VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Summarizes the assets and liabilities related to the VIEs

The following table summarizes the assets and liabilities related to the VIEs consolidated by us from our Credit Facility Vehicles as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	15,370	$	86,526
Restricted cash		161,624		268,368
Real estate inventory		148,205		1,312,194
Other(a)		6,048		25,793
Total assets	$	331,247	$	1,692,881
Liabilities
Credit facilities	$	257,647	$	1,264,913
Other(b)		3,444		14,983
Total liabilities	$	261,091	$	1,279,896

(a) Includes escrow receivable and other current assets.

(b) Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2019:


	Credit Facility
	Vehicles
Assets
Cash and cash equivalents	$	86,526
Restricted cash		268,368
Real estate inventory		1,312,194
Other(a)		25,793
Total assets	$	1,692,881
Liabilities
Credit facilities	$	1,264,913
Other(b)		14,983
Total liabilities	$	1,279,896

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

The following table summarizes the assets and liabilities related to the VIEs we consolidated as of December 31, 2018:


	Credit Facility		Title
	Vehicles		Companies		Total
Assets
Cash and cash equivalents	$	79	$	—	$	79
Restricted cash		127,798		6,737		134,535
Real estate inventory		1,360,236		—		1,360,236
Other(a)		19,431		1,368		20,799
Total assets	$	1,507,544	$	8,105		1,515,649
Liabilities
Credit facilities	$	1,133,095	$	—	$	1,133,095
Other(b)		6,316		528		6,844
Total liabilities	$	1,139,411	$	528	$	1,139,939

(a)Includes escrow receivable, other current assets, property and equipment, and other assets.

(b)Includes accounts payable and other accrued liabilities and interest payable.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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