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Investments In Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investments in unconsolidated joint ventures Investments In Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of March 31, 2022 and December 31, 2021:
Number of Properties OwnedCarrying Value
Ownership PercentageMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
2020 Rockpoint JV(1)
20.0%2,2622,004$59,190 $54,579 
2022 Rockpoint JV(2)
16.7%—N/A— — 
FNMA(3)
10.0%51652252,682 52,791
Pathway Property Company(4)
100.0%46N/A28,056— 
Pathway Operating Company(5)
15.0%N/AN/A22,50523,025 
Total$162,433 $130,395 
(1)Owns homes in markets within the Western United States, Southeast United States, Florida, and Texas.
(2)Represents a commitment made in March 2022 to invest in an entity that will own homes in premium locations (see further information below).
(3)Owns homes primarily located in Arizona, California, and Nevada.
(4)Owns homes within the Western United States and Southeast United States.
(5)Represents an investment in an operating company that provides a technology platform and asset management services.

In October 2020, we entered into an agreement with Rockpoint Group, L.L.C. (“Rockpoint”) to form a joint venture that will acquire homes in markets where we already own homes (the “2020 Rockpoint JV”). As of February 2021, the joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. As of March 31, 2022, our remaining equity commitment to the 2020 Rockpoint JV is $14,400. The administrative member of the 2020 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the 2020 Rockpoint JV.
In March 2022, we entered into a second agreement with Rockpoint to form a joint venture that will acquire homes in premium locations and at higher price points relative to our other investments in single-family residential properties (the “2022 Rockpoint JV”). As of March 31, 2022, we have not made any investment in the 2022 Rockpoint JV, and our remaining equity commitment is $50,000. The administrative member of the 2022 Rockpoint JV is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. Upon the acquisition of homes, we will earn property and asset management fees for the 2022 Rockpoint JV.
We acquired our interest in the joint venture with the Federal National Mortgage Association (“FNMA”) via the SWH merger. The managing member of the FNMA joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to FNMA’s approval of major decisions. We earn property and asset management fees for the FNMA joint venture.
In November 2021, we entered into agreements with Pathway Homes and its affiliates, among others, to form a joint venture that will provide unique opportunities for customers to identify a home whereby they are able to first lease and then, if they choose, purchase the home in the future. We have fully funded our capital commitment to the operating company (“Pathway Operating Company”) which provides the technology platform and asset management services for the entity that owns and leases the homes (“Pathway Property Company”). Pathway Homes and its affiliates are responsible for the operations and management of Pathway Operating Company, and we do not have a controlling interest in Pathway Operating Company. As of March 31, 2022, we have funded $29,700 to Pathway Property Company, and our remaining equity commitment is $195,300. A wholly owned subsidiary of INVH LP provides property management and renovation oversight services for and earns fees from the homes owned by Pathway Property Company. As the asset manager, Pathway Operating Company is responsible for the operations and management of Pathway Property Company, and we do not have a controlling interest in Pathway Property Company.
For the three months ended March 31, 2022 and 2021, we recorded $(2,320) and $351, respectively, of income (loss) from these investments which is included in income (loss) from investments in unconsolidated joint venture in the condensed consolidated statements of operations.
The fees earned from our joint ventures (as described above) are related party transactions. For the three months ended March 31, 2022 and 2021, we earned $2,111 and $771 of management fees which are included in joint venture management fees in the condensed consolidated statements of operations.