Item 1. FINANCIAL STATEMENTS

INVITATION HOMES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share data)

						June 30, 2026						December 31, 2025
						(unaudited)
Assets:
Investments in single-family residential properties:
Land						$	4,919,362					$	4,986,353
Building and improvements						17,730,129						17,789,827
						22,649,491						22,776,180
Less: accumulated depreciation						(5,764,848)						(5,501,558)
Investments in single-family residential properties, net						16,884,643						17,274,622
Cash and cash equivalents						75,786						129,971
Restricted cash						251,497						224,894
Goodwill						314,154						258,207
Investments in unconsolidated joint ventures						252,049						254,561
Other assets, net						670,181						538,035
Total assets						$	18,448,310					$	18,680,290
Liabilities:
Secured debt, net						$	1,385,098					$	1,384,114
Unsecured notes, net						4,402,839						4,398,921
Term loan facilities, net						2,458,754						2,451,985
Revolving facility						280,000						145,000
Accounts payable and accrued expenses						325,118						230,350
Resident security deposits						186,916						184,536
Other liabilities						316,974						317,492
Total liabilities						9,355,699						9,112,398
Commitments and contingencies (Note 14)
Equity:
Stockholders’ equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025						—						—
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively						5,906						6,108
Additional paid-in capital						10,604,456						11,128,590
Accumulated deficit						(1,588,885)						(1,610,981)
Accumulated other comprehensive income						32,940						6,415
Total stockholders’ equity						9,054,417						9,530,132
Non-controlling interests						38,194						37,760
Total equity						9,092,611						9,567,892
Total liabilities and equity						$	18,448,310					$	18,680,290

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

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share data)

(unaudited)

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025						2026						2025
Revenues:
Rental revenues and other property income						$	678,352					$	659,107					$	1,348,867					$	1,312,178
Management fee revenues						19,738						22,294						39,590						43,702
Homebuilding revenues						49,460						—						93,205						—
Total revenues						747,550						681,401						1,481,662						1,355,880
Expenses:
Property operating and maintenance						255,712						244,278						506,846						481,727
Property management expense						37,726						35,833						77,051						72,572
Homebuilding cost of sales						42,215						—						81,349						—
General and administrative						29,332						23,591						61,651						53,109
Interest expense						93,987						87,414						189,300						171,668
Depreciation and amortization						194,299						185,455						387,441						368,601
Casualty losses, impairment, and other						4,236						3,029						8,581						7,712
Total expenses						657,507						579,600						1,312,219						1,155,389
Gain on sale of property, net of tax						132,308						46,591						219,402						118,257
Losses from investments in unconsolidated joint ventures						(2,402)						(4,802)						(5,487)						(10,020)
Other, net						(298)						(2,223)						(2,642)						(1,079)
Net income						219,651						141,367						380,716						307,649
Net income attributable to non-controlling interests						(804)						(480)						(1,361)						(1,017)
Net income attributable to common stockholders						218,847						140,887						379,355						306,632
Net income available to participating securities						(675)						(222)						(1,383)						(450)
Net income available to common stockholders — basic and diluted (Note 12)						$	218,172					$	140,665					$	377,972					$	306,182
Weighted average common shares outstanding — basic						592,411,226						613,048,193						599,166,723						612,913,649
Weighted average common shares outstanding — diluted						592,497,804						613,261,904						599,328,126						613,312,641
Net income per common share — basic						$	0.37					$	0.23					$	0.63					$	0.50
Net income per common share — diluted						$	0.37					$	0.23					$	0.63					$	0.50

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

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025						2026						2025
Net income						$	219,651					$	141,367					$	380,716					$	307,649
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate swaps						17,054						(10,768)						31,824						(29,726)
Gains from interest rate swaps reclassified into earnings from accumulated other comprehensive income (loss)						(2,510)						(9,057)						(5,199)						(19,844)
Other comprehensive income (loss)						14,544						(19,825)						26,625						(49,570)
Comprehensive income						234,195						121,542						407,341						258,079
Comprehensive income attributable to non-controlling interests						(859)						(419)						(1,461)						(860)
Comprehensive income attributable to common stockholders						$	233,336					$	121,123					$	405,880					$	257,219

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

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three and Six Months Ended June 30, 2026

(in thousands, except share and per share data)

(unaudited)

												Common Stock
												Number of Shares						Amount						Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income						Total Stockholders' Equity						Non-Controlling Interests						Total Equity
Balance as of March 31, 2026												593,981,591						$	5,940					$	10,696,063					$	(1,629,420)					$	18,451					$	9,091,034					$	37,629					$	9,128,663
Net income												—						—						—						218,847						—						218,847						804						219,651
Total other comprehensive income												—						—						—						—						14,489						14,489						55						14,544
Dividends and dividend equivalents declared ($0.30 per share)												—						—						—						(178,312)						—						(178,312)						—						(178,312)
Distributions to non-controlling interests												—						—						—						—						—						—						(665)						(665)
Repurchases of common stock												(3,478,690)						(35)						(100,034)						—						—						(100,069)						—						(100,069)
Issuance of common stock — settlement of RSUs, net of tax												110,621						1						(548)						—						—						(547)						—						(547)
Share-based compensation expense												—						—						8,975						—						—						8,975						371						9,346
Balance as of June 30, 2026												590,613,522						$	5,906					$	10,604,456					$	(1,588,885)					$	32,940					$	9,054,417					$	38,194					$	9,092,611

												Common Stock
												Number of Shares						Amount						Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income						Total Stockholders' Equity						Non-Controlling Interests						Total Equity
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
Net income												—						—						—						379,355						—						379,355						1,361						380,716
Total other comprehensive income												—						—						—						—						26,525						26,525						100						26,625
Dividends and dividend equivalents declared ($0.60 per share)												—						—						—						(357,259)						—						(357,259)						—						(357,259)
Distributions to non-controlling interests												—						—						—						—						—						—						(1,723)						(1,723)
Repurchases of common stock												(20,579,736)						(206)						(538,982)						—						—						(539,188)						—						(539,188)
Issuance of common stock — settlement of RSUs, net of tax												404,526						4						(4,502)						—						—						(4,498)						—						(4,498)
Share-based compensation expense												—						—						19,350						—						—						19,350						696						20,046
Balance as of June 30, 2026												590,613,522						$	5,906					$	10,604,456					$	(1,588,885)					$	32,940					$	9,054,417					$	38,194					$	9,092,611

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

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)

For the Three and Six Months Ended June 30, 2025

(in thousands, except share and per share data)

(unaudited)

												Common Stock
												Number of Shares						Amount						Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income						Total Stockholders' Equity						Non-Controlling Interests						Total Equity
Balance as of March 31, 2025												612,883,911						$	6,129					$	11,174,953					$	(1,493,971)					$	31,320					$	9,718,431					$	36,583					$	9,755,014
Net income												—						—						—						140,887						—						140,887						480						141,367
Total other comprehensive loss												—						—						—						—						(19,764)						(19,764)						(61)						(19,825)
Dividends and dividend equivalents declared ($0.29 per share)												—						—						—						(178,266)						—						(178,266)						—						(178,266)
Distributions to non-controlling interest												—						—						—						—						—						—						(729)						(729)
Issuance of common stock — settlement of RSUs, net of tax												116,809						1						(730)						—						—						(729)						—						(729)
Share-based compensation expense												—						—						7,381						—						—						7,381						1,083						8,464
Redemption of OP Units for common stock												7,500						—						346						—						—						346						(346)						—
Balance as of June 30, 2025												613,008,220						$	6,130					$	11,181,950					$	(1,531,350)					$	11,556					$	9,668,286					$	37,010					$	9,705,296

												Common Stock
												Number of Shares						Amount						Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income						Total Stockholders' Equity						Non-Controlling Interests						Total Equity
Balance as of December 31, 2024												612,605,478						$	6,126					$	11,170,597					$	(1,480,928)					$	60,969					$	9,756,764					$	35,745					$	9,792,509
Net income												—						—						—						306,632						—						306,632						1,017						307,649
Total other comprehensive loss												—						—						—						—						(49,413)						(49,413)						(157)						(49,570)
Dividends and dividend equivalents declared ($0.58 per share)												—						—						—						(357,054)						—						(357,054)						—						(357,054)
Distributions to non-controlling interests												—						—						—						—						—						—						(1,330)						(1,330)
Issuance of common stock — settlement of RSUs, net of tax												395,242						4						(5,533)						—						—						(5,529)						—						(5,529)
Share-based compensation expense												—						—						16,540						—						—						16,540						2,081						18,621
Redemption of OP Units for common stock												7,500						—						346						—						—						346						(346)						—
Balance as of June 30, 2025												613,008,220						$	6,130					$	11,181,950					$	(1,531,350)					$	11,556					$	9,668,286					$	37,010					$	9,705,296

