INVESTMENTS

Park City, Utah Lakeside Investment

In January 2017, Lakeside DV Holdings, LLC (“LDV Holdings”) purchased Park City Development, LLC (“PCD”)’s interest in Lakeside JV for $0.7 million and terminated PCD as manager. Upon purchase of PCD’s interest, LDV Holdings became the sole owner of Lakeside JV. As a result, Lakeside JV became a consolidated entity of the Company. The Company’s investment in Lakeside JV was previously accounted for under the equity method.

Equity Interests Acquired through Guarantor Recoveries

During 2015, the Company acquired certain real estate assets and equity interests in a number of limited liability companies and limited partnerships with various real estate holdings and related assets as a result of certain enforcement and collection efforts. Certain of these entities have been consolidated in the accompanying condensed consolidated financial statements while others have been accounted for under the equity method of accounting, based on the extent of the Company’s controlling financial interest in each such entity.

The Company’s ownership interests in these entities range from 2.4% to 48.0% and, collectively, the Company’s net investment in these entities totals $3.2 million and $3.1 million at March 31, 2017 and December 31, 2016, respectively.

Summarized Financial Information of Unconsolidated Entities (unaudited)

The following presents certain summarized financial information of the entities in which the Company holds investments that are recorded on the equity method as of March 31, 2017 and December 31, 2016 (in thousands):



	March 31, 2017		December 31, 2016
Total assets	$	15,594	$	19,456
Total liabilities	$	6,737	6,269

During the three months ended March 31, 2017 and 2016, the equity loss recorded on these equity method investments in the accompanying condensed consolidated statements of operations was $0.1 million and $0.1 million, respectively.