We study open equivariant projective embeddings of homogeneous spaces such that the complement of the open orbit has codimension at least 2. We establish a criterion for the existence of such an embedding, prove that the set of isomorphism classes of such embeddings is finite, and give a construction of the embeddings in terms of Geometric Invariant Theory. A generalization of Cox's construction and the theory of bunched rings enable us to describe in combinatorial terms the basic geometric properties of embeddings with small boundary.