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Investment in Unconsolidated Joint Ventures
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Joint Ventures Investment in Unconsolidated Joint Ventures
The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands):
Investment as of
InvestmentDecember 31, 2025December 31, 2024
RVC (a)
$56,638 $61,505 
Other (b)
28,403 22,267 
$85,041 $83,772 
 
Income/(Loss) for the Years Ended December 31, (d)
InvestmentLocationNumber
of Sites
Economic Interest (c)
202520242023
RVC (a)
Various 1,489 80 %(2,952)(1,630)(585)
Other (b)
Various2,414 
49% to 65%
9,472 7,878 3,298 
3,903 $6,520 $6,248 $2,713 
_____________________ 
(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 December 31, 2025. Our legal ownership interest may differ. We do not exercise control over these entities.
(d)Net of depreciation expense of $5.7 million, $4.8 million and $4.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Approximately $10.8 million, $7.4 million and $2.3 million of the distributions made to us exceeded our investment basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2025, 2024 and 2023, respectively.
During the year ended December 31, 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 has an interest rate of SOFR plus 1.35% to 1.75%, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval. As of December 31, 2025, the note receivable balance is $56.1 million.