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Investments in Real Estate Ventures at Fair Value | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments And Joint Ventures [Abstract] |
Investments in Real Estate Ventures at Fair Value | 4. INVESTMENTS IN REAL ESTATE VENTURES AT FAIR VALUE Based upon elections made at the date of investment, the Company reports the investments in real estate ventures at fair value. For such investments, the Company increases or decreases the investment each reporting period by the change in the fair value and the Company reports the fair value adjustments in the Consolidated Statement of Operations in the (loss) on equity method investments carried at fair value line item. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy. As of December 31, 2019, the Company had Investments in real estate ventures at fair value of $8.4 million. The Company had no investments in real estate ventures at fair value as of December 31, 2018. The table below shows the movement in the Company’s investments in real estate ventures reported at fair value.
|  | Year Ended December 31, |
|  | 2019 |
Fair value investments as of July 23, |  | $ | 9,306 |
Investments |  |  | 1,200 |
Distributions |  |  | (1,525 | )
Change in fair value |  |  | (560 | )
Fair value investments as of December 31, |  | $ | 8,421 |
See Note 11 for additional discussion of our investments in real estate ventures at fair value. Investors X The Company has elected to account for the equity method investment in Investors X at fair value. Fair Value is determined using a discounted cash flow model based on expected future cash flows for income and realization events of the underlying asset. Expected future cash flows includes contractually fixed revenues and expenses as well as estimates for future revenues and expenses where contracts do not currently exist. The fair value of the Company’s investment in Investors X was $9.3 million as of the July 23, 2019 deconsolidation. As of December 31, 2019, the fair value of the Company’s investment in Investors X is $7.2 million. The Company received distributions of $1.5 million during the year ended December 31, 2019 and recognized a loss in fair value of $560 thousand due to lower estimated cash flows from a project in the Investors X portfolio. The Hartford The Company has elected to account for the equity method investment in The Hartford at fair value. Fair Value is determined using an income approach and sales comparable approach models. The fair value of the Company’s investment in the Hartford was $1.2 million as of the investment date of December 30, 2019. The $1.2 million is equal to the cash invested into the Hartford. There were no distributions or changes in fair value as of December 31, 2019. Summarized Financial Information The following table summarizes the combined financial information for our unconsolidated real estate ventures accounted for under the fair value option.
|  | 2019 |
Balance Sheets: |  |  |  |
Real estate inventories |  | $ | 11,328 |
Investments in real estate, net of depreciation |  |  | 1,200 |
Cash |  |  | 2,616 |
Accounts receivable |  |  | 200 |
Other assets |  |  | 1,456 |
Total assets |  |  | 16,800 |
Notes payable |  |  | 6,166 |
Warranty reserves |  |  | 150 |
Accounts payable |  |  | 1,787 |
Accrued liabilities |  |  | 500 |
Purchaser deposits |  |  | 1,773 |
Total liabilties |  |  | 10,376 |
Total equity |  |  | 6,424 |
Statements of Operations: |  |  |  |
Revenue |  |  | 6,832 |
Net loss |  |  | (1,364 | )

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