INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures

Summarized condensed combined financial information related to unconsolidated joint ventures that are accounted for using the equity method was as follows (in thousands):


	At December 31,
	2023		2022
Assets:
Cash	$	3,546	$	3,389
Real estate	28,395		17,965
Other assets	6,514		11,653
Total assets	$	38,455	$	33,007
Liabilities and equity:
Accounts payable and other liabilities	$	6,537	$	11,397

Equity of:
Meritage (1)	16,279		10,356
Other	15,639		11,254
Total liabilities and equity	$	38,455	$	33,007


	Years Ended December 31,
	2023		2022		2021
Revenue	$	46,842	$	46,264	$	41,929
Costs and expenses	(37,666)		(36,565)		(34,693)
Net earnings of unconsolidated entities	$	9,176	$	9,699	$	7,236
Meritage’s share of pre-tax earnings (1) (2)	$	6,371	$	6,140	$	4,667

(1)Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in our consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses.

(2)Our share of pre-tax (loss)/earnings from our mortgage joint venture is recorded in (Loss)/earnings from financial services unconsolidated entities and other, net on the accompanying consolidated income statements. Our share of pre-tax (loss)/earnings from all other joint ventures is recorded in Other income, net, on the accompanying consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.