Invitation Homes, a Dallas-based residential REIT backed by The Blackstone Group, has set its proposed IPO terms to 77 million shares being offered at between $18 and $21 per share. That means it would raise $1.5 billion at an initial market cap of around $5.89 billion, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol INVH, with Deutsche Bank serving as left-lead underwriter. Expect the actual pricing to occur late next week.

• Why it's a big deal: This is expected to be the first mega-IPO of 2017 (with all apologies to AppyDynamics, which is scheduled to price this Wednesday night), setting the stage for Snap in March. It's also a moment of truth for Blackstone's post-crisis bet on the U.S. housing market ― having scooped up nearly 50,000 single-family properties beginning in 2012. The big question is how investors will react, given some sentiments that we're either at or past the rebound peak.

• Bottom line: "We realized in studying the sector that there were already 13 million homes in the United States that were being rented out, but just done so on a mom-and-pop basis. And so could you build a scale institutional single-family business much like what happened in the multifamily business in the 1990s." -- Blackstone real estate boss Jonathan Gray.

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Filing suggests Manhattan DA is investigating Trump for possible fraud

Photo: Brendan Smialowski/AFP

The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.

The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
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House Democrats subpoena top Pompeo aides in probe of IG firing

Mike Pompeo. Photo: Jim Lo Scalzo-Pool/Getty Images

The Democratic chairs of the House Oversight and House Foreign Affairs committees announced subpoenas Monday for four State Department officials as part of their investigation into the firing of former Inspector General Steve Linick.

Why it matters: The two committees, in addition to Democrats on the Senate Foreign Relations Committee, are investigating whether Linick was fired because he was probing Secretary of State Mike Pompeo and the State Department's attempts to bypass Congress to sell weapons to Saudi Arabia and the United Arab Emirates.