INVESTMENT IN JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2021

Land JV

Summarized financial information of the Company's JV Investment

The Company has no investments in joint ventures as of December 31, 2021. The Company’s investment in joint ventures were as follows as of December 31, 2020 (in thousands):

	As of
	December 31, 2020
Land JV	$	41,765
Mitigation Bank JV		6,912
Total Investment in Joint Ventures	$	48,677

The following table provides summarized financial information of the Land JV as of December 31, 2020 (in thousands). No balances remain as of December 31, 2021 as a result of the Land JV Sale, the liquidation of the Land JV’s assets, and the dissolution of the underlying entities:

	As of
	December 31, 2020
Assets, Cash and Cash Equivalents	$	802
Assets, Receivables and Prepaid Expenses		117
Assets, Investment in Land Assets		5,658
Total Assets	$	6,577
Liabilities, Accounts Payable, Accrued Expenses, Deferred Revenue	$	228
Equity	$	6,349
Total Liabilities & Equity	$	6,577

The following table provides summarized financial information of the Land JV for the years ended December 31, 2021, 2020, and 2019 (in thousands):

	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues	$	67,367	$	65,446	$	14,635
Direct Cost of Revenues		(8,867)		(13,012)		(1,268)
Operating Income	$	58,500	$	52,434	$	13,367
Other Operating Expenses		(376)		(462)		(90)
Net Income	$	58,124	$	51,972	$	13,277

Mitigation Bank

Summarized financial information of the Company's JV Investment

	As of
	December 31, 2020
Assets, Cash and Cash Equivalents	$	1,890
Assets, Prepaid Expenses		20
Assets, Investment in Mitigation Credit Assets		1,409
Assets, Property, Plant, and Equipment—Net		14
Total Assets	$	3,333
Liabilities, Accounts Payable, Accrued Liabilities	$	17
Equity	$	3,316
Total Liabilities & Equity	$	3,333

The following table provides summarized financial information of the Mitigation Bank JV for the years ended December 31, 2021, 2020 and 2019 (in thousands).

	Year Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenues	$	512	$	4,109	$	1,922
Direct Cost of Revenues		(16)		(167)		(76)
Operating Income	$	496	$	3,942	$	1,846
Other Operating Expenses		(162)		(175)		(197)
Net Income	$	334	$	3,767	$	1,649