Invitation Homes Inc.INVH
Invitation Homes Inc. Fair Value Disclosure
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 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 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 December 31, 2025 and 2024, refer to Note 6.
Financial Instrument Fair Value Disclosures
The following table displays the carrying values and fair values of financial instruments as of December 31, 2025 and 2024:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Assets carried at historical cost on the consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Investments in debt securities(1) | Level 2 | $ | 54,972 | $ | 54,615 | $ | 54,619 | $ | 52,768 | |||||||||||||||||||||||
Liabilities carried at historical cost on the consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Unsecured Notes — public offering(2) | Level 1 | $ | 4,126,356 | $ | 3,994,910 | $ | 3,526,544 | $ | 3,218,156 | |||||||||||||||||||||||
IH 2017-1(3) | Level 2 | 987,486 | 972,278 | 988,271 | 945,386 | |||||||||||||||||||||||||||
Unsecured Notes — private placement(4) | Level 2 | 300,000 | 267,537 | 300,000 | 251,855 | |||||||||||||||||||||||||||
IH 2019-1(5) | Level 3 | 400,386 | 374,136 | 403,046 | 358,222 | |||||||||||||||||||||||||||
Term Loan Facilities(6) | Level 3 | 2,475,000 | 2,483,014 | 2,475,000 | 2,478,006 | |||||||||||||||||||||||||||
Revolving Facility(7) | Level 3 | 145,000 | 145,624 | 570,000 | 570,702 | |||||||||||||||||||||||||||
(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 $23,644 and $23,456 of unamortized discount and excludes $26,595 and $24,847 of deferred financing costs as of December 31, 2025 and 2024, respectively.
(3)The carrying values of IH 2017-1 includes $527 and $880 of unamortized discount and excludes $2,579 and $4,347 of deferred financing costs as of December 31, 2025 and 2024, respectively.
(4)The carrying value of the Unsecured Notes — private placement excludes $840 and $1,009 of deferred financing costs as of December 31, 2025 and 2024, respectively.
(5)The carrying value of the IH 2019-1 excludes $1,179 and $1,397 of deferred financing costs as of December 31, 2025 and 2024, respectively.
(6)The carrying values of the Term Loan Facilities exclude $23,015 and $28,959 of deferred financing costs as of December 31, 2025 and 2024, respectively.
(7)The carrying value of the Revolving Facility excludes deferred financing costs 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 December 31, 2025:
Quantitative Information about Level 3 Fair Value Measurement(1) | ||||||||||||||||||||||||||||||||
| Fair Value | Valuation Technique | Unobservable Input | Rate | |||||||||||||||||||||||||||||
Secured Debt — IH 2019-1 | $ | 374,136 | Discounted Cash Flow | Effective Rate | 4.97% | |||||||||||||||||||||||||||
| Term Loan Facilities | 2,483,014 | Discounted Cash Flow | Effective Rate | 3.95% | — | 4.52% | ||||||||||||||||||||||||||
| Revolving Facility | 145,624 | Discounted Cash Flow | Effective Rate | 3.88% | — | 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 Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Investments in single-family residential properties, net held for sale (Level 3): | ||||||||||||||||||||
| Pre-impairment amount | $ | 4,522 | $ | 2,936 | $ | 2,208 | ||||||||||||||
| Total impairments | (657) | (506) | (427) | |||||||||||||||||
| Fair value | $ | 3,865 | $ | 2,430 | $ | 1,781 | ||||||||||||||
We did not record any impairments for our investments in single-family residential properties, net held for use during the years ended December 31, 2025, 2024, and 2023. For additional information related to our single-family residential properties as of December 31, 2025 and 2024, refer to Note 3.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 29, 2018 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.