditions in the United States have continued to fluctuate in recent quarters.

While inflationary pressures have moderated from prior peaks, they remain elevated, and interest rates remain subject to volatility and uncertainty.

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.

The regulatory landscape affecting institutional ownership and acquisition of single-family rental properties continues to evolve.

Executive actions, and potential federal and state legislation or regulations, aimed at limiting institutional ownership and acquisition of single-family homes could limit our ability to acquire additional homes, require us to modify our growth, investment, development, or disposition strategies, reduce the scale or efficiency of our operations, increase compliance costs, subject us to increased regulatory scrutiny, or otherwise adversely affect market dynamics, our business, and results of operations.

In December 2025, the SEC notified us that it had concluded this inquiry and did not intend to recommend any enforcement action.

| Southern California | | | | | | 7,100 | | | | | | 95.8% | | | | | | $3,194 | | | | | | $1.87 | | | | | | 10.9 | | % | | | |

| Northern California | | | | | | 3,997 | | | | | | 97.1% | | | | | | 2,791 | | | | | | 1.76 | | | | | | 5.5 | | % | | | |

| Seattle | | | | | | 3,908 | | | | | | 97.4% | | | | | | 2,943 | | | | | | 1.53 | | | | | | 5.6 | | % | | | |

| Phoenix | | | | | | 9,200 | | | | | | 96.7% | | | | | | 2,074 | | | | | | 1.22 | | | | | | 9.5 | | % | | | |

| Las Vegas | | | | | | 3,391 | | | | | | 96.6% | | | | | | 2,244 | | | | | | 1.14 | | | | | | 3.7 | | % | | | |

| Denver | | | | | | 2,954 | | | | | | 93.9% | | | | | | 2,633 | | | | | | 1.43 | | | | | | 3.6 | | % | | | |

| Western United States Subtotal | | | | | | 30,550 | | | | | | 96.4% | | | | | | 2,613 | | | | | | 1.49 | | | | | | 38.8 | | % | | | |

| South Florida | | | | | | 8,058 | | | | | | 95.4% | | | | | | 3,118 | | | | | | 1.67 | | | | | | 11.9 | | % | | | |

| Tampa | | | | | | 9,702 | | | | | | 93.1% | | | | | | 2,305 | | | | | | 1.22 | | | | | | 10.7 | | % | | | |

| Orlando | | | | | | 6,973 | | | | | | 95.6% | | | | | | 2,274 | | | | | | 1.21 | | | | | | 7.7 | | % | | | |

| Jacksonville | | | | | | 2,158 | | | | | | 94.6% | | | | | | 2,194 | | | | | | 1.11 | | | | | | 2.1 | | % | | | |

| Florida Subtotal | | | | | | 26,891 | | | | | | 94.5% | | | | | | 2,541 | | | | | | 1.35 | | | | | | 32.4 | | % | | | |

| Atlanta | | | | | | 12,624 | | | | | | 95.4% | | | | | | 2,097 | | | | | | 1.01 | | | | | | 12.6 | | % | | | |

| Carolinas | | | | | | 6,157 | | | | | | 93.7% | | | | | | 2,098 | | | | | | 1.00 | | | | | | 6.1 | | % | | | |

| Southeast United States Subtotal | | | | | | 18,781 | | | | | | 94.9% | | | | | | 2,097 | | | | | | 1.01 | | | | | | 18.7 | | % | | | |

| Houston | | | | | | 2,559 | | | | | | 92.0% | | | | | | 1,952 | | | | | | 0.98 | | | | | | 2.3 | | % | | | |

| Dallas | | | | | | 3,554 | | | | | | 90.9% | | | | | | 2,264 | | | | | | 1.11 | | | | | | 3.6 | | % | | | |

| Texas Subtotal | | | | | | 6,113 | | | | | | 91.1% | | | | | | 2,139 | | | | | | 1.06 | | | | | | 5.9 | | % | | | |

| Chicago | | | | | | 2,448 | | | | | | 95.2% | | | | | | 2,499 | | | | | | 1.56 | | | | | | 2.8 | | % | | | |

| Minneapolis | | | | | | 1,035 | | | | | | 94.4% | | | | | | 2,414 | | | | | | 1.23 | | | | | | 1.2 | | % | | | |

| Midwest United States Subtotal | | | | | | 3,483 | | | | | | 94.9% | | | | | | 2,474 | | | | | | 1.45 | | | | | | 4.0 | | % | | | |

| Other(5): | | | | | | 374 | | | | | | 68.4% | | | | | | 2,128 | | | | | | 1.11 | | | | | | 0.2 | | % | | | |

| Total / Average | | | | | | 86,192 | | | | | | 95.0% | | | | | | $2,439 | | | | | | $1.29 | | | | | | 100.0 | | % | | | |

| Same Store Total / Average | | | | | | 76,819 | | | | | | 96.8% | | | | | | $2,450 | | | | | | $1.31 | | | | | | 91.7 | | % | | | |

(1)As of December 31, 2025.

(5)As of December 31, 2025, represents homes located in San Antonio, Salt Lake City, Austin, or Nashville, outside of our 16 core markets.

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.

Additionally, the State of California recently passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that will impose broad climate-related disclosure obligations on certain companies doing business in California, including us, starting in 2026, though the Governor of California has directed further consideration of the implementation deadlines for each of the laws.

Both laws have been challenged in federal court.

Unless legal challenges to the foregoing new rules prevail or they are otherwise modified prior to effective dates or the effective dates are delayed, we will become subject to the rules as adopted, and they could significantly increase compliance burdens and associated regulatory costs and complexity.

Disclosure obligations relating to sustainability matters are complex and not always consistent, making compliance difficult and uncertain.

Incorporating greater resource efficiency into our homes, whether to comply with upgraded building codes or recommended practices given a region’s particular exposure to climate conditions or undertaken

to satisfy demand from increasingly environmentally conscious residents or to meet our own sustainability goals, could raise our costs to maintain our homes.

In evaluating whether to implement voluntary improvements, we also consider that choosing not to enhance our homes’ resource efficiency can make them less attractive to municipalities and increase the vulnerability of residents in our communities to rising energy and water expenses and use restrictions.

We intend to continue to research, evaluate, and utilize new or improved products and business practices consistent with our sustainability commitment.

We believe our initiatives in this area can help put us in a better position to comply with evolving regulations directed at addressing climate change and similar environmental concerns and to meet growing resident demand for resource-efficient homes, as further discussed in Part I.

“Business — Sustainability and Corporate Responsibility.”

Such extreme climate related events are driving changes in market dynamics and stakeholder expectations and could result in disruptions to us, our suppliers, vendors, and residents.

We recognize that we must continue to adapt our policies, objectives, and processes to prepare for such events and improve the resiliency of our physical properties and our business.

Our executive leadership regularly reports to the board of directors and the relevant committees on these risk areas and our initiatives for managing and mitigating these risks.

By taking a proactive approach to climate-related risk, we aim to remain well-prepared for various climate scenarios, supporting our commitment to transparency and effective risk management.

We are in the process of responding to, and cooperating with, this request.

We cannot currently predict the timing, outcome, or scope of this inquiry.

| Southern California | | | | | | 7,326 | | | | | | 96.5% | | | | | | $3,085 | | | | | | $1.81 | | | | | | 11.1 | | % | | | |

| Northern California | | | | | | 4,127 | | | | | | 97.5% | | | | | | 2,720 | | | | | | 1.72 | | | | | | 5.8 | | % | | | |

| Seattle | | | | | | 3,957 | | | | | | 97.3% | | | | | | 2,863 | | | | | | 1.49 | | | | | | 5.8 | | % | | | |

| Phoenix | | | | | | 9,246 | | | | | | 97.0% | | | | | | 2,049 | | | | | | 1.21 | | | | | | 9.7 | | % | | | |

| Las Vegas | | | | | | 3,405 | | | | | | 96.7% | | | | | | 2,192 | | | | | | 1.12 | | | | | | 3.8 | | % | | | |

| Denver | | | | | | 2,728 | | | | | | 96.8% | | | | | | 2,547 | | | | | | 1.39 | | | | | | 3.4 | | % | | | |

| Western United States Subtotal | | | | | | 30,789 | | | | | | 96.9% | | | | | | 2,553 | | | | | | 1.46 | | | | | | 39.6 | | % | | | |

| South Florida | | | | | | 8,180 | | | | | | 96.4% | | | | | | 3,015 | | | | | | 1.61 | | | | | | 12.1 | | % | | | |

| Tampa | | | | | | 9,543 | | | | | | 94.0% | | | | | | 2,286 | | | | | | 1.21 | | | | | | 10.6 | | % | | | |

| Orlando | | | | | | 6,794 | | | | | | 96.2% | | | | | | 2,232 | | | | | | 1.19 | | | | | | 7.6 | | % | | | |

| Jacksonville | | | | | | 2,005 | | | | | | 96.8% | | | | | | 2,171 | | | | | | 1.09 | | | | | | 2.2 | | % | | | |

| Florida Subtotal | | | | | | 26,522 | | | | | | 95.4% | | | | | | 2,494 | | | | | | 1.32 | | | | | | 32.5 | | % | | | |

| Atlanta | | | | | | 12,623 | | | | | | 95.3% | | | | | | 2,030 | | | | | | 0.98 | | | | | | 12.6 | | % | | | |

| Carolinas | | | | | | 6,005 | | | | | | 94.6% | | | | | | 2,047 | | | | | | 0.96 | | | | | | 5.5 | | % | | | |

| Southeast United States Subtotal | | | | | | 18,628 | | | | | | 95.1% | | | | | | 2,036 | | | | | | 0.98 | | | | | | 18.1 | | % | | | |

| Houston | | | | | | 2,347 | | | | | | 95.0% | | | | | | 1,915 | | | | | | 0.96 | | | | | | 2.2 | | % | | | |

| Dallas | | | | | | 3,158 | | | | | | 93.6% | | | | | | 2,248 | | | | | | 1.09 | | | | | | 3.4 | | % | | | |

We [added: use, and] may [removed: in the future use] [added: continue to use,] derivative financial instruments to manage, or hedge, interest rate risks related to [removed: any borrowings we may have.][added: our borrowings.]

