diff --git a/docs/models/ipam/iprange.md b/docs/models/ipam/iprange.md
index 208761788..6dd986479 100644
--- a/docs/models/ipam/iprange.md
+++ b/docs/models/ipam/iprange.md
@@ -2,6 +2,12 @@
 
 This model represents an arbitrary range of individual IPv4 or IPv6 addresses, inclusive of its starting and ending addresses. For instance, the range 192.0.2.10 to 192.0.2.20 has eleven members. (The total member count is available as the `size` property on an IPRange instance.) Like [prefixes](./prefix.md) and [IP addresses](./ipaddress.md), each IP range may optionally be assigned to a [VRF](./vrf.md).
 
+Each IP range can be marked as populated, which instructs NetBox to treat the range as though every IP address within it has been created (even though these individual IP addresses have not been created). This can be helpful in scenarios where the management of a subset of IP addresses has been deferred to an external system of record, such as a DHCP server. NetBox will prohibit the creation of individual IP addresses within a range that has been marked as populated.
+
+An IP range can also be marked as fully utilized. This will cause its utilization to always be reported as 100% when viewing the range or when calculating the utilization of a parent prefix. (If not enabled, a range's utilization is calculated based on the number of IP addresses which have been created within it.)
+
+Typically, IP ranges marked as populated should also be marked as fully utilized, though there may be scenarios where this is undesirable (e.g. when reclaiming old IP space). An IP range which has been marked as populated but _not_ marked as fully utilized will always report a utilization of 0%, as it cannot contain child IP addresses.
+
 ## Fields
 
 ### VRF