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.