Investments in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2017

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 September 30, 2017			Three Months Ended September 30, 2016			Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
Revenues	$	5,368		$	5,397		$	13,830		$	14,675
Cost of sales	(2,781		)	(2,521		)	(7,936		)	(7,043		)
Income of unconsolidated joint ventures	$	2,587		$	2,876		$	5,894		$	7,632

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 nine months ended September 30, 2017, and 2016, the Company recorded income of $1.2 million and $2.6 million, and $1.4 million and $3.8 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.

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):

			September 30, 2017		December 31, 2016
Assets
	Cash		$	12,051	$	10,208
	Loans held for sale		26,929		18,791
	Accounts receivable		585		764
	Other assets		156		56
		Total Assets	$	39,721	$	29,819
Liabilities and Equity
	Accounts payable		$	362	$	694
	Accrued expenses		1,314		1,026
	Credit lines payable		25,706		17,748
	Other liabilities		24		17
	Members equity		12,315		10,334
		Total Liabilities and Equity	$	39,721	$	29,819