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

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

						For the Six Months Ended June 30,
						2026						2025
Operating Activities:
Net income						$	380,716					$	307,649
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						387,441						368,601
Share-based compensation expense						20,046						18,621
Amortization of deferred financing costs						13,231						10,705
Amortization of debt discounts						1,806						1,570
Provisions for impairment						1,430						99
Gain on sale of property, net of tax						(219,402)						(118,257)
Change in fair value of derivative instruments						1,087						(6,152)
Losses from investments in unconsolidated joint ventures, net of operating distributions						8,160						11,314
Other non-cash amounts included in net income						8,968						2,479
Changes in operating assets and liabilities:
Other assets, net						(893)						(17,586)
Accounts payable and accrued expenses						85,145						97,288
Resident security deposits						2,380						3,790
Other liabilities						(13,452)						2,857
Net cash provided by operating activities						676,663						682,978
Investing Activities:
Acquisition and initial renovations of single-family residential properties						(133,943)						(517,213)
Other capital expenditures for single-family residential properties						(111,304)						(110,863)
Proceeds from sale of single-family residential properties						469,114						267,692
Acquisition of homebuilding platform (Note 16)						(91,076)						—
Investments in land and construction in progress						(15,235)						—
Investments in unconsolidated joint ventures						(11,152)						(12,873)
Non-operating distributions from unconsolidated joint ventures						5,504						11,360
Fundings of construction loans						(24,252)						—
Other investing activities						(6,580)						(55,018)
Net cash provided by (used in) investing activities						81,076						(416,915)
Financing Activities:
Payment of dividends and dividend equivalents						(363,840)						(356,806)
Distributions to non-controlling interests						(1,697)						(1,330)
Repurchases of common stock						(547,279)						—
Payment of taxes related to net share settlement of RSUs						(4,498)						(5,529)
Payments on secured debt						(161)						(3,799)
Proceeds from revolving facility						535,000						270,000
Payments on revolving facility						(400,000)						(300,000)
Deferred financing costs paid						—						(3,128)
Other financing activities						(2,846)						(1,440)
Net cash used in financing activities						(785,321)						(402,032)
Change in cash, cash equivalents, and restricted cash						(27,582)						(135,969)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)						354,865						419,693
Cash, cash equivalents, and restricted cash, end of period (Note 4)						$	327,283					$	283,724

INVITATION HOMES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)

(unaudited)

						For the Six Months Ended June 30,
						2026						2025
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized						$	171,306					$	163,289
Interest capitalized as investments in single-family residential properties, net						747						1,064
Cash paid for income taxes						221						67
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						2,097						1,991
Financing cash flows from finance leases						2,846						1,443
Non-cash investing and financing activities:
Transfer of residential property, net to other assets, net for held for sale assets						$	188,730					$	56,792
Accrued residential property capital improvements at period end						8,055						10,799
Accrued renovation improvements at period end						699						1,121
Reclassification of construction in progress to residential property						8,340						—
Contingent consideration recognized for acquisition of homebuilding platform (Note 16)						8,500						—
Dividends declared but not paid at period end						177,858						178,020
Change in other comprehensive income (loss) from cash flow hedges						25,538						(43,418)
ROU assets obtained in exchange for operating lease liabilities						6,202						4,881
ROU assets obtained in exchange for finance lease liabilities						7,987						2,907

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

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 1—Organization and Formation

Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”), organized under the laws of Maryland, that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP, and its wholly owned subsidiaries (collectively, 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. As of June 30, 2026, we wholly own 85,509 homes for lease, jointly own 8,069 homes for lease, and provide professional third-party property and asset management services for an additional 15,639 homes.

The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of June 30, 2026, INVH owns 99.6% of the common OP Units directly and through Invitation Homes OP GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), and INVH has the full, exclusive, and complete responsibility for and discretion over the day-to-day management and control of INVH LP.

Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 7).

References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP.

Note 2—Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026.

We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.

Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. The investments in these joint ventures are subsequently adjusted for our

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our condensed consolidated statements of cash flows. When events or circumstances indicate that our investments in unconsolidated joint ventures may not be recoverable, we assess the investments for and recognize other-than-temporary impairment.

Non-controlling interests represent the OP Units not owned by INVH, including any OP Units resulting from vesting and conversion of units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, and the condensed consolidated statements of operations for the three and six months ended June 30, 2026 include an allocation of the net income attributable to the non-controlling interest holders. OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.

Significant Risks and Uncertainties

Our financial condition and results of operations are subject to risks related to global and United States economic conditions (including inflation, elevated interest rates, political dissension, and labor shortfalls), ongoing geopolitical tensions, and a general decline in business activity and/or consumer confidence. In addition, our business is subject to risks arising from legislative and regulatory initiatives at the federal, state, and local levels addressing residential housing supply and availability, including increased scrutiny of institutional ownership of single-family rental housing and proposals that could restrict or otherwise affect the acquisition, ownership, or operation of single-family residential rental properties. The viability of our land development, fee-building, and build-to-rent operations along with our construction and development lending activities similarly depends on these macroeconomic factors and on the continued participation of institutional purchasers, who have historically represented a meaningful source of demand for newly constructed single-family homes.

These factors could adversely affect (i) our occupancy levels, rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, (iv) the value of our homes and our business that could cause us to recognize impairments in the value of our tangible assets or goodwill, and (v) demand for our land development, fee-building, and build-to-rent operations along with our construction and development lending activities. Such macroeconomic conditions and geopolitical events may also negatively impact consumer income, credit availability, and spending, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. Regulatory actions or policy changes affecting single-family residential rental housing, whether enacted or proposed, including but not limited to the 21st Century ROAD to Housing Act that became federal law on July 11, 2026 (the “Housing Act”), 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, financial condition, or cash flows. In addition, expanded tenant-protection and rent regulation requirements (whether enacted or proposed) could increase operating costs, reduce revenue, limit operational flexibility, and increase litigation and regulatory enforcement risk.

The legislative uncertainty stemming from the various iterations of the Housing Act has also caused prospective institutional purchasers to defer or curtail acquisition activity, reducing demand for build-to-rent communities and fee-build operations, as well as the need for construction and development lending. To the extent institutional demand remains constrained, our revenues, margins, and returns on invested capital in these business activities could be materially adversely affected, and if institutional capital is redirected away from single-family housing, our ability to maintain a pipeline of controlled lots on favorable terms through joint ventures, land banking arrangements, or similar structures could be impaired. Even where final legislation preserves exemptions for build-to-rent development, the implementing regulatory framework may impose compliance costs or operational constraints that diminish the attractiveness of these programs to us, institutional investors, or our partners, and there can be no assurance that current exemptions will be maintained or that future legislative or regulatory action will not further restrict institutional participation in the single-family housing market.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

In addition, consumer confidence and spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors. Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business. Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter tariffs in response could lead to increased costs and supply chain disruptions.

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

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates.

Reclassifications

For the three and six months ended June 30, 2025, we combined balances of $90 and $311, respectively, from losses on investments in equity and other securities, net, into other, net to conform to our current presentation on the condensed consolidated statements of operation. 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 condensed consolidated statements of cash flows. The reclassifications had no effect on total reported operating, investing, or financing activities for the comparative periods.

						For the Six Months Ended June 30, 2025
Operating Activities:
Losses on investments in equity and other securities, net(1)						$	311
Investing Activities:
Deposits for acquisition of single-family residential properties(2)						8,934
Initial renovations to single-family residential properties(2)						(15,311)
Investments in equity securities(3)						(1,135)

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

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

(3)Reclassified into other investing activities.

Accounting Policies

There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Recently Adopted Accounting Standards

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows the election of a practical expedient when estimating credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. In developing reasonable and supportable forecasts, the practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The updated standard was effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. The amendments should be applied on a prospective basis. We have elected to apply the practical expedient, and this ASU did not have a material impact on our condensed consolidated financial statements and disclosures.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures, which requires public business entities to provide detailed disclosures in the notes to the condensed consolidated financial statements disaggregating specific expense categories, including employee compensation, depreciation, and intangible asset amortization, as well as certain other disclosures to provide enhanced transparency into the nature and function of expenses. This new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements and disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in a Business Combination in the Acquisition of a Variable Interest Entity. This ASU amends the guidance for determining the accounting acquirer in transactions involving the acquisition of a VIE that meets the definition of a business. The amendments are intended to improve consistency and comparability in financial reporting by aligning the accounting treatment of VIE acquisitions with that of VOEs. The ASU also allows for the possibility of reverse acquisitions involving VIEs, which was not permitted under prior guidance. The updated standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those fiscal years, with early adoption permitted. The amendments should be applied on a prospective basis. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs by removing prescriptive project stage guidance and introducing a principles-based capitalization threshold. The ASU requires entities to begin capitalizing internal-use software costs when (1) management has authorized and committed to funding the software project and (2) it is probable the project will be completed and the software will be used to perform the function intended. The amendment also introduces a requirement to evaluate significant development uncertainty with the development activities of the software. The updated standard is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments may be applied on a prospective, modified, or retrospective basis. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements and disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which introduces refinements to existing hedge accounting guidance. The amendments clarify application in five key areas: (1) similar risk assessment for cash flow hedges, (2) hedging interest payments on choose-your-rate debt, (3) cash flow hedges of nonfinancial forecasted transactions, (4) use of net written options as hedging instruments, and (5) foreign currency-denominated debt as both a hedging instrument and hedged item. The updated standard is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments should be applied on a prospective basis. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements and disclosures.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of Topic 270, specifies the form and content of interim financial statements, compiles a comprehensive list of existing interim disclosures required by GAAP, and introduces a disclosure principle requiring entities to report events since year end that have a material impact. The updated standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments should be applied on a prospective or retrospective basis. We are currently evaluating the impact of this ASU on our interim condensed consolidated financial statements and disclosures.

