INVITATION HOMES INC., 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38004  
Entity Registrant Name Invitation Homes Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 90-0939055  
Entity Address, Address Line One 5420 LBJ Freeway,  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Dallas,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75240  
City Area Code (972)  
Local Phone Number 421-3600  
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol INVH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Stock Outstanding (in shares)   594,041,956
Entity Central Index Key 0001687229  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Fiscal Year End --12-31  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments in single-family residential properties:    
Land $ 4,964,675 $ 4,986,353
Building and improvements 17,794,164 17,789,827
Total gross investments in the properties 22,758,839 22,776,180
Less: accumulated depreciation (5,643,977) (5,501,558)
Investments in single-family residential properties, net 17,114,862 17,274,622
Cash and cash equivalents 114,129 129,971
Restricted cash 258,850 224,894
Goodwill 314,154 258,207
Investments in unconsolidated joint ventures 250,572 254,561
Other assets, net 648,574 538,035
Total assets 18,701,141 18,680,290
Liabilities:    
Secured debt, net 1,384,686 1,384,114
Unsecured notes, net 4,400,877 4,398,921
Term loan facilities, net 2,456,807 2,451,985
Revolving facility 560,000 145,000
Accounts payable and accrued expenses 257,455 230,350
Resident security deposits 187,066 184,536
Other liabilities 325,587 317,492
Total liabilities 9,572,478 9,112,398
Commitments and contingencies (Note 14)
Stockholders’ equity    
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 593,981,591 and 610,788,732 outstanding as of March 31, 2026 and December 31, 2025, respectively 5,940 6,108
Additional paid-in capital 10,696,063 11,128,590
Accumulated deficit (1,629,420) (1,610,981)
Accumulated other comprehensive income 18,451 6,415
Total stockholders’ equity 9,091,034 9,530,132
Non-controlling interests 37,629 37,760
Total equity 9,128,663 9,567,892
Total liabilities and equity $ 18,701,141 $ 18,680,290
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 900,000,000 900,000,000
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 9,000,000,000 9,000,000,000
Common stock, shares outstanding (in shares) 593,981,591 610,788,732
Shares issued not disclosed Equity:  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Rental revenues and other property income $ 670,515 $ 653,071
Management fee revenues 19,852 21,408
Homebuilding revenues 43,745 0
Total revenues 734,112 674,479
Expenses:    
Property operating and maintenance 251,134 237,449
Property management expense 39,325 36,739
Homebuilding cost of sales 39,134 0
General and administrative 32,319 29,518
Interest expense 95,313 84,254
Depreciation and amortization 193,142 183,146
Casualty losses, impairment, and other 4,345 4,683
Total expenses 654,712 575,789
Gain on sale of property, net of tax 87,094 71,666
Losses from investments in unconsolidated joint ventures (3,085) (5,218)
Other, net (2,344) 1,144
Net income 161,065 166,282
Net income attributable to non-controlling interests (557) (537)
Net income attributable to common stockholders 160,508 165,745
Net income available to participating securities (708) (228)
Net income available to common stockholders — basic 159,800 165,517
Net income available to common stockholders — diluted $ 159,800 $ 165,517
Weighted average common shares outstanding — basic (in shares) 605,997,344 612,777,606
Weighted average common shares outstanding — diluted (in shares) 606,233,573 613,361,880
Net income per common share — basic (in dollars per share) $ 0.26 $ 0.27
Net income per common share — diluted (in dollars per share) $ 0.26 $ 0.27
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 161,065 $ 166,282
Other comprehensive income (loss)    
Unrealized gains (losses) on interest rate swaps 14,770 (18,958)
Gains from interest rate swaps reclassified into earnings from accumulated other comprehensive income (loss) (2,689) (10,787)
Other comprehensive income (loss) 12,081 (29,745)
Comprehensive income 173,146 136,537
Comprehensive income attributable to non-controlling interests (602) (441)
Comprehensive income attributable to common stockholders $ 172,544 $ 136,096
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders' Equity
Common Stock
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2024     612,605,478        
Beginning balance at Dec. 31, 2024 $ 9,792,509 $ 9,756,764 $ 6,126 $ 11,170,597 $ (1,480,928) $ 60,969 $ 35,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 166,282 165,745     165,745   537
Total other comprehensive income (loss) (29,745) (29,649)       (29,649) (96)
Dividends and dividend equivalents declared (178,788) (178,788)     (178,788)    
Distributions to non-controlling interests (601)           (601)
Issuance of common stock — settlement of RSUs, net of tax (in shares)     278,433        
Issuance of common stock — settlement of RSUs, net of tax (4,800) (4,800) $ 3 (4,803)      
Share-based compensation expense 10,157 9,159   9,159     998
Ending balance (in shares) at Mar. 31, 2025     612,883,911        
Ending balance at Mar. 31, 2025 $ 9,755,014 9,718,431 $ 6,129 11,174,953 (1,493,971) 31,320 36,583
Beginning balance (in shares) at Dec. 31, 2025 610,788,732   610,788,732        
Beginning balance at Dec. 31, 2025 $ 9,567,892 9,530,132 $ 6,108 11,128,590 (1,610,981) 6,415 37,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 161,065 160,508     160,508   557
Total other comprehensive income (loss) 12,081 12,036       12,036 45
Dividends and dividend equivalents declared (178,947) (178,947)     (178,947)    
Distributions to non-controlling interests $ (1,058)           (1,058)
Repurchases of common stock (in shares) (17,101,046)   (17,101,046)        
Repurchases of common stock $ (439,119) (439,119) $ (171) (438,948)      
Issuance of common stock — settlement of RSUs, net of tax (in shares)     293,905        
Issuance of common stock — settlement of RSUs, net of tax (3,951) (3,951) $ 3 (3,954)      
Share-based compensation expense $ 10,700 10,375   10,375     325
Ending balance (in shares) at Mar. 31, 2026 593,981,591   593,981,591        
Ending balance at Mar. 31, 2026 $ 9,128,663 $ 9,091,034 $ 5,940 $ 10,696,063 $ (1,629,420) $ 18,451 $ 37,629
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends and dividend equivalents declared (in dollars per share) $ 0.30 $ 0.29
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net income $ 161,065 $ 166,282
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 193,142 183,146
Share-based compensation expense 10,700 10,157
Amortization of deferred financing costs 8,052 4,982
Amortization of debt discounts 900 781
Provisions for impairment 469 63
Gain on sale of property, net of tax (87,094) (71,666)
Change in fair value of derivative instruments 541 (3,731)
Losses from investments in unconsolidated joint ventures, net of operating distributions 5,257 5,880
Other non-cash amounts included in net income 4,499 1,062
Changes in operating assets and liabilities:    
Other assets, net (24,450) (28,033)
Accounts payable and accrued expenses 20,047 23,689
Resident security deposits 2,530 2,818
Other liabilities (2,611) 5,086
Net cash provided by operating activities 293,047 300,516
Investing Activities:    
Acquisition and initial renovations of single-family residential properties (71,552) (193,394)
Other capital expenditures for single-family residential properties (57,045) (50,912)
Proceeds from sale of single-family residential properties 185,161 162,672
Acquisition of homebuilding platform (Note 16) (91,076) 0
Investments in land and construction in progress (8,879) 0
Investments in unconsolidated joint ventures (3,677) (10,460)
Non-operating distributions from unconsolidated joint ventures 2,409 4,303
Fundings of construction loans (10,063) 0
Other investing activities 2,438 (26,433)
Net cash used in investing activities (52,284) (114,224)
Financing Activities:    
Payment of dividends and dividend equivalents (184,518) (178,241)
Distributions to non-controlling interests (639) (601)
Repurchases of common stock (447,210) 0
Payment of taxes related to net share settlement of RSUs (3,951) (4,800)
Payments on secured debt 0 (2,787)
Proceeds from revolving facility 415,000 100,000
Payments on revolving facility 0 (200,000)
Deferred financing costs paid 0 (255)
Other financing activities (1,331) (671)
Net cash used in financing activities (222,649) (287,355)
Change in cash, cash equivalents, and restricted cash 18,114 (101,063)
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) 372,979 318,630
Supplemental cash flow disclosures:    
Interest paid, net of amounts capitalized 101,751 91,627
Interest capitalized as investments in single-family residential properties, net 172 770
Cash paid for (refund of) income taxes 78 (37)
Operating cash flows from operating leases 1,168 1,012
Financing cash flows from finance leases 1,331 671
Non-cash investing and financing activities:    
Transfer of residential property, net to other assets, net for held for sale assets 77,800 30,771
Accrued residential property capital improvements at period end 5,445 8,618
Accrued renovation improvements at period end 617 954
Reclassification of construction in progress to residential property 760 0
Contingent consideration recognized for acquisition of homebuilding platform (Note 16) 8,500 0
Dividends declared but not paid at period end 179,322 177,963
Change in other comprehensive income (loss) from cash flow hedges 11,540 (26,014)
ROU assets obtained in exchange for operating lease liabilities 3,094 2,741
ROU assets obtained in exchange for finance lease liabilities $ 5,545 $ 178
v3.26.1
Organization and Formation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Formation 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 March 31, 2026, we wholly own 85,970 homes for lease, jointly own 8,016 homes for lease, and provide professional third-party property and asset management services for an additional 15,759 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 March 31, 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.
v3.26.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies 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 months ended March 31, 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
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 March 31, 2026 and December 31, 2025, and the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 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 overall fluctuating 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.
These factors could adversely affect (i) our occupancy levels, rental rates, and collections, (ii) our ability to acquire or dispose of properties on economically favorable terms, (iii) our access to financial markets on attractive terms, or at all, and (iv) the value of our homes and our business that could cause us to recognize impairments in the value of our tangible assets or goodwill. Such macroeconomic conditions and geopolitical events may also negatively impact consumer income, credit availability, and spending, which may adversely impact our business, financial condition, cash flows, and results of operations, including the ability of our residents to pay rent. Regulatory actions or policy changes affecting single-family residential rental housing, whether enacted or proposed, could adversely affect our ability to grow or reposition our portfolio, increase our compliance and operating costs, limit our operational flexibility, reduce rental revenue, or otherwise negatively affect our results of operations, financial condition, or cash flows. In addition, consumer confidence and spending may decline in response to changes in fiscal and monetary policy, reductions in income or asset values, and other macroeconomic factors. Labor shortages and inflationary increases in labor and material costs have impacted and may continue to impact certain aspects of our business. Imposition or increase of tariffs and trade restrictions by the United States on imports from certain countries and counter-tariffs in response could lead to increased costs and supply chain disruptions. If we are not able to navigate any such changes, they could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
Use of Estimates
The preparation of the 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 months ended March 31, 2025, we combined the $221 balance 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 Three Months
Ended March 31,
2025
Operating Activities:
Losses on investments in equity and other securities, net(1)
$221 
Investing Activities:
Deposits for acquisition of single-family residential properties(2)
4,659 
Initial renovations to single-family residential properties(2)
(7,209)
Investments in equity securities(3)
(1,053)
(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.
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.
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.
v3.26.1
Investments in Single-Family Residential Properties
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Investments in Single-Family Residential Properties Investments in Single-Family Residential Properties
The following table sets forth the net carrying amount associated with our properties by component:
March 31,
2026		December 31, 2025
Land$4,964,675 $4,986,353 
Single-family residential property17,054,467 17,049,737 
Capital improvements593,616 594,422 
Equipment146,081 145,668 
Total gross investments in the properties22,758,839 22,776,180 
Less: accumulated depreciation(5,643,977)(5,501,558)
Investments in single-family residential properties, net$17,114,862 $17,274,622 
As of March 31, 2026 and December 31, 2025, the carrying amount of the residential properties above includes $147,941 and $148,650, respectively, of capitalized acquisition costs (excluding purchase price), along with $78,645 and $79,124, respectively, of capitalized interest, $31,232 and $31,493, respectively, of capitalized property taxes, $5,095 and $5,138, respectively, of capitalized insurance, and $3,737 and $3,758, respectively, of capitalized homeowners’ association (“HOA”) fees.
During the three months ended March 31, 2026 and 2025, we recognized $184,923, and $179,063, respectively, of depreciation expense related to the components of the properties, and $5,806, and $4,083, 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. During the three months ended March 31, 2026 and 2025, impairments totaling $469, and $63, respectively, have been recognized and are included in casualty losses, impairment, and other on the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments.
v3.26.1
Cash, Cash Equivalents, and Restricted Cash
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Restricted Cash 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:
March 31,
2026		December 31, 2025
Cash and cash equivalents$114,129 $129,971 
Restricted cash258,850 224,894 
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows
$372,979 $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 March 31, 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.
March 31,
2026		December 31, 2025
Resident security deposits$187,462 $184,883 
Tax deferred property exchange deposits
49,677 23,346 
Property taxes10,337 4,079 
Collections6,859 8,177 
Letters of credit2,532 2,510 
Capital expenditures1,707 1,623 
Special and other reserves276 276 
Total$258,850 $224,894 
v3.26.1
Investments In Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments In Unconsolidated Joint Ventures 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 March 31, 2026 and December 31, 2025:
Number of Properties OwnedCarrying Value
Ownership PercentageMarch 31,
2026		December 31, 2025March 31,
2026		December 31, 2025
Pathway Property Company(1)
100.0%854853$110,422 $111,811 
2020 Rockpoint JV(1)
20.0%2,6052,60533,635 36,885 
Upward America JV(2)
7.2%3,7203,72032,322 32,292 
Pathway Operating Company(3)
15.0%N/AN/A26,85426,948 
FNMA(4)(5)
10.0%31132016,768 17,280 
2024 Peregrine JV(6)
30.0%11911915,935 16,073 
2022 Rockpoint JV(1)
16.7%40738914,636 13,272 
Total$250,572 $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 within the Western United States.
(5)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.
(6)Owns homes in markets within the Southeast United States and Florida.
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 $101,058 as of March 31, 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 March 31, 2026 and 2025, totaling $3,085, and $5,218, 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 March 31, 2026 and 2025, we earned $6,296, and $6,162, respectively, of management fees from these related parties which are included in management fee revenues on the condensed consolidated statements of operations. As of March 31, 2026 and December 31, 2025, management fee receivables from our related parties totaled $1,962 and $1,884, respectively. (See Note 6 for additional information regarding total management fee revenues.)
v3.26.1
Other Assets
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
As of March 31, 2026 and December 31, 2025, the balances in other assets, net are as follows:
March 31,
2026		December 31, 2025
Receivables, net:
Rent receivables
$28,642 $31,772 
Homebuilding receivables and contract assets
28,237 — 
Construction and development loan receivables
15,412 6,032 
Other receivables
16,854 28,407 
Total receivables, net
89,145 66,211 
Prepaid expenses81,790 56,278 
Held for sale assets(1)
77,111 58,563 
Investments in equity and other securities63,605 63,122 
Intangible assets other than goodwill57,015 19,428 
Corporate fixed assets, net56,388 56,613 
Investments in debt securities, net55,060 54,972 
ROU lease assets — operating and finance, net52,230 45,949 
Land and construction in progress
31,536 23,839 
Amounts deposited and held by others23,321 39,419 
Derivative instruments (Note 8)23,448 14,354 
Other37,925 39,287 
Total$648,574 $538,035 
(1)As of March 31, 2026 and December 31, 2025, 320 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 March 31, 2026 and 2025, rental revenues and other property income includes $43,983 and $43,680 of variable lease payments, respectively.
Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of March 31, 2026 are as follows:
YearLease Payments
to be Received
Remainder of 2026
$1,325,380 
2027447,351 
202819,122 
2029
— 
2030— 
Thereafter— 
Total$1,791,853 
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 March 31, 2026, construction in progress totaled $5,742, 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 months ended March 31, 2026, we recognized total homebuilding revenues of $43,745.
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 March 31, 2026, homebuilding receivables totaled $19,401, 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 March 31, 2026, contract assets totaled $3,094, 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 March 31, 2026, contract liabilities totaled $480, 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 March 31, 2026, we allocated $328,431 of transaction price to unsatisfied or partially satisfied performance obligations. Approximately 50% is expected to be recognized within the next twelve months, with the remaining amount recognized over the next two to three years.
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 March 31, 2026, we have funded $16,895 on four loans with remaining commitments totaling $155,849.
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 March 31, 2026 and 2025, we provided property and asset management services for 23,775 and 24,996 homes, respectively, of which 8,016 and 7,660 homes, respectively, were owned by our unconsolidated joint ventures. For the three months ended March 31, 2026 and 2025, we earned management fees totaling $19,852 and $21,408, 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 March 31, 2026 and December 31, 2025, the values of our investments in equity and other securities are as follows:
March 31,
2026		December 31, 2025
Investments without a readily determinable fair value$62,991 $62,296 
Investments with a readily determinable fair value614 826 
Total$63,605 $63,122 
The components of gains (losses) on investments in equity and other securities, net, included in other, net on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 are as follows:
 
For the Three Months
Ended March 31,
20262025
Net unrealized losses on investments still held at the reporting date — with a readily determinable fair value
$(213)$(221)
Total $(213)$(221)
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 March 31, 2026 and December 31, 2025:
March 31, 2026
Gross Carrying Amount
Accumulated Amortization
Net Intangible Assets
Amortization Period
Customer relationships(1)
$32,000 $(1,529)$30,471 
4 — 5 years
Trade name(1)
8,000 (215)7,785 
8 years
Property and asset management contracts
24,244 (5,485)18,759 
5 — 10 years
Total
$64,244 $(7,229)$57,015 
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 $2,413 and $669 for the three months ended March 31, 2026 and 2025, respectively. The expected future amortization expense for intangible assets as of March 31, 2026 are as follows:
Year
Amortization
Remainder of 2026
$8,090 
202710,787 
202810,787 
2029
10,329 
20306,985 
Thereafter10,037 
Total$57,015 
Investments in Debt Securities, net
In connection with our Secured Debt (as defined in Note 7), we have retained and purchased certificates totaling $55,060, net of unamortized discounts of $439 as of March 31, 2026. These investments in debt securities are classified as held to maturity investments. As of March 31, 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.
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 March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Other assets$34,201 $18,029 $32,133 $13,816 
Other liabilities (Note 14)37,985 17,726 35,494 13,512 
Weighted average remaining lease term8.8 years3.2 years9.1 years3.1 years
Weighted average discount rate5.7%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 March 31, 2026 and December 31, 2025, the unamortized balances of these deferred financing costs are $15,628 and $17,230, respectively.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Secured Debt
The following table sets forth a summary of our secured debt as of March 31, 2026 and December 31, 2025:
Outstanding Principal
Balance(1)
Origination
Date
Maturity
Date
Interest
Rate
March 31,
2026		December 31, 2025
IH 2017-1(2)(3)
April 28, 2017June 9, 20274.23%$987,574 $987,486 
IH 2019-1(4)
June 7, 2019June 9, 20313.59%400,386 400,386 
Total Secured Debt
1,387,960 1,387,872 
Less: deferred financing costs, net (3,274)(3,758)
Total $1,384,686 $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 $439 and $527 as of March 31, 2026 and December 31, 2025, respectively.
(4)IH 2019-1 bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to the one month London Interbank Offer Rate as provided for in the loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.
IH 2017-1 and IH 2019-1 (collectively, the “Secured Debt”) are secured by first priority mortgages on the underlying properties as well as first priority pledges of the equity in the assets of the respective Borrower Entities. IH 2017-1 is further secured by a grant of security interests in all the related personal property.
As of March 31, 2026 and December 31, 2025, a total of 8,891 homes, with a gross book value of $1,937,379 and $1,929,649, respectively, and a net book value of $1,301,990 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 $55,060 and $54,972 as of March 31, 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).
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 premium if prepayment occurs before specified dates. For IH 2017-1 and IH 2019-1, prepayments on or before December 2026 or June 2030, respectively, will require a yield maintenance premium. For the three months ended March 31, 2026, we made no voluntary or mandatory prepayments under the terms of the loan agreements. For the three months ended March 31, 2025, we made $2,787 of voluntary and mandatory prepayments under the terms of the loan agreements.
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 March 31, 2026 and December 31, 2025:
Interest
Rate(1)
March 31,
2026		December 31, 2025
Total Unsecured Notes, net(2)
2.00% — 5.50%
$4,427,168 $4,426,356 
Deferred financing costs, net
(26,291)(27,435)
Total
$4,400,877 $4,398,921 
(1)Represents the range of contractual rates in place as of March 31, 2026.
(2)Net of unamortized discount of $22,832 and $23,644 as of March 31, 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 three months ended March 31, 2026 and 2025, no Unsecured Notes were issued.
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 (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.
On June 22, 2022, we entered into a Term Loan Agreement with a syndicate of banks for new senior unsecured term loans (as amended on September 9, 2024 and April 28, 2025 (see below), the “2022 Term Loan Facility,” and together with the 2024 Term Loan Facility and the 2020 Term Loan Facility, the “Term Loan Facilities”). The 2022 Term Loan Facility provided $725,000 of borrowing capacity, consisting of a $150,000 initial term loan (the “Initial Term Loan”) and delayed draw term loans totaling $575,000 (the “Delayed Draw Term Loans”) which were fully drawn on December 8, 2022. The Initial Term Loan and the Delayed Draw Term Loans (together, the “2022 Term Loans”) 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 March 31, 2026 and December 31, 2025:
Maturity
Date		Interest
Rate		March 31,
2026		December 31, 2025
2024 Term Loan Facility(1)(2)
September 9, 20284.51%$1,750,000 $1,750,000 
2022 Term Loan Facility(3)(4)
April 28, 20284.51%725,000 725,000 
Total Term Loan Facilities2,475,000 2,475,000 
Less: deferred financing costs, net(18,193)(23,015)
Term Loan Facilities, net$2,456,807 $2,451,985 
Revolving Facility(1)(2)(5)
September 9, 20284.44%$560,000 $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 March 31, 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 3.66%. 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 March 31, 2026, the applicable margin was 0.85% and Term SOFR was 3.66%.
(4)If we exercise the two one year extension options, the maturity date will be April 28, 2030.
(5)As of March 31, 2026, $1,190,000 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%.
The margins for the Term Loan Facilities and the Revolving Facility are as follows:
Base Rate LoansSOFR Rate Loans
2024 Term Loan Facility0.00%—0.60%0.75%—1.60%
2022 Term Loan Facility, prior to amendment0.15%—1.20%1.15%—2.20%
2022 Term Loan Facility, as amended0.00%—0.60%0.75%—1.60%
Revolving Facility0.00%—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.
Debt Maturities Schedule
The following table summarizes the contractual maturities of our debt as of March 31, 2026:
Year
Secured Debt
Unsecured Notes
Term Loan Facilities(1)(2)
Revolving Facility(1)(3)
Total
2026$— $— $— $— $— 
2027988,013 — — — 988,013 
2028— 750,000 2,475,000 560,000 3,785,000 
2029
— — — — — 
2030
450,000 450,000 
Thereafter400,386 3,250,000 — — 3,650,386 
Total1,388,399 4,450,000 2,475,000 560,000 8,873,399 
Less: deferred financing costs, net(3,274)(26,291)(18,193)— (47,758)
Less: unamortized debt discount(439)(22,832)— — (23,271)
Total $1,384,686 $4,400,877 $2,456,807 $560,000 $8,802,370 
(1)If we exercise the two six month extension options, the maturity date for the 2024 Term Loan Facility and the Revolving Facility will be September 9, 2029.
