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Investment in Unconsolidated Ventures | 6 Months Ended
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Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures At second quarter-end 2015, we have ownership interests in 16 ventures that we account for using the equity method. Combined summarized balance sheet information for our ventures accounted for using the equity method follows:
| Venture Assets |  | Venture Borrowings(a) |  | Venture Equity |  | Our Investment
| Second Quarter-End |  | Year-End |  | Second Quarter-End |  | Year-End |  | Second Quarter-End |  | Year-End |  | Second Quarter-End |  | Year-End
| 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
242, LLC (b) | $ | 29,618 |  |  | $ | 33,021 |  |  | $ | 1,268 |  |  | $ | 6,940 |  |  | $ | 26,661 |  |  | $ | 21,789 |  |  | $ | 12,642 |  |  | $ | 10,098 |
CL Ashton Woods, LP (c) | 10,548 |  |  | 13,269 |  |  | — |  |  | — |  |  | 7,831 |  |  | 11,453 |  |  | 3,570 |  |  | 6,015 |
CL Realty, LLC | 8,099 |  |  | 7,960 |  |  | — |  |  | — |  |  | 7,982 |  |  | 7,738 |  |  | 3,991 |  |  | 3,869 |
CREA FMF Nashville LLC (b) | 55,028 |  |  | 40,014 |  |  | 46,322 |  |  | 29,660 |  |  | 5,771 |  |  | 5,987 |  |  | 5,300 |  |  | 5,516 |
Elan 99, LLC | 17,250 |  |  | 10,070 |  |  | 1 |  |  | 1 |  |  | 14,548 |  |  | 9,643 |  |  | 13,094 |  |  | 8,679 |
FMF Littleton LLC | 38,344 |  |  | 26,953 |  |  | 8,608 |  |  | — |  |  | 24,736 |  |  | 24,435 |  |  | 6,362 |  |  | 6,287 |
FMF Peakview LLC | 47,753 |  |  | 43,638 |  |  | 27,790 |  |  | 23,070 |  |  | 17,210 |  |  | 17,464 |  |  | 3,524 |  |  | 3,575 |
HM Stonewall Estates, Ltd (c) | 3,573 |  |  | 3,750 |  |  | — |  |  | 669 |  |  | 3,573 |  |  | 3,081 |  |  | 2,165 |  |  | 1,752 |
LM Land Holdings, LP (c) | 32,070 |  |  | 25,561 |  |  | 9,284 |  |  | 4,448 |  |  | 20,442 |  |  | 18,500 |  |  | 10,609 |  |  | 9,322 |
Miramonte Boulder Pass, LLC | 11,150 |  |  | — |  |  | 4,299 |  |  | — |  |  | 5,594 |  |  | — |  |  | 5,449 |  |  | — |
PSW Communities, LP | 14,498 |  |  | 16,045 |  |  | 6,951 |  |  | 10,515 |  |  | 6,943 |  |  | 4,415 |  |  | 3,996 |  |  | 3,924 |
Temco Associates, LLC | 11,406 |  |  | 11,756 |  |  | — |  |  | — |  |  | 11,014 |  |  | 11,556 |  |  | 5,507 |  |  | 5,778 |
Other ventures (d) | 4,504 |  |  | 8,453 |  |  | 23,125 |  |  | 26,944 |  |  | (25,729 | ) |  | (25,614 | ) |  | 513 |  |  | 190 |
| $ | 283,841 |  |  | $ | 240,490 |  |  | $ | 127,648 |  |  | $ | 102,247 |  |  | $ | 126,576 |  |  | $ | 110,447 |  |  | $ | 76,722 |  |  | $ | 65,005 |
Combined summarized income statement information for our ventures accounted for using the equity method follows:
| Venture Revenues |  | Venture Earnings (Loss) |  | Our Share of Earnings (Loss)
| Second Quarter |  | First Six Months |  | Second Quarter |  | First Six Months |  | Second Quarter |  | First Six Months
| 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
242, LLC (b) | $ | 12,368 |  |  | $ | — |  |  | $ | 17,699 |  |  | $ | 1,475 |  |  | $ | 4,409 |  |  | $ | (53 | ) |  | $ | 7,873 |  |  | $ | 480 |  |  | $ | 2,279 |  |  | $ | (26 | ) |  | $ | 4,045 |  |  | $ | 251 |