Note 3—Investments in Single-Family Residential Properties

The following table sets forth the net carrying amount associated with our properties by component:

						June 30, 2026						December 31, 2025
Land						$	4,919,362					$	4,986,353
Single-family residential property						16,993,852						17,049,737
Capital improvements						590,480						594,422
Equipment						145,797						145,668
Total gross investments in the properties						22,649,491						22,776,180
Less: accumulated depreciation						(5,764,848)						(5,501,558)
Investments in single-family residential properties, net						$	16,884,643					$	17,274,622

As of June 30, 2026 and December 31, 2025, the carrying amount of the residential properties above includes $147,400 and $148,650, respectively, of capitalized acquisition costs (excluding purchase price), along with $77,770 and $79,124, respectively, of capitalized interest, $30,857 and $31,493, respectively, of capitalized property taxes, $5,025 and $5,138, respectively, of capitalized insurance, and $3,709 and $3,758, respectively, of capitalized homeowners’ association (“HOA”) fees.

During the three months ended June 30, 2026 and 2025, we recognized $185,400 and $181,059, respectively, of depreciation expense related to the components of the properties, and $6,202 and $4,396, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended June 30, 2026 and 2025, impairments totaling $961 and $36, respectively, have been recognized and are included in casualty losses, impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

During the six months ended June 30, 2026 and 2025, we recognized $370,323, and $360,122, respectively, of depreciation expense related to the components of the properties, and $12,008, and $8,479, respectively, of depreciation and amortization related to corporate fixed assets. These amounts are included in depreciation and amortization on the condensed consolidated statements of operations. Further, during the six months ended June 30, 2026 and 2025, impairments totaling $1,430, and $99, respectively, have been recognized and are included in casualty losses, impairment, and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 4—Cash, Cash Equivalents, and Restricted Cash

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

						June 30, 2026												December 31, 2025
Cash and cash equivalents						$	75,786											$	129,971
Restricted cash						251,497												224,894
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows						$	327,283											$	354,865

Pursuant to the terms of the Secured Debt loans (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our Secured Debt loans are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We also hold deposits for certain tax deferred property exchange transactions and letters of credit required by certain of our insurance policies, for which the use of each are restricted. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash.

The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the Secured Debt loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours.

The balances of our restricted cash accounts are set forth in the table below. As of June 30, 2026 and December 31, 2025, no amounts were funded to the insurance accounts as the conditions specified in the Secured Debt loan agreements that require such funding did not exist.

						June 30, 2026						December 31, 2025
Resident security deposits						$	187,413					$	184,883
Tax deferred property exchange deposits						37,606						23,346
Property taxes						14,129						4,079
Collections						6,656						8,177
Capital expenditures						2,863						1,623
Letters of credit						2,554						2,510
Special and other reserves						276						276
Total						$	251,497					$	224,894

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 5—Investments In Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method of accounting, as of June 30, 2026 and December 31, 2025:

												Number of Properties Owned												Carrying Value
						Ownership Percentage						June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025
Pathway Property Company(1)						100.0%						866						853						$	114,689					$	111,811
2020 Rockpoint JV(1)						20.0%						2,604						2,605						32,091						36,885
Upward America JV(2)						7.2%						3,720						3,720						31,769						32,292
Pathway Operating Company(3)						15.0%						N/A						N/A						26,768						26,948
2024 Peregrine JV(4)						30.0%						119						119						15,906						16,073
FNMA(5)(6)						10.0%						298						320						15,644						17,280
2022 Rockpoint JV(1)						16.7%						462						389						15,182						13,272
Total																								$	252,049					$	254,561

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

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

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

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

(5)Owns homes within the Western United States.

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

Each joint venture was initially capitalized with equity investments. Certain of the joint ventures subsequently entered into financing arrangements, and we have guaranteed the funding of certain, tax, insurance, and non-conforming property reserves related to the financing of one of the joint ventures. Total remaining equity commitments for our investments in unconsolidated joint ventures are $93,678 as of June 30, 2026.

In some cases, responsibility for management and operations of the individual joint venture is vested with our joint venture partner or their affiliates. For other joint ventures, a wholly owned subsidiary of INVH LP functions as an administrative member responsible for management and operations of the individual joint venture, subject to the joint venture partner’s approval of major decisions. Accordingly, we do not have a controlling interest in any of our joint ventures, and they are accounted for using the equity method of accounting.

We recorded net losses from these investments for the three months ended June 30, 2026 and 2025, totaling $2,402 and $4,802, respectively, and for the six months ended June 30, 2026 and 2025, totaling $5,487 and $10,020, respectively, which are included in losses from investments in unconsolidated joint ventures on the condensed consolidated statements of operations.

We earn property and/or asset management fees from each of the joint ventures (except the Pathway Operating Company investment), and these fees are related party transactions. For the three months ended June 30, 2026 and 2025, we earned $6,028, and $6,306, respectively, and for the six months ended June 30, 2026 and 2025, we earned $12,324, and $12,467, respectively, of management fees from these related parties which are included in management fee revenues on the condensed consolidated statements of operations. As of June 30, 2026 and December 31, 2025, management fee receivables from our related parties totaled $1,953 and $1,884, respectively. (See Note 6 for additional information regarding total management fee revenues.)

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Note 6—Other Assets

As of June 30, 2026 and December 31, 2025, the balances in other assets, net are as follows:

						June 30, 2026						December 31, 2025
Receivables, net:
Rent receivables						$	29,591					$	31,772
Homebuilding receivables and contract assets						25,888						—
Construction and development loan receivables						29,317						6,032
Other receivables						14,489						28,407
Total receivables, net						99,285						66,211
Held for sale assets(1)						103,335						58,563
Investments in equity and other securities						64,758						63,122
Prepaid expenses						58,991						56,278
Corporate fixed assets, net						57,867						56,613
Investments in debt securities, net						55,147						54,972
ROU lease assets — operating and finance, net						55,068						45,949
Intangible assets other than goodwill						54,318						19,428
Derivative instruments (Note 8)						37,276						14,354
Land and construction in progress						28,512						23,839
Amounts deposited and held by others						17,860						39,419
Other						37,764						39,287
Total						$	670,181					$	538,035

(1)As of June 30, 2026 and December 31, 2025, 431 and 278 properties, respectively, are classified as held for sale.

Rent Receivables

We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented.

Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended June 30, 2026 and 2025, rental revenues and other property income includes $46,102 and $40,841 of variable lease payments, respectively. For the six months ended June 30, 2026 and 2025, rental revenues and other property income includes $90,085 and $84,521 of variable lease payments, respectively.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of June 30, 2026 are as follows:

Year						Lease Payments to be Received
Remainder of 2026						$	1,010,663
2027						742,777
2028						65,531
2029						—
2030						—
Thereafter						—
Total						$	1,818,971

Homebuilding Receivables and Contract Assets

Homebuilding revenues and the corresponding receivables relate to performance obligations associated with the construction of residential properties for third‑party fee-build customers. These fee‑build contracts are generally structured as either fixed‑price arrangements, which include the contract fee, or cost‑plus‑fee arrangements, with fees determined as a percentage of costs incurred. Performance obligations are satisfied over time, and revenue is recognized as progress is made toward completion of the underlying contractual obligations. The determination of total expected costs requires the application of professional judgment and estimates, including labor, materials, and other direct and indirect costs necessary to satisfy the related performance obligations. We believe this revenue recognition approach appropriately reflects the transfer of control to the customer.

Construction in progress is included as a component of homebuilding receivables and contract assets and represents capitalized direct construction costs incurred on a project that have not yet been billed. As of June 30, 2026, construction in progress totaled $5,991, and there were no construction in progress as of December 31, 2025.

In fulfilling our performance obligations, we engage subcontractors and incur other direct costs on behalf of our customers. These costs are reimbursable and, in accordance with GAAP, are included in both homebuilding revenues and homebuilding cost of sales on the condensed consolidated statements of operations. For the three and six months ended June 30, 2026, we recognized total homebuilding revenues of $49,460 and $93,205, respectively.

Homebuilding receivables represent amounts billed to customers that have not yet been collected and reflect our unconditional right to cash. Customer payments are typically received within 30 to 45 days of billing. As of June 30, 2026, homebuilding receivables totaled $16,292, and there were no homebuilding receivables as of December 31, 2025.

Revenue recognition may not align with billing or cash collections due to contractual billing terms, including advance billings and billings based on the completion of work, and may result in contract assets or contract liabilities. Contract assets primarily arise when revenue is recognized in advance of billings, in accordance with contract terms, and are reclassified to accounts receivable when our right to consideration becomes unconditional. As of June 30, 2026, contract assets totaled $3,605, and there were no contract assets as of December 31, 2025.