(2)If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.
(3)Deferred financing costs related to the Revolving Facility are classified in other assets, net (see Note 6).
v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments 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.
The table below summarizes our interest rate swap instruments as of March 31, 2026:
Agreement Date
Forward
Effective Date
Maturity
Date		Strike
Rate		IndexNotional
Amount
September 20, 2024December 31, 2024May 31, 20283.13%One month Term SOFR$200,000 
September 20, 2024December 31, 2024May 31, 20283.14%One month Term SOFR200,000 
September 23, 2024December 31, 2024May 31, 20283.13%One month Term SOFR200,000 
September 24, 2024December 31, 2024May 31, 20283.08%One month Term SOFR200,000 
September 24, 2024December 31, 2024May 31, 20283.08%One month Term SOFR200,000 
September 25, 2024December 31, 2024May 31, 20281.93%One month Term SOFR200,000 
September 25, 2024December 31, 2024May 31, 20293.12%One month Term SOFR200,000 
May 8, 2025May 8, 2025May 31, 20283.51%One month Term SOFR200,000 
June 20, 2025June 20, 2025May 31, 20283.60%One month Term SOFR200,000 
March 22, 2023July 9, 2025May 31, 20292.99%One month Term SOFR300,000 
During the three months ended March 31, 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 $9,782 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 March 31, 2026 and December 31, 2025:
Asset DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location		March 31,
2026		December 31, 2025Balance
Sheet Location		March 31,
2026		December 31, 2025
Derivatives designated as hedging instruments:
Interest rate swapsOther assets$23,448 $14,354 Other liabilities$170 $2,616 
Derivatives not designated as hedging instruments:
Interest rate capsOther assets— — Other liabilities— — 
Total$23,448 $14,354 $170 $2,616 
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 March 31, 2026 and December 31, 2025:
March 31, 2026
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$23,448 $— $23,448 $— $— $23,448 
Offsetting liabilities:
Derivatives$170 $— $170 $— $— $170 
December 31, 2025
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
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 March 31, 2026 and 2025:
Amount of Gain (Loss) Recognized in OCI on DerivativesLocation of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount 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 March 31,		For the Three Months
Ended March 31,		For the Three Months
Ended March 31,
202620252026202520262025
    Derivatives in cash flow hedging relationships:
Interest rate swaps$14,770 $(18,958)Interest expense$2,689 $10,787 $95,313 $84,254 
During the three months ended March 31, 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 March 31, 2026, the fair value of certain derivatives in a net liability position was $170. If we had breached any of these provisions at March 31, 2026, we could have been required to settle the obligations under the agreements at their termination value, which includes accrued interest and excludes the nonperformance risk related to these agreements, of $181.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
As of March 31, 2026, we have 593,981,591 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 March 31, 2026, 2,196,519 OP Units are outstanding, of which 225,010 are not currently redeemable.
During the three months ended March 31, 2026 and 2025, we issued 293,905 and 278,433, shares of common stock, respectively. During the three months ended March 31, 2026, we repurchased 17,101,046 shares of common stock.
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.
On October 28, 2025, our board of directors authorized repurchases of shares of our common stock up to an aggregate purchase price of $500,000. During the three months ended March 31, 2026, we completed this initial authorization by repurchasing 17,101,046 shares of our common stock for a total cost of $439,119, including legal fees and commissions.
On April 27, 2026, our board of directors authorized a new share repurchase program under which we may acquire shares of our common stock in the open market or negotiated transactions up to an aggregate purchase price of $500,000 (see Note 17).
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 months ended March 31, 2026 and 2025, we did not sell any shares of common stock under the ATM Equity Program. As of March 31, 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 March 31, 2026:
Record DateAmount
per Share		Pay DateTotal Amount Paid
Q1-2026December 23, 2025$0.30 January 16, 2026$183,855 
Q4-2025September 25, 20250.29 October 17, 2025178,016 
Q3-2025June 26, 20250.29 July 18, 2025178,020 
Q2-2025March 27, 20250.29 April 17, 2025177,963 
Q1-2025December 26, 20240.29 January 17, 2025177,839 
On March 12, 2026, our board of directors declared a dividend of $0.30 (actual $) per share to stockholders of record on March 26, 2026, resulting in a $179,322 dividend payment on April 17, 2026 (see Note 17). This dividend payment is accrued in other liabilities on our March 31, 2026 condensed consolidated balance sheet.
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key associates and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock.
Share-based awards in connection with our annual long term incentive plan (“LTIP”) may be issued in the form of time vesting, performance based vesting, and/or market based vesting 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 three months ended March 31, 2026.
Annual LTIP Awards:
•Annual LTIP Awards Granted: During the three months ended March 31, 2026, we granted 1,479,235 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 three months ended March 31, 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 three months ended March 31, 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.
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 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 three months ended March 31, 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 three months ended March 31, 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 three months ended March 31, 2026:
Time-Vesting Awards
Performance and/or Market Vesting Awards
Total Share-Based Awards(1)
NumberWeighted
Average Grant
Date Fair Value
(Actual $)		NumberWeighted
Average Grant
Date Fair Value
(Actual $)		NumberWeighted
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 1,801,995 26.34 979,384 29.27 2,781,379 27.37 
Vested(2)
(248,450)(33.26)(197,231)(29.81)(445,681)(31.73)
Forfeited / canceled(17,690)(33.83)(253,913)(31.83)(271,603)(31.96)
Balance, March 31, 2026
2,278,679 $27.94 2,020,242 $34.65 4,298,921 $31.09 
(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 three months ended March 31, 2026 was $21,121. During the three months ended March 31, 2026, 10,327 RSUs, respectively, were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.
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 three months ended March 31, 2026:
For the Three Months Ended March 31, 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 months ended March 31, 2026 and 2025, we recognized share-based compensation expense as follows:
For the Three Months
Ended March 31,
20262025
General and administrative$7,774 $8,506 
Property management expense2,926 1,651 
Total$10,700 $10,157 
As of March 31, 2026, there is 94,537 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 2.51 years.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 March 31, 2026 and December 31, 2025, refer to Note 6.
Financial Instrument Fair Value Disclosures
The following table displays the carrying values and fair values of financial instruments as of March 31, 2026 and December 31, 2025:
March 31, 2026December 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$55,060 $54,664 $54,972 $54,615 
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)
Level 1$4,127,168 $3,888,095 $4,126,356 $3,994,910 
IH 2017-1(3)
Level 2987,574 973,152 987,486 972,278 
Unsecured Notes — private placement(4)
Level 2300,000 266,517 300,000 267,537 
IH 2019-1(5)
Level 3400,386 372,784 400,386 374,136 
Term Loan Facilities(6)
Level 32,475,000 2,476,616 2,475,000 2,483,014 
Revolving Facility(7)
Level 3560,000 560,429 145,000 145,624 
(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 $22,832 and $23,644 of unamortized discount and excludes $25,494 and $26,595 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(3)The carrying values of IH 2017-1 includes $439 and $527 of unamortized discount and excludes $2,149 and $2,579 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(4)The carrying value of the Unsecured Notes — private placement excludes $797 and $840 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(5)The carrying value of the IH 2019-1 excludes $1,125 and $1,179 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(6)The carrying values of the Term Loan Facilities exclude $18,193 and $23,015 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(7)The carrying value of the Revolving Facility excludes $15,628 and 17,230 deferred financing costs as of March 31, 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.
The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of March 31, 2026:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Debt — IH 2019-1
$372,784 Discounted Cash FlowEffective Rate5.10%
Term Loan Facilities2,476,616 Discounted Cash FlowEffective Rate4.26%—4.52%
Revolving Facility560,429 Discounted Cash FlowEffective Rate4.19%—4.45%
(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 March 31,
20262025
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$2,696 $627 
Total impairments(469)(63)
Fair value$2,227 $564 
We did not record any impairments for our investments in single-family residential properties, net held for use during the three months ended March 31, 2026 and 2025. For additional information related to our single-family residential properties as of March 31, 2026 and December 31, 2025, refer to Note 3.
v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic and diluted EPS are calculated as follows:
For the Three Months
Ended March 31,
20262025
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted$159,800 $165,517 
Denominator:
Weighted average common shares outstanding — basic605,997,344 612,777,606 
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards236,229 584,274 
Weighted average common shares outstanding — diluted606,233,573 613,361,880 
Net income per common share — basic$0.26 $0.27 
Net income per common share — diluted$0.26 $0.27 
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 March 31, 2026 and 2025, 129,740 and 471,310 incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator because they are anti-dilutive.
For the three months ended March 31, 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.
v3.26.1
Income Tax
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Tax 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 March 31, 2026 and December 31, 2025, we have not recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 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 March 31, 2026, for the periods below:
YearOperating
Leases		Finance
Leases
Remainder of 2026
$4,188 $5,096 
2027
6,188 6,304 
2028
5,608 4,436 
2029
5,049 3,203 
20304,651 422 
Thereafter23,461 — 
Total lease payments49,145 19,461 
Less: imputed interest(11,160)(1,735)
Total lease liability$37,985 $17,726 
The components of lease expense for the three months ended March 31, 2026 and 2025 are as follows:
For the Three Months
Ended March 31,
20262025
Operating lease cost:
Fixed lease cost$1,576 $1,292 
Variable lease cost566 336 
Total operating lease cost$2,142 $1,628 
Finance lease cost:
Amortization of ROU assets$1,536 $940 
Interest on lease liabilities241 128 
Total finance lease cost$1,777 $1,068 

New-Build Commitments
As of March 31, 2026, we have entered into binding development and purchase agreements with third parties for the acquisition of 384 homes over the next two years. Remaining commitments under these agreements total approximately $120,000 as of March 31, 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 March 31, 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.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our principal business is investment in, development of, and management of single-family residential properties for lease. As of March 31, 2026, we wholly own 85,970 homes for lease, jointly own 8,016 homes for lease, and provide professional third-party property and asset management services for an additional 15,759 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.
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 months ended March 31, 2026 and 2025:
For the Three Months
Ended March 31,
20262025
Fixed expenses(1)
$136,443 $130,721 
Controllable expenses(2)
114,691 106,728 
Total property operating and maintenance$251,134 $237,449 
(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.
v3.26.1
Business Combination
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination 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 maturity. 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.
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 acquired43,629 
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 March 31, 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 March 31, 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 March 31, 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 $43,745 for ResiBuilt were included in the condensed consolidated statement of operations from the Acquisition Date through March 31, 2026.
We incurred $191 in acquisition-related expenses during the three months ended March 31, 2026, which are 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.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2026, for potential recognition or disclosure.
Share Repurchase Program
On April 27, 2026, our board of directors authorized a share repurchase program under which we may acquire shares of our common stock in the open market or negotiated transactions up to an aggregate purchase price of $500,000 (see Note 9).
Dividend Payment
On March 12, 2026, our board of directors declared a dividend of $0.30 (actual $) per share to stockholders of record on March 26, 2026, resulting in a $179,322 dividend payment on April 17, 2026 (see Note 9).
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
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 months ended March 31, 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
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 March 31, 2026 and December 31, 2025, and the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 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.
Use of Estimates
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.
Recently Adopted Accounting Standards, Recent Accounting Pronouncements
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.
