Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

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 June 30, 2016			Three Months Ended June 30, 2015			Six Months Ended June 30, 2016			Six Months Ended June 30, 2015
Revenues	$	5,311		$	2,828		$	9,278		$	3,534
Cost of sales	(2,597		)	(1,624		)	(4,522		)	(2,006		)
Income of unconsolidated joint ventures	$	2,714		$	1,204		$	4,756		$	1,528

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 and six months ended June 30, 2016, and 2015, the Company recorded income of $1.2 million and $2.4 million, and $0.5 million and $0.8 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 and six months ended June 30, 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):



			June 30, 2016		December 31, 2015
Assets
	Cash		$	9,348	$	6,340
	Loans held for sale		21,885		29,312
	Accounts receivable		1,076		309
	Other assets		51		390
		Total Assets	$	32,360	$	36,351

Liabilities and Equity
	Accounts payable		$	469	$	651
	Accrued expenses		832		774
	Credit lines payable		20,240		27,350
	Other liabilities		12		515
	Members equity		10,807		7,061
		Total Liabilities and Equity	$	32,360	$	36,351