Contract liabilities primarily arise from advance billings, as permitted under contract terms, or payments received prior to the satisfaction of the related performance obligations and are recognized as revenue as we fulfill our performance obligations. These amounts are included in other liabilities on the condensed consolidated balance sheets. As of June 30, 2026, contract liabilities totaled $94, and there were no contract liabilities as of December 31, 2025.

Remaining performance obligations represent contracted revenue not yet recognized, including unearned revenue and unbilled amounts to be recognized in future periods. As of June 30, 2026, we allocated $250,376 of transaction price to unsatisfied or partially satisfied performance obligations. Approximately 56% is expected to be recognized within the next twelve months, with the remaining amount recognized over the next two to three years.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Construction and Development Loan Receivables

Construction and development loan receivables represent loans provided by us to third‑party customers to finance construction projects for the development of single-family residential properties. These loans are generally advanced throughout the life of the construction project and are secured by the underlying construction projects, including the related real estate assets under construction. The loan receivables are recorded at their outstanding principal balance, which includes funded loan advances and accrued interest, as applicable. The carrying amount of the loan receivables is net of deferred loan origination fees and costs, which are amortized over the life of the loan using the effective interest method. As of June 30, 2026, we have funded $31,521 on six loans with remaining commitments totaling $247,918. As of December 31, 2025, we had funded $6,638 on two loans with remaining commitments totaling $67,461.

Other Receivables

Other receivables consist primarily of receivables for property and asset management services provided to portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures (see Note 5), and other miscellaneous receivables. Our property and asset management services include resident support, maintenance, marketing, and administrative functions. As of June 30, 2026 and 2025, we provided property and asset management services for 23,708 and 24,483 homes, respectively, of which 8,069 and 7,698 homes, respectively, were owned by our unconsolidated joint ventures. For the three months ended June 30, 2026 and 2025, we earned management fees totaling $19,738 and $22,294, respectively. For the six months ended June 30, 2026 and 2025, we earned management fees totaling $39,590 and $43,702, respectively. These revenues are included in management fee revenues on the condensed consolidated statements of operations.

Investments in Equity and Other Securities

We hold investments in equity and other securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of June 30, 2026 and December 31, 2025, the values of our investments in equity and other securities are as follows:

						June 30, 2026						December 31, 2025
Investments without a readily determinable fair value						$	64,271					$	62,296
Investments with a readily determinable fair value						487						826
Total						$	64,758					$	63,122

Gains (losses) on investments in equity and other securities, net, are included in other, net on the condensed consolidated statements of operations. Net unrealized losses on investments still held at the reporting date with a readily determinable fair value were $127 and $90 for the three months ended June 30, 2026 and 2025, respectively, and $339 and $311 for the six months ended June 30, 2026 and 2025, respectively. We did not recognize any gains or losses on investments sold during the three and six months ended June 30, 2026 and 2025.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Intangible Assets other than Goodwill

The following table presents the gross carrying amount and accumulated amortization, calculated using the straight‑line method over the estimated useful lives, in total and by major class of intangible assets, as of June 30, 2026 and December 31, 2025:

						June 30, 2026
						Gross Carrying Amount						Accumulated Amortization						Net Intangible Assets						Amortization Period
Customer relationships(1)						$	32,000					$	(3,307)					$	28,693					4 — 5 years
Trade name(1)						8,000						(465)						7,535						8 years
Property and asset management contracts						24,244						(6,154)						18,090						5 — 10 years
Total						$	64,244					$	(9,926)					$	54,318

						December 31, 2025
						Gross Carrying Amount						Accumulated Amortization						Net Intangible Assets						Amortization Period
Property and asset management contracts						$	24,244					$	(4,816)					$	19,428					5 — 10 years

(1)We recorded $40,000 of intangible assets in connection with the acquisition of ResiBuilt (as defined in Note 16) in January 2026.

Amortization expense totaled $2,697 and $669 for the three months ended June 30, 2026 and 2025, respectively, and $5,110 and $1,338 for the six months ended June 30, 2026 and 2025, respectively. The expected future amortization expense for intangible assets as of June 30, 2026 are as follows:

Year						Amortization
Remainder of 2026						$	5,393
2027						10,787
2028						10,787
2029						10,329
2030						6,985
Thereafter						10,037
Total						$	54,318

Investments in Debt Securities, net

In connection with our Secured Debt (as defined in Note 7), we have retained and purchased certificates totaling $55,147, net of unamortized discounts of $352 as of June 30, 2026. These investments in debt securities are classified as held to maturity investments. As of June 30, 2026, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature in one year.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net

The following table presents supplemental information related to leases into which we have entered as a lessee as of June 30, 2026 and December 31, 2025:

						June 30, 2026												December 31, 2025
						Operating Leases						Finance Leases						Operating Leases						Finance Leases
Other assets						$	36,213					$	18,855					$	32,133					$	13,816
Other liabilities (Note 14)						40,567						18,442						35,494						13,512
Weighted average remaining lease term						8.8 years						3.1 years						9.1 years						3.1 years
Weighted average discount rate						5.7%						5.8%						5.7%						5.9%

Land and Construction in Progress

We hold investments in land held for potential future construction and have incurred costs for construction in progress for single‑family homes that we intend to own and lease upon completion of development activities.

Other

Other is primarily comprised of net deferred financing costs and other deferred costs, including those that will be capitalized as corporate fixed assets upon deployment of internally developed software. In connection with the Revolving Facility (as defined in Note 7), we incurred $25,626 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date, as appropriate. As of June 30, 2026 and December 31, 2025, the unamortized balances of these deferred financing costs are $14,025 and $17,230, respectively.

Note 7—Debt

Secured Debt

The following table sets forth a summary of our secured debt as of June 30, 2026 and December 31, 2025:

																																				Outstanding Principal Balance**(1)**
						Origination Date						Maturity Date												Interest Rate												June 30, 2026						December 31, 2025
IH 2017-1(2)(3)(4)						April 28, 2017						June 9, 2027												4.23%												$	987,500					$	987,486
IH 2019-1(5)						June 7, 2019						June 9, 2031												3.59%												400,386						400,386
Total Secured Debt																								1,387,886						1,387,872
Less: deferred financing costs, net																								(2,788)						(3,758)
Total																								$	1,385,098					$	1,384,114

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

(2)IH 2017-1 is comprised of two components, and Component A benefits from the Federal National Mortgage Association’s guaranty of timely payment of principal and interest. IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. Interest payments are made monthly.

(3)Net of unamortized discount of $352 and $527 as of June 30, 2026 and December 31, 2025, respectively.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

(4)On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488,000 voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4,880 (see Note 17).

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

IH 2017-1 and IH 2019-1 (collectively, the “Secured Debt”) are secured by first priority mortgages on the underlying properties as well as first priority pledges of the equity in the assets of the respective Borrower Entities. IH 2017-1 is further secured by a grant of security interests in all the related personal property.

As of June 30, 2026 and December 31, 2025, a total of 8,890 and 8,891 homes, with a gross book value of $1,947,076 and $1,929,649, respectively, and a net book value of $1,294,098 and $1,311,955, respectively, are pledged pursuant to the Secured Debt. Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties. In addition, four times after the first anniversary of the closing date, the IH 2019-1 Borrower Entity has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15% of the then-outstanding principal balance of the loan in order to bring the loan-to-value ratio back in line with the loan’s loan-to-value ratio as of the closing date. Any such special release of collateral would not change the then-outstanding principal balance of the loan, but rather would reduce the number of single-family rental homes included in the collateral pool.

Transaction with Trust

Concurrent with the execution of the IH 2017-1 loan agreement, the respective third-party lender sold the loan it originated to an individual depositor entity, which is a wholly owned subsidiary, who subsequently transferred the loan to a securitization-specific trust entity (the “Trust”). We accounted for the transfer of IH 2017-1 as a sale under ASC 860, Transfers and Servicing, with no resulting gain or loss as the securitization was both originated by the lender and immediately transferred at the same fair market value. This transaction had no effect on our condensed consolidated financial statements other than with respect to certificates issued by the Trust (the “Certificates”) that we retained in connection with securitization or purchased at a later date.

The Trust is structured as a pass-through entity that receives interest payments from the securitization and distributes those payments to the holders of the Certificates. The assets held by the Trust are restricted and can only be used to fulfill the obligations of that entity. The obligations of the Trust do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in certain certificates of the Trust held by us and determined that they do not create a more than insignificant variable interest in the Trust.

As the Trust made Certificates available for sale to both domestic and foreign investors, sponsors of the IH 2017-1 loan are required to retain a portion of the risk that represents a material net economic interest in the loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As loan sponsors, we are thus required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date. Accordingly, we have retained the restricted Class B Certificates issued by IH 2017-1, which bear a stated annual interest rate of 4.23% (including applicable servicing fees), that were made available exclusively to INVH LP to comply with the Risk Retention Rules.

The retained certificates, net of discount, total $55,147 and $54,972 as of June 30, 2026 and December 31, 2025, respectively, and are classified as held to maturity investments and recorded in other assets, net on the condensed consolidated balance sheets (see Note 6).