We [removed: may] enter into such contracts only with major financial institutions based on their credit ratings and other [added: relevant] factors.

A primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, fluctuating global and United States economic conditions (including [added: uncertainty in financial markets,] inflation, elevated interest rates, and [removed: bank failures),] [added: evolving trade and tariff policies),] geopolitical tensions, and other factors that are beyond our control.

As of December 31, [removed: 2024,] [added: 2025,] our [removed: $3,045.0] [added: $2,620.0] million of outstanding variable-rate debt [removed: was comprised of] [added: included $145.0 million on the] Revolving Facility [removed: of $570.0 million,] and [added: $2,475.0 million on the] Term Loan [removed: Facilities of $2,475.0 million.][added: Facilities.]

As of December 31, [removed: 2024,] [added: 2025,] we had effectively converted [removed: 76.4%] [added: 80.2%] of these borrowings to a fixed rate through interest rate swap agreements.

Assuming no change in the outstanding balance of our existing debt, the projected effect of a 100 bps increase or decrease in SOFR, collectively, on our annual interest expense would be an estimated increase or decrease of [removed: $7.2] [added: $5.2] million.

This estimate considers the impact of our interest rate swap [removed: agreements, interest rate cap agreement,] [added: agreements] and any Term SOFR floors or minimum interest rates stated in the agreements of the respective borrowings.

Inflation primarily impacts our results of operations [removed: as a result] [added: in the form] of increased repair and maintenance and other costs and wage pressures.

Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe this had a material impact on our results of operations for the year ended December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] we wholly own [removed: 85,138] [added: 86,192] homes for lease, jointly own [removed: 7,622] [added: 8,006] homes for lease, and provide professional third-party property and asset management services for an additional [removed: 17,678] [added: 15,866] homes, all of which are primarily located in 16 core markets across the country.

These homes help meet the needs of a growing share of Americans who [removed: prefer the ease of a leasing lifestyle over] [added: count on] the [removed: burden] [added: ease, flexibility, and savings] of [removed: owning a home.][added: leasing.]

We provide our residents access to updated homes with features they value, as well as close proximity to jobs and [removed: access to] good schools.

At Invitation Homes, we are committed to creating a better way to live and to being a force for positive change, [removed: while at the same time advancing efforts that make] [added: which is underscored by] our company [removed: more innovative and our processes more sustainable.][added: purpose to Unlock the Power of Home™.]

[removed: Sustainability] [added: We also work to advance sustainability, which] is an important part of our strategic business objectives and is critical to our long-term success.

Our commitment to high-touch customer service continuously enhances residents’ living experiences and provides [removed: homes] [added: an environment] where individuals and families can thrive.

We also place a strong emphasis on the impact we have in our communities and [removed: to] [added: on] the environment in general, and we continue to [removed: develop] [added: support] programs that demonstrate those commitments.

In addition, we [removed: ensure that we] operate under strong, well-defined governance practices and [removed: adhere] [added: are dedicated] to [added: adhering to] the highest ethical standards at all times.

As of December 31, [removed: 2024,] [added: 2025,] INVH owns [removed: a] 99.7% [removed: partnership interest in] [added: of] INVH LP [added: directly] and [added: 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 high-touch business model enables us to [removed: continuously] solicit and integrate resident feedback into our operations and tailor our approach to address their preferences, providing a superior living experience and fostering customer loyalty.

[removed: Our approach to] [added: Consistent with this integrated approach, our] investment and asset management [removed: similarly combines] [added: functions combine] local presence and expertise with national oversight.

Through the integration of investment, property management, [removed: and] asset [removed: management] [added: management, and now land development and construction] functions, our platform enables our teams to incorporate real-time information regarding leasing activity, property operations, maintenance, [removed: and] capital [removed: spending] [added: spending, and construction] into asset selection and asset management.

We believe the advantages of our integrated acquisition [added: and development] platform and local market expertise drive the performance of our existing [removed: total] portfolio of [removed: 85,138] owned [removed: homes as of December 31, 2024,] [added: homes,] as well as the portfolio of homes we jointly own with or manage on behalf of others.

We similarly believe that employing experienced, in-house acquisitions [added: and development] teams at the local level gives us a competitive advantage in selectively acquiring [added: and building] homes that will maximize risk-adjusted total return.

We have developed and employ a highly scalable, vertically integrated, and resident-centric property management service platform, referred to as “ProCare.” All of our property management functions have been internally managed since our founding in 2012, and we have implemented an extensive property management infrastructure, including [removed: an online] [added: a] resident [removed: portal,] [added: portal that is available both online and via a mobile app,] smart home technology, a mobile app for residents to schedule and track maintenance requests, a technology suite to manage work orders and associate schedules, dedicated in-market associates, and local offices in each of our core markets.

Multiple channels are utilized to communicate with prospective residents, including automated email and texts, associate correspondence, and [removed: the new addition of] an AI leasing assistant.

The ease of leasing through our technology, the Genuine [removed: Care] [added: CARETM] from our teams, and our exceptional value-add services help our residents live the worry-free leasing lifestyle.

For example, we alert our residents to prepare for storms, encourage them to pay their rent [removed: online,] [added: online or through our mobile app,] offer “Lease Friendly” and “Make It Home” design tips and giveaways, and hold an annual Resident Appreciation Month.

[added: Our resident engagement and social media following] continue to grow, owing partially to positive feedback from residents, who specifically mention our lifestyle and home maintenance content.

[removed: In addition,] these visits allow our in-house property maintenance associates to begin preparing a scope of work and budget for the turnover work we undertake between residents to prepare our homes to be re-leased to a new resident.

If a deficiency is identified by our in-house property maintenance [removed: associates] [added: associates,] we endeavor to take prompt action to correct it.

Our strategy [added: primarily] targets [removed: both existing homes through portfolio acquisitions or via MLS and] newly constructed homes via strategic relationships with [removed: homebuilders.][added: homebuilders or built internally by ResiBuilt (as defined below) and, in certain cases, existing homes through portfolio acquisitions or, on a more limited basis, the MLS.]

In evaluating [removed: acquisitions,] [added: acquisition and development opportunities,] we analyze numerous factors, including neighborhood desirability, proximity to employment centers, schools, and transportation corridors, community amenities, construction type, and required ongoing capital needs, among others.

We target submarkets and neighborhoods in undersupplied high-growth markets and leverage our in-house [removed: acquisition] [added: acquisition, development,] and operations teams’ local market expertise to acquire homes in desirable locations that we believe will experience [removed: above average] [added: sustainable] rental [removed: rate growth] [added: demand] and [added: long-term value and] home price appreciation.

Our in-house [removed: acquisition] teams are comprised of dedicated professionals located in our markets and at our corporate headquarters who provide strategic direction and broad oversight.

[removed: Our acquisition] [added: The] teams [added: also] have significant local market experience and expertise in single-family investments and sales, which [removed: enables] [added: enable] us to [removed: target specific submarkets, neighborhoods, individual streets,] [added: perform neighborhood-level analysis] and [added: identify] homes that meet our selection and underwriting criteria.

As part of our selective and disciplined investment approach, we have analyzed and considered a far greater number of potential acquisitions than the number of homes we have actually acquired or [removed: have agreed to purchase in the future from a homebuilder with whom we have a strategic relationship.][added: will acquire upon completion of construction.]

We thus have [added: access to] a substantial [removed: proprietary database] [added: volume of historical public market data and operational experience] from which we can draw as we evaluate future acquisition [added: and development] opportunities in our markets.

To identify investment [removed: and acquisition] opportunities, we engage with local market real estate brokers, homebuilders, and strategic third-party technology platforms.

*Property [added: Maintenance and] Renovations*

We have an in-house team of dedicated associates located in our markets who oversee [removed: the] [added: any required] upfront property [removed: renovation process] [added: renovations] and the ongoing maintenance of our homes, with support from centralized construction experts and infrastructure, including technology-enabled workflows.

[removed: This] [added: The] team works in collaboration with our in-house investment and property management teams to maximize the total return of our upfront investment and minimize ongoing maintenance costs.

We believe the significant local density of our portfolio, which averages approximately 5,000 homes in each of our core markets as of December 31, [removed: 2024,] [added: 2025,] allows us to selectively sell properties without sacrificing the operating efficiency of our concentrated scale.