CL Ashton Woods, LP (c) | 1,061 |  |  | 361 |  |  | 2,411 |  |  | 1,069 |  |  | 851 |  |  | 76 |  |  | 1,378 |  |  | 296 |  |  | 878 |  |  | 135 |  |  | 1,556 |  |  | 453 |
CL Realty, LLC | 190 |  |  | 459 |  |  | 469 |  |  | 827 |  |  | 83 |  |  | 322 |  |  | 243 |  |  | 552 |  |  | 42 |  |  | 161 |  |  | 122 |  |  | 276 |
CREA FMF Nashville LLC (b) | 29 |  |  | — |  |  | 35 |  |  | — |  |  | (103 | ) |  | — |  |  | (216 | ) |  | (25 | ) |  | (103 | ) |  | — |  |  | (216 | ) |  | (25 | )
Elan 99, LLC | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |
FMF Littleton LLC | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
FMF Peakview LLC | 466 |  |  | — |  |  | 652 |  |  | — |  |  | (252 | ) |  | (79 | ) |  | (734 | ) |  | (152 | ) |  | (50 | ) |  | (16 | ) |  | (146 | ) |  | (31 | )
HM Stonewall Estates, Ltd (c) | 611 |  |  | 434 |  |  | 1,669 |  |  | 1,435 |  |  | 297 |  |  | 170 |  |  | 812 |  |  | 522 |  |  | 343 |  |  | 68 |  |  | 573 |  |  | 209 |
LM Land Holdings, LP (c) | 4,321 |  |  | 4,395 |  |  | 6,297 |  |  | 9,293 |  |  | 2,538 |  |  | 4,044 |  |  | 3,788 |  |  | 6,971 |  |  | 923 |  |  | 1,220 |  |  | 1,287 |  |  | 1,897 |
Miramonte Boulder Pass, LLC | — |  |  | — |  |  | — |  |  | — |  |  | (49 | ) |  | — |  |  | (49 | ) |  | — |  |  | (25 | ) |  | — |  |  | (25 | ) |  | — |
PSW Communities, LP | 13,642 |  |  | — |  |  | 16,069 |  |  | — |  |  | 2,333 |  |  | (4 | ) |  | 2,528 |  |  | (220 | ) |  | 788 |  |  | (6 | ) |  | 961 |  |  | (195 | )
Temco Associates, LLC | 1,086 |  |  | 654 |  |  | 1,144 |  |  | 714 |  |  | 460 |  |  | 134 |  |  | 459 |  |  | 116 |  |  | 230 |  |  | 67 |  |  | 230 |  |  | 58 |
Other ventures (d) | — |  |  | 734 |  |  | 3,701 |  |  | 1,119 |  |  | (55 | ) |  | (579 | ) |  | (258 | ) |  | (840 | ) |  | 279 |  |  | (645 | ) |  | 244 |  |  | (944 | )
| $ | 33,774 |  |  | $ | 7,037 |  |  | $ | 50,146 |  |  | $ | 15,932 |  |  | $ | 10,512 |  |  | $ | 4,031 |  |  | $ | 15,822 |  |  | $ | 7,700 |  |  | $ | 5,584 |  |  | $ | 958 |  |  | $ | 8,629 |  |  | $ | 1,949 |
_____________________
(a) | Total includes current maturities of $72,716,000 at second quarter-end 2015, of which $42,579,000 is non-recourse to us, and $65,795,000 at year-end 2014, of which $42,566,000 is non-recourse to us.
(b) | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,512,000 are reflected as a reduction to our investment in unconsolidated ventures at second quarter-end 2015.
(c) | Includes unrecognized basis difference of $1,245,000 which is reflected as a reduction of our investment in unconsolidated ventures at second quarter-end 2015. The difference will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures.
(d) | Our investment in other ventures reflects our ownership interests, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16—Variable Interest Entities for additional information.
In first six months 2015, we invested $10,136,000 in these ventures and received $7,049,000 in distributions. In first six months 2014, we invested $4,430,000 in these ventures and received $1,923,000 in distributions. Distributions include both return of investments and distribution of earnings.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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