Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of June 30, 2026 and December 31, 2025. The carrying values of cash, cash equivalents and restricted cash, other receivables and accounts payable approximate their fair market values since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy and are excluded from the table below.


		June 30, 2026		December 31, 2025
	Fair Value Level	Carrying Value			Fair Value		Carrying Value		Fair Value
Financial Assets
Installment notes receivable on manufactured homes, net	3	$	150.5		$	150.5	$	139.2	$	139.2

Notes receivable from real estate operators	3	50.9			50.9		44.5		44.5
Collateralized receivables, net	3	39.2			39.2		43.2		43.2
Derivative assets	2	13.1			13.1		—		—
Total Assets Measured at Fair Value		$	253.7		$	253.7	$	226.9	$	226.9
Financial Liabilities
Mortgage loans payable	2	$	2,225.3		$	2,042.1	$	2,429.0	$	2,193.0
Secured borrowings on collateralized receivables	3	39.2			39.2		43.2		43.2
Total secured debt		2,264.5			2,081.3		2,472.2		2,236.2
Unsecured debt
Senior unsecured notes	2	1,787.7			1,657.1		1,786.5		1,655.1

Total unsecured debt		1,787.7			1,657.1		1,786.5		1,655.1


Other financial liabilities (contingent consideration)	3	0.5			0.5		0.2		0.2
Total Liabilities Measured at Fair Value		$	4,052.7		$	3,738.9	$	4,258.9	$	3,891.5

Schedule of Charges in Fair Values

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2026 and 2025 (in millions):


	Three Months Ended June 30,
	2026						2025
Assets	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net			Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net
Level 3 beginning balance at March 31, 2026 and 2025	$	145.3	$	43.7	$	41.6		$	105.6	$	89.5	$	49.3

Realized losses(1)(2)	(2.9)		—		(0.6)			(1.4)		—		(0.5)
Purchases and issuances	11.0		8.7		—			14.3		2.5		—
Sales and settlements	(2.9)		(0.6)		(1.8)			(2.2)		(1.0)		(1.9)
Dispositions of properties	—		—		—			—		—		(0.3)
Foreign currency exchange gains	—		(0.9)		—			—		2.1		—

Level 3 ending balance at June 30, 2026 and 2025	$	150.5	$	50.9	$	39.2		$	116.3	$	93.1	$	46.6

(1) Realized losses for Installment Notes Receivable on MH, net are recorded within Loss on remeasurement of notes receivable on the Condensed Consolidated Statements of Operations.

(2) Realized losses for Collateralized Receivables, net are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.



	Six Months Ended June 30,
	2026						2025
Assets	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net		Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net
Level 3 beginning balance at December 31, 2025 and 2024	$	139.2	$	44.5	$	43.2	$	93.9	$	148.5	$	51.2

Realized losses(1)(2)	(2.8)		—		(0.6)		(1.6)		—		(0.5)
Purchases and issuances	21.1		9.2		—		27.7		4.1		—
Sales and settlements	(6.8)		(1.1)		(3.4)		(3.7)		(61.7)		(3.1)
Dispositions of properties	(0.2)		—		—		—		—		(1.0)

Foreign currency exchange gains	—		(1.7)		—		—		2.2		—

Level 3 ending balance at June 30, 2026 and 2025	$	150.5	$	50.9	$	39.2	$	116.3	$	93.1	$	46.6

(1) Realized losses for Installment Notes Receivable on MH, net are recorded within Loss on remeasurement of notes receivable on the Condensed Consolidated Statements of Operations.

(2) Realized losses for Collateralized Receivables, net are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30,
	2026				2025
Liabilities	Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance March 31, 2026 and 2025	$	41.6	$	0.2	$	49.3	$	0.8

Realized gains(1)	(0.6)		—		(0.5)		—
Purchases and issuances	—		0.3		—		—
Sales and settlements	(1.8)		—		(2.2)		—
Dispositions of properties	—		—		—		(2.3)
Other adjustments	—		—		—		1.5
Level 3 ending balance at June 30, 2026 and 2025	$	39.2	$	0.5	$	46.6	$	—

(1) Realized gains for Secured Borrowing on Collateralized Receivables are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.



	Six Months Ended June 30,
	2026				2025
Liabilities	Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance December 31, 2025 and 2024	$	43.2	$	0.2	$	51.2	$	11.3

Realized gains(1)	(0.6)		—		(0.5)		—
Purchases and issuances	—		0.3		—		—
Sales and settlements	(3.4)		—		(4.1)		(9.0)
Dispositions of properties	—		—		—		(2.3)

Level 3 ending balance at June 30, 2026 and 2025	$	39.2	$	0.5	$	46.6	$	—

(1) Realized gains for Secured Borrowing on Collateralized Receivables are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.

Fair Value Measurements, Nonrecurring

During the six months ended June 30, 2026 and June 30, 2025, due to a contemplated change in strategic plan for certain assets, we recognized the following asset impairment charges (in millions, except for number of properties):



Period	Fair Value Level		Number of Properties	Segment	Asset Impairment Charges			Aggregate Estimated Fair Value
Three months ended June 30, 2026	3	(1)	2	MH / RV	$	14.1	(2)	$	35.0



Three months ended June 30, 2025	3	(1)	3	RV	$	32.2		$	86.4
Three months ended March 31, 2025	3	(3)	7	MH / RV	$	20.5		$	93.4

(1) The non-recurring fair value measurement was driven by our contemplated change in strategic plan for the properties and was determined using a market approach. The fair value methodology included a probability weighted holding period and estimated sale price for the assets based on current market conditions and comparable transactions in the applicable geographic location.

(2) We also recorded other miscellaneous impairment charges of $3.8 million at several properties, primarily due to changes in strategy related to development projects and property damages.

(3) The fair value measurement was driven by pre-construction development costs and determined by estimating discounted cash flows based on the expectation that the development projects are no longer probable of being realized.