v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025:
June 30, 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$55,147 $54,670 $54,972 $54,615 
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)
Level 1$4,127,987 $3,925,698 $4,126,356 $3,994,910 
IH 2017-1(3)
Level 2987,500 973,103 987,486 972,278 
Unsecured Notes — private placement(4)
Level 2300,000 263,686 300,000 267,537 
IH 2019-1(5)
Level 3400,386 368,894 400,386 374,136 
Term Loan Facilities(6)
Level 32,475,000 2,475,965 2,475,000 2,483,014 
Revolving Facility(7)
Level 3280,000 280,130 145,000 145,624 
(1)The carrying values of investments in debt securities are shown net of discount.
(2)The carrying value of the Unsecured Notes — public offering includes $22,013 and $23,644 of unamortized discount and excludes $24,393 and $26,595 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(3)The carrying values of IH 2017-1 includes $352 and $527 of unamortized discount and excludes $1,719 and $2,579 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(4)The carrying value of the Unsecured Notes — private placement excludes $755 and $840 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(5)The carrying value of the IH 2019-1 excludes $1,069 and $1,179 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(6)The carrying values of the Term Loan Facilities exclude $16,246 and $23,015 of deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(7)The carrying value of the Revolving Facility excludes $14,025 and $17,230 deferred financing costs as of June 30, 2026 and December 31, 2025, respectively, which are classified in other assets, net (see Note 6).
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 June 30, 2026:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Debt — IH 2019-1
$368,894 Discounted Cash FlowEffective Rate5.40%
Term Loan Facilities2,475,965 Discounted Cash FlowEffective Rate4.50%—4.92%
Revolving Facility280,130 Discounted Cash FlowEffective Rate4.43%—4.85%
(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 June 30,
For the Six Months
Ended June 30,
2026202520262025
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$5,470 $322 $8,166 $949 
Total impairments(961)(36)(1,430)(99)
Fair value$4,509 $286 $6,736 $850