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Loan Covenants

The general terms that apply to the Secured Debt loan agreements require each Borrower Entity to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting, and legal requirements specified in the Secured Debt loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective Secured Debt loan agreements. Negative covenants include each Borrower Entity’s, and certain of their affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves.

Prepayments

Prepayments of Secured Debt are generally not permitted under the terms of the respective loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance or prepayment premium if prepayment occurs before specified dates. For IH 2017-1 and IH 2019-1, prepayments on or before December 2026 or June 2030, respectively, will require a yield maintenance or prepayment premium. For the six months ended June 30, 2026 and 2025, we made voluntary and mandatory prepayments totaling $161 and $3,799, respectively, under the terms of the loan agreements. On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488,000 voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4,880 (see Note 17).

Unsecured Notes

Our unsecured notes are issued in connection with either an underwritten public offering pursuant to our shelf registration statement or in connection with a private placement transaction with certain institutional investors (collectively, the “Unsecured Notes”). Our current shelf registration statement automatically became effective upon filing with the SEC in June 2024 and expires in June 2027. We utilize proceeds from the Unsecured Notes to fund: (i) repayments of then-outstanding indebtedness; (ii) closing costs in connection with the Unsecured Notes; and (iii) general costs associated with our operations and other corporate purposes, including acquisitions. Interest on the Unsecured Notes is payable semi-annually in arrears.

The following table sets forth a summary of our Unsecured Notes as of June 30, 2026 and December 31, 2025:

						Interest Rate**(1)**						June 30, 2026						December 31, 2025
Total Unsecured Notes, net(2)						2.00% — 5.50%						$	4,427,987					$	4,426,356
Deferred financing costs, net												(25,148)						(27,435)
Total												$	4,402,839					$	4,398,921

(1)Represents the range of contractual rates in place as of June 30, 2026.

(2)Net of unamortized discount of $22,013 and $23,644 as of June 30, 2026 and December 31, 2025, respectively. Maturity dates for the Unsecured Notes range from May 2028 through May 2036 (see “Debt Maturities Schedule” for additional information).

Debt Issuances

During the six months ended June 30, 2026 and 2025, no Unsecured Notes were issued. On July 8, 2026, in a public offering under our existing shelf registration statement, we issued $500,000 aggregate principal amount of 4.95% Senior Notes which mature on February 1, 2032 (see Note 17).

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Prepayments

The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a redemption price equal to (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest and (ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption occurs in certain amounts or in certain periods that range from one to three months prior to the maturity date. The privately placed Unsecured Notes require any prepayment to be an amount not less than 5% of the aggregate principal amount then outstanding.

Guarantees

The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by INVH and two of its wholly owned subsidiaries, the General Partner, and IH Merger Sub, LLC (“IH Merger Sub”).

Loan Covenants

The Unsecured Notes issued publicly under our registration statement contain customary covenants, including, among others, limitations on the incurrence of debt; and they include the following financial covenants related to the incurrence of debt: (i) an aggregate debt test; (ii) a debt service test; (iii) a maintenance of total unencumbered assets; and (iv) a secured debt test.

The privately placed Unsecured Notes contain customary covenants, including, among others, limitations on distributions, fundamental changes, and transactions with affiliates; and they include the following financial covenants, subject to certain qualifications: (i) a maximum total leverage ratio; (ii) a maximum secured leverage ratio; (iii) a maximum unencumbered leverage ratio; (iv) a minimum fixed charge coverage ratio; and (v) a minimum unsecured interest coverage ratio.

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

Term Loan Facilities and Revolving Facility

On September 9, 2024, we entered into the Second Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of banks, financial institutions, and institutional lenders for a new credit facility, as amended, (the “Credit Facility”). The Credit Facility provides $3,500,000 of borrowing capacity and consists of a $1,750,000 revolving facility (the “Revolving Facility”) and a $1,750,000 term loan facility (the “2024 Term Loan Facility”), both of which mature on September 9, 2028, with two six month extension options available. The Revolving Facility also includes borrowing capacity for letters of credit. The Credit Facility provides us with the option to enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us with the option to increase the size of the Revolving Facility and/or the 2024 Term Loan Facility such that the aggregate amount does not exceed $4,000,000 at any time), subject to certain limitations.

The Credit Facility replaced a credit facility that consisted of a $1,000,000 revolving credit facility (the “2020 Revolving Facility”) and a $2,500,000 term loan facility (the “2020 Term Loan Facility,” and together with the 2020 Revolving Facility, the “2020 Credit Facility”). The terms and conditions of the Credit Facility are consistent with those of the 2020 Credit Facility except as otherwise noted below.

Proceeds from the 2024 Term Loan Facility, a $750,000 borrowing on the Revolving Facility on the date of effectiveness of the Credit Facility, and excess cash on hand were used to fully repay the 2020 Term Loan Facility and to pay costs associated with the transaction. Future proceeds from the Revolving Facility are expected to be used for general corporate purposes.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans, as amended, (the “2022 Term Loan Facility” and together with the 2024 Term Loan Facility and the 2020 Term Loan Facility, the “Term Loan Facilities”). The 2022 Term Loan Facility provided $725,000 of borrowing capacity, consisting of a $150,000 initial term loan (the “Initial Term Loan”) and delayed draw term loans totaling $575,000 (the “Delayed Draw Term Loans”) which were fully drawn on December 8, 2022. The Initial Term Loan and the Delayed Draw Term Loans (together, the “2022 Term Loans”) originally matured on June 22, 2029. The 2022 Term Loan Facility also includes an accordion feature providing the option to increase the size of the 2022 Term Loans or enter into additional incremental 2022 Term Loans, such that the aggregate amount of all 2022 Term Loans does not exceed $950,000 at any time, subject to certain limitations. On April 28, 2025, we entered into an amendment to the 2022 Term Loan Facility that (1) amends the initial maturity date from June 22, 2029 to April 28, 2028, with two one year extension options at our election, provided we are in compliance with the loan agreement and pay a 12.5 bps extension fee and (2) adjusts the margin applicable to borrowings as more fully described below.

The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facility, as of June 30, 2026 and December 31, 2025:

						Maturity Date						Interest Rate						June 30, 2026						December 31, 2025
2024 Term Loan Facility(1)(2)						September 9, 2028						4.50%						$	1,750,000					$	1,750,000
2022 Term Loan Facility(3)(4)						April 28, 2028						4.50%						725,000						725,000
Total Term Loan Facilities																		2,475,000						2,475,000
Less: deferred financing costs, net																		(16,246)						(23,015)
Term Loan Facilities, net																		$	2,458,754					$	2,451,985
Revolving Facility(1)(2)(5)						September 9, 2028						4.43%						$	280,000					$	145,000

(1)Interest rates for the 2024 Term Loan Facility and the Revolving Facility are based on the weighted average spread over a published forward-looking SOFR for the interest period relevant to such borrower (“Term SOFR”), plus an applicable margin. As of June 30, 2026, the applicable margins were 0.85% and 0.78% for the 2024 Term Loan Facility and the Revolving Facility, respectively, and Term SOFR was 3.65%. On February 4, 2026, we entered into an amendment to the Credit Facility whereby Term SOFR is no longer subject to a 0.10% credit spread adjustment.

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

(3)Interest rate for the 2022 Term Loan Facility is based on Term SOFR plus the applicable margin. As of June 30, 2026, the applicable margin was 0.85% and Term SOFR was 3.65%.

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

(5)As of June 30, 2026, $1,470,000 of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants.

Interest Rate and Fees

Borrowings under the Credit Facility bear interest, at our option, at a rate equal to a margin over either (a) Term SOFR for the interest period relevant to such borrowing, (b) a daily SOFR rate calculated without considering accrued interest, or (c) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, (3) the Term SOFR rate that would be payable on such day for a Term SOFR loan with a one-month interest period plus 1.00%, and (4) 1.00%.

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

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

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

						Base Rate Loans																		SOFR Rate Loans
2024 Term Loan Facility						0.00%			—			0.60%																		0.75%			—			1.60%
2022 Term Loan Facility, prior to amendment						0.15%			—			1.20%												1.15%			—			2.20%
2022 Term Loan Facility, as amended						0.00%			—			0.60%																		0.75%			—			1.60%
Revolving Facility						0.00%			—			0.40%																		0.70%			—			1.40%

In addition to paying interest on outstanding principal, we are required to pay certain facility and unused commitment fees. Under the Credit Facility, we are required to pay a facility fee ranging from 0.10% to 0.30%. We are also required to pay customary letter of credit fees.

Prepayments and Amortization

No principal reductions are required under the Credit Facility or the 2022 Term Loan Facility. We are permitted to voluntarily repay amounts outstanding under the 2024 Term Loan Facility at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with respect to Term SOFR loans. After June 22, 2024, we are also permitted to voluntarily repay amounts outstanding under the 2022 Term Loan Facility without premium or penalty. Once repaid, no further borrowings will be permitted under the Term Loan Facilities.

Loan Covenants

The Credit Facility and the 2022 Term Loan Facility contain certain customary affirmative and negative covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of our subsidiaries to (i) engage in certain mergers, consolidations, or liquidations, (ii) sell, lease, or transfer all or substantially all of our respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and (vi) enter into certain burdensome agreements.

The Credit Facility and the 2022 Term Loan Facility also require us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, and (v) minimum unsecured interest coverage ratio. If an event of default occurs, the lenders under the Credit Facility and the 2022 Term Loan Facility are entitled to take various actions, including the acceleration of amounts due thereunder.

Guarantees

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

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Debt Maturities Schedule

The following table summarizes the contractual maturities of our debt as of June 30, 2026:

Year						Secured Debt**(1)**												Unsecured Notes**(2)**						Term Loan Facilities**(3)(4)**						Revolving Facility**(3)(5)**												Total
2026						$	—											$	—					$	—					$	—											$	—
2027						987,852												—						—						—												987,852
2028						—												750,000						2,475,000						280,000												3,505,000
2029						—												—						—						—												—
2030						—												450,000						—						—												450,000
Thereafter						400,386												3,250,000						—						—												3,650,386
Total						1,388,238												4,450,000						2,475,000						280,000												8,593,238
Less: deferred financing costs, net						(2,788)												(25,148)						(16,246)						—												(44,182)
Less: unamortized debt discount						(352)												(22,013)						—						—												(22,365)
Total						$	1,385,098											$	4,402,839					$	2,458,754					$	280,000											$	8,526,691

(1)On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488,000 voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4,880 (see Note 17).

(2)On July 8, 2026, in a public offering under our existing shelf registration statement, we issued $500,000 aggregate principal amount of 4.95% Senior Notes which mature on February 1, 2032 (see Note 17).

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

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

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

Note 8—Derivative Instruments

We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments. We do not enter into derivative transactions for speculative or trading purposes. Each of our swap agreements meets the criteria for hedge accounting and has been designated for hedge accounting purposes. Changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The table below summarizes our interest rate swap instruments as of June 30, 2026:

Agreement Date						Forward Effective Date						Maturity Date						Strike Rate						Index						Notional Amount
September 20, 2024						December 31, 2024						May 31, 2028						3.13%						One month Term SOFR						$	200,000
September 20, 2024						December 31, 2024						May 31, 2028						3.14%						One month Term SOFR						200,000
September 23, 2024						December 31, 2024						May 31, 2028						3.13%						One month Term SOFR						200,000
September 24, 2024						December 31, 2024						May 31, 2028						3.08%						One month Term SOFR						200,000
September 24, 2024						December 31, 2024						May 31, 2028						3.08%						One month Term SOFR						200,000
September 25, 2024						December 31, 2024						May 31, 2028						1.93%						One month Term SOFR						200,000
September 25, 2024						December 31, 2024						May 31, 2029						3.12%						One month Term SOFR						200,000
May 8, 2025						May 8, 2025						May 31, 2028						3.51%						One month Term SOFR						200,000
June 20, 2025						June 20, 2025						May 31, 2028						3.60%						One month Term SOFR						200,000
March 22, 2023						July 9, 2025						May 31, 2029						2.99%						One month Term SOFR						300,000

During the six months ended June 30, 2026 and 2025, interest rate swap instruments were used to hedge the variable cash flows associated with existing variable-rate interest payments. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next 12 months, we estimate that $15,903 will be reclassified to earnings as a decrease in interest expense.

Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:

						Asset Derivatives																		Liability Derivatives
												Fair Value as of																		Fair Value as of
						Balance Sheet Location						June 30, 2026						December 31, 2025						Balance Sheet Location						June 30, 2026						December 31, 2025
Derivatives designated as hedging instruments:
Interest rate swaps						Other assets						$	37,276					$	14,354					Other liabilities						$	—					$	2,616
Derivatives not designated as hedging instruments:
Interest rate caps						Other assets						—						—						Other liabilities						—						—
Total												$	37,276					$	14,354											$	—					$	2,616

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Offsetting Derivatives

We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2026 and December 31, 2025:

						June 30, 2026
																								Gross Amounts Not Offset in the Statement of Financial Position
						Gross Amounts of Recognized Assets/ Liabilities						Gross Amounts Offset in the Statement of Financial Position						Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position						Financial Instruments						Cash Collateral Received						Net Amount
Offsetting assets:
Derivatives						$	37,276					$	—					$	37,276					$	—					$	—					$	37,276
Offsetting liabilities:
Derivatives						$	—					$	—					$	—					$	—					$	—					$	—

						December 31, 2025
																								Gross Amounts Not Offset in the Statement of Financial Position
						Gross Amounts of Recognized Assets/ Liabilities						Gross Amounts Offset in the Statement of Financial Position						Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position						Financial Instruments						Cash Collateral Received						Net Amount
Offsetting assets:
Derivatives						$	14,354					$	—					$	14,354					$	(1,106)					$	—					$	13,248
Offsetting liabilities:
Derivatives						$	2,616					$	—					$	2,616					$	(1,106)					$	—					$	1,510

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

The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended June 30, 2026 and 2025:

						Amount of Gain (Loss) Recognized in OCI on Derivatives												Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income						Amount of Gain Reclassified from Accumulated OCI into Net Income												Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
						For the Three Months Ended June 30,															For the Three Months Ended June 30,												For the Three Months Ended June 30,
						2026						2025															2026						2025												2026						2025
Derivatives in cash flow hedging relationships:
Interest rate swaps						$	17,054					$	(10,768)											Interest expense						$	2,510					$	9,057											$	93,987					$	87,414

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

During the three months ended June 30, 2026 and 2025, we did not recognize any gains or losses related to derivative instruments, as there were no undesignated instruments outstanding during those periods.

The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the six months ended June 30, 2026 and 2025:

						Amount of Gain (Loss) Recognized in OCI on Derivatives												Location of Gain (Loss) Reclassified from Accumulated OCI into Net Income						Amount of Gain Reclassified from Accumulated OCI into Net Income												Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations
						For the Six Months Ended June 30,															For the Six Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025															2026						2025												2026						2025
Derivatives in cash flow hedging relationships:
Interest rate swaps						$	31,824					$	(29,726)											Interest expense						$	5,199					$	19,844											$	189,300					$	171,668

During the six months ended June 30, 2026 and 2025, we did not recognize any gains or losses related to derivative instruments, as there were no undesignated instruments outstanding during those periods.

Credit-Risk-Related Contingent Features

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

As of June 30, 2026, we were not in a net liability position with any of our derivative counterparties.

Note 9—Stockholders’ Equity

As of June 30, 2026, we have 590,613,522 shares of common stock issued and outstanding. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of June 30, 2026, 2,196,519 OP Units are outstanding, of which 225,010 are not currently redeemable.

During the three and six months ended June 30, 2026, we issued 110,621 and 404,526, shares of common stock, respectively. During the three and six months ended June 30, 2025, we issued 124,309 and 402,742, shares of common stock, respectively. During the three and six months ended June 30, 2026, we repurchased 3,478,690 and 20,579,736 shares of common stock, respectively. No shares of common stock were repurchased during the three and six months ended June 30, 2025.

Share Repurchase Programs

From time to time, our board of directors may authorize share repurchase programs through open market purchases or negotiated transactions, including through Rule 10b5-1 plans. Repurchases under share repurchase programs are made at our discretion and are not required or guaranteed. The timing and actual number of shares repurchased depends on a variety of factors, including price, corporate and regulatory requirements, market conditions, and other liquidity needs and priorities. Unless otherwise specified, share repurchase programs do not have an expiration date. Under Maryland law, our state of incorporation, there is no concept of treasury shares. Therefore, any shares we repurchase are immediately retired and revert to authorized but unissued status upon settlement.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

On October 28, 2025 and April 27, 2026, our board of directors authorized separate share repurchase programs, under which we may acquire shares of our common stock through the open market or negotiated transactions up to an aggregate purchase price of $500,000 pursuant to each program. During the three and six months ended June 30, 2026, we repurchased an aggregate of 3,478,690 and 20,579,736 shares of our common stock for a total cost of $100,069 and $539,188, respectively, inclusive of legal fees and commissions. As of June 30, 2026, $400,000 remains available for future repurchases under the April 27, 2026 share repurchase program.

At the Market Equity Program

On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), and on June 14, 2024, we entered into distribution agreements with additional Agents and Forward Sellers. Pursuant to these agreements, we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the three and six months ended June 30, 2026 and 2025, we did not sell any shares of common stock under the ATM Equity Program. As of June 30, 2026, $1,150,000 remains available for future offerings under the ATM Equity Program.

Dividends

To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders that in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.

The following table summarizes our dividends paid from January 1, 2025 through June 30, 2026:

						Record Date						Amount per Share						Pay Date						Total Amount Paid
Q2-2026						March 26, 2026						$	0.30					April 17, 2026						$	179,322
Q1-2026						December 23, 2025						0.30						January 16, 2026						183,855
Q4-2025						September 25, 2025						0.29						October 17, 2025						178,016
Q3-2025						June 26, 2025						0.29						July 18, 2025						178,020
Q2-2025						March 27, 2025						0.29						April 17, 2025						177,963
Q1-2025						December 26, 2024						0.29						January 17, 2025						177,839

On June 11, 2026, our board of directors declared a dividend of $0.30 (actual $) per share to stockholders of record on June 25, 2026, resulting in a $177,858 dividend payment on July 17, 2026 (see Note 17). This dividend payment is accrued in other liabilities on our June 30, 2026 condensed consolidated balance sheet.