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.
v3.26.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
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 Three Months
Ended March 31,
2025
Operating Activities:
Losses on investments in equity and other securities, net(1)
$221 
Investing Activities:
Deposits for acquisition of single-family residential properties(2)
4,659 
Initial renovations to single-family residential properties(2)
(7,209)
Investments in equity securities(3)
(1,053)
(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.
v3.26.1
Investments in Single-Family Residential Properties (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Net Carrying Amount of Properties
The following table sets forth the net carrying amount associated with our properties by component:
March 31,
2026		December 31, 2025
Land$4,964,675 $4,986,353 
Single-family residential property17,054,467 17,049,737 
Capital improvements593,616 594,422 
Equipment146,081 145,668 
Total gross investments in the properties22,758,839 22,776,180 
Less: accumulated depreciation(5,643,977)(5,501,558)
Investments in single-family residential properties, net$17,114,862 $17,274,622 
v3.26.1
Cash, Cash Equivalents, and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
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:
March 31,
2026		December 31, 2025
Cash and cash equivalents$114,129 $129,971 
Restricted cash258,850 224,894 
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows
$372,979 $354,865 
Schedule of Restricted Cash
The balances of our restricted cash accounts are set forth in the table below. As of March 31, 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.
March 31,
2026		December 31, 2025
Resident security deposits$187,462 $184,883 
Tax deferred property exchange deposits
49,677 23,346 
Property taxes10,337 4,079 
Collections6,859 8,177 
Letters of credit2,532 2,510 
Capital expenditures1,707 1,623 
Special and other reserves276 276 
Total$258,850 $224,894 
v3.26.1
Investments In Unconsolidated Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of 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 March 31, 2026 and December 31, 2025:
Number of Properties OwnedCarrying Value
Ownership PercentageMarch 31,
2026		December 31, 2025March 31,
2026		December 31, 2025
Pathway Property Company(1)
100.0%854853$110,422 $111,811 
2020 Rockpoint JV(1)
20.0%2,6052,60533,635 36,885 
Upward America JV(2)
7.2%3,7203,72032,322 32,292 
Pathway Operating Company(3)
15.0%N/AN/A26,85426,948 
FNMA(4)(5)
10.0%31132016,768 17,280 
2024 Peregrine JV(6)
30.0%11911915,935 16,073 
2022 Rockpoint JV(1)
16.7%40738914,636 13,272 
Total$250,572 $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 within the Western United States.
(5)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.
(6)Owns homes in markets within the Southeast United States and Florida.
v3.26.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
As of March 31, 2026 and December 31, 2025, the balances in other assets, net are as follows:
March 31,
2026		December 31, 2025
Receivables, net:
Rent receivables
$28,642 $31,772 
Homebuilding receivables and contract assets
28,237 — 
Construction and development loan receivables
15,412 6,032 
Other receivables
16,854 28,407 
Total receivables, net
89,145 66,211 
Prepaid expenses81,790 56,278 
Held for sale assets(1)
77,111 58,563 
Investments in equity and other securities63,605 63,122 
Intangible assets other than goodwill57,015 19,428 
Corporate fixed assets, net56,388 56,613 
Investments in debt securities, net55,060 54,972 
ROU lease assets — operating and finance, net52,230 45,949 
Land and construction in progress
31,536 23,839 
Amounts deposited and held by others23,321 39,419 
Derivative instruments (Note 8)23,448 14,354 
Other37,925 39,287 
Total$648,574 $538,035 
(1)As of March 31, 2026 and December 31, 2025, 320 and 278 properties, respectively, are classified as held for sale.
Schedule of Future Minimum Lease Payments
Future minimum rental revenues and other property income under leases on our single-family residential properties in place as of March 31, 2026 are as follows:
YearLease Payments
to be Received
Remainder of 2026
$1,325,380 
2027447,351 
202819,122 
2029
— 
2030— 
Thereafter— 
Total$1,791,853 
Schedule of Investments in Equity and Other Securities As of March 31, 2026 and December 31, 2025, the values of our investments in equity and other securities are as follows:
March 31,
2026		December 31, 2025
Investments without a readily determinable fair value$62,991 $62,296 
Investments with a readily determinable fair value614 826 
Total$63,605 $63,122 
Schedule of Gain (Losses) Equity and Other Securities
The components of gains (losses) on investments in equity and other securities, net, included in other, net on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 are as follows:
 
For the Three Months
Ended March 31,
20262025
Net unrealized losses on investments still held at the reporting date — with a readily determinable fair value
$(213)$(221)
Total $(213)$(221)
Schedule of Gross Carrying Amount and Accumulated Amortization
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 March 31, 2026 and December 31, 2025:
March 31, 2026
Gross Carrying Amount
Accumulated Amortization
Net Intangible Assets
Amortization Period
Customer relationships(1)
$32,000 $(1,529)$30,471 
4 — 5 years
Trade name(1)
8,000 (215)7,785 
8 years
Property and asset management contracts
24,244 (5,485)18,759 
5 — 10 years
Total
$64,244 $(7,229)$57,015 
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.
Schedule of Expected Future Amortization Expense for Intangible Assets The expected future amortization expense for intangible assets as of March 31, 2026 are as follows:
Year
Amortization
Remainder of 2026
$8,090 
202710,787 
202810,787 
2029
10,329 
20306,985 
Thereafter10,037 
Total$57,015 
Schedule of Supplemental Information Related to Leases
The following table presents supplemental information related to leases into which we have entered as a lessee as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Other assets$34,201 $18,029 $32,133 $13,816 
Other liabilities (Note 14)37,985 17,726 35,494 13,512 
Weighted average remaining lease term8.8 years3.2 years9.1 years3.1 years
Weighted average discount rate5.7%5.8%5.7%5.9%
The components of lease expense for the three months ended March 31, 2026 and 2025 are as follows:
For the Three Months
Ended March 31,
20262025
Operating lease cost:
Fixed lease cost$1,576 $1,292 
Variable lease cost566 336 
Total operating lease cost$2,142 $1,628 
Finance lease cost:
Amortization of ROU assets$1,536 $940 
Interest on lease liabilities241 128 
Total finance lease cost$1,777 $1,068 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Instrument [Line Items]  
Schedule of Mortgage Loan / Secured Term Loan / Unsecured Notes
The following table sets forth a summary of our Unsecured Notes as of March 31, 2026 and December 31, 2025:
Interest
Rate(1)
March 31,
2026		December 31, 2025
Total Unsecured Notes, net(2)
2.00% — 5.50%
$4,427,168 $4,426,356 
Deferred financing costs, net
(26,291)(27,435)
Total
$4,400,877 $4,398,921 
(1)Represents the range of contractual rates in place as of March 31, 2026.
(2)Net of unamortized discount of $22,832 and $23,644 as of March 31, 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).
Schedule of Term Loan Facility and Revolving Facility
The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facility, as of March 31, 2026 and December 31, 2025:
Maturity
Date		Interest
Rate		March 31,
2026		December 31, 2025
2024 Term Loan Facility(1)(2)
September 9, 20284.51%$1,750,000 $1,750,000 
2022 Term Loan Facility(3)(4)
April 28, 20284.51%725,000 725,000 
Total Term Loan Facilities2,475,000 2,475,000 
Less: deferred financing costs, net(18,193)(23,015)
Term Loan Facilities, net$2,456,807 $2,451,985 
Revolving Facility(1)(2)(5)
September 9, 20284.44%$560,000 $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 March 31, 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 3.66%. 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 March 31, 2026, the applicable margin was 0.85% and Term SOFR was 3.66%.
(4)If we exercise the two one year extension options, the maturity date will be April 28, 2030.
(5)As of March 31, 2026, $1,190,000 of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants.
Schedule of Margin Term Loan Facilities and Revolving Facility
The margins for the Term Loan Facilities and the Revolving Facility are as follows:
Base Rate LoansSOFR Rate Loans
2024 Term Loan Facility0.00%—0.60%0.75%—1.60%
2022 Term Loan Facility, prior to amendment0.15%—1.20%1.15%—2.20%
2022 Term Loan Facility, as amended0.00%—0.60%0.75%—1.60%
Revolving Facility0.00%—0.40%0.70%—1.40%
Schedule of Maturities of Long-Term Debt
The following table summarizes the contractual maturities of our debt as of March 31, 2026:
Year
Secured Debt
Unsecured Notes
Term Loan Facilities(1)(2)
Revolving Facility(1)(3)
Total
2026$— $— $— $— $— 
2027988,013 — — — 988,013 
2028— 750,000 2,475,000 560,000 3,785,000 
2029
— — — — — 
2030
450,000 450,000 
Thereafter400,386 3,250,000 — — 3,650,386 
Total1,388,399 4,450,000 2,475,000 560,000 8,873,399 
Less: deferred financing costs, net(3,274)(26,291)(18,193)— (47,758)
Less: unamortized debt discount(439)(22,832)— — (23,271)
Total $1,384,686 $4,400,877 $2,456,807 $560,000 $8,802,370 
(1)If we exercise the two six month extension options, the maturity date for the 2024 Term Loan Facility and the Revolving Facility will be September 9, 2029.
(2)If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.
(3)Deferred financing costs related to the Revolving Facility are classified in other assets, net (see Note 6).
Secured Debt  
Debt Instrument [Line Items]  
Schedule of Mortgage Loan / Secured Term Loan / Unsecured Notes
The following table sets forth a summary of our secured debt as of March 31, 2026 and December 31, 2025:
Outstanding Principal
Balance(1)
Origination
Date
Maturity
Date
Interest
Rate
March 31,
2026		December 31, 2025
IH 2017-1(2)(3)
April 28, 2017June 9, 20274.23%$987,574 $987,486 
IH 2019-1(4)
June 7, 2019June 9, 20313.59%400,386 400,386 
Total Secured Debt
1,387,960 1,387,872 
Less: deferred financing costs, net (3,274)(3,758)
Total $1,384,686 $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 $439 and $527 as of March 31, 2026 and December 31, 2025, respectively.
(4)IH 2019-1 bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to the one month London Interbank Offer Rate as provided for in the loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.
