We have investments in a number of joint ventures with third parties. These entities are generally involved in real estate development, homebuilding, Build-to-Rent, and/or mortgage lending activities. The primary activity of the real estate development joint ventures is development and sale of lots to joint venture partners and/or unrelated builders. Our share of the joint venture profit relating to lots we purchase from the joint ventures is deferred until homes are delivered by us and title passes to a homebuyer.

Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):


	As of
	March 31, 2023		December 31, 2022
Assets:
Real estate inventory	$	786,053	$	749,942
Other assets		177,855		146,770
Total assets	$	963,908	$	896,712
Liabilities and owners’ equity:
Debt	$	275,878	$	238,263
Other liabilities		35,168		31,824
Total liabilities	$	311,046	$	270,087
Owners’ equity:
TMHC	$	294,755	$	282,900
Others		358,107		343,725
Total owners’ equity	$	652,862	$	626,625
Total liabilities and owners’ equity	$	963,908	$	896,712


	Three Months Ended March 31,
	2023			2022
Revenues	$	19,536		$	30,401
Costs and expenses		(14,699	)		(25,694	)
Net income from unconsolidated entities	$	4,837		$	4,707
TMHC’s share in net income of unconsolidated entities	$	1,929		$	1,831
Distributions to TMHC from unconsolidated entities	$	1,197		$	2,058

We have several joint ventures for the purpose of real estate development and homebuilding activities, which we have determined to be VIEs. As the managing member, we oversee the daily operations and have the power to direct the activities of the VIEs, or joint ventures. For this specific subset of joint ventures, based upon the allocation of income and loss per the applicable joint venture agreements and certain performance guarantees, we have potentially significant exposure to the risks and rewards of the joint ventures. Therefore, we are the primary beneficiary of these joint venture VIEs, and the entities are consolidated.

As of March 31, 2023, the assets of the consolidated joint ventures totaled $277.2 million, of which $31.3 million was cash and cash equivalents, $72.4 million was owned inventory and $123.3 million was fixed assets (primarily related to Urban Form). The majority of the fixed asset balance is held for sale as of March 31, 2023. As of December 31, 2022, the assets of the consolidated joint ventures totaled $277.6 million, of which $38.9 million was cash and cash equivalents, $72.0 million was owned inventory and $123.2 million was fixed assets. The liabilities of the consolidated joint ventures totaled $154.1 million and $155.5 million as of March 31, 2023 and December 31, 2022, respectively, and were primarily comprised of notes payable, accounts payable and accrued liabilities.