Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2019

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 June 30, 2019			Three Months Ended June 30, 2018			Six Months Ended June 30, 2019			Six Months Ended June 30, 2018
Revenues	$	6,790		$	4,179		$	10,987		$	7,888
Cost of sales	(3,985		)	(3,009		)	(6,327		)	(4,927		)
Income of unconsolidated joint ventures	$	2,805		$	1,170		$	4,660		$	2,961

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, 2019, and 2018, the Company recorded income of $1.4 million and $2.3 million and $0.5 million and $1.5 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 expects to integrate the operations and pipeline of its unconsolidated mortgage joint ventures into its wholly-owned ClosingMark Financial Group platform during the third quarter. See Note 16 - Subsequent Events.

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, 2019		December 31, 2018
Assets
	Cash		$	6,063	$	8,093
	Loans held for sale		36,660		27,958
	Accounts receivable		1,266		884
	Other assets		98		115
		Total Assets	$	44,087	$	37,050
Liabilities and Equity
	Accounts payable		$	423	$	700
	Accrued expenses		1,190		1,988
	Credit lines payable		34,841		26,775
	Other liabilities		71		49
	Members equity		7,562		7,538
		Total Liabilities and Equity	$	44,087	$	37,050