As one of the nation’s premier home leasing [added: and management] companies, we have an opportunity to make a profound impact through sustainability and corporate responsibility initiatives.

We focus on ensuring that our residents live in high-quality homes and enjoy a worry-free leasing lifestyle, with access to professional services and Genuine [removed: Care.][added: CARETM.]

We also believe our business has a positive economic impact on the communities in which we operate, through improved neighborhoods that benefit from [added: renovations to and ongoing maintenance of] our [removed: home renovations,] [added: homes,] the value of our local teams living in and contributing to the local economy, the payment of real estate taxes, and the purchase of local goods and services.

[removed: *Human Capital*][added: Human Capital]

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 1,750] [added: 1,725] dedicated full-time associates, which we supplement with temporary and contract resources as needed.

We value feedback from our associates, and we maintain a continuous listening associate survey tool, [removed: *Our Family.][added: *Dot to Dot.* We continue to achieve high participation by our associates, with 74% of our associates sharing feedback at least once in 2025.]

We believe meaningful actions based on associate feedback provided by the surveys have resulted, and will continue to result, in ongoing high engagement with our associates as evidenced by our strong associate Net Promoter Score of [removed: 60] [added: 47] at the end of [removed: 2024,] [added: 2025,] compared to a benchmark of [removed: 33.][added: 29.]

Our Genuine CARE™ values serve as the foundation for our work, and the underlying principles of clear communication, integrity, responsibility, innovation, adaptability, and a welcoming workplace are designed to create an authentic experience for our residents, shareholders, and associates.

Many of our residents are first responders, healthcare workers, teachers, and other essential members of their communities, people who dedicate themselves to serving others every day.

We are honored to serve them in return, and we work hard to ensure they come home to a place of comfort and security.

INVH, a REIT organized under the laws of Maryland, conducts its operations through INVH LP.

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

Through the Manager, we provide all management and other administrative services with respect to the properties we own.

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.

Additionally, our acquisition of ResiBuilt (as defined below), a leading fee homebuilder specializing in single-family rental communities, represents a natural extension of our vertically integrated platform, adding home building capabilities that enable us to develop single-family rental homes and communities internally across high-growth markets.

By bringing land development and construction expertise in-house, we gain greater operational control, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets, leveraging local market knowledge and relationships.

This development capacity complements our integrated approach to investment and asset management.

We have established a Resident Advisory Panel to foster open dialogue with and gain meaningful insights directly from our residents.

The panel provides a structured forum for residents to share feedback, voice concerns, and offer suggestions, enabling us to better understand and respond to the needs of the communities we serve.

We strive to address and resolve maintenance requests primarily through our in-house maintenance technicians.

In addition,

Newly constructed homes offer several distinct advantages over legacy homes.

From a cost perspective, these homes typically require significantly lower maintenance expenditures in the initial years of ownership.

Additionally, new construction allows us to incorporate modern design features and amenities that align with current resident preferences, such as open floor plans, energy-efficient appliances, smart home technology, and updated finishes.

Energy-efficient construction also benefits residents through lower utility costs, which may make our new homes more attractive to residents.

*Land Development and Construction*

On January 14, 2026, we acquired ResiBuilt Homes, LLC (“ResiBuilt”), 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 is a natural extension of our business and supports our growth strategy by adding home building capabilities to our platform.

By bringing land development and construction expertise in-house, we gain greater operational control over the development process, enhance cost efficiency, and strengthen our ability to execute on growth opportunities in strategically important markets.

We believe this internal development capacity will support our long-term growth strategy by providing a reliable pipeline of purpose-built rental homes tailored to our operational and quality standards.

*Developer Lending Program*

In May 2025, we launched a developer lending program to selectively provide financing to experienced, successful, and relationship-driven homebuilders for the development of new single-family home communities that may serve as future acquisition opportunities.

This initiative is intended to support the creation of new housing supply in markets with strong demand and to complement our traditional property acquisition strategy.

For newly constructed homes, which typically require no upfront renovation, this team is able to focus primarily on ongoing maintenance and resident service.

We believe that ethical business practices and good

corporate accounting, asset management, and data analysis.

In addition, federal, state, and local regulatory developments, including executive actions and proposed federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes, may affect the competitive dynamics in our markets by imposing requirements or restrictions that apply differently to various categories of market participants.

To the extent these developments disproportionately affect institutional owners, including us, or advantage other categories of investors, such as individual investors and smaller partnerships who may fall outside regulatory definitions, our ability to compete for acquisitions, residents, or capital on favorable terms could be adversely affected.

“Risk Factors — Risks Related to Our Business and Operations — Executive actions and proposed federal and state legislation or regulations aimed at limiting institutional ownership and acquisition of single-family homes could materially adversely affect our business, growth strategy, and results of operations.”

Although an extreme or sustained escalation in costs could have a negative impact on our residents

In light of continuing federal, state, and local attention on housing supply and availability, there is considerable uncertainty regarding how executive actions, policy initiatives, and potential legislation, along with existing laws, judicial orders, and regulatory frameworks, could affect large institutional investors in single-family rental markets.

In addition, legislative and regulatory initiatives addressing residential housing supply and availability have received increased attention at the federal, state, and local levels.

This focus has included heightened public and governmental scrutiny of institutional investment in the single-family rental housing market, as well as discussion of potential measures that could affect the acquisition, ownership, or operation of residential rental properties.

As this policy landscape continues to evolve, we remain committed to working constructively with policymakers at all levels to support housing supply and availability, and we believe that well-managed, professionally operated rental housing serves an important role in expanding access to quality homes for American families.

In addition, there has been increased public and governmental scrutiny of institutional investment in single-family rental housing.

Certain policymakers, including the President of the United States, have publicly called for congressional action to limit or restrict the ability of large or institutional investors to purchase and own single-family homes.

Proposals under discussion could include limitations on acquisitions, increased taxes or fees, enhanced disclosure or reporting requirements, or other restrictions applicable to institutional owners of residential rental housing.

Through certain of the six holding entities that owned our business prior to our initial public offering (the “IH Holding Entities”), we commenced operations in 2012.

On January 31, 2017, we effected certain reorganization transactions that resulted in INVH LP holding, directly or indirectly, all of the assets, liabilities, and results of operations of the Manager and the full portfolio of homes owned by the IH Holding Entities.

As a result of the reorganization transactions, INVH LP became a consolidated subsidiary of INVH.

A wholly owned subsidiary of INVH, Invitation Homes OP GP LLC (the “General Partner”), serves as INVH LP’s sole general partner.

Invitation Homes Inc., a Maryland corporation, was incorporated in Delaware on October 4, 2016.

On February 6, 2017, Invitation Homes Inc. changed its jurisdiction of incorporation to Maryland and completed an initial public offering of its shares of common stock (the “IPO”).

Our resident engagement and social following

We strive to maximize the number of maintenance calls that are addressed by our in-house maintenance technicians.

We are equally committed to remaining true to the values, ethics, and responsible business practices that we embed in our culture.

Your Voice.* We continue to achieve high participation by our associates, with 82% of our associates sharing feedback at least once in 2024.

We were recognized by Comparably in 2024 for Best Company for Career Growth.

This commitment to leadership development resulted in Invitation Homes being recognized by Comparably in 2024 as having the Best Company for Leadership.

property and asset management services similar to those that we provide.

In light of the recent change in administration in the United States, there is considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes, and enforcement priorities and strategies, further complicating compliance with such laws, orders and regulations.

We are closely monitoring developments related to such regulations.

Protection — Our business is subject to laws and regulations regarding privacy, data protection, consumer protection, and other matters.

| | | | | | | For the fiscal year ended | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately [removed: $21.9] [added: $20.1] billion (based upon the closing sale price of the common stock on that date on the New York Stock Exchange).

As of February [removed: 26, 2025,] [added: 18, 2026,] there were [removed: 612,689,592] [added: 609,386,093] shares of common stock, par value $0.01 per share, outstanding.

