| Equity Method Investments |
The following table summarizes the statements of operations of the Great Park Venture for the six months ended June 30, 2023 and 2022 (in thousands): | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | Land sale and related party land sale revenues | $ | 369,196 | | | $ | 3,825 | | | Home sale revenues | — | | | 40,475 | | Cost of land sales | (165,749) | | | (13) | | | Cost of home sales | — | | | (30,784) | | Other costs and expenses | (32,547) | | | (14,858) | | | Net income (loss) of Great Park Venture | $ | 170,900 | | | $ | (1,355) | | | The Company’s share of net income (loss) | $ | 64,088 | | | $ | (508) | | | Basis difference amortization, net | (10,604) | | | (586) | | |
| Equity in earnings (loss) from Great Park Venture | $ | 53,484 | | | $ | (1,094) | |
The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands): | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Inventories | $ | 435,920 | | | $ | 605,893 | | Cash and cash equivalents | 140,889 | | | 149,326 | | | Contract assets, receivable and other assets | 167,010 | | | 43,955 | | Total assets | $ | 743,819 | | | $ | 799,174 | | Accounts payable and other liabilities | $ | 173,420 | | | $ | 156,085 | | |
Redeemable Legacy Interests | 40,705 | | | 66,254 | | Capital (Percