v3.26.1
Investments In Unconsolidated Joint Ventures (Tables)
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments In Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method of accounting, as of June 30, 2026 and December 31, 2025:
Number of Properties OwnedCarrying Value
Ownership PercentageJune 30,
2026		December 31, 2025June 30,
2026		December 31, 2025
Pathway Property Company(1)
100.0%866853$114,689 $111,811 
2020 Rockpoint JV(1)
20.0%2,6042,60532,091 36,885 
Upward America JV(2)
7.2%3,7203,72031,769 32,292 
Pathway Operating Company(3)
15.0%N/AN/A26,76826,948 
2024 Peregrine JV(4)
30.0%11911915,906 16,073 
FNMA(5)(6)
10.0%29832015,644 17,280 
2022 Rockpoint JV(1)
16.7%46238915,182 13,272 
Total$252,049 $254,561 
(1)Owns homes in markets within the Western United States, Southeast United States, Florida, Tennessee, and Texas.
(2)Owns homes in markets within the Southeast United States, Florida, Minnesota, Tennessee, and Texas.
(3)Represents an investment in an operating company that provides a technology platform and asset management services.
(4)Owns homes in markets within the Southeast United States and Florida.
(5)Owns homes within the Western United States.
(6)During the year ended December 31, 2025, our share of income increased from 10.0% to 50.0% as a result of achieving a promote interest threshold pursuant to the terms of the joint venture agreement.