| Items 10, 11, 12, 13, and 14 of Part III incorporate information by reference from the registrant’s definitive proxy statement relating to its [removed: 2025] [added: 2026] annual meeting of stockholders (the [removed: “2025] [added: “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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Item | | | 1A. | | | Risk Factors | | | [removed: [19](#i1e6fe245b6024fbd817a2bdbd881cef9_304)] [added: [21](#iec8bffd01e49466cb03b2bb197323e54_301)] | | |

| Item | | | 1B. | | | Unresolved Staff Comments | | | [removed: [50](#i1e6fe245b6024fbd817a2bdbd881cef9_289)] [added: [54](#iec8bffd01e49466cb03b2bb197323e54_286)] | | |

| Item | | | 1C. | | | Cybersecurity | | | [removed: [50](#i1e6fe245b6024fbd817a2bdbd881cef9_292)] [added: [54](#iec8bffd01e49466cb03b2bb197323e54_289)] | | |

| Item | | | 3. | | | Legal Proceedings | | | [removed: [53](#i1e6fe245b6024fbd817a2bdbd881cef9_235)] [added: [56](#iec8bffd01e49466cb03b2bb197323e54_232)] | | |

| Item | | | 4. | | | Mine Safety Disclosures | | | [removed: [53](#i1e6fe245b6024fbd817a2bdbd881cef9_247)] [added: [57](#iec8bffd01e49466cb03b2bb197323e54_244)] | | |

| Item | | | 5. | | | Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | | | [removed: [54](#i1e6fe245b6024fbd817a2bdbd881cef9_298)] [added: [58](#iec8bffd01e49466cb03b2bb197323e54_295)] | | |

| Item | | | 7. | | | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | [removed: [56](#i1e6fe245b6024fbd817a2bdbd881cef9_166)] [added: [60](#iec8bffd01e49466cb03b2bb197323e54_163)] | | |

| Item | | | 7A. | | | Quantitative and Qualitative Disclosures About Market Risk | | | [removed: [78](#i1e6fe245b6024fbd817a2bdbd881cef9_220)] [added: [83](#iec8bffd01e49466cb03b2bb197323e54_217)] | | |

| Item | | | 8. | | | Financial Statements and Supplementary Data | | | [removed: [79](#i1e6fe245b6024fbd817a2bdbd881cef9_316)] [added: [84](#iec8bffd01e49466cb03b2bb197323e54_313)] | | |

| Item | | | 9. | | | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | | | [removed: [79](#i1e6fe245b6024fbd817a2bdbd881cef9_319)] [added: [84](#iec8bffd01e49466cb03b2bb197323e54_316)] | | |

| Item | | | 9A. | | | Controls and Procedures | | | [removed: [79](#i1e6fe245b6024fbd817a2bdbd881cef9_223)] [added: [84](#iec8bffd01e49466cb03b2bb197323e54_220)] | | |

| Item | | | 9B. | | | Other Information | | | [removed: [82](#i1e6fe245b6024fbd817a2bdbd881cef9_322)] [added: [87](#iec8bffd01e49466cb03b2bb197323e54_319)] | | |

| Item | | | 9C. | | | Disclosure Regarding Foreign Jurisdictions that Prevent Inspection | | | [removed: [82](#i1e6fe245b6024fbd817a2bdbd881cef9_322)] [added: [87](#iec8bffd01e49466cb03b2bb197323e54_319)] | | |

| Item | | | 10. | | | Directors, Executive Officers, and Corporate Governance | | | [removed: [83](#i1e6fe245b6024fbd817a2bdbd881cef9_346)] [added: [88](#iec8bffd01e49466cb03b2bb197323e54_352)] | | |

| Item | | | 11. | | | Executive Compensation | | | [removed: [83](#i1e6fe245b6024fbd817a2bdbd881cef9_349)] [added: [88](#iec8bffd01e49466cb03b2bb197323e54_355)] | | |

| Item | | | 12. | | | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | | | [removed: [83](#i1e6fe245b6024fbd817a2bdbd881cef9_352)] [added: [88](#iec8bffd01e49466cb03b2bb197323e54_358)] | | |

| Item | | | 13. | | | Certain Relationships and Related Transactions, and Director Independence | | | [removed: [83](#i1e6fe245b6024fbd817a2bdbd881cef9_355)] [added: [88](#iec8bffd01e49466cb03b2bb197323e54_361)] | | |

| Item | | | 14. | | | Principal Accountant Fees and Services | | | [removed: [83](#i1e6fe245b6024fbd817a2bdbd881cef9_358)] [added: [88](#iec8bffd01e49466cb03b2bb197323e54_364)] | | |

| Item | | | 15. | | | Exhibits and Financial Statement Schedules | | | [removed: [84](#i1e6fe245b6024fbd817a2bdbd881cef9_310)] [added: [89](#iec8bffd01e49466cb03b2bb197323e54_307)] | | |

| Item | | | 16. | | | Form 10-K Summary | | | [removed: [89](#i1e6fe245b6024fbd817a2bdbd881cef9_313)] [added: [94](#iec8bffd01e49466cb03b2bb197323e54_310)] | | |

Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including those summarized below in “Summary Risk Factors.” These risks and uncertainties include among others, risks inherent to the single-family rental industry and our business model, macroeconomic factors beyond our control, [added: federal, state, and local laws, regulations, executive actions, and policy initiatives,] competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners’ association (“HOA”) fees, and insurance costs, poor resident selection and defaults and non-renewals by our residents, our dependence on third parties for key services, risks related to the evaluation of properties, performance of our information technology systems, development and use of artificial intelligence (“AI”), risks related to our indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including [removed: inflation),] [added: inflation and imposition or increase of tariffs and trade restrictions by the United States and foreign countries),] uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises.

“Risk Factors” of this Annual Report on Form 10-K, as such factors may be updated from time to time in our other periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at [removed: https://www.sec.gov.][added: www.sec.gov.]

- We face risks associated with acquisitions and dispositions of properties [added: and land development and construction activities, including lending,] which could lead to material losses on our investments in our properties and adversely impact anticipated yields, including risks related to:

- competition in identifying and acquiring our [removed: properties;][added: properties or development sites;]

- Compliance with [removed: evolving and sometimes inconsistent] federal, state, and local laws and regulatory requirements, including expanding tenant rights’ laws, restrictions on evictions and collections, rent control laws, affordability covenants, permit, license, and zoning requirements, [added: and federal executive actions and potential federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes,] may negatively impact our rental income and profitability;

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | NYSE Texas, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Item | | | 1. | | | Business | | | [8](#iec8bffd01e49466cb03b2bb197323e54_277) | | |

| Item | | | 2. | | | Properties | | | [56](#iec8bffd01e49466cb03b2bb197323e54_292) | | |

| Item | | | 6. | | | Reserved | | | [60](#iec8bffd01e49466cb03b2bb197323e54_298) | | |

| [Exhibit Index](#iec8bffd01e49466cb03b2bb197323e54_250) | | | | | | | | | | | |

| [Signatures](#iec8bffd01e49466cb03b2bb197323e54_256) | | | | | | | | | | | |

- time to acquire and develop land, substantial up-front costs relating to development activities, and time to build and lease the rental homes;

- construction and development loans experiencing cost overruns, delays, or insufficient collateral value to ensure repayment;

| Item | | | 1. | | | Business | | | [8](#i1e6fe245b6024fbd817a2bdbd881cef9_280) | | |

| Item | | | 2. | | | Properties | | | [53](#i1e6fe245b6024fbd817a2bdbd881cef9_295) | | |

| Item | | | 6. | | | Reserved | | | [55](#i1e6fe245b6024fbd817a2bdbd881cef9_301) | | |

| [Exhibit Index](#i1e6fe245b6024fbd817a2bdbd881cef9_253) | | | | | | | | | | | |

| [Signatures](#i1e6fe245b6024fbd817a2bdbd881cef9_259) | | | | | | | | | | | |

- acquisitions through an auction process;

Our processes and policies also include the identification of those third-party relationships [removed: which] [added: that] have the greatest [removed: potential to expose us to cybersecurity threats.]

As of December 31, [removed: 2024,] [added: 2025,] we do not believe that any risks from any cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, our results of operations, or our financial condition.

Since August 2020, our [added: Senior] Vice President, [added: Infrastructure, Support Services, and] Chief Information Security Officer (“CISO”) has led a team of information security professionals who have the first line responsibility for our cybersecurity risk management processes and activities.

[added: Our CISO] reports [added: directly] to our [added: Senior Vice President, Head of Technology, who reports to our] Chief Executive Officer, [added: and] has over 25 years of experience managing global information technology operations, including strategy, application, infrastructure, information security, support, and execution.

Relevant cyber certifications [added: of our CISO] include Certified Information Systems Security Professional [added: (“CISSP”)] and Certified Information Security [removed: Manager.][added: Manager (“CISM”).]

We have implemented a robust cybersecurity risk governance model, including the [removed: formation of the] Cybersecurity Governance Committee chaired by our CISO and composed of [removed: key] [added: senior] leaders [removed: from stakeholder groups throughout our company] including [removed: our President and Chief Operating Officer, Chief Legal Officer, Chief Compliance Officer, and the head of internal audit, along with other senior members of management.][added: these key members:]

[removed: Our] [added: In addition to providing periodic reports, at least semi-annually, our] CISO and other senior members of information technology personnel [removed: regularly] report to the audit committee and the board of directors on recent trends in cyber risks and review our strategy to defend our business systems and information against [removed: cyber-attacks.][added: cyber attacks.]

Our board of directors has an advanced understanding of its role and that of management in cyber-risk oversight and is [removed: well-positioned] [added: well positioned] to guide management in the development and implementation of an effective cybersecurity risk program.

[removed: Two members of our audit committee hold cybersecurity certifications:] Ms. [removed: Sears holds a Cyber Risk and Strategy Certification from Diligent Institute;] [added: Barbe, the chairperson of the nominating] and [removed: Ms. Barbe] [added: corporate governance committee of the board,] holds a CERT Certificate in Cybersecurity Oversight from the National Association of Corporate Directors.

potential to expose us to cybersecurity threats.

In performing his role, our CISO oversees cybersecurity risk assessments, policy development, training, and incident reporting, while applying industry best practices to identify cybersecurity risks and threats and assess and guide mitigation strategies effectively.

Our cybersecurity team holds certifications such as CISSP and CISM, supplemented by vendor-specific training and ongoing education.

- Chief Operating Officer — Over 25 years of commercial and strategic leadership experience; skilled in identifying operational and cybersecurity risks and ensuring alignment of security initiatives with business objectives and technology infrastructure.

- Chief Legal Officer — Extensive experience as top legal executive; oversees legal and regulatory affairs, including risk management; advises on governance frameworks and board oversight of cybersecurity risk.

- Chief Compliance Officer — Over 20 years of legal experience; expertise in SEC regulations and disclosure requirements for cybersecurity risks and incidents; oversees ERM program alignment of cybersecurity initiatives with business strategy.

- Vice President of Internal Audit — Specialized in detecting internal threats and fraud through advanced audit techniques; integrates cybersecurity risk assessments into ERM and monitors audit recommendations for effectiveness.

Significant breaches are escalated to the Cybersecurity Governance Committee for analysis and guidance.

The Cybersecurity Governance Committee then determines reporting obligations, designates an incident manager, and oversees containment, eradication, and recovery.

Mr. Howard, a member of the audit committee, brings extensive practical experience in, and domain expertise related to, cybersecurity, shaped by his prior service with the SEAL teams and Joint Special Operations of the United States Navy.

He reports directly to our Executive Vice President, Chief Information and Digital Officer, who

In performing his role, our CISO regularly performs the following: review of enterprise cybersecurity risks, controls, program policy, processes, and training; oversight of policy and program development, implementation, and updates; and information to senior leadership about cybersecurity-related issues and activities affecting the organization.

Our CISO is regularly apprised of enterprise cybersecurity events, threats, and activities, including with respect to incidents, protection vulnerabilities, software update needs, and lifecycle status.

He possesses a deep understanding of evolving cybersecurity threats, technologies, and industry best practices to identify cybersecurity risks and threats and assess and guide mitigation strategies effectively.

Certifications of our cybersecurity professionals include, but are not limited to: Certified Information Systems Security Professionals from the International Information System Security Certification Consortium; Certified Information Security Manager from Information Systems Audit and Control Association; and focused training/certifications from security vendors on the applications utilized in the management of our cybersecurity program.

The certifications mentioned above are accompanied by multiple years of direct experience in cybersecurity which provide the framework for the team’s continuous learning of new technologies, processes, trends, and concepts, with additional training obtained through relevant cybersecurity focused conferences.

Experience of key members of the committee includes:

- Our President and Chief Operating Officer, who joined the Company as Chief Operating Officer in November 2017 and has served in his current role since March 2023, has over 25 years of commercial and strategic leadership experience.

He excels at identifying and mitigating operational risks, including cybersecurity threats that could disrupt critical business processes.

His contributions to the Cybersecurity Governance Committee include aligning cybersecurity initiatives with broader business strategies and ensuring cybersecurity considerations are integrated into information technology infrastructure and operations.

- Our Chief Legal Officer, serving since August 2015, brings extensive experience as the top legal executive across various organizations.

At Invitation Homes, he oversees all legal and regulatory affairs, including direct supervision of the risk management department.

His expertise includes advising on governance frameworks, supporting board oversight of cybersecurity risk management, and addressing litigation trends and risks associated with cybersecurity breaches.

- Our Chief Compliance Officer, who joined the Company in July 2016 and has served in her current role since July 2024, is an experienced public company counsel with over 20 years of combined private practice and in-house experience.

She provides expertise in SEC regulations and disclosure requirements, including cybersecurity-related guidance, and ensures compliance with legal standards for disclosing material cybersecurity risks and incidents.

In collaboration with internal audit, she helps oversee our ERM program to align cybersecurity initiatives with broader business strategies.

She also brings a thorough understanding of breach notification requirements and regulatory responses to cybersecurity incidents.

- Our Vice President of Internal Audit, serving since November 2017, brings specialized expertise in identifying internal threats and potential fraud related to cybersecurity through advanced audit techniques.

She is skilled in aligning cybersecurity risk assessments with our ERM framework and monitoring the implementation of cybersecurity audit recommendations to ensure their effectiveness over time.

Generally, when a breach or suspected breach is identified, the information security team would escalate the issue to the Cybersecurity Governance Committee for initial analysis and guidance.

The Cybersecurity Governance Committee, in

consultation with appropriate subject matter experts, would be responsible for determining whether a particular incident alone or in combination with other factors, triggers any reporting and/or further notification responsibilities.

The Cybersecurity Governance Committee would designate the primary manager of a cybersecurity incident, identify the parties who should be informed about the incident, and oversee the processes for containment, eradication, recovery, and resolution of the incident.

Our common stock is listed on the New York Stock Exchange [added: (NYSE) and NYSE Texas, Inc.] under the symbol “INVH.”

As of February [removed: 26, 2025,] [added: 18, 2026,] there were 41 holders of record of [removed: 612,689,592] [added: 609,386,093] shares of common stock outstanding.

For the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] dividends per share held for the entire year were estimated to be taxable as follows:

| Ordinary income | | | | | | $ | [removed: 0.80] [added: 0.94] | | | | | [removed: 70.8] [added: 80.3] | | % | | | | $ | [removed: 0.97] [added: 0.80] | | | | | [removed: 73.5] [added: 70.8] | | % |

| Capital gains(2) | | | | | | [removed: 0.26] [added: 0.18] | | | | | | [removed: 23.0] [added: 15.4] | | % | | | | [removed: 0.28] [added: 0.26] | | | | | | [removed: 21.2] [added: 23.0] | | % |

| Unrecaptured Section 1250(2) | | | | | | [removed: 0.07] [added: 0.05] | | | | | | [removed: 6.2] [added: 4.3] | | % | | | | 0.07 | | | | | | [removed: 5.3] [added: 6.2] | | % |

| Total | | | | | | $ | [removed: 1.13] [added: 1.17] | | | | | 100.0 | | % | | | | $ | [removed: 1.32] [added: 1.13] | | | | | 100.0 | | % |

The following graph shows the total stockholder return of an investment of $100 cash on December 31, [removed: 2019] [added: 2020] for (1) our common stock, (2) the S&P 500 Total Return Index, and (3) the MSCI US REIT (RMS) Total Return Index.

[removed: ][added: ]

| | | | | | | | | | [removed: Cumulative Total Returns as of] | | | | | | [added: Cumulative Total Returns as of] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | [removed: December 31, 2019] | | | | | | December 31, 2020 | | | | | | December 31, 2021 | | | | | | December 31, 2022 | | | | | | December 31, 2023 | | | | | | December 31, 2024 | | | | | | [added: December 31, 2025] | | |

We made [removed: no] [added: the following share] repurchases [removed: of our common stock] during the three months ended December 31, [removed: 2024.][added: 2025:]

| | | | | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| Invitation Homes Inc. | | | | | | | | | | | | | | | | | | 100.00 | | | | | | 155.58 | | | | | | 104.17 | | | | | | 124.71 | | | | | | 120.81 | | | | | | 109.12 | | |

| S&P 500 Index | | | | | | | | | | | | | | | | | | 100.00 | | | | | | 128.71 | | | | | | 105.40 | | | | | | 133.10 | | | | | | 166.40 | | | | | | 196.16 | | |

| MSCI US REIT Index | | | | | | | | | | | | | | | | | | 100.00 | | | | | | 143.06 | | | | | | 108.00 | | | | | | 122.84 | | | | | | 133.59 | | | | | | 137.53 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid Per Share(1) | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | | | | | | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan or Program(2) ($ in thousands) | | | | | |

| October 1 — October 31, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 500,000 | | | | |

| November 1 — November 30, 2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | |

| December 1 — December 31, 2025 | | | | | | 2,232,685 | | | | | | 27.43 | | | | | | 2,232,685 | | | | | | 438,765 | | | | | |

| Total | | | | | | 2,232,685 | | | | | | $ | 27.43 | | | | | 2,232,685 | | | | | | | | | | | |

(1)Average Price Paid Per Share excludes cash paid for legal fees and commissions.

(2)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 $500.0 million (the “Share Repurchase Program”) in the open market or negotiated transactions, including through Rule 10b5-1 plans.

The Share Repurchase Program does not have an expiration date.

| | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| Invitation Homes Inc. | | | | | | | | | | | | 100.00 | | | | | | 101.19 | | | | | | 157.43 | | | | | | 105.41 | | | | | | 126.19 | | | | | | 122.25 | | | | | | | | |

| S&P 500 Index | | | | | | | | | | | | 100.00 | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | | | | | | | |

| MSCI US REIT Index | | | | | | | | | | | | 100.00 | | | | | | 92.43 | | | | | | 132.23 | | | | | | 99.82 | | | | | | 113.54 | | | | | | 123.47 | | | | | | | | |

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, [removed: 2024.][added: 2025.]

Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, [removed: 2024,] [added: 2025,] the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Our internal control over financial reporting includes those policies and procedures that (1) pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company; (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 [removed: 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.]

Our management with the participation of our Chief Executive Officer and Chief Financial Officer conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on our assessment under the framework in Internal Control — Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024] [added: 2025] to accomplish their objectives at the reasonable assurance level.

Deloitte & Touche LLP, the independent registered public accounting firm that has audited the consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on the Company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Invitation Homes Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control—Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control—Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 27, 2025,] [added: 19, 2026,] expressed an unqualified opinion on those financial statements.

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.

February 19, 2026

February 27, 2025

The remaining information required by this Item is incorporated by reference from the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this Item is incorporated by reference from the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this Item is incorporated from reference to the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this Item is incorporated by reference from the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

The information required by this Item is incorporated by reference from the Company’s [removed: 2025] [added: 2026] Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

| Invitation Homes Inc. Consolidated Financial Statements as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and for the three years in the period ended December 31, [removed: 2024] [added: 2025] | | | | | |

| Report of Deloitte & Touche LLP, Independent Registered Public Accounting Firm (PCAOB ID No. 34) | | | [removed: F-[1](#i1e6fe245b6024fbd817a2bdbd881cef9_334)] [added: F-[1](#iec8bffd01e49466cb03b2bb197323e54_328)] | | |

| Consolidated Balance Sheets | | | [removed: F-[3](#i1e6fe245b6024fbd817a2bdbd881cef9_28)] [added: F-[3](#iec8bffd01e49466cb03b2bb197323e54_28)] | | |

| Consolidated Statements of Operations | | | [removed: F-[4](#i1e6fe245b6024fbd817a2bdbd881cef9_37)] [added: F-[4](#iec8bffd01e49466cb03b2bb197323e54_37)] | | |

| Consolidated Statements of Comprehensive Income (Loss) | | | [removed: F-[5](#i1e6fe245b6024fbd817a2bdbd881cef9_43)] [added: F-[5](#iec8bffd01e49466cb03b2bb197323e54_43)] | | |

| Consolidated Statements of Equity | | | [removed: F-[6](#i1e6fe245b6024fbd817a2bdbd881cef9_52)] [added: F-[6](#iec8bffd01e49466cb03b2bb197323e54_52)] | | |

| Consolidated Statements of Cash Flows | | | [removed: F-[7](#i1e6fe245b6024fbd817a2bdbd881cef9_61)] [added: F-[7](#iec8bffd01e49466cb03b2bb197323e54_61)] | | |

| Notes to Consolidated Financial Statements | | | [removed: F-[9](#i1e6fe245b6024fbd817a2bdbd881cef9_64)] [added: F-[9](#iec8bffd01e49466cb03b2bb197323e54_64)] | | |

| Invitation Homes Inc. as of December 31, [removed: 2024] [added: 2025] and for the three years in the period ended December 31, [removed: 2024] [added: 2025] | | | | | |

| Schedule III Real Estate and Accumulated Depreciation | | | [removed: F-[43](#i1e6fe245b6024fbd817a2bdbd881cef9_325)] [added: F-[41](#iec8bffd01e49466cb03b2bb197323e54_322)] | | |

| [removed: 2.1] [added: 10.6] | | | | | | [removed: [Agreement] [added: [Amended] and [removed: Plan] [added: Restated Agreement] of [removed: Merger,] [added: Limited Partnership of Invitation Homes Operating Partnership LP,] dated [added: as of] August 9, 2017, by and among Invitation Homes [removed: Inc., Invitation Homes Operating Partnership LP, IH Merger Sub, LLC, Starwood Waypoint Homes] [added: OP GP LLC] and [removed: Starwood Waypoint] [added: Invitation] Homes [removed: Partnership, L.P.] [added: Inc.] (incorporated by reference to Exhibit [removed: 2.1] [added: 10.2] to the Company’s Current Report on Form [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000119312517256744/d436757dex102.htm) [filed] on August 14, [removed: 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517256744/d436757dex21.htm)] [added: 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517256744/d436757dex102.htm)] | | | | | | | | |

| 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 [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000119312517031958/d338003dex31.htm) [filed] on February 6, 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517031958/d338003dex31.htm) | | | | | | | | |

| 4.1 | | | | | | [Description of Securities (incorporated by reference to Exhibit 4.4 to the [removed: Company’s](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000004/a123119exhibit44.htm) [Annual](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000004/a123119exhibit44.htm) [Report] [added: Company’s Annual Report] on Form [removed: 10-K (File No. 1-38004) filed] [added: 10-K](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000004/a123119exhibit44.htm) [filed] on February 19, 2020).](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000004/a123119exhibit44.htm) | | | | | | | | |

| 4.2 | | | | | | [removed: [Indenture, dated as of January 10, 2017,] [added: [First Supplemental Indenture] between [removed: Starwood Waypoint] [added: Invitation] Homes [added: Inc., IH Merger Sub LLC] and Wilmington Trust, National Association, as trustee [added: dated as of November 16, 2017] (incorporated by reference to Exhibit [removed: 4.1 of SWH’s] [added: 4.2 to the Company’s] Current Report on Form [removed: 8-K (File No. 1-36163) filed January 10, 2017).](http://www.sec.gov/Archives/edgar/data/1579471/000156459017000275/sfr-ex41_7.htm)] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000119312517348234/d494074dex42.htm) [filed on November 20, 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517348234/d494074dex42.htm)] | | | | | | | | |

| [removed: 4.4] [added: 10.8] | | | | | | [removed: [First Supplemental Indenture between Invitation Homes Inc., IH Merger Sub LLC] [added: [Assignment] and [removed: Wilmington Trust, National Association, as trustee] [added: Assumption Agreement,] dated as of November 16, [removed: 2017] [added: 2017, between Invitation Homes Inc. and IH Merger Sub, LLC] (incorporated by reference to Exhibit [removed: 4.2] [added: 10.2] to the Company’s Current Report on Form [removed: 8-K (File No.1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000119312517348234/d494074dex102.htm) [filed] on November 20, [removed: 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517348234/d494074dex42.htm)] [added: 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517348234/d494074dex102.htm)] | | | | | | | | |

| [removed: 4.5] [added: 4.3] | | | | | | [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 [removed: 8-K (File No.1-38004) filed] [added: 8-K](https://www.sec.gov/Archives/edgar/data/1687229/000119312521239265/d197580dex41.htm) [filed] on August 6, 2021).](https://www.sec.gov/Archives/edgar/data/1687229/000119312521239265/d197580dex41.htm) | | | | | | | | |

| [removed: 4.6] [added: 4.4] | | | | | | [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 [removed: 8-K (File No.1-38004) filed] [added: 8-K](https://www.sec.gov/Archives/edgar/data/1687229/000119312521239265/d197580dex42.htm) [filed] on August 6, 2021).](https://www.sec.gov/Archives/edgar/data/1687229/000119312521239265/d197580dex42.htm) | | | | | | | | |

| [removed: 4.7] [added: 4.5] | | | | | | [Second Supplemental Indenture, dated as of November 5, 2021, [removed: among](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex42.htm)[Invitation] [added: among Invitation] Homes Operating Partnership [removed: LP](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex42.htm)[,] [added: 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 [removed: 8-K (File No.1-38004) filed] [added: 8-K](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex42.htm) [filed] on November 5, 2021).](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex42.htm) | | | | | | | | |

| [removed: 4.8] [added: 4.6] | | | | | | [Third Supplemental Indenture, dated as of November 5, 2021, among](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex43.htm) [removed: [](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex43.htm)[Invitation] [added: [Invitation] Homes Operating Partnership LP](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex42.htm)[, 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 [removed: 8-K (File No.1-38004) filed] [added: 8-K](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex43.htm) [filed] on November 5, 2021).](https://www.sec.gov/Archives/edgar/data/1687229/000119312521321610/d243454dex43.htm) | | | | | | | | |

| [removed: 4.9] [added: 4.7] | | | | | | [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 [removed: 8-K (File No.1-38004) filed] [added: 8-K](https://www.sec.gov/Archives/edgar/data/1687229/000119312522096215/d310642dex42.htm) [filed] on April 5, 2022).](https://www.sec.gov/Archives/edgar/data/1687229/000119312522096215/d310642dex42.htm) | | | | | | | | |

| [removed: 4.10] [added: 4.8] | | | | | | [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. Bank Trust Company, National Association, as trustee, including the form of the 5.450% Senior Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 2, 2023).](https://www.sec.gov/Archives/edgar/data/1687229/000119312523201731/d526126dex42.htm) | | | | | | | | |

| [removed: 4.11] [added: 4.9] | | | | | | [Sixth 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. 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).](https://www.sec.gov/Archives/edgar/data/1687229/000119312523201731/d526126dex43.htm) | | | | | | | | |

| [removed: 4.12] [added: 4.10] | | | | | | [Seventh Supplemental Indenture, dated as of [removed: September](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm)[26,] [added: 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 [removed: to](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [Exhibit](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm)[4.2](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [to] [added: to Exhibit 4.2 to] the Current Report on [removed: Form](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm)[8-K] [added: Form 8-K] of the Company filed [removed: on](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [September](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm)[26](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm)[,] [added: on September 26,] 2024).](https://www.sec.gov/Archives/edgar/data/1687229/000119312524226972/d810803dex42.htm) | | | | | | | | |

| 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 [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/0001687229/000168722921000033/notepurchaseagreement.htm) [filed] on May 26, 2021).](http://www.sec.gov/Archives/edgar/data/0001687229/000168722921000033/notepurchaseagreement.htm) | | | | | | | | |

