Financing costs

  
INVITATION HOMES INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(dollar amounts in thousands)  
The components of gains (losses) on investments in equity securities, net for the years ended December 31, 2021, 2020, and 2019 are as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | For the Years Ended December 31, |  |  |
|  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 2021 |  | 2020 |  | 2019 |  |  |
| Net losses recognized on investments sold during the reporting period — with a readily determinable value |  |  |  |  |  | $ | (5,483) |  |  | $ | —  |  |  | $ | —  |  |  |  |
| Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value |  |  |  |  |  | (3,937) |  |  | 29,689  |  |  | —  |  |  |  |
| Unrealized gains on investments still held at the reporting date — without a readily determinable fair value |  |  |  |  |  | —  |  |  | 34  |  |  | 6,480  |  |  |  |
| Total  |  |  |  |  |  | $ | (9,420) |  |  | $ | 29,723  |  |  | $ | 6,480  |  |  |  |

Deferred Financing Costs, netIn connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of December 31, 2021 and 2020, the unamortized balances of these deferred financing costs are $8,751 and $11,637, respectively.Note 7—DebtMortgage LoansOur securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities. We utilize the proceeds from our Securitizations to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into Securitization reserve accounts; (iii) closing costs in connection with the mortgage loans; and (iv) general costs associated with our operations. The following table sets forth a summary of our mortgage loan indebtedness as of December 31, 2021 and 2020:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Outstanding PrincipalBalance(5) |
|  |  | OriginationDate |  | MaturityDate(1) |  | Maturity Date if Fully Extended(2) |  | InterestRate(3) |  | Range of Spreads(4) |  | December 31,2021 |  | December 31, 2020 |
| IH 2017-1(6) |  | April 28,2017 |  | June 9,2027 |  | June 9,2027 |  | 4.23% |  | N/A |  | $ | 993,703  |  |  | $ | 994,787  |  |
| IH 2017-2(7) |  | November 9,2017 |  | November 9,2021 |  | N/A |  | N/A |  | N/A |  | —  |  |  | 612,506  |  |
| IH 2018-1(7)(8) |  | February 8,2018 |  | March 9,2022 |  | March 9,2025 |  | 0.98% |  | 76-131 bps |  | 568,495  |  |  | 646,021  |  |
| IH 2018-2(7) |  | May 8,2018 |  | June 9,2022 |  | June 9,2025 |  | 1.15% |  | 95-133 bps |  | 629,237  |  |  | 693,988  |  |
| IH 2018-3(7) |  | June 28,2018 |  | July 9,2022 |  | July 9,2025 |  | 1.22% |  | 105-135 bps |  | 204,637  |  |  | 1,036,561  |  |
| IH 2018-4(7)(9) |  | November 7,2018 |  | January 9,2022 |  | January 9,2026 |  | 1.32% |  | 115-145 bps |  | 669,548  |  |  | 848,270  |  |
| Total Securitizations | 3,065,620  |  |  | 4,832,133  |  |
| Less: deferred financing costs, net  | (9,767) |  |  | (12,035) |  |
| Total  | $ | 3,055,853  |  |  | $ | 4,820,098  |  |



|  |  |  |
| --- | --- | --- |
|  |  |  |
|  |

(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2021. For all other mortgage loans, the maturity dates above reflect all extension options that have been exercised. F-22
