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Investment in Unconsolidated Joint Ventures
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Joint Ventures Investment in Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):
    Investment as of
InvestmentJune 30, 2025December 31, 2024
RVC (a)
$59,462 $61,505 
Other (b)
28,910 22,267 
$88,372 $83,772 

Income/(Loss) for the Quarters EndedIncome/(Loss) for the Six Months Ended
InvestmentLocationNumber of Sites
Economic
Interest (c)
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
RVC (a)
Various1,489 80 %

$(163)$(133)$(1,809)$(547)
Other (b)
Various2,417 
49% to 65%
116 712 6,663 1,409 
3,906 $(47)$579 $4,854 $862 
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(a)Includes three joint ventures which include eight operating RV communities and one RV property under development.
(b)Includes various other joint ventures.
(c)The percentages shown approximate our economic interest as of June 30, 2025. Our legal ownership interest may differ. We do not exercise control over these entities.
During the quarter ended June 30, 2025, we made a $56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. The term loan to RVC has an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus 1.25% to 1.65%, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval.
We received approximately $1.1 million and $1.3 million in distributions from our unconsolidated joint ventures for the quarters ended June 30, 2025 and 2024, respectively. Approximately $0.5 million and $0.6 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended June 30, 2025 and 2024, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures.
We received approximately $8.5 million and $3.1 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2025 and 2024, respectively. Approximately $7.3 million and $1.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2025 and 2024, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures.