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SINGLE-FAMILY RENTAL PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Single-Family Rental Properties
The following table summarizes the net carrying value of investments in SFR properties:
June 30, 2025December 31, 2024
Land$188,515 $191,992 
Building754,078 767,966 
Capital improvements154,833 150,811 
Total gross investment in SFR properties1,097,426 1,110,769 
Accumulated depreciation(95,165)(82,474)
Investment in SFR Properties, Net$1,002,261 $1,028,295 
Schedule of Activity in Single-Family Rental Properties
The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2024$989,002 $39,293 $1,028,295 
Acquisitions and capital improvements9,218 — 9,218 
Transfers to (from) HFS/HFI10,864 (10,864)— 
Dispositions— (20,537)(20,537)
Depreciation expense(14,715)— (14,715)
Balance at June 30, 2025$994,369 $7,892 $1,002,261 
The following table summarizes the activity for the period of the SFR portfolio by properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20243,891 158 4,049 
Transfer to (from) HFS/HFI45 (45)— 
Disposition of SFR properties— (67)(67)
Balance at June 30, 20253,936 46 3,982 
Schedule Of Rental And Variable Revenue
The following table summarizes rental revenue and other variable revenue included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Rental revenue$19,492 $18,920 $38,895 $37,869 
Other variable revenue2,555 1,066 4,885 1,659 
Total Revenue$22,047 $19,986 $43,780 $39,528 
Schedule of Future Minimum Rental Revenues
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026$30,432 
2027 and thereafter
25,227 
Total$55,659