v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Instruments
The table below summarizes our interest rate swap instruments as of March 31, 2026:
Agreement Date
Forward
Effective Date
Maturity
Date		Strike
Rate		IndexNotional
Amount
September 20, 2024December 31, 2024May 31, 20283.13%One month Term SOFR$200,000 
September 20, 2024December 31, 2024May 31, 20283.14%One month Term SOFR200,000 
September 23, 2024December 31, 2024May 31, 20283.13%One month Term SOFR200,000 
September 24, 2024December 31, 2024May 31, 20283.08%One month Term SOFR200,000 
September 24, 2024December 31, 2024May 31, 20283.08%One month Term SOFR200,000 
September 25, 2024December 31, 2024May 31, 20281.93%One month Term SOFR200,000 
September 25, 2024December 31, 2024May 31, 20293.12%One month Term SOFR200,000 
May 8, 2025May 8, 2025May 31, 20283.51%One month Term SOFR200,000 
June 20, 2025June 20, 2025May 31, 20283.60%One month Term SOFR200,000 
March 22, 2023July 9, 2025May 31, 20292.99%One month Term SOFR300,000 
Schedule of 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 March 31, 2026 and December 31, 2025:
Asset DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location		March 31,
2026		December 31, 2025Balance
Sheet Location		March 31,
2026		December 31, 2025
Derivatives designated as hedging instruments:
Interest rate swapsOther assets$23,448 $14,354 Other liabilities$170 $2,616 
Derivatives not designated as hedging instruments:
Interest rate capsOther assets— — Other liabilities— — 
Total$23,448 $14,354 $170 $2,616 
Schedule of Offsetting Derivative Assets The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2026 and December 31, 2025:
March 31, 2026
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$23,448 $— $23,448 $— $— $23,448 
Offsetting liabilities:
Derivatives$170 $— $170 $— $— $170 
December 31, 2025
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$14,354 $— $14,354 $(1,106)$— $13,248 
Offsetting liabilities:
Derivatives$2,616 $— $2,616 $(1,106)$— $1,510 
Schedule of Offsetting Derivative Liabilities The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of March 31, 2026 and December 31, 2025:
March 31, 2026
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$23,448 $— $23,448 $— $— $23,448 
Offsetting liabilities:
Derivatives$170 $— $170 $— $— $170 
December 31, 2025
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$14,354 $— $14,354 $(1,106)$— $13,248 
Offsetting liabilities:
Derivatives$2,616 $— $2,616 $(1,106)$— $1,510 
Schedule of 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 March 31, 2026 and 2025:
Amount of Gain (Loss) Recognized in OCI on DerivativesLocation of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount 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 March 31,		For the Three Months
Ended March 31,		For the Three Months
Ended March 31,
202620252026202520262025
    Derivatives in cash flow hedging relationships:
Interest rate swaps$14,770 $(18,958)Interest expense$2,689 $10,787 $95,313 $84,254 
v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Dividends Paid
The following table summarizes our dividends paid from January 1, 2025 through March 31, 2026:
Record DateAmount
per Share		Pay DateTotal Amount Paid
Q1-2026December 23, 2025$0.30 January 16, 2026$183,855 
Q4-2025September 25, 20250.29 October 17, 2025178,016 
Q3-2025June 26, 20250.29 July 18, 2025178,020 
Q2-2025March 27, 20250.29 April 17, 2025177,963 
Q1-2025December 26, 20240.29 January 17, 2025177,839 
v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, RSU and PRSU Activity
The following table summarizes activity related to share-based awards, other than Outperformance Awards, during the three months ended March 31, 2026:
Time-Vesting Awards
Performance and/or Market Vesting Awards
Total Share-Based Awards(1)
NumberWeighted
Average Grant
Date Fair Value
(Actual $)		NumberWeighted
Average Grant
Date Fair Value
(Actual $)		NumberWeighted
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 1,801,995 26.34 979,384 29.27 2,781,379 27.37 
Vested(2)
(248,450)(33.26)(197,231)(29.81)(445,681)(31.73)
Forfeited / canceled(17,690)(33.83)(253,913)(31.83)(271,603)(31.96)
Balance, March 31, 2026
2,278,679 $27.94 2,020,242 $34.65 4,298,921 $31.09 
(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 three months ended March 31, 2026 was $21,121. During the three months ended March 31, 2026, 10,327 RSUs, respectively, were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.
Schedule of Grant-Date Fair Values The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the three months ended March 31, 2026:
For the Three Months Ended March 31, 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.
Schedule of Share-Based Compensation Expense
During the three months ended March 31, 2026 and 2025, we recognized share-based compensation expense as follows:
For the Three Months
Ended March 31,
20262025
General and administrative$7,774 $8,506 
Property management expense2,926 1,651 
Total$10,700 $10,157 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Fair Values of Financial Instruments
The following table displays the carrying values and fair values of financial instruments as of March 31, 2026 and December 31, 2025:
March 31, 2026December 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$55,060 $54,664 $54,972 $54,615 
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)
Level 1$4,127,168 $3,888,095 $4,126,356 $3,994,910 
IH 2017-1(3)
Level 2987,574 973,152 987,486 972,278 
Unsecured Notes — private placement(4)
Level 2300,000 266,517 300,000 267,537 
IH 2019-1(5)
Level 3400,386 372,784 400,386 374,136 
Term Loan Facilities(6)
Level 32,475,000 2,476,616 2,475,000 2,483,014 
Revolving Facility(7)
Level 3560,000 560,429 145,000 145,624 
(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 $22,832 and $23,644 of unamortized discount and excludes $25,494 and $26,595 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(3)The carrying values of IH 2017-1 includes $439 and $527 of unamortized discount and excludes $2,149 and $2,579 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(4)The carrying value of the Unsecured Notes — private placement excludes $797 and $840 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(5)The carrying value of the IH 2019-1 excludes $1,125 and $1,179 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(6)The carrying values of the Term Loan Facilities exclude $18,193 and $23,015 of deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(7)The carrying value of the Revolving Facility excludes $15,628 and 17,230 deferred financing costs as of March 31, 2026 and December 31, 2025, respectively, which are classified in other assets, net (see Note 6).
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of March 31, 2026:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Debt — IH 2019-1
$372,784 Discounted Cash FlowEffective Rate5.10%
Term Loan Facilities2,476,616 Discounted Cash FlowEffective Rate4.26%—4.52%
Revolving Facility560,429 Discounted Cash FlowEffective Rate4.19%—4.45%
(1)Our Level 3 fair value instruments require interest only payments.
Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis
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 March 31,
20262025
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$2,696 $627 
Total impairments(469)(63)
Fair value$2,227 $564 
v3.26.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
Basic and diluted EPS are calculated as follows:
For the Three Months
Ended March 31,
20262025
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted$159,800 $165,517 
Denominator:
Weighted average common shares outstanding — basic605,997,344 612,777,606 
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards236,229 584,274 
Weighted average common shares outstanding — diluted606,233,573 613,361,880 
Net income per common share — basic$0.26 $0.27 
Net income per common share — diluted$0.26 $0.27 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Fixed Lease Payment
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 March 31, 2026, for the periods below:
YearOperating
Leases		Finance
Leases
Remainder of 2026
$4,188 $5,096 
2027
6,188 6,304 
2028
5,608 4,436 
2029
5,049 3,203 
20304,651 422 
Thereafter23,461 — 
Total lease payments49,145 19,461 
Less: imputed interest(11,160)(1,735)
Total lease liability$37,985 $17,726 
Schedule of Lease Costs
The following table presents supplemental information related to leases into which we have entered as a lessee as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Other assets$34,201 $18,029 $32,133 $13,816 
Other liabilities (Note 14)37,985 17,726 35,494 13,512 
Weighted average remaining lease term8.8 years3.2 years9.1 years3.1 years
Weighted average discount rate5.7%5.8%5.7%5.9%
The components of lease expense for the three months ended March 31, 2026 and 2025 are as follows:
For the Three Months
Ended March 31,
20262025
Operating lease cost:
Fixed lease cost$1,576 $1,292 
Variable lease cost566 336 
Total operating lease cost$2,142 $1,628 
Finance lease cost:
Amortization of ROU assets$1,536 $940 
Interest on lease liabilities241 128 
Total finance lease cost$1,777 $1,068 
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Significant Expenses, Comprised of Property Operating and Maintenance Expense 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 months ended March 31, 2026 and 2025:
For the Three Months
Ended March 31,
20262025
Fixed expenses(1)
$136,443 $130,721 
Controllable expenses(2)
114,691 106,728 
Total property operating and maintenance$251,134 $237,449 
(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.
v3.26.1
Business Combination (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation
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 acquired43,629 
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 March 31, 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.
v3.26.1
Organization and Formation (Details)
Mar. 31, 2026
homeForLease
Mar. 31, 2026
home
Mar. 31, 2026
Mar. 31, 2025
home
Organization, Consolidation and Presentation of Financial Statements [Line Items]        
Number of real estate properties 85,970 23,775   24,996
Percentage ownership of the combined entity after the transaction     99.60%  
Related Party        
Organization, Consolidation and Presentation of Financial Statements [Line Items]        
Number of real estate properties   8,016   7,660
Number of real estate properties that have asset management services provided   15,759    
v3.26.1
Significant Accounting Policies - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]    
Conversion ratio from units to shares (in shares) 1  
Losses on investments in equity and other securities, net $ 213 $ 221
Reclassification, Other    
Debt Instrument [Line Items]    
Losses on investments in equity and other securities, net   $ 221
v3.26.1
Significant Accounting Policies - Schedule of Amounts Reclassified (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reclassification [Line Items]    
Losses on investments in equity and other securities, net $ 213 $ 221
Reclassification, Other    
Reclassification [Line Items]    
Losses on investments in equity and other securities, net   221
Deposits for acquisition of single-family residential properties   4,659
Initial renovations to single-family residential properties   (7,209)
Investments in equity securities   $ (1,053)
v3.26.1
Investments in Single-Family Residential Properties - Schedule of Net Carrying Amount of Properties (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real Estate [Abstract]    
Land $ 4,964,675 $ 4,986,353
Single-family residential property 17,054,467 17,049,737
Capital improvements 593,616 594,422
Equipment 146,081 145,668
Total gross investments in the properties 22,758,839 22,776,180
Less: accumulated depreciation (5,643,977) (5,501,558)
Investments in single-family residential properties, net $ 17,114,862 $ 17,274,622
v3.26.1
Investments in Single-Family Residential Properties - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Property, Plant and Equipment [Line Items]      
Capitalized acquisition costs, net $ 147,941   $ 148,650
Capitalized interest costs 78,645   79,124
Capitalized property taxes, net 31,232   31,493
Capitalized insurance, net 5,095   5,138
Capitalized HOA fees, net 3,737   $ 3,758
Depreciation and amortization 193,142 $ 183,146  
Provisions for impairment 469 63  
Components of Properties      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization 184,923 179,063  
Fixed Assets      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 5,806 $ 4,083  
v3.26.1
Cash, Cash Equivalents, and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 114,129 $ 129,971    
Restricted cash 258,850 224,894    
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows $ 372,979 $ 354,865 $ 318,630 $ 419,693
v3.26.1
Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Restricted Cash and Cash Equivalent Item [Line Items]    
Total $ 258,850 $ 224,894
Resident security deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total 187,462 184,883
Tax deferred property exchange deposits    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total 49,677 23,346
Property taxes    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total 10,337 4,079
Collections    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total 6,859 8,177
Letters of credit    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total 2,532 2,510
Capital expenditures    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total 1,707 1,623
Special and other reserves    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total $ 276 $ 276
v3.26.1
Investments In Unconsolidated Joint Ventures - Schedule of Investments In Unconsolidated Joint Ventures (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]      
Carrying Value $ 250,572 $ 254,561  
