Investments, Equity Method and Joint Ventures

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

3. INVESTMENT IN UNCONSOLIDATED ENTITIES

A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):


	June 30, 2023		December 31, 2022
GB Challenger, LLC	$	51,888	$	49,897
GBTM Sendera, LLC	19,299		14,319
EJB River Holdings, LLC	9,628		8,554
BHome Mortgage, LLC	985		1,147
Green Brick Mortgage, LLC(1)	—		307
Total investment in unconsolidated entities	$	81,800	$	74,224

(1)As of June 30, 2023, our Green Brick Mortgage joint venture was terminated and the Company incurred a de minimis loss upon dissolution.

A summary of the unaudited condensed financial information of the five unconsolidated entities that are accounted for by the equity method is as follows (in thousands):


	June 30, 2023		December 31, 2022
Assets:
Cash	$	28,919	$	15,265
Accounts receivable	10,175		4,972
Bonds and notes receivable	22,053		10,381
Loans held for sale, at fair value	8,708		8,829
Inventory	200,570		195,732
Other assets	7,016		9,352
Total assets	$	277,441	$	244,531
Liabilities:
Accounts payable	$	7,951	$	10,166
Accrued expenses and other liabilities	15,022		12,177
Notes payable	99,820		82,484
Total liabilities	122,793		104,827
Owners’ equity:
Green Brick	78,253		70,812
Others	76,395		68,892
Total owners’ equity	154,648		139,704
Total liabilities and owners’ equity	$	277,441	$	244,531


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues	$	74,747	$	85,394	$	133,070	$	156,030
Costs and expenses	63,420		68,275		113,146		127,472
Net earnings of unconsolidated entities	$	11,327	$	17,119	$	19,924	$	28,558
Company’s share in net earnings of unconsolidated entities	$	5,699	$	8,523	$	9,920	$	14,210

A summary of the Company’s share in net earnings by unconsolidated entity is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
GB Challenger, LLC	$	4,487	$	7,019	$	7,512	$	11,086
EJB River Holdings, LLC	571		646		1,074		1,384
BHome Mortgage, LLC	641		356		1,334		910
Green Brick Mortgage, LLC	—		502		—		830
Total net earnings from unconsolidated entities	$	5,699	$	8,523	$	9,920	$	14,210