v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Mortgage Loan / Secured Term Loan / Unsecured Notes
The following table sets forth a summary of our secured debt as of June 30, 2026 and December 31, 2025:
Outstanding Principal
Balance(1)
Origination
Date
Maturity
Date
Interest
Rate
June 30,
2026		December 31, 2025
IH 2017-1(2)(3)(4)
April 28, 2017June 9, 20274.23%$987,500 $987,486 
IH 2019-1(5)
June 7, 2019June 9, 20313.59%400,386 400,386 
Total Secured Debt1,387,886 1,387,872 
Less: deferred financing costs, net (2,788)(3,758)
Total $1,385,098 $1,384,114 
(1)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(2)IH 2017-1 is comprised of two components, and Component A benefits from the Federal National Mortgage Association’s guaranty of timely payment of principal and interest. IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. Interest payments are made monthly.
(3)Net of unamortized discount of $352 and $527 as of June 30, 2026 and December 31, 2025, respectively.
(4)On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488,000 voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4,880 (see Note 17).
(5)IH 2019-1 bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over a comparable or successor rate to the one month London Interbank Offer Rate as provided for in the loan agreement, including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.
The following table sets forth a summary of our Unsecured Notes as of June 30, 2026 and December 31, 2025:
Interest
Rate(1)
June 30,
2026		December 31, 2025
Total Unsecured Notes, net(2)
2.00% — 5.50%
$4,427,987 $4,426,356 
Deferred financing costs, net
(25,148)(27,435)
Total
$4,402,839 $4,398,921 
(1)Represents the range of contractual rates in place as of June 30, 2026.
(2)Net of unamortized discount of $22,013 and $23,644 as of June 30, 2026 and December 31, 2025, respectively. Maturity dates for the Unsecured Notes range from May 2028 through May 2036 (see “Debt Maturities Schedule” for additional information).
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 June 30, 2026 and December 31, 2025:
Maturity
Date		Interest
Rate		June 30,
2026		December 31, 2025
2024 Term Loan Facility(1)(2)
September 9, 20284.50%$1,750,000 $1,750,000 
2022 Term Loan Facility(3)(4)
April 28, 20284.50%725,000 725,000 
Total Term Loan Facilities2,475,000 2,475,000 
Less: deferred financing costs, net(16,246)(23,015)
Term Loan Facilities, net$2,458,754 $2,451,985 
Revolving Facility(1)(2)(5)
September 9, 20284.43%$280,000 $145,000 
(1)Interest rates for the 2024 Term Loan Facility and the Revolving Facility are based on the weighted average spread over a published forward-looking SOFR for the interest period relevant to such borrower (“Term SOFR”), plus an applicable margin. As of June 30, 2026, the applicable margins were 0.85% and 0.78% for the 2024 Term Loan Facility and the Revolving Facility, respectively, and Term SOFR was 3.65%. On February 4, 2026, we entered into an amendment to the Credit Facility whereby Term SOFR is no longer subject to a 0.10% credit spread adjustment.
(2)If we exercise the two six month extension options, the maturity date will be September 9, 2029.
(3)Interest rate for the 2022 Term Loan Facility is based on Term SOFR plus the applicable margin. As of June 30, 2026, the applicable margin was 0.85% and Term SOFR was 3.65%.
(4)If we exercise the two one year extension options, the maturity date will be April 28, 2030.
(5)As of June 30, 2026, $1,470,000 of our Revolving Facility is undrawn, and there are no restrictions on our ability to draw funds thereunder provided we remain in compliance with all covenants.
Schedule of Margin Term Loan Facilities and Revolving Facility
The margins for the Term Loan Facilities and the Revolving Facility are as follows:
Base Rate LoansSOFR Rate Loans
2024 Term Loan Facility0.00%—0.60%0.75%—1.60%
2022 Term Loan Facility, prior to amendment0.15%—1.20%1.15%—2.20%
2022 Term Loan Facility, as amended0.00%—0.60%0.75%—1.60%
Revolving Facility0.00%—0.40%0.70%—1.40%
Schedule of Maturities of Long-Term Debt
The following table summarizes the contractual maturities of our debt as of June 30, 2026:
Year
Secured Debt(1)
Unsecured Notes(2)
Term Loan Facilities(3)(4)
Revolving Facility(3)(5)
Total
2026$— $— $— $— $— 
2027987,852 — — — 987,852 
2028— 750,000 2,475,000 280,000 3,505,000 
2029
— — — — — 
2030
— 450,000 — — 450,000 
Thereafter400,386 3,250,000 — — 3,650,386 
Total1,388,238 4,450,000 2,475,000 280,000 8,593,238 
Less: deferred financing costs, net(2,788)(25,148)(16,246)— (44,182)
Less: unamortized debt discount(352)(22,013)— — (22,365)
Total $1,385,098 $4,402,839 $2,458,754 $280,000 $8,526,691 
(1)On July 9, 2026, we used proceeds from the issuance of unsecured notes to make a $488,000 voluntary prepayment on the outstanding principal balance of IH 2017-1 and incurred a prepayment premium of $4,880 (see Note 17).
(2)On July 8, 2026, in a public offering under our existing shelf registration statement, we issued $500,000 aggregate principal amount of 4.95% Senior Notes which mature on February 1, 2032 (see Note 17).
(3)If we exercise the two six month extension options, the maturity date for the 2024 Term Loan Facility and the Revolving Facility will be September 9, 2029.
(4)If we exercise the two one year extension options, the maturity date for the 2022 Term Loan Facility will be April 28, 2030.
(5)Deferred financing costs related to the Revolving Facility are classified in other assets, net (see Note 6).