| 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 [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000168722921000033/notepurchaseagreement.htm) [filed] on May 26, 2021)).](http://www.sec.gov/Archives/edgar/data/1687229/000168722921000033/notepurchaseagreement.htm) | | | | | | | | |

| 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 [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000168722921000033/notepurchaseagreement.htm) [filed] on May 26, 2021)).](http://www.sec.gov/Archives/edgar/data/1687229/000168722921000033/notepurchaseagreement.htm) | | | | | | | | |

| 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 [removed: 10-Q (File No. 1-38004) filed] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/1687229/000168722921000061/a102-parentguaranty.htm) [filed] on October 28, 2021).](https://www.sec.gov/Archives/edgar/data/1687229/000168722921000061/a102-parentguaranty.htm) | | | | | | | | |

| 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 [removed: 10-Q (File No. 1-38004) filed] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/1687229/000168722921000061/a101-parentguaranty.htm) [filed] on October 28, 2021).](https://www.sec.gov/Archives/edgar/data/1687229/000168722921000061/a101-parentguaranty.htm) | | | | | | | | |

| [removed: 10.6] [added: 10.9] | | | | | | [Amended and Restated [removed: Agreement of Limited Partnership of Invitation Homes Operating Partnership LP,] [added: Revolving Credit and Term Loan Agreement,] dated as of [removed: August 9, 2017,] [added: December 8, 2020,] by and among Invitation Homes [removed: OP GP LLC] [added: Operating Partnership LP, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent] and [removed: Invitation Homes Inc.] [added: the other parties party thereto] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to the Company’s Current Report on Form [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000042/exhibitcreditfacility.htm) [filed] on [removed: August 14, 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517256744/d436757dex102.htm)] [added: December 9, 2020).](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000042/exhibitcreditfacility.htm)] | | | | | | | | |

| 10.7 | | | | | | [Amended and Restated Registration Rights Agreement, dated as of October 4, 2016, among [removed: SWH and] [added: Starwood Waypoint Homes](http://www.sec.gov/Archives/edgar/data/1579471/000119312516735859/d264492dex101.htm) [and] the other parties named therein (incorporated by reference to Exhibit 10.1 of SWH’s Current Report on Form [removed: 8-K (File No. 1- 36163) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1579471/000119312516735859/d264492dex101.htm) [](http://www.sec.gov/Archives/edgar/data/1579471/000119312516735859/d264492dex101.htm)[filed] with the SEC on October 11, 2016).](http://www.sec.gov/Archives/edgar/data/1579471/000119312516735859/d264492dex101.htm) | | | | | | | | |

| [removed: 10.8] [added: 10.22] | | | | | | [removed: [Assignment and Assumption Agreement, dated as of November 16, 2017, between Invitation] [added: [Invitation] Homes Inc. [removed: and IH Merger Sub, LLC] [added: 2017 Omnibus Incentive Plan] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.4] to the Company’s Current Report on Form [removed: 8-K (File No.1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000119312517031958/d338003dex104.htm) [filed] on [removed: November 20, 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000119312517348234/d494074dex102.htm)] [added: February 6, 2017). †](http://www.sec.gov/Archives/edgar/data/1687229/000119312517031958/d338003dex104.htm)] | | | | | | | | |

| [removed: 10.9] [added: 10.11] | | | | | | [removed: [Amended] [added: [Second Amended] and Restated Revolving Credit and Term Loan Agreement, dated as of [removed: December 8, 2020,] [added: 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 [removed: Company’s] Current Report on Form 8-K [removed: (File No. 1-38004)] [added: of the Company] filed on [removed: December 9, 2020).](http://www.sec.gov/Archives/edgar/data/1687229/000168722920000042/exhibitcreditfacility.htm)] [added: September 10, 2024).](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm)] | | | | | | | | |

| [removed: 10.11] [added: 10.13] | | | | | | [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 [removed: 8-K (File No. 1-38004) filed] [added: 8-K](https://www.sec.gov/Archives/edgar/data/1687229/000119312522178809/d303063dex101.htm) [filed] on June 22, 2022).](https://www.sec.gov/Archives/edgar/data/1687229/000119312522178809/d303063dex101.htm) | | | | | | | | |

| [removed: 10.12] [added: 10.14] | | | | | | [removed: [Second Amended and Restated Revolving Credit and] [added: [First Amendment to] Term Loan Agreement, dated as of [removed: September](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm) [](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm)[9,] [added: September 9,] 2024, by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, [removed: Bank of America, N.A.,] [added: Capital One, National Association,] as administrative agent and the other parties party thereto (incorporated by reference to [removed: Exhibit](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm) [](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm)[10.1] [added: Exhibit 10.2] to the Current Report on Form 8-K of the Company filed on [removed: September](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm) [](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm)[10, 2024).](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex101.htm)] [added: September 10, 2024).](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm)] | | | | | | | | |

| [removed: 10.13] [added: 10.15] | | | | | | [removed: [First] [added: [Second] Amendment to Term Loan Agreement, dated as of [removed: September](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm) [](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm)[9, 2024,] [added: 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 [removed: Exhibit](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm) [](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm)[10.2] [added: Exhibit 10.1] to the Current Report on Form 8-K of the Company filed on [removed: September](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm) [](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm)[10, 2024).](https://www.sec.gov/Archives/edgar/data/0001687229/000119312524216645/d841111dex102.htm)] [added: April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1687229/000119312525107287/d851745dex101.htm)] | | | | | | | | |

| [removed: 10.14] [added: 10.17] | | | | | | [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 [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000168722917000011/ex10-1ihfnma2017xsfr1_loan.htm) [filed] May 1, 2017).](http://www.sec.gov/Archives/edgar/data/1687229/000168722917000011/ex10-1ihfnma2017xsfr1_loan.htm) | | | | | | | | |

| [removed: 10.15] [added: 10.18] | | | | | | [Loan Agreement, dated as of [removed: February 8,] [added: November 7,] 2018, between IH [removed: 2018-1 Borrower,] [added: 2018-4 Borrower] LP, as Borrower, and [removed: JPMorgan Chase Bank, National Association,] [added: German American Capital Corporation,] as Lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form [removed: 8-K (File No. 1-38004) filed] [added: 8](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000074/exhibit20184.htm)[\-](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000074/exhibit20184.htm)[K](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000074/exhibit20184.htm) [filed] on [removed: February 12, 2018).](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000005/a24243668_15x2018-1xihloan.htm)] [added: November 8, 2018).](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000074/exhibit20184.htm)] | | | | | | | | |

| [removed: 10.16] [added: 10.19] | | | | | | [Loan Agreement, dated as of [removed: May 8, 2018,] [added: June 7, 2019,] between [added: 2019-1] IH [removed: 2018-2 Borrower,] [added: Borrower] LP, as Borrower, and [removed: JPMorgan Chase Bank, National Association,] [added: Rothesay Life PLC,] as Lender (incorporated by reference to Exhibit 10.1 [removed: of] [added: to] the Company’s Current Report on Form [removed: 8-K (File No. 1-38004) filed] [added: 8-K](http://www.sec.gov/Archives/edgar/data/1687229/000168722919000037/exhibit20191.htm) [filed] on [removed: May 9, 2018).](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000026/a2018-2xihloanagreement.htm)] [added: June 10, 2019).](http://www.sec.gov/Archives/edgar/data/1687229/000168722919000037/exhibit20191.htm)] | | | | | | | | |

| 10.20 | | | | | | [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 [removed: 10-Q (File No. 1-38004) filed] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/1687229/000168722923000066/a2018-4ihsoframendmenttolo.htm) [filed] on July 27, 2023).](https://www.sec.gov/Archives/edgar/data/1687229/000168722923000066/a2018-4ihsoframendmenttolo.htm) | | | | | | | | |

| [removed: 10.22] [added: 10.21] | | | | | | [Form of Director and Officer Indemnification [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[(](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[incorporated] [added: Agreement (incorporated] by reference to [removed: Exhibit](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[10.20] [added: Exhibit 10.20] to the Company’s Annual Report on [removed: Form](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[10-K (File No. 1-38004) filed] [added: Form 10-K](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm) [filed] on [removed: February](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[21, 202](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[4](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[)](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[.](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm) [](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)[†](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)] [added: February 21, 2024). †](https://www.sec.gov/Archives/edgar/data/1687229/000168722924000013/exhibit1020invhindemnityag.htm)] | | | | | | | | |

| (c) [Exhibits](#iec8bffd01e49466cb03b2bb197323e54_253) | | | | | |

| 4.11 | | | | | | [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).](https://www.sec.gov/Archives/edgar/data/1687229/000119312525181906/d93422dex42.htm) | | | | | | | | |

| 10.12 | | | | | | [First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 4, 2026,](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-firstamendmenttosec.htm) [by and among Invitation Homes Operating Partnership LP, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-firstamendmenttosec.htm)[,](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-firstamendmenttosec.htm) [and](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-firstamendmenttosec.htm) [the other parties thereto](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-firstamendmenttosec.htm)[.](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-firstamendmenttosec.htm) | | | | | | | | |

| 10.16 | | | | | | [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](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-thirdamendmenttoter.htm)[,](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-thirdamendmenttoter.htm) [and the other parties party thereto](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-thirdamendmenttoter.htm)[.](https://www.sec.gov/Archives/edgar/data/1687229/000168722926000016/invh-thirdamendmenttoter.htm) | | | | | | | | |

