Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2018

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, 2018			Three Months Ended March 31, 2017
Revenues	$	3,709		$	3,389
Cost of sales	(1,918		)	(2,110		)
Income of unconsolidated joint ventures	$	1,791		$	1,279

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, 2018, and 2017, the Company recorded income of $0.9 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.

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, 2018		December 31, 2017
Assets
	Cash		$	6,996	$	12,802
	Loans held for sale		16,489		17,106
	Accounts receivable		698		2,791
	Other assets		102		128
		Total Assets	$	24,285	$	32,827
Liabilities and Equity
	Accounts payable		$	292	$	779
	Accrued expenses		892		1,532
	Credit lines payable		15,601		18,312
	Other liabilities		251		31
	Members equity		7,249		12,173
		Total Liabilities and Equity	$	24,285	$	32,827