# EDGAR Filing Document

**Accession Number:** 0001874658
**File Stem:** 0001193125-26-290806
**Filing Date:** 2026-6
**Character Count:** 7430
**Document Hash:** 05248403f6550c0d994c5c9ef0b1ec7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-290806.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0001193125-26-290806

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260630

**DATE AS OF CHANGE**: 20260630

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IH Merger Sub LLC
- **CENTRAL INDEX KEY:** 0001874658

**ORGANIZATION NAME:**
- **EIN:** 823432206
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-280210-01
- **FILM NUMBER:** 261141560

**BUSINESS ADDRESS:**
- **STREET 1:** 1717 MAIN STREET
- **STREET 2:** SUITE 2000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 972-421-3600

**MAIL ADDRESS:**
- **STREET 1:** 1717 MAIN STREET
- **STREET 2:** SUITE 2000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IH Merger Sub LLC
- **CENTRAL INDEX KEY:** 0001874658

**ORGANIZATION NAME:**
- **EIN:** 823432206
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1717 MAIN STREET
- **STREET 2:** SUITE 2000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 972-421-3600

**MAIL ADDRESS:**
- **STREET 1:** 1717 MAIN STREET
- **STREET 2:** SUITE 2000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**Issuer Free Writing Prospectus** 

**Filed Pursuant to Rule 433** 

**Registration File Nos. 333-280210, 333-280210-01, 333-280210-02, 333-280210-03** 

**Relating to Preliminary Prospectus Supplement dated June 30, 2026** 

**to Prospectus dated June 14, 2024** 

**Pricing Term Sheet** 

**Invitation Homes Operating Partnership LP** 

**$500,000,000 4.950% Senior Notes due 2032** 

**June 30, 2026** 

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| | |
|:---|:---|
| **Issuer:** | Invitation Homes Operating Partnership LP |
| **State of Formation:** | Delaware |
| **Guarantors:** | Invitation Homes Inc.<br> Invitation Homes OP GP LLC<br> IH Merger Sub, LLC |
| **Expected Ratings\* (Moody's/S&P/Fitch):** | Baa2/BBB/BBB+ (Stable/Stable/Stable) |
| **Security:** | 4.950% Senior Notes due 2032 (the "Notes") |
| **Aggregate Principal Amount:** | $500000000 |
| **Maturity Date:** | February 1, 2032 |
| **Interest Rate:** | 4.950% per annum |
| **Interest Payment Dates:** | February 1 and August 1, commencing February 1, 2027 |
| **Price to Public:** | 99.291% of the aggregate principal amount |
| **Yield to Maturity:** | 5.097% |
| **Benchmark Treasury:** | 4.125% due June 30, 2031 |
| **Spread to Benchmark Treasury:** | T + 92 basis points |
| **Benchmark Treasury Price / Yield:** | 99-24+ / 4.177% |
| **Optional Redemption:** | Prior to January 1, 2032 (one month prior to the stated maturity date of the Notes) (the "Par Call Date"), the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price in cash (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the preliminary prospectus supplement, dated June 30, 2026) plus 15 basis points less (b) unpaid interest accrued thereon to, but not including, the redemption date; and<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the Notes to be redeemed,<br>plus, in either case, unpaid interest accrued thereon to, but not including, the redemption date.<br>On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price in cash equal to 100% of the principal amount of the Notes being redeemed plus unpaid interest accrued thereon to, but not including, the redemption date. |

---

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| | |
|:---|:---|
| **Trade Date:** | June 30, 2026 |
| **Settlement Date:** | July 8, 2026 (T+5); under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the business day preceding the delivery of the Notes will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the business day preceding their date of delivery should consult their own advisors. |
| **CUSIP/ISIN:** | 46188B AJ1 / US46188BAJ17 |
| **Minimum Denomination:** | $2,000 and integral multiples of $1,000 in excess thereof |
| **Joint Book-Running Managers:** | Wells Fargo Securities, LLC<br> KeyBanc Capital Markets Inc.<br> Mizuho Securities USA LLC<br> U.S. Bancorp Investments, Inc.<br> BofA Securities, Inc.<br> Capital One Securities, Inc.<br> Deutsche Bank Securities Inc.<br> J.P. Morgan Securities LLC<br> PNC Capital Markets LLC<br> Truist Securities, Inc. |
| **Co-Managers:** | BMO Capital Markets Corp.<br> M&T Securities, Inc.<br> BNP Paribas Securities Corp.<br> Goldman Sachs & Co. LLC<br> Morgan Stanley & Co. LLC<br> RBC Capital Markets, LLC<br> Regions Securities LLC<br> Samuel A. Ramirez & Company, Inc.<br> BNY Mellon Capital Markets, LLC<br> Citigroup Global Markets Inc.<br> Huntington Securities, Inc.<br> Scotia Capital (USA) Inc.<br> Zelman Partners LLC |

---

**\*** **A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time. Each of the ratings above should be evaluated independently of any other security rating.** 

**The Issuer and Guarantors have filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the preliminary prospectus supplement and other documents the Issuer and Guarantors have filed with the SEC for more complete information about the Issuer and Guarantors and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Issuer, the Guarantors, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting: Wells Fargo Securities, LLC, toll-free: 1-800-645-3751; KeyBanc Capital Markets Inc., toll-free: 1-866-277-6479; Mizuho Securities USA LLC, toll-free: 1-866-271-7403; and U.S. Bancorp Investments, Inc., toll-free: 1-877-558-2607** 

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.