Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2016

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):

	Three Months Ended March 31, 2016			Three Months Ended March 31, 2015
Revenues	$	3,967		$	706
Cost of sales	(1,925		)	(382		)
Income of unconsolidated joint ventures	$	2,042		$	324

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 three months ended March 31, 2016, and 2015, the Company recorded income of $1.2 million and $0.2 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.

During the three months ended March 31, 2016, and 2015, all of our unconsolidated joint ventures were reviewed for impairment.  Based on the impairment review, no joint ventures were determined to be impaired.

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):

			March 31, 2016		December 31, 2015
Assets
	Cash		$	7,037	$	6,340
	Loans held for sale		30,294		29,312
	Accounts receivable		159		309
	Other assets		61		390
		Total Assets	$	37,551	$	36,351
Liabilities and Equity
	Accounts payable		$	326	$	651
	Accrued expenses		835		774
	Credit lines payable		27,613		27,350
	Other liabilities		21		515
	Members equity		8,756		7,061
		Total Liabilities and Equity	$	37,551	$	36,351