AMH (American Homes 4 Rent) is one of the largest owners and operators of single-family rental homes in the U.S., with roughly 61,500 homes across 24 states. AMH rents these homes on annual leases to households — typically affluent families with average incomes above $150K — who want single-family living without the commitment of homeownership. AMH manages all leasing, renewals, maintenance, and tenant relations in-house, with no third-party property managers. A key differentiator is AMH's built-for-rental (BTR) development program, launched in 2017, through which AMH has built over 14,000 homes and now delivers roughly 2,300 newly constructed homes per year. These homes are purpose-built for long-term rental — durable materials, 3+ bedrooms, located in suburban submarkets with strong school districts and employment access. AMH's revenue is driven by occupancy (targeting a same-home occupied days rate in the low-to-mid 96% range) and rent growth (renewal spreads running around 4%). The primary expenses are property taxes, repairs and maintenance, insurance, and HOA fees. AMH's growth model centers on capital recycling: selling older or lower-quality homes at cap rates in the low-to-mid 3% range and redeploying proceeds into new development at mid-5% going-in yields. This self-funding model avoids the need for equity issuance. AMH is structured as a REIT. AMH's balance sheet is fully unencumbered, with no debt maturities until 2028.