Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):



	As of
	March 31,			December 31,
	2018			2017
Land and land development, at cost⁽¹⁾	$	689,249		$	868,692
Less: accumulated depreciation	(7,839		)	(8,381		)
Total land and development, net	$	681,410		$	860,311

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(1)	During the three months ended March 31, 2018, the Company funded capital expenditures on land and development assets of $31.0 million.

Acquisitions—During the three months ended March 31, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction.

Dispositions—During the three months ended March 31, 2018 and 2017, the Company sold land parcels and residential lots and units and recognized land development revenue of $276.4 million and $20.1 million, respectively, from its land and development portfolio. In connection with the sale of two land parcels during the three months ended March 31, 2018, the Company originated an aggregate $145.0 million of financing to the buyers. $81.2 million was repaid subsequent to March 31, 2018. During the three months ended March 31, 2018 and 2017, the Company recognized land development cost of sales of $223.4 million and $15.9 million, respectively, from its land and development portfolio.