Debt (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents the Company’s debt as of December 31, 2025 and 2024 (amounts in thousands):


				Outstanding Principal Balance
	Interest Rate (1)		Maturity Date	December 31, 2025		December 31, 2024


AMH 2015-SFR1 securitization	4.14	%	N/A	$	—	$	494,868
AMH 2015-SFR2 securitization	4.36	%	N/A	—		430,523
Total asset-backed securitizations				—		925,391
2028 unsecured senior notes (2)	4.08	%	February 15, 2028	500,000		500,000
2029 unsecured senior notes	4.90	%	February 15, 2029	400,000		400,000
2030 unsecured senior notes	4.95	%	June 15, 2030	650,000		—
2031 unsecured senior notes (3)	2.46	%	July 15, 2031	450,000		450,000
2032 unsecured senior notes	3.63	%	April 15, 2032	600,000		600,000
2034 unsecured senior notes I	5.50	%	February 1, 2034	600,000		600,000
2034 unsecured senior notes II	5.50	%	July 15, 2034	500,000		500,000
2035 unsecured senior notes (4)	5.08	%	March 15, 2035	500,000		500,000
2051 unsecured senior notes	3.38	%	July 15, 2051	300,000		300,000
2052 unsecured senior notes	4.30	%	April 15, 2052	300,000		300,000
Revolving credit facility (5)	4.82	%	July 16, 2029	360,000		—
Total debt				5,160,000		5,075,391
Unamortized discounts on unsecured senior notes				(35,055)		(35,594)
Deferred financing costs, net (6)				(29,210)		(29,035)
Total debt per balance sheet				$	5,095,735	$	5,010,762

(1)Interest rates are rounded and as of December 31, 2025. Unless otherwise stated, interest rates are fixed percentages.

(2)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.

(3)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.

(4)The stated interest rate on the 2035 unsecured senior notes is 5.25%, which was hedged to yield an interest rate of 5.08%.

(5)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the maturity date includes two six-month extension periods (see Revolving Credit Facility below). The Company had approximately $3.2 million and $2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2025 and 2024, respectively. The revolving credit facility bears interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% as of December 31, 2025.

(6)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $5.0 million, $6.2 million and $7.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization.

Schedule of Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2025 (amounts in thousands):


	Debt Maturities
2026	$	—
2027	—
2028	500,000
2029	760,000
2030	650,000
Thereafter	3,250,000
Total debt	$	5,160,000

Schedule of Encumbered Properties

table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2025 and 2024 (amounts in thousands, except property data):


	December 31, 2025			December 31, 2024
	Number of Properties	Net Book Value		Number of Properties	Net Book Value


AMH 2015-SFR1 securitization	—	$	—	4,666	$	560,692
AMH 2015-SFR2 securitization	—	—		4,153	523,082
Total encumbered properties	—	$	—	8,819	$	1,083,774

Schedule of Interest Expense

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Gross interest cost	$	240,406	$	218,494	$	195,430
Capitalized interest	(55,208)		(53,143)		(55,232)
Interest expense	$	185,198	$	165,351	$	140,198

American Homes 4 Rent 10-K