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SINGLE-FAMILY RENTAL PROPERTIES (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Single-Family Rental Properties
The following table summarizes the net carrying value of investments in SFR properties:
March 31, 2025December 31, 2024
Land$189,549 $191,992 
Building758,198 767,966 
Capital improvements152,761 150,811 
Total gross investment in SFR properties1,100,508 1,110,769 
Accumulated depreciation(88,522)(82,474)
Investment in SFR Properties, Net$1,011,986 $1,028,295 
Schedule of Activity in Single-Family Rental Properties
The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2024$989,002 $39,293 $1,028,295 
Acquisitions and capital improvements3,237 — 3,237 
Transfers to (from) HFS/HFI10,864 (10,864)— 
Dispositions— (12,136)(12,136)
Depreciation expense(7,410)— (7,410)
Balance at March 31, 2025$995,693 $16,293 $1,011,986 
The following table summarizes the activity for the period of the SFR portfolio by properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20243,891 158 4,049 
Acquisition of SFR properties— — — 
Transfer to (from) HFS/HFI45 (45)— 
Disposition of SFR properties— (42)(42)
Balance at March 31, 20253,936 71 4,007 
Schedule Of Rental And Variable Revenue
The following table summarizes rental revenue and other variable revenue included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended March 31,
20252024
Rental revenue$19,402 $18,949 
Other variable revenue2,330 593 
Total Revenue$21,732 $19,542 
Schedule of Future Minimum Rental Revenues
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026$37,664 
2027 and thereafter
12,385 
Total$50,049