Investments, Equity Method and Joint Ventures

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

3. INVESTMENT IN UNCONSOLIDATED ENTITIES

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

	September 30, 2023		December 31, 2022
GB Challenger, LLC	$	49,186	$	49,897
GBTM Sendera, LLC	19,530		14,319
EJB River Holdings, LLC	10,398		8,554
BHome Mortgage, LLC	1,096		1,147
Green Brick Mortgage, LLC(1)	—		307
Total investment in unconsolidated entities	$	80,210	$	74,224

(1)As of September 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 four unconsolidated entities as of September 30, 2023 and five unconsolidated entities as of December 31, 2022 that are accounted for by the equity method is as follows (in thousands):

	September 30, 2023		December 31, 2022
Assets:
Cash	$	24,877	$	15,265
Accounts receivable	8,315		4,972
Bonds and notes receivable	16,252		10,381
Loans held for sale, at fair value	5,172		8,829
Inventory	195,156		195,732
Other assets	6,454		9,352
Total assets	$	256,226	$	244,531
Liabilities:
Accounts payable	$	9,154	$	10,166
Accrued expenses and other liabilities	14,609		12,177
Notes payable	84,415		82,484
Total liabilities	108,178		104,827
Owners’ equity:
Green Brick	75,046		70,812
Others	73,002		68,892
Total owners’ equity	148,048		139,704
Total liabilities and owners’ equity	$	256,226	$	244,531

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues	$	66,782	$	65,620	$	199,852	$	221,650
Costs and expenses	66,844		54,140		179,990		181,612
Net earnings of unconsolidated entities	$	(62)	$	11,480	$	19,862	$	40,038
Company’s share in net earnings of unconsolidated entities	$	1,345	$	5,697	$	11,265	$	19,907

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
GB Challenger, LLC	$	(71)	$	5,196	$	7,441	$	16,282
EJB River Holdings, LLC	770		203		1,844		1,587
BHome Mortgage, LLC	646		145		1,980		1,055
Green Brick Mortgage, LLC	—		153		—		983
Total net earnings from unconsolidated entities	$	1,345	$	5,697	$	11,265	$	19,907