Pathway Property Company      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 100.00%    
Number of Properties Owned | property 854 853  
Carrying Value $ 110,422 $ 111,811  
2020 Rockpoint JV      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 20.00%    
Number of Properties Owned | property 2,605 2,605  
Carrying Value $ 33,635 $ 36,885  
Upward America JV      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 7.20%    
Number of Properties Owned | property 3,720 3,720  
Carrying Value $ 32,322 $ 32,292  
Pathway Operating Company      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 15.00%    
Carrying Value $ 26,854 $ 26,948  
FNMA      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 10.00%    
Number of Properties Owned | property 311 320  
Carrying Value $ 16,768 $ 17,280  
Share of income and distributions, percentage   50.00% 10.00%
2024 Peregrine JV      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 30.00%    
Number of Properties Owned | property 119 119  
Carrying Value $ 15,935 $ 16,073  
2022 Rockpoint JV      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 16.70%    
Number of Properties Owned | property 407 389  
Carrying Value $ 14,636 $ 13,272  
v3.26.1
Investments In Unconsolidated Joint Ventures - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]      
Investments in unconsolidated joint ventures $ 101,058    
Losses from investments in unconsolidated joint ventures 3,085 $ 5,218  
Management fee revenues 19,852 21,408  
Related Party      
Schedule of Equity Method Investments [Line Items]      
Management fee revenues 6,296 $ 6,162  
Property management fee, receivable $ 1,962   $ 1,884
v3.26.1
Other Assets - Schedule of Other Assets (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
property
Dec. 31, 2025
USD ($)
property
Receivables, net:    
Rent receivables $ 28,642 $ 31,772
Homebuilding receivables and contract assets 28,237 0
Construction and development loan receivables 15,412 6,032
Other receivables 16,854 28,407
Total receivables, net 89,145 66,211
Prepaid expenses 81,790 56,278
Held for sale assets 77,111 58,563
Investments in equity and other securities 63,605 63,122
Intangible assets other than goodwill 57,015 19,428
Corporate fixed assets, net 56,388 56,613
Investments in debt securities, net 55,060 54,972
ROU lease assets — operating and finance, net 52,230 45,949
Land and construction in progress 31,536 23,839
Amounts deposited and held by others 23,321 39,419
Derivative instruments (Note 8) 23,448 14,354
Other 37,925 39,287
Total $ 648,574 $ 538,035
Number properties held-for-sale | property 320 278
v3.26.1
Other Assets - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
home
Mar. 31, 2026
USD ($)
Mar. 31, 2026
homeForLease
Mar. 31, 2026
Mar. 31, 2026
loan
Mar. 31, 2026
home
Dec. 31, 2025
USD ($)
Schedule of Investments [Line Items]                
Initial contractual term 12 months              
Variable lease income $ 43,983 $ 43,680            
Construction in progress     $ 5,742         $ 0
Homebuilding revenues 43,745 $ 0            
Homebuilding receivables     19,401         0
Contract assets     3,094         0
Contract liabilities     480         0
Transaction price     328,431          
Loan receivables, funded amount     16,895          
Number of loans funded | loan           4    
Remaining commitments amount     155,849          
Number of real estate properties   24,996   85,970     23,775  
Management fee revenues 19,852 $ 21,408            
Amortization expense $ 2,413 $ 669            
Investments in debt securities, net     55,060         54,972
Unamortized discount     23,271          
Financing costs     25,626          
Deferred financing costs, net     15,628         17,230
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01                
Schedule of Investments [Line Items]                
Revenue, remaining performance obligation (as percent)         50.00%      
Revenue, performance obligation expected timing of satisfaction period 12 months              
Secured Debt                
Schedule of Investments [Line Items]                
Unamortized discount     439          
IH1 2017-1 | Secured Debt                
Schedule of Investments [Line Items]                
Unamortized discount     $ 439         $ 527
Related Party                
Schedule of Investments [Line Items]                
Number of real estate properties | home   7,660         8,016  
Management fee revenues $ 6,296 $ 6,162            
Minimum                
Schedule of Investments [Line Items]                
Billing terms 30 days              
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01                
Schedule of Investments [Line Items]                
Revenue, performance obligation expected timing of satisfaction period 2 years              
Maximum                
Schedule of Investments [Line Items]                
Billing terms 45 days              
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01                
Schedule of Investments [Line Items]                
Revenue, performance obligation expected timing of satisfaction period 3 years              
Maximum | Residential Mortgage Backed Securities                
Schedule of Investments [Line Items]                
Retained certificates, expected maturity term 1 year              
v3.26.1
Other Assets - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Remainder of 2026 $ 1,325,380
2027 447,351
2028 19,122
2029 0
2030 0
Thereafter 0
Total $ 1,791,853
v3.26.1
Other Assets - Schedule of Investments in Equity and Other Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Investments without a readily determinable fair value $ 62,991 $ 62,296
Investments with a readily determinable fair value 614 826
Total $ 63,605 $ 63,122
v3.26.1
Other Assets - Schedule of Gain (Losses) Equity and Other Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Net unrealized losses on investments still held at the reporting date — with a readily determinable fair value $ (213) $ (221)
Total $ (213) $ (221)
v3.26.1
Other Assets - Schedule of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($)
$ in Thousands
 1 Months Ended
Jan. 31, 2026
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 64,244  
Accumulated Amortization   (7,229)  
Net Intangible Assets   57,015  
ResiBuilt Homes, LLC      
Finite-Lived Intangible Assets [Line Items]      
Finite-lived intangible assets acquired $ 40,000    
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   32,000  
Accumulated Amortization   (1,529)  
Net Intangible Assets   $ 30,471  
Customer relationships | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period   4 years  
Customer relationships | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period   5 years  
Trade name      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 8,000  
Accumulated Amortization   (215)  
Net Intangible Assets   $ 7,785  
Amortization Period   8 years  
Property and asset management contracts      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 24,244 $ 24,244
Accumulated Amortization   (5,485) (4,816)
Net Intangible Assets   $ 18,759 $ 19,428
Property and asset management contracts | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period   5 years 5 years
Property and asset management contracts | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period   10 years 10 years
v3.26.1
Other Assets - Schedule of Expected Future Amortization Expense for Intangible Assets (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Amortization  
Remainder of 2026 $ 8,090
2027 10,787
2028 10,787
2029 10,329
2030 6,985
Thereafter 10,037
Net Intangible Assets $ 57,015
v3.26.1
Other Assets - Schedule of Supplemental Information Related to Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Operating lease, other assets $ 34,201 $ 32,133
Total lease liability $ 37,985 $ 35,494
Operating lease, weighted average remaining lease term 8 years 9 months 18 days 9 years 1 month 6 days
Lessee, operating lease, weighted average discount rate 5.70% 5.70%
Finance lease, other assets $ 18,029 $ 13,816
Total lease liability $ 17,726 $ 13,512
Finance lease, weighted average remaining lease term 3 years 2 months 12 days 3 years 1 month 6 days
Lessee, finance lease, weighted average discount rate 5.80% 5.90%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.26.1
Debt - Schedule of Secured Debt (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]    
Less: deferred financing costs, net $ (47,758)  
Total 8,802,370  
Unamortized discount 23,271  
Secured Debt    
Debt Instrument [Line Items]    
Total Secured Debt 1,387,960 $ 1,387,872
Less: deferred financing costs, net (3,274) (3,758)
Total 1,384,686 1,384,114
Unamortized discount $ 439  
Basis spread 1.47%  
Secured Debt | Fixed Rate    
Debt Instrument [Line Items]    
Debt instrument term 11 years  
IH1 2017-1 | Secured Debt    
Debt Instrument [Line Items]    
Interest rate 4.23%  
Total Secured Debt $ 987,574 987,486
Less: deferred financing costs, net $ (2,149) (2,579)
Number of components | loan 2  
Unamortized discount $ 439 527
IH 2019-1 | Secured Debt    
Debt Instrument [Line Items]    
Interest rate 3.59%  
Total Secured Debt $ 400,386 400,386
Less: deferred financing costs, net $ (1,125) $ (1,179)
v3.26.1
Debt - Secured Debt - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
right
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
Debt Instrument [Line Items]      
Real estate investment property, at cost $ 22,758,839   $ 22,776,180
Investments in single-family residential properties, net 17,114,862   17,274,622
Investments in debt securities, net 55,060   $ 54,972
Payments on secured debt $ 0 $ 2,787  
Secured Debt      
Debt Instrument [Line Items]      
Debt instrument, loan principal as a percentage of mortgage pool 5.00%    
Payments on secured debt $ 0 $ 2,787  
Secured Debt | IH 2019-1      
Debt Instrument [Line Items]      
Number of rights to execute special releases, after first anniversary | right 4    
Special release of collateral, percentage of principal amount 15.00%    
Interest rate 3.59%    
Secured Debt | IH1 2017-1      
Debt Instrument [Line Items]      
Interest rate 4.23%    
Secured Debt | IH1 2017-1 | Class B Certificates      
Debt Instrument [Line Items]      
Interest rate 4.23%    
Residential Real Estate | Secured Debt      
Debt Instrument [Line Items]      
Number of real estate properties | property 8,891   8,891
Real estate investment property, at cost $ 1,937,379   $ 1,929,649
Investments in single-family residential properties, net $ 1,301,990   $ 1,311,955
v3.26.1
Debt - Schedule of Unsecured Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Deferred financing costs, net $ (47,758)  
Total 8,802,370  
Unamortized discount 23,271  
Unsecured Notes    
Debt Instrument [Line Items]    
Total unsecured notes, net 4,427,168 $ 4,426,356
Deferred financing costs, net (26,291) (27,435)
Total 4,400,877 4,398,921
Unamortized discount $ 22,832 $ 23,644
Unsecured Notes | Minimum    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Unsecured Notes | Maximum    
Debt Instrument [Line Items]    
Interest rate 5.50%  
v3.26.1
Debt - Unsecured Notes - Narrative (Details) - Unsecured Notes - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Principal amount $ 0 $ 0
Unsecured Notes - April 2032    
Debt Instrument [Line Items]    
Debt redemption percentage 100.00%  
Prepayment requirements of principal outstanding 5.00%  
Unsecured Notes - April 2032 | Minimum    
Debt Instrument [Line Items]    
Period where make-whole premium not included in redemption 1 month  
Unsecured Notes - April 2032 | Maximum    
Debt Instrument [Line Items]    
Period where make-whole premium not included in redemption 3 months  
v3.26.1
Debt - Term Loan Facility and Revolving Facility - Narrative (Details)
$ in Thousands
 3 Months Ended
Apr. 28, 2025
extension
Sep. 09, 2024
USD ($)
extension
Apr. 18, 2023
Mar. 31, 2026
USD ($)
extension
Mar. 31, 2025
USD ($)
Jun. 22, 2022
USD ($)
Line of Credit Facility [Line Items]            
Proceeds from revolving facility       $ 415,000 $ 100,000  
Line of Credit            
Line of Credit Facility [Line Items]            
Line of credit facility, current borrowing capacity   $ 3,500,000        
Number of extensions | extension   2   2    
Extension term   6 months   6 months    
Line of Credit | Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, current borrowing capacity   $ 1,750,000        
Basis spread       0.78%    
Line of Credit | Revolving Credit Facility | Minimum            
Line of Credit Facility [Line Items]            
Line of credit facility, facility fee percentage       0.10%    
Line of Credit | Revolving Credit Facility | Maximum            
Line of Credit Facility [Line Items]            
Line of credit facility, facility fee percentage       0.30%    
Line of Credit | 2024 Term Loan Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, current borrowing capacity   1,750,000        
Basis spread       0.85%    
Line of Credit | Revolving Facility And Unsecured Debt            
Line of Credit Facility [Line Items]            
Line of credit facility, accordion feature, increased borrowing capacity   4,000,000        
Line of Credit | 2020 Revolving Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, current borrowing capacity   1,000,000        
Line of Credit | 2020 Term Loan Facility, 2020 Revolving Facility and 2020 Credit Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, current borrowing capacity   2,500,000        
Line of Credit | Revolving Facility            
Line of Credit Facility [Line Items]            
Proceeds from revolving facility   $ 750,000        
Line of Credit | 2022 Term Loan Facility, prior to amendment            
Line of Credit Facility [Line Items]            
Number of extensions | extension 2          
Extension term 1 year          
Line of credit facility, accordion feature, increased borrowing capacity           $ 950,000