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| | | | | | | | | | | | | | | |

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| | | | | | | | | | | | | | | |

| (c) [Exhibits](#i1e6fe245b6024fbd817a2bdbd881cef9_256) | | | | | |

| 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).](http://www.sec.gov/Archives/edgar/data/1579471/000156459017000275/sfr-ex41_7.htm) | | | | | | | | |

| 10.17 | | | | | | [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).](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000050/exhibit20183.htm) | | | | | | | | |

| 10.18 | | | | | | [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).](http://www.sec.gov/Archives/edgar/data/1687229/000168722918000074/exhibit20184.htm) | | | | | | | | |

| 10.19 | | | | | | [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).](http://www.sec.gov/Archives/edgar/data/1687229/000168722919000037/exhibit20191.htm) | | | | | | | | |

| 10.21 | | | | | | [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).](http://www.sec.gov/Archives/edgar/data/1579471/000119312517194589/d378470dex101.htm) | | | | | | | | |

| 10.31 | | | | | | [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). †](https://www.sec.gov/Archives/edgar/data/0001687229/000119312525035235/d925617dex101.htm) | | | | | | | | |

| 10.32 | | | | | | [Form of Award Notice and](https://www.sec.gov/Archives/edgar/data/0001687229/000119312525035235/d925617dex102.htm) [LTIP](https://www.sec.gov/Archives/edgar/data/0001687229/000119312525035235/d925617dex102.htm) [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). †](https://www.sec.gov/Archives/edgar/data/0001687229/000119312525035235/d925617dex102.htm) | | | | | | | | |

| 19.1 | | | | | | [Policies and Procedures for Trading in Securities of Invitation Homes Inc.](https://www.sec.gov/Archives/edgar/data/1687229/000168722925000008/exhibit191insidertradingpo.htm) | | | | | | | | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Dallas, Texas, on the [removed: 27th] [added: 19th] day of February [removed: 2025.][added: 2026.]

| | | | Title: [added: 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 [removed: 27th] [added: 19th] day of February [removed: 2025.][added: 2026.]

| /s/ Dallas B. Tanner | | | | | | [added: President,] Chief Executive Officer, and Director | | |

| /s/ [removed: Adm.] H. Wyman Howard III | | | | | | Director | | |

| [removed: Adm.] H. Wyman Howard III | | | | | | | | |

We have audited the accompanying consolidated balance sheets of Invitation Homes Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control—Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 27, 2025,] [added: 19, 2026,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

The Company owned [removed: approximately 85,000] [added: 86,192 individual] single-family residential properties with a [added: net] carrying value of [removed: $17.2] [added: $17.3] billion of investments in single-family residential properties, net on the balance sheet as of December 31, [removed: 2024.][added: 2025.]

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

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

As of December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

| | | | | | | [added: | | | | | | | | | | | | 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Land | | | | | | $ | [removed: 4,901,192] [added: 4,986,353] | | | | | $ | [removed: 4,881,890] [added: 4,901,192] | |

| Building and improvements | | | | | | [removed: 17,180,308] [added: 17,789,827] | | | | | | [removed: 16,670,006] [added: 17,180,308] | | |

| [added: Balance at beginning of period] | | | | | | [added: $ |] 22,081,500 | | | | | [added: $] | 21,551,896 | | | [added: | | $ | 20,700,935 | |]

| Less: accumulated depreciation | | | | | | [removed: (4,869,374)] [added: (5,501,558)] | | | | | | [removed: (4,262,682)] [added: (4,869,374)] | | |

| Investments in single-family residential properties, net | | | | | | [removed: 17,212,126] [added: 17,274,622] | | | | | | [removed: 17,289,214] [added: 17,212,126] | | |

| Cash and cash equivalents | | | | | | [removed: 174,491] [added: 129,971] | | | | | | [removed: 700,618] [added: 174,491] | | |

| Restricted cash | | | | | | [removed: 245,202] [added: 224,894] | | | | | | [removed: 196,866] [added: 245,202] | | |

| Investments in unconsolidated joint ventures | | | | | | [removed: 241,605] [added: 254,561] | | | | | | [removed: 247,166] [added: 241,605] | | |

| Other assets, net | | | | | | [removed: 569,320] [added: 538,035] | | | | | | [removed: 528,896] [added: 569,320] | | |

| Total assets | | | | | | $ | [removed: 18,700,951] [added: 18,680,290] | | | | | $ | [removed: 19,220,967] [added: 18,700,951] | |

| Unsecured notes, net | | | | | | [removed: 3,800,688] [added: 4,398,921] | | | | | | [removed: 3,305,467] [added: 3,800,688] | | |

| Term loan facilities, net | | | | | | [removed: 2,446,041] [added: 2,451,985] | | | | | | [removed: 3,211,814] [added: 2,446,041] | | |

| Revolving facility | | | | | | [removed: 570,000] [added: 145,000] | | | | | | [removed: —] [added: 570,000] | | |

| Accounts payable and accrued expenses | | | | | | [removed: 247,709] [added: 230,350] | | | | | | [removed: 200,590] [added: 247,709] | | |

| Resident security deposits | | | | | | [removed: 180,866] [added: 184,536] | | | | | | [removed: 180,455] [added: 180,866] | | |

| Other liabilities | | | | | | [removed: 277,565] [added: 317,492] | | | | | | [removed: 103,435] [added: 277,565] | | |

| Total liabilities | | | | | | [removed: 8,908,442] [added: 9,112,398] | | | | | | [removed: 9,030,532] [added: 8,908,442] | | |

| Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | | | | — | | | | | | — | | |

| Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, [removed: 612,605,478] [added: 610,788,732] and [removed: 611,958,239] [added: 612,605,478] outstanding as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | | | | [removed: 6,126] [added: 6,108] | | | | | | [removed: 6,120] [added: 6,126] | | |

| Additional paid-in capital | | | | | | [removed: 11,170,597] [added: 11,128,590] | | | | | | [removed: 11,156,736] [added: 11,170,597] | | |

| Accumulated deficit | | | | | | [removed: (1,480,928)] [added: (1,610,981)] | | | | | | [removed: (1,070,586)] [added: (1,480,928)] | | |

| Accumulated other comprehensive income | | | | | | [removed: 60,969] [added: 6,415] | | | | | | [removed: 63,701] [added: 60,969] | | |

| Total stockholders’ equity | | | | | | [removed: 9,756,764] [added: 9,530,132] | | | | | | [removed: 10,155,971] [added: 9,756,764] | | |

| Non-controlling interests | | | | | | [removed: 35,745] [added: 37,760] | | | | | | [removed: 34,464] [added: 35,745] | | |

| Total equity | | | | | | [removed: 9,792,509] [added: 9,567,892] | | | | | | [removed: 10,190,435] [added: 9,792,509] | | |

| Total liabilities and equity | | | | | | $ | [removed: 18,700,951] [added: 18,680,290] | | | | | $ | [removed: 19,220,967] [added: 18,700,951] | |

| /s/ Kellyn Smith Kenny | | | | | | Director | | |

| Kellyn Smith Kenny | | | | | | | | |

- 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.

February 19, 2026

| | | | | | | 22,776,180 | | | | | | 22,081,500 | | |

| Secured debt, net | | | | | | $ | 1,384,114 | | | | | $ | 1,385,573 | |

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

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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

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

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

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

| Repurchases of common stock | | | | | | (2,232,685) | | | | | | | | | | | | (22) | | | | | | (61,276) | | | | | | — | | | | | | — | | | | | | (61,298) | | | | | | — | | | | | | (61,298) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

| Balance as of December 31, 2025 | | | | | | 610,788,732 | | | | | | | | | | | | $ | 6,108 | | | | | $ | 11,128,590 | | | | | $ | (1,610,981) | | | | | $ | 6,415 | | | | | $ | 9,530,132 | | | | | $ | 37,760 | | | | | $ | 9,567,892 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

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

| Repurchases of common stock | | | | | | (53,207) | | | | | | — | | | | | | — | | |

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

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

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.

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.

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.

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.

*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.

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.

| Operating Activities: | | | | | | | | | | | | | | |

| Investing Activities: | | | | | | | | | | | | | | |

| Financing Activities: | | | | | | | | | | | | | | |

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

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

| | | | | | | | | |

| /s/ Richard D. Bronson | | | | | | Director | | |

| Richard D. Bronson | | | | | | | | |

| /s/ Janice L. Sears | | | | | | Director | | |

| Janice L. Sears | | | | | | | | |

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

- 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.

February 27, 2025

INVITATION HOMES INC.

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

| Secured term loan, net | | | | | | 401,649 | | | | | | 401,515 | | |

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

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance as of December 31, 2021 | | | | | | 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) | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | 383,329 | | | | | | — | | | | | | 383,329 | | | | | | 1,470 | | | | | | 384,799 | | |

| 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 | | |

| Total other comprehensive income | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 384,850 | | | | | | 384,850 | | | | | | 1,576 | | | | | | 386,426 | | |

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

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

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Acquisition of single-family residential properties | | | | | | (735,647) | | | | | | (969,670) | | | | | | (564,706) | | |

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

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

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.

To the

*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.