Annual report pursuant to Section 13 and 15(d)

Investment in and Advances to Unconsolidated Joint Ventures (Tables)

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Investment in and Advances to Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The condensed combined balance sheets for the Company's unconsolidated joint ventures accounted for under the equity method are as follows:
December 31,
2021 2020
(dollars in thousands)
Cash and cash equivalents $ 2,275  $ 2,740 
Restricted cash —  4,870 
Real estate inventories 2,515  41,214 
Other assets 122  123 
Total assets $ 4,912  $ 48,947 
Accounts payable $ 21  $ 188 
Accrued expenses and other liabilities 3,465  3,928 
Due to affiliates 787  5,735 
Total liabilities 4,273  9,851 
Members' capital 639  39,096 
Total liabilities and members' capital $ 4,912  $ 48,947 
The condensed combined statements of operations for the Company's unconsolidated joint ventures accounted for under the equity method are as follows:
Year Ended December 31,
2021 2020 2019
(dollars in thousands)
Revenues $ 50,067  $ 37,403  $ 54,633 
Cost of sales and expenses (45,123) (40,230) (62,145)
Impairment of real estate inventories —  (27,094) (5,800)
Equity in net income from unconsolidated joint ventures —  —  1,087 
Net (loss) income of unconsolidated joint ventures $ 4,944  $ (29,921) $ (12,225)
Equity in net (loss) income from investment in unconsolidated joint ventures (1)
$ 1,262  $ (16,418) $ (7,901)
(1)    The equity in net (loss) income of unconsolidated joint ventures consists of the allocation of the Company's proportionate share of income or loss from the unconsolidated joint ventures of $2.5 million income, $15.2 million loss, and $5.9 million loss as well as $1.3 million, $1.2 million, and $2.0 million of expense related to capitalized interest and other costs for the years ended December 31, 2021, 2020, and 2019, respectively.