Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

The table set forth below summarizes the combined unaudited statements of operations for our unconsolidated mortgage joint ventures that we accounted for under the equity method (in thousands):

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Revenues	$	12,314		$	2,015		$	—
Cost of sales	(5,842		)	(906		)	—
Income of unconsolidated joint ventures	$	6,472		$	1,109		$	—

Income from unconsolidated joint ventures reflected in the accompanying consolidated statements of operations represents our share of the income of our unconsolidated mortgage joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable.  For the years ended December 31, 2015, and 2014, the Company recorded income of $3.2 million and $0.6 million, respectively, from its unconsolidated joint ventures. This income was primarily attributable to our share of income related to mortgages that were generated and issued to qualifying home buyers during the periods. The Company did not record any income during the year ended December 31, 2013.

During the years ended December 31, 2015 and 2014, all of our unconsolidated joint ventures were reviewed for impairment.  Based on the impairment review, no joint ventures were determined to be impaired. During the year ended December 31, 2013, the Company did not have any investment in unconsolidated joint ventures.

The table set forth below summarizes the combined unaudited balance sheets for our unconsolidated joint ventures that we accounted for under the equity method (in thousands):

			December 31,
			2015		2014
Assets
	Cash		$	6,340	$	765
	Loans held for sale		29,312		—
	Accounts receivable		309		71
	Other assets		390		29
		Total Assets	$	36,351	$	865
Liabilities and Equity
	Accounts payable		$	651	$	404
	Accrued expenses		774		161
	Credit lines payable		27,350		—
	Other liabilities		515		—
	Members equity		7,061		300
		Total Liabilities and Equity	$	36,351	$	865