AAWW has a 51% equity interest and 75% voting interest in Polar. DHL Network Operations (USA), Inc. (“DHL”), a subsidiary of Deutsche Post AG, holds a 49% equity interest and a 25% voting interest in Polar. Polar is a variable interest entity that we do not consolidate because we are not the primary beneficiary as the risks associated with the direct costs of operation are with DHL. Under a 20-year blocked space agreement, which began in 2008, Polar provides air cargo capacity to DHL. Atlas has several agreements with Polar to provide ACMI, CMI, Dry Leasing, administrative, sales and ground support services to one another. We do not have any financial exposure to fund debt obligations or operating losses of Polar, except for any liquidated damages that we could incur under these agreements.

The following table summarizes our transactions and balances with Polar:


	For the Three Months Ended
Revenue and Expenses:	March 31, 2022		March 31, 2021
Revenue from Polar	$	81,519	$	77,256
Ground handling and airport fees to Polar		1,087		882

Accounts receivable/payable as of:	March 31, 2022		December 31, 2021
Receivables from Polar	$	19,996	$	22,311
Payables to Polar		610		3,082

Aggregate Carrying Value of Polar Investment as of:	March 31, 2022		December 31, 2021
Aggregate Carrying Value of Polar Investment	$	4,870	$	4,870

In addition to the amounts in the table above, Atlas recognized revenue from flying on behalf of Polar of $40.7 million and $54.1 million for the three months ended March 31, 2022 and 2021, respectively.

We hold a 10% interest in a joint venture with an unrelated third party, which we entered into in December 2019, to develop a diversified freighter aircraft dry leasing portfolio. Through Titan, we provide aircraft and lease management services to the joint venture for fees based upon aircraft assets under management, among other things. Our investment in the joint venture is accounted for under the equity method of accounting. Under the joint venture, we have a commitment to provide up to $40.0 million of capital contributions before December 2022, of which $10.0 million has been contributed as of March 31, 2022. Our maximum exposure to losses from the entity is limited to our investment.

The following table summarizes our transactions and balances with our dry leasing joint venture:


	For the Three Months Ended
Revenue and Expenses:	March 31, 2022		March 31, 2021
Revenue from dry leasing joint venture	$	338	$	1,324
Aircraft rent to dry leasing joint venture		2,250		2,250

Aggregate Carrying Value of Joint Venture as of:	March 31, 2022		December 31, 2021
Aggregate Carrying Value of Dry Leasing Joint Venture	$	8,814	$	8,448

We hold a 50% interest in a joint venture with an unrelated third party to purchase rotable parts and provide repair services for those parts, primarily for 747-8F aircraft. The joint venture is a variable interest entity and we have not consolidated the joint venture because we are not the primary beneficiary as we do not exercise financial control. Our investment in the joint venture is accounted for under the equity method of accounting and was $17.7 million as of March 31, 2022 and $19.2 million as of December 31, 2021. Our maximum exposure to losses from the entity is limited to our investment, which is composed primarily of rotable inventory parts. The joint venture does not have any third-party debt obligations. We had Accounts receivable from the joint venture of $0.2 million as of March 31, 2022 and $0.3 million as of December 31, 2021. We had Accounts payable to the joint venture of $1.1 million as of March 31, 2022 and $1.2 million as of December 31, 2021.