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Investment in Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2026
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
InvestmentMarch 31, 2026December 31, 2025
RVC (a)
$55,028 $56,638 
Other (b)
28,041 28,403 
$83,069 $85,041 
Income/(Loss) for the Quarters Ended (d)
InvestmentLocationNumber of Sites
Economic
Interest (c)
March 31, 2026March 31, 2025
RVC (a)
Various1,490 80 %

$(1,330)$(1,645)
Other (b)
Various2,415 
49% to 65%
453 6,546 
3,905 $(877)$4,901 
_____________________
(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 March 31, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.
(d)Net of depreciation expense of $1.5 million and $1.3 million for the quarters ended March 31, 2026 and 2025, respectively.
Approximately $0.6 million and $6.8 million of the distributions made to us exceeded our investment basis in joint ventures for the quarters ended March 31, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures for the quarters ended March 31, 2026 and 2025.
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 has an interest rate of the Secured Overnight Financing Rate (“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 March 31, 2026, the note receivable balance from RVC is $56.1 million.