Note 10—Share-Based Compensation

Our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”) to provide a means through which to attract and retain key associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the 2017 Omnibus Incentive Plan, we could issue up to 16,000,000 shares of common stock.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

On May 7, 2026, the Invitation Homes Inc. 2026 Incentive Omnibus Plan (the “2026 Omnibus Incentive Plan”) became effective upon approval of our stockholders, subsequent to adoption by our board of directors. The 2026 Omnibus Incentive Plan replaces the 2017 Omnibus Incentive Plan with respect to new grants. Employees of INVH and its subsidiaries, non-employee directors, and certain consultants and advisors are eligible to receive grants under the 2026 Omnibus Incentive Plan. The 2026 Omnibus Incentive Plan provides for the issuance of 18,793,516 shares of common stock, consisting of (i) 17,500,000 newly authorized shares plus (ii) 1,293,516 shares that were available for issuance under the 2017 Omnibus Incentive Plan and became available for issuance under the 2026 Omnibus Incentive Plan. As of the effective date, shares which were subject to awards outstanding under the 2017 Omnibus Incentive Plan also become available for issuance under the 2026 Omnibus Incentive Plan pursuant to the terms and conditions thereof.

Share-based awards in connection with our annual long term incentive plan (“LTIP”) may be issued in the form of time vesting, performance based vesting, and/or market based vesting restricted stock units (“RSUs”) or, in certain cases, partnership ownership units (“LTIP OP Units”). Historically, we also issued Outperformance Awards (defined below). Time-vesting RSUs are participating securities for earnings (loss) per share (“EPS”) purposes, and performance and/or market based RSUs and LTIP OP Units (“PRSUs”) and Outperformance Awards are not. For a detailed discussion of share-based awards issued prior to January 1, 2026, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.

Share-Based Awards

The following summarizes our share-based award activity during the six months ended June 30, 2026.

Annual LTIP Awards:

*•*Annual LTIP Awards Granted: During the six months ended June 30, 2026, we granted 1,519,420 RSUs pursuant to LTIP awards. Each award includes components which vest based on time-vesting conditions, market-based vesting conditions, and/or performance-based vesting conditions, each of which is subject to continued employment through the applicable vesting date.

Time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1st. LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance period on the date on which the performance results are certified by our compensation and management development committee (the “Compensation Committee”).

All of the LTIP awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules.

*•*PRSU Results: During the six months ended June 30, 2026, certain PRSUs did not achieve performance criteria, resulting in the cancellation of 213,382 awards. Such awards are reflected as an increase in the number of awards forfeited/canceled in the table below.

Other Award Activity:

• Retention Awards: During the six months ended June 30, 2026, we granted 968,111 employment awards in the form of time-vesting RSUs that vest in installments, with 65% vesting on the third and 35% vesting on the fourth anniversary of March 1, 2026, and we granted 334,033 time-vesting RSU employment awards that vest on March 1, 2029.

*•*Director Awards: During the six months ended June 30, 2026, we granted 52,472 time-vesting RSUs to members of our board of directors, which will fully vest on the date of INVH’s 2027 annual stockholders meeting, subject to continued service on the board of directors through that date.

Outperformance Awards

On April 1, 2022, the Compensation Committee granted equity based awards with market based vesting conditions in the form of PRSUs (the “2022 Outperformance Awards”). The 2022 Outperformance Awards included market based vesting

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

conditions related to rigorous absolute and relative total shareholder returns (“TSRs”) over a three year performance period that ended on March 31, 2025.

In April 2025, upon completion of the performance period, the absolute and relative TSR components were separately calculated, and the Compensation Committee certified achievement of the absolute TSR at 0% and the relative TSR at 50%. The number of earned 2022 Outperformance Awards was then determined based on the earned dollar value of the awards (overall 25% achievement) and the closing stock price on the performance certification date, resulting in 177,336 earned RSUs and 256,858 earned LTIP OP Units. Earned awards vested 50% on the certification date in April 2025, and the remaining 50% vested on March 31, 2026, subject to continued employment. During the six months ended June 30, 2026, 6,402 earned LTIP OP Units were forfeited.

The aggregate $17,100 grant-date fair value of the 2022 Outperformance Awards that were earned was determined based on a Monte-Carlo option pricing model which estimated the probability of achievement of the TSR thresholds, and it is amortized ratably over each vesting period. During the six months ended June 30, 2026, 2022 Outperformance Awards with an estimated fair value of $8,100 vested.

Summary of Total Share-Based Awards

The following table summarizes activity related to share-based awards, other than Outperformance Awards, during the six months ended June 30, 2026:

						Time-Vesting Awards												Performance and/or Market Vesting Awards												Total Share-Based Awards**(1)**
						Number						Weighted Average Grant Date Fair Value (Actual $)						Number						Weighted Average Grant Date Fair Value (Actual $)						Number						Weighted Average Grant Date Fair Value (Actual $)
Balance, December 31, 2025						742,824						$	33.74					1,492,002						$	37.06					2,234,826						$	35.96
Granted						1,865,549						26.42						1,008,487						29.34						2,874,036						27.45
Vested(2)						(298,706)						(33.39)						(197,231)						(29.81)						(495,937)						(31.97)
Forfeited / canceled						(64,200)						(29.67)						(322,496)						(32.27)						(386,696)						(31.84)
Balance, June 30, 2026						2,245,467						$	27.83					1,980,762						$	34.63					4,226,229						$	31.02

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

(2)Vested share-based awards issued in shares of common stock are included in basic EPS for the periods after each award’s vesting date, and vested share-based awards issued in the form LTIP OP Units are included as a component of non-controlling interest for the periods after each award’s vesting date. The estimated aggregate fair value of share-based awards that fully vested during the six months ended June 30, 2026 was $23,147. During the six months ended June 30, 2026, 19,560 RSUs, respectively, were accelerated pursuant to the terms and conditions of the 2017 Omnibus Incentive Plan and related award agreements.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Grant-Date Fair Values

The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the six months ended June 30, 2026:

						For the Six Months Ended June 30, 2026
Expected volatility(1)						18.51% — 21.12%
Risk-free rate						3.43%
Expected holding period (years)						2.83

(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.

Summary of Total Share-Based Compensation Expense

During the three and six months ended June 30, 2026 and 2025, we recognized share-based compensation expense as follows:

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025						2026						2025
General and administrative						$	8,007					$	6,898					$	15,781					$	15,404
Property management expense						1,339						1,566						4,265						3,217
Total						$	9,346					$	8,464					$	20,046					$	18,621

As of June 30, 2026, there is $82,938 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 2.32 years.

Note 11—Fair Value Measurements

The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, if any, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of interest rate swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 8 for the details of the condensed consolidated balance sheet classification and the fair values for the interest rate swaps. The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to our investments in equity and other securities as of June 30, 2026 and December 31, 2025, refer to Note 6.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Financial Instrument Fair Value Disclosures

The following table displays the carrying values and fair values of financial instruments as of June 30, 2026 and December 31, 2025:

												June 30, 2026												December 31, 2025
												Carrying Value						Fair Value						Carrying Value						Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)						Level 2						$	55,147					$	54,670					$	54,972					$	54,615
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)						Level 1						$	4,127,987					$	3,925,698					$	4,126,356					$	3,994,910
IH 2017-1(3)						Level 2						987,500						973,103						987,486						972,278
Unsecured Notes — private placement(4)						Level 2						300,000						263,686						300,000						267,537
IH 2019-1(5)						Level 3						400,386						368,894						400,386						374,136
Term Loan Facilities(6)						Level 3						2,475,000						2,475,965						2,475,000						2,483,014
Revolving Facility(7)						Level 3						280,000						280,130						145,000						145,624

(1)The carrying values of investments in debt securities are shown net of discount.

(2)The carrying value of the Unsecured Notes — public offering includes $22,013 and $23,644 of unamortized discount and excludes $24,393 and $26,595 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

(3)The carrying values of IH 2017-1 includes $352 and $527 of unamortized discount and excludes $1,719 and $2,579 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $755 and $840 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

(5)The carrying value of the IH 2019-1 excludes $1,069 and $1,179 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

(6)The carrying values of the Term Loan Facilities exclude $16,246 and $23,015 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

(7)The carrying value of the Revolving Facility excludes $14,025 and $17,230 deferred financing costs as of June 30, 2026 and December 31, 2025, respectively, which are classified in other assets, net (see Note 6).

We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured Notes — private placement, and the IH 2017-1 secured loan, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of June 30, 2026:

						Quantitative Information about Level 3 Fair Value Measurement**(1)**
						Fair Value						Valuation Technique						Unobservable Input						Rate
Secured Debt — IH 2019-1						$	368,894					Discounted Cash Flow						Effective Rate						5.40%
Term Loan Facilities						2,475,965						Discounted Cash Flow						Effective Rate						4.50%			—			4.92%
Revolving Facility						280,130						Discounted Cash Flow						Effective Rate						4.43%			—			4.85%

(1)Our Level 3 fair value instruments require interest only payments.

Nonrecurring Fair Value Measurements

Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.

Single-Family Residential Properties

The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025						2026						2025
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount						$	5,470					$	322					$	8,166					$	949
Total impairments						(961)						(36)						(1,430)						(99)
Fair value						$	4,509					$	286					$	6,736					$	850

We did not record any impairments for our investments in single-family residential properties, net held for use during the three and six months ended June 30, 2026 and 2025. For additional information related to our single-family residential properties as of June 30, 2026 and December 31, 2025, refer to Note 3.

Note 12—Earnings per Share

Basic and diluted EPS are calculated as follows:

																								For the Three Months Ended June 30,												For the Six Months Ended June 30,
																																				2026						2025						2026						2025
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted																																				$	218,172					$	140,665					$	377,972					$	306,182
Denominator:
Weighted average common shares outstanding — basic																																				592,411,226						613,048,193						599,166,723						612,913,649
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards																																				86,578						213,711						161,403						398,992
Weighted average common shares outstanding — diluted																																				592,497,804						613,261,904						599,328,126						613,312,641
Net income per common share — basic																																				$	0.37					$	0.23					$	0.63					$	0.50
Net income per common share — diluted																																				$	0.37					$	0.23					$	0.63					$	0.50

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the three months ended June 30, 2025, 376,639 incremental shares attributed to non-vested share-based awards are excluded from the denominator because they are anti-dilutive. There were no such incremental shares for three months ended June 30, 2026. For the six months ended June 30, 2026 and 2025, 64,870 and 423,974 incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator because they are anti-dilutive.

For the three and six months ended June 30, 2026 and 2025, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

Note 13—Income Tax

We account for income taxes under the asset and liability method. For our taxable REIT subsidiaries, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of June 30, 2026 and December 31, 2025, our deferred tax assets and liabilities, and any unrecognized tax benefits, were immaterial. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.

Note 14—Commitments and Contingencies

Lease Commitments

The following table sets forth our fixed lease payment commitments as a lessee, which are included in other liabilities on the condensed consolidated balance sheet, as of June 30, 2026, for the periods below:

Year						Operating Leases						Finance Leases
Remainder of 2026						$	3,165					$	3,658
2027						6,555						6,889
2028						5,986						5,059
2029						5,438						3,847
2030						5,053						758
Thereafter						26,053						—
Total lease payments						52,250						20,211
Less: imputed interest						(11,683)						(1,769)
Total lease liability						$	40,567					$	18,442

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The components of lease expense for the three and six months ended June 30, 2026 and 2025 are as follows:

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025						2026						2025
Operating lease cost:
Fixed lease cost						$	1,674					$	1,374					$	3,250					$	2,666
Variable lease cost						421						442						987						778
Total operating lease cost						$	2,095					$	1,816					$	4,237					$	3,444
Finance lease cost:
Amortization of ROU assets						$	1,675					$	1,016					$	3,211					$	1,956
Interest on lease liabilities						268						149						509						277
Total finance lease cost						$	1,943					$	1,165					$	3,720					$	2,233

New-Build Commitments

As of June 30, 2026, we have entered into binding development and purchase agreements with third parties for the acquisition of 197 homes over the next two years. Remaining commitments under these agreements total approximately $65,000 as of June 30, 2026.

Insurance Policies

Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of June 30, 2026, there are no material contingent liabilities related to uninsured losses with respect to our properties.

Legal and Other Matters

We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as governmental and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements.

Note 15—Segment Reporting

Our principal business is investment in, development of, and management of single-family residential properties for lease. As of June 30, 2026, we wholly own 85,509 homes for lease, jointly own 8,069 homes for lease, and provide professional third-party property and asset management services for an additional 15,639 homes, all of which are primarily located in 16 core markets across the country. We have determined that these properties are managed on a consolidated basis and represent one reportable segment.

Our Chief Executive Officer is our chief operating decision maker (“CODM”). We concluded that we have one reportable segment based on the way our CODM regularly reviews internally reported financial information to evaluate performance, make operating decisions, and allocate resources at a consolidated level. Net income as reported on our condensed consolidated statements of operations is a primary metric utilized by the CODM to analyze the performance of the segment, including budget versus actual performance, and to allocate resources. The assets of our single reportable segment are reported as total assets on our condensed consolidated balance sheets as our CODM does not use this measure to assess segment performance or to make resource allocation decisions. The accounting policies for the reportable segment are the same as those described in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Significant Segment Expenses

Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided additional detail regarding the direct costs of operating our properties included in property operating and maintenance expense on our condensed consolidated statements of operations. Other expense categories such as property management expense, homebuilding cost of sales, general and administrative, depreciation and amortization, and interest expense are included on our condensed consolidated statements of operations. The following table sets forth the significant expenses that comprise property operating and maintenance expense on our condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025:

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2026						2025						2026						2025
Fixed expenses(1)						$	135,507					$	130,285					$	271,950					$	261,006
Controllable expenses(2)						120,205						113,993						234,896						220,721
Total property operating and maintenance						$	255,712					$	244,278					$	506,846					$	481,727

(1)Fixed expenses include the following: property taxes; insurance expense; and HOA expenses.

(2)Controllable expenses include the following: repairs and maintenance; personnel, leasing, and marketing; turnover; and utilities and property administrative.

Note 16—Business Combination

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 homebuilding capabilities to our platform.

The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and INVH was designated as the accounting acquirer. The assets acquired, intangible assets identified, and liabilities assumed were recorded at their respective fair values as of January 14, 2026 (the “Acquisition Date”). For the assets acquired and liabilities assumed that comprise net working capital, the carrying amounts approximate fair value due to their short‑term maturities. The estimated fair value of the all cash consideration totaled $99,576, inclusive of up to $7,500 in potential incentive-based earn-out payments tied to third-party fee-build performance. Subsequent to the Acquisition Date, our condensed consolidated financial statements reflect these fair value adjustments and include the combined results of operations. Because INVH was designated as the accounting acquirer, our historical financial statements for periods prior to the Acquisition Date represent only the historical financial information of INVH and its consolidated subsidiaries. As we have determined that the acquisition did not have a significant impact to our condensed consolidated financial statements, no pro forma disclosures are required.

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

The allocation of the total purchase price was as follows:

Consideration transferred(1)						$	99,576
Assets acquired:
Other assets(2)(3)						65,238
Liabilities assumed:
Accounts payable and accrued expenses(4)						(11,010)
Other liabilities(5)						(10,599)
Net assets acquired						43,629
Goodwill						$	55,947

(1)Inclusive of up to $7,500 in potential incentive-based earn-out payments tied to third-party fee-build performance. The contingent consideration was recognized at fair value as of the Acquisition Date, classified as a liability, and designated as Level 3 in the fair value hierarchy based on our estimates of future performance, probabilities of achievement, and expected timing of payment. No payments have been made as of June 30, 2026.

(2)Inclusive of $32,000 in customer relationships and $8,000 in trade name recognized at fair value as of the Acquisition Date. Both intangible assets were classified as Level 3 in the fair value hierarchy based on our assumptions related to projected cash flows, customer attrition, royalty rates, and discount rates (see Note 6).

(3)Inclusive of $23,271 in homebuilding receivables, contract assets, and construction in progress (see Note 6).

(4)Represents liabilities assumed in connection with the ongoing operations of the homebuilding platform.

(5)Inclusive of $9,754 in general contract deposits, representing customer payments received prior to the delivery of completed construction projects. These amounts were recorded as liabilities as they relate to performance obligations that have not yet been satisfied.

These allocations represent management’s estimates of fair value, which are preliminary as of June 30, 2026 and are subject to change. The goodwill recorded is primarily attributable to the proprietary business processes and assembled workforce. Goodwill, all of which is assigned to our one reportable segment, totaled $314,154 and $258,207 as of June 30, 2026 and December 31, 2025, respectively, and consists of existing goodwill and goodwill recognized in connection with the acquisition of ResiBuilt. The tax basis of goodwill is equal to its carrying amount.

Homebuilding revenues totaling $49,460 for the three months ended June 30, 2026 and $93,205 for the period from the Acquisition Date to June 30, 2026 were included in the condensed consolidated statement of operations.

We incurred $116 in acquisition-related expenses for the three months ended June 30, 2026 and $307 for the period from the Acquisition Date to June 30, 2026, which were included in general and administrative on the condensed consolidated statement of operations. Acquisition-related expenses are expensed as incurred and are comprised primarily of transaction fees and direct acquisition costs, including legal, finance, consulting, professional fees, and other third-party costs.

Note 17—Subsequent Events

In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after June 30, 2026, for potential recognition or disclosure.

Debt Issuance and Prepayment

On July 8, 2026, in a public offering under our existing shelf registration statement, we issued $500,000 aggregate principal amount of 4.95% Senior Notes which mature on February 1, 2032 (see Note 7).

On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488,000 voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4,880 (see Note 7).

INVITATION HOMES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollar amounts in thousands)

(unaudited)

Dividend Payment

On June 11, 2026, our board of directors declared a dividend of $0.30 (actual $) per share to stockholders of record on June 25, 2026, resulting in a $177,858 dividend payment on July 17, 2026 (see Note 9).