Aggregate borrowing capacity           725,000
Extension fee (in basis points) 0.00125          
Basis spread     1.00% 0.85%    
Line of Credit | 2022 Term Loan Facility, prior to amendment | Federal Funds Effective Swap Rate            
Line of Credit Facility [Line Items]            
Basis spread     0.50%      
Line of Credit | Initial Term Loan            
Line of Credit Facility [Line Items]            
Aggregate borrowing capacity           150,000
Line of Credit | Delayed Draw Term Loans            
Line of Credit Facility [Line Items]            
Aggregate borrowing capacity           $ 575,000
Line of Credit | Term Loan Facilities            
Line of Credit Facility [Line Items]            
Basis spread       1.00%    
Line of Credit | Term Loan Facilities | Federal Funds Effective Swap Rate            
Line of Credit Facility [Line Items]            
Basis spread       0.50%    
Line of Credit | Term Loan Facilities | Secured Overnight Financing Rate (SOFR)            
Line of Credit Facility [Line Items]            
Basis spread       1.00%    
v3.26.1
Debt - Schedule of Term Loan Facility and Revolving Facility (Details)
$ in Thousands
 3 Months Ended
Feb. 04, 2026
Apr. 28, 2025
extension
Sep. 09, 2024
extension
Apr. 18, 2023
Mar. 31, 2026
USD ($)
extension
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]            
Long-term debt, outstanding principal         $ 8,873,399  
Less: deferred financing costs, net         (47,758)  
Total         8,802,370  
Line of Credit            
Line of Credit Facility [Line Items]            
Long-term debt, outstanding principal         $ 2,475,000 $ 2,475,000
Number of extensions | extension     2   2  
Extension term     6 months   6 months  
2024 Term Loan Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Interest
Rate         4.51%  
Long-term debt, outstanding principal         $ 1,750,000 1,750,000
Basis spread         0.85%  
Debt instrument, credit spread adjustment 0.10%          
2022 Term Loan Facility, prior to amendment | Line of Credit            
Line of Credit Facility [Line Items]            
Interest
Rate         4.51%  
Long-term debt, outstanding principal         $ 725,000 725,000
Basis spread       1.00% 0.85%  
Debt instrument, variable rate         3.66%  
Number of extensions | extension   2        
Extension term   1 year        
Amount available to borrow         $ 1,190,000  
Term Loan Facilities | Line of Credit            
Line of Credit Facility [Line Items]            
Less: deferred financing costs, net         (18,193) (23,015)
Total         $ 2,456,807 2,451,985
Basis spread         1.00%  
Debt instrument, variable rate         3.66%  
Revolving Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Interest
Rate         4.44%  
Long-term debt, outstanding principal         $ 560,000 145,000
Less: deferred financing costs, net         $ (15,628) $ (17,230)
Basis spread         0.78%  
v3.26.1
Debt - Schedule of Margin Term Loan Facilities and Revolving Facility (Details) - Line of Credit
 3 Months Ended
Apr. 18, 2023
Mar. 31, 2026
2024 Term Loan Facility    
Line of Credit Facility [Line Items]    
Basis spread   0.85%
2022 Term Loan Facility, prior to amendment    
Line of Credit Facility [Line Items]    
Basis spread 1.00% 0.85%
Revolving Facility    
Line of Credit Facility [Line Items]    
Basis spread   0.78%
Credit Grade Rating Pricing Grid | Minimum | 2024 Term Loan Facility | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.00%
Credit Grade Rating Pricing Grid | Minimum | 2024 Term Loan Facility | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.75%
Credit Grade Rating Pricing Grid | Minimum | 2022 Term Loan Facility, prior to amendment | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.15%
Credit Grade Rating Pricing Grid | Minimum | 2022 Term Loan Facility, prior to amendment | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   1.15%
Credit Grade Rating Pricing Grid | Minimum | 2022 Term Loan Facility, as amended | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.00%
Credit Grade Rating Pricing Grid | Minimum | 2022 Term Loan Facility, as amended | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.75%
Credit Grade Rating Pricing Grid | Minimum | Revolving Facility | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.00%
Credit Grade Rating Pricing Grid | Minimum | Revolving Facility | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.70%
Credit Grade Rating Pricing Grid | Maximum | 2024 Term Loan Facility | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.60%
Credit Grade Rating Pricing Grid | Maximum | 2024 Term Loan Facility | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   1.60%
Credit Grade Rating Pricing Grid | Maximum | 2022 Term Loan Facility, prior to amendment | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   1.20%
Credit Grade Rating Pricing Grid | Maximum | 2022 Term Loan Facility, prior to amendment | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   2.20%
Credit Grade Rating Pricing Grid | Maximum | 2022 Term Loan Facility, as amended | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.60%
Credit Grade Rating Pricing Grid | Maximum | 2022 Term Loan Facility, as amended | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   1.60%
Credit Grade Rating Pricing Grid | Maximum | Revolving Facility | Base Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   0.40%
Credit Grade Rating Pricing Grid | Maximum | Revolving Facility | SOFR Rate Loans    
Line of Credit Facility [Line Items]    
Basis spread   1.40%
v3.26.1
Debt - Schedule of Maturities of Long-Term Debt (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
extension
Dec. 31, 2025
USD ($)
Year    
2026 $ 0  
2027 988,013  
2028 3,785,000  
2029 0  
2030 450,000  
Thereafter 3,650,386  
Total 8,873,399  
Less: deferred financing costs, net (47,758)  
Less: unamortized debt discount (23,271)  
Total 8,802,370  
Secured Debt    
Year    
2026 0  
2027 988,013  
2028 0  
2029 0  
2030  
Thereafter 400,386  
Total 1,388,399  
Less: deferred financing costs, net (3,274) $ (3,758)
Less: unamortized debt discount (439)  
Total 1,384,686 1,384,114
Unsecured Notes    
Year    
2026 0  
2027 0  
2028 750,000  
2029 0  
2030 450,000  
Thereafter 3,250,000  
Total 4,450,000  
Less: deferred financing costs, net (26,291) (27,435)
Less: unamortized debt discount (22,832) (23,644)
Total 4,400,877 4,398,921
Term Loan Facilities    
Year    
2026 0  
2027 0  
2028 2,475,000  
2029 0  
2030  
Thereafter 0  
Total 2,475,000  
Less: deferred financing costs, net (18,193) $ (23,015)
Less: unamortized debt discount 0  
Total $ 2,456,807  
Term Loan Facilities | 2024 Term Loan Facility    
Year    
Number of extensions | extension 2  
Extension term 6 months  
Term Loan Facilities | 2022 Term Loan Facility, prior to amendment    
Year    
Number of extensions | extension 2  
Extension term 1 year  
Revolving Facility    
Year    
2026 $ 0  
2027 0  
2028 560,000  
2029 0  
2030  
Thereafter 0  
Total 560,000  
Less: deferred financing costs, net 0  
Less: unamortized debt discount 0  
Total $ 560,000  
v3.26.1
Derivative Instruments - Schedule of Interest Rate Swap Instruments (Details) - Derivatives designated as hedging instruments
$ in Thousands
Mar. 31, 2026
USD ($)
Interest Rate Swap 1  
Derivative [Line Items]  
Strike Rate 3.13%
Notional Amount $ 200,000
Interest Rate Swap 2  
Derivative [Line Items]  
Strike Rate 3.14%
Notional Amount $ 200,000
Interest Rate Swap 3  
Derivative [Line Items]  
Strike Rate 3.13%
Notional Amount $ 200,000
Interest Rate Swap 4  
Derivative [Line Items]  
Strike Rate 3.08%
Notional Amount $ 200,000
Interest Rate Swap 5  
Derivative [Line Items]  
Strike Rate 3.08%
Notional Amount $ 200,000
Interest Rate Swap 6  
Derivative [Line Items]  
Strike Rate 1.93%
Notional Amount $ 200,000
Interest Rate Swap 7  
Derivative [Line Items]  
Strike Rate 3.12%
Notional Amount $ 200,000
Interest Rate Swap 8  
Derivative [Line Items]  
Strike Rate 3.51%
Notional Amount $ 200,000
Interest Rate Swap 9  
Derivative [Line Items]  
Strike Rate 3.60%
Notional Amount $ 200,000
Interest Rate Swap 10  
Derivative [Line Items]  
Strike Rate 2.99%
Notional Amount $ 300,000
v3.26.1
Derivative Instruments - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Derivative [Line Items]      
Interest rate cash flow hedge gain to be reclassified during next 12 months $ 9,782   $ 9,782
Net liability position 170 $ 2,616  
Other liabilities      
Derivative [Line Items]      
Net liability position 170 2,616  
Interest rate swaps | Other liabilities | Derivatives designated as hedging instruments      
Derivative [Line Items]      
Net liability position 170 $ 2,616  
Aggregate fair value $ 181    
v3.26.1
Derivative Instruments - Schedule of Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Asset Derivatives $ 23,448 $ 14,354
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Liability Derivatives $ 170 $ 2,616
Other assets    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 23,448 14,354
Other assets | Interest rate swaps | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 23,448 14,354
Other assets | Interest rate caps | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 0 0
Other liabilities    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 170 2,616
Other liabilities | Interest rate swaps | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 170 2,616
Other liabilities | Interest rate caps | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Liability Derivatives $ 0 $ 0
v3.26.1
Derivative Instruments - Schedule of Offsetting Derivative Assets / Offsetting Derivative Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Offsetting assets:    
Gross amounts of recognized assets $ 23,448 $ 14,354
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position 23,448 14,354
Gross amounts not offset in the statement of financial position, financial instruments 0 (1,106)
Gross amounts not offset in the statement of financial position, cash collateral received 0 0
Net Amount 23,448 13,248
Offsetting liabilities:    
Liability Derivatives 170 2,616
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position 170 2,616
Gross amounts not offset in the statement of financial position, financial instruments 0 (1,106)
Gross amounts not offset in the statement of financial position, cash collateral received 0 0
Net Amount $ 170 $ 1,510
v3.26.1
Derivative Instruments - Schedule of Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) and the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivatives in cash flow hedging relationships: $ 14,770 $ (18,958)
Interest expense 95,313 84,254
AOCI into Net Loss | Reclassified from AOCI    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest expense 2,689 10,787
Interest rate swaps | Cash Flow Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivatives in cash flow hedging relationships: $ 14,770 $ (18,958)
v3.26.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 17, 2026
USD ($)
Mar. 31, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
shares
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
$ / shares
shares
Apr. 27, 2026
USD ($)
Oct. 28, 2025
USD ($)
Jun. 14, 2024
USD ($)
Class of Stock [Line Items]                  
Common stock, shares outstanding (in shares) | shares   593,981,591 610,788,732            
Conversion ratio from units to shares (in shares)   1              
Redeemable OP Units outstanding (in shares) | shares   2,196,519              
Issuance of common stock, net (in shares) | shares   293,905       278,433      
Shares repurchased during period (in shares) | shares   17,101,046              
Share repurchase program, authorized, amount               $ 500  
Repurchase of common stock   $ 439,119              
Dividends and dividend equivalents declared (in dollars per share) | $ / shares   $ 0.30       $ 0.29      
Payments of ordinary dividends, common stock   $ 183,855 $ 178,016 $ 178,020 $ 177,963 $ 177,839      
Subsequent Event                  
Class of Stock [Line Items]                  
Share repurchase program, authorized, amount             $ 500,000    
Payments of ordinary dividends, common stock $ 179,322                
Non-Redeemable Limited Partners' Capital Account                  
Class of Stock [Line Items]                  
Redeemable OP Units outstanding (in shares) | shares   225,010              
Merger With Starwood Waypoint Homes                  
Class of Stock [Line Items]                  
Conversion ratio from units to shares (in shares)   0.0001              
2021 ATM Equity Program                  
Class of Stock [Line Items]                  
Aggregate sales price                 $ 1,250
Number of shares issued in transaction (in shares) | shares   0       0      
Available for future offerings   $ 1,150,000              
v3.26.1
Stockholders' Equity - Schedule of Dividends Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Equity [Abstract]          
Dividends, cash paid (in dollars per share) $ 0.30 $ 0.29 $ 0.29 $ 0.29 $ 0.29
Total Amount Paid $ 183,855 $ 178,016 $ 178,020 $ 177,963 $ 177,839
v3.26.1
Share-Based Compensation - Narrative (Details)
 1 Months Ended 3 Months Ended
Apr. 01, 2022
Apr. 30, 2025
shares
Mar. 31, 2026
USD ($)
installment
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee service share-based compensation not yet recognized | $     $ 94,537,000
Weighted average remaining contractual terms     2 years 6 months 3 days
Employment Award - Restricted Stock Units (RSUs) - Time Vesting Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares)     968,111
Employment Award - Restricted Stock Units (RSUs) - Time Vesting Awards | Share-Based Payment Arrangement, Tranche One      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period     3 years
Award vesting rights     65.00%
Employment Award - Restricted Stock Units (RSUs) - Time Vesting Awards | Share-Based Payment Arrangement, Tranche Two      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period     4 years
Award vesting rights     35.00%
Employment Award - Restricted Stock Units (RSUs) - Time Vesting Awards that Vest on 3/1/2029      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares)     334,033
Omnibus Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized (in shares)     16,000,000
LTIP Agreement | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares)     1,479,235
Number of annual installments | installment     3
Award vesting period     3 years
LTIP Agreement | PRSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares)   177,336  
Shares cancelled in period (in shares)     213,382
LTIP Agreement | Performance-Based and OP Units | Certification Date      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights   50.00%  
LTIP Agreement | Performance-Based and OP Units | March 31, 2026      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights   50.00%  
LTIP Agreement | LTIP OP Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares)   256,858  
Forfeited in period (in shares)     6,402
2022 Outperformance Awards | Performance-Based and OP Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Percentage of achievement of TSR   0.00%  
Percentage of achievement of Relative TSR   50.00%  
Percentage of earned dollar value of awards   25.00%  
Aggregate fair value granted | $     $ 17,100,000
Vested, fair value | $     $ 8,100
v3.26.1
Share-Based Compensation - Schedule of Share-based Compensation, RSU and PRSU Activity (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Total Share-Based Awards  
Restricted Stock and Restricted Stock Units Outstanding  
Balance, beginning of period (in shares) 2,234,826
Granted (in shares) 2,781,379
Vested (in shares) (445,681)
Forfeited / canceled (in shares) (271,603)
Balance, ending of period (in shares) 4,298,921
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value  
Balance, beginning of period (in dollars per share) | $ / shares $ 35.96
Granted (in dollars per share) | $ / shares 27.37
Vested (in dollars per share) | $ / shares (31.73)
Forfeited / canceled (in dollars per share) | $ / shares (31.96)
Balance, ending of period (in dollars per share) | $ / shares $ 31.09
Vested, fair value | $ $ 21,121
Shares with accelerated vesting (in shares) 10,327
Time-Vesting Awards  
Restricted Stock and Restricted Stock Units Outstanding  
Balance, beginning of period (in shares) 742,824
Granted (in shares) 1,801,995
Vested (in shares) (248,450)
Forfeited / canceled (in shares) (17,690)
Balance, ending of period (in shares) 2,278,679
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value  
Balance, beginning of period (in dollars per share) | $ / shares $ 33.74
Granted (in dollars per share) | $ / shares 26.34
Vested (in dollars per share) | $ / shares (33.26)
Forfeited / canceled (in dollars per share) | $ / shares (33.83)
Balance, ending of period (in dollars per share) | $ / shares $ 27.94
Performance and/or Market Vesting Awards  
Restricted Stock and Restricted Stock Units Outstanding  
Balance, beginning of period (in shares) 1,492,002
Granted (in shares) 979,384
Vested (in shares) (197,231)
Forfeited / canceled (in shares) (253,913)
Balance, ending of period (in shares) 2,020,242
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value  
Balance, beginning of period (in dollars per share) | $ / shares $ 37.06
Granted (in dollars per share) | $ / shares 29.27
Vested (in dollars per share) | $ / shares (29.81)
Forfeited / canceled (in dollars per share) | $ / shares (31.83)
Balance, ending of period (in dollars per share) | $ / shares $ 34.65
v3.26.1
Share-Based Compensation - Schedule of Grant-Date Fair Values (Details)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Expected volatility, minimum 18.51%
Expected volatility, maximum 21.12%
Risk-free rate 3.43%
Expected holding period (years) 2 years 9 months 29 days
v3.26.1
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense $ 10,700 $ 10,157
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense 7,774 8,506
Property management expense    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense $ 2,926 $ 1,651
v3.26.1
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount $ 23,271  
Deferred financing costs, net 47,758  
Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount 22,832 $ 23,644
Deferred financing costs, net 26,291 27,435
Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount 439  
Deferred financing costs, net 3,274 3,758
Term Loan Facilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount 0  
Deferred financing costs, net 18,193 23,015
2020 Revolving Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount 0  
Deferred financing costs, net 0  
Line of Credit | 2020 Revolving Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred financing costs, net 15,628 17,230
Public Notes | Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount 22,832 23,644
Deferred financing costs, net 25,494 26,595
IH1 2017-1 | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unamortized discount 439 527
Deferred financing costs, net 2,149 2,579
Private Placement | Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred financing costs, net 797 840
IH 2019-1 | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred financing costs, net 1,125 1,179
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments in debt securities 55,060 54,972
Carrying Value | Term Loan Facilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 2,475,000 2,475,000
Carrying Value | 2020 Revolving Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value   145,000
Carrying Value | Public Notes | Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 4,127,168 4,126,356
Carrying Value | IH1 2017-1 | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value   987,486
Carrying Value | Private Placement | Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 300,000 300,000
Carrying Value | IH 2019-1 | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value   400,386
Fair Value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments in debt securities 54,664 54,615
Fair Value | Level 2 | IH1 2017-1 | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 973,152 972,278
Fair Value | Level 2 | Private Placement | Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 266,517 267,537
Fair Value | Level 1 | Public Notes | Unsecured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 3,888,095 3,994,910
Fair Value | Level 3 | Term Loan Facilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 2,476,616 2,483,014
Fair Value | Level 3 | 2020 Revolving Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 560,429 145,624
Fair Value | Level 3 | IH 2019-1 | Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value $ 372,784 $ 374,136
v3.26.1
Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Term Loan Facilities | Fair Value    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 2,476,616 $ 2,483,014
Term Loan Facilities | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Rate 4.26%  
Term Loan Facilities | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Rate 4.52%  
Revolving Facility | Fair Value    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 560,429 145,624
Revolving Facility | Valuation Technique, Discounted Cash Flow | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Rate 4.19%  
Revolving Facility | Valuation Technique, Discounted Cash Flow | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Rate 4.45%  
IH 2019-1 | Secured Debt | Fair Value    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 372,784 $ 374,136
IH 2019-1 | Secured Debt | Valuation Technique, Discounted Cash Flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Rate 5.10%  
v3.26.1
Fair Value Measurements - Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments in single-family residential properties, net held for use and held for sale impairment adjustments    
Total impairments $ (469) $ (63)
Level 3 | Fair Value, Measurements, Nonrecurring | Rental Properties Held for Sale    
Investments in single-family residential properties, net held for use and held for sale impairment adjustments    
Pre-impairment amount 2,696 627
Total impairments (469) (63)
Fair value $ 2,227 $ 564
v3.26.1
Earnings per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income available to common stockholders — basic $ 159,800 $ 165,517
Net income available to common stockholders — diluted $ 159,800 $ 165,517
Denominator:    
Weighted average common shares outstanding — basic (in shares) 605,997,344 612,777,606
Incremental shares attributed to non-vested share-based awards (in shares) 236,229 584,274
Weighted average common shares outstanding — diluted (in shares) 606,233,573 613,361,880
Net income per common share — basic (in dollars per share) $ 0.26 $ 0.27
Net income per common share — diluted (in dollars per share) $ 0.26 $ 0.27
v3.26.1
Earnings per Share - Narrative (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of diluted EPS (in shares) 129,740 471,310
v3.26.1
Commitments and Contingencies - Schedule of Fixed Lease Payment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Operating Leases    
Remainder of 2026 $ 4,188  
2027 6,188  
2028 5,608  
2029 5,049  
2030 4,651  
Thereafter 23,461  
Total lease payments 49,145  
Less: imputed interest (11,160)  
Total lease liability 37,985 $ 35,494
Finance Leases    
Remainder of 2026 5,096  
2027 6,304  
2028 4,436  
2029 3,203  
2030 422  
Thereafter 0  
Total lease payments 19,461  
Less: imputed interest (1,735)  
Total lease liability $ 17,726 $ 13,512
v3.26.1
Commitments and Contingencies - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating lease cost:    
Fixed lease cost $ 1,576 $ 1,292
Variable lease cost 566 336
Total operating lease cost 2,142 1,628
Finance lease cost:    
Amortization of ROU assets 1,536 940
Interest on lease liabilities 241 128
Total finance lease cost $ 1,777 $ 1,068
v3.26.1
Commitments and Contingencies - Narrative (Details) - Inventories
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
home
Long-term Purchase Commitment [Line Items]  
Number of homes committed to be purchased | home 384
Purchase period 2 years
Remaining commitments | $ $ 120,000
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
homeForLease
Mar. 31, 2026
home
Mar. 31, 2026
market
Mar. 31, 2025
home
Revenue from External Customer [Line Items]        
Number of real estate properties 85,970 23,775   24,996
Number of core markets | market     16  
Number of reportable segments | segment 1      
Related Party        
Revenue from External Customer [Line Items]        
Number of real estate properties   8,016   7,660
Number of real estate properties that have asset management services provided   15,759    
v3.26.1
Segment Reporting - Schedule of Significant Expenses, Comprised of Property Operating and Maintenance Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total property operating and maintenance $ 251,134 $ 237,449
Reportable Segment    
Segment Reporting Information [Line Items]    
Fixed expenses 136,443 130,721
Controllable expenses 114,691 106,728
Total property operating and maintenance $ 251,134 $ 237,449
v3.26.1
Business Combination - Narrative (Details)
$ in Thousands
 3 Months Ended
Jan. 14, 2026
USD ($)
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Business Combination [Line Items]        
Consideration transferred   $ 91,076 $ 0  
Contingent consideration recognized for acquisition of homebuilding platform (Note 16)   $ 8,500 $ 0  
Number of reportable segments | segment   1    
Goodwill   $ 314,154   $ 258,207
ResiBuilt Homes, LLC        
Business Combination [Line Items]        
Consideration transferred $ 99,576      
Contingent consideration recognized for acquisition of homebuilding platform (Note 16) 7,500      
Goodwill $ 55,947 314,154   $ 258,207
Business combination, acquiree's revenue since acquisition date, actual   43,745    
Merger and transaction related expenses   $ 191    
v3.26.1
Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 14, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Business Combination [Line Items]        
Consideration transferred   $ 91,076 $ 0  
Liabilities assumed:        
Goodwill   314,154   $ 258,207
Contingent consideration recognized for acquisition of homebuilding platform (Note 16)   8,500 $ 0  
ResiBuilt Homes, LLC        
Business Combination [Line Items]        
Consideration transferred $ 99,576      
Assets acquired:        
Other assets 65,238      
Liabilities assumed:        
Accounts payable and accrued expenses (11,010)      
Other liabilities (10,599)      
Net assets acquired 43,629      
Goodwill 55,947 $ 314,154   $ 258,207
Contingent consideration recognized for acquisition of homebuilding platform (Note 16) 7,500      
Homebuilding receivables and contract assets 23,271      
General contract deposits 9,754      
ResiBuilt Homes, LLC | Customer relationships        
Liabilities assumed:        
Finite-lived intangible assets acquired 32,000      
ResiBuilt Homes, LLC | Trade name        
Liabilities assumed:        
Finite-lived intangible assets acquired $ 8,000      
v3.26.1
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 17, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Apr. 27, 2026
Oct. 28, 2025
Subsequent Event [Line Items]                
Share repurchase program, authorized, amount               $ 500
Dividends and dividend equivalents declared (in dollars per share)   $ 0.30       $ 0.29    
Payments of ordinary dividends, common stock   $ 183,855 $ 178,016 $ 178,020 $ 177,963 $ 177,839    
Subsequent Event                
Subsequent Event [Line Items]                
Share repurchase program, authorized, amount             $ 500,000  
Payments of ordinary dividends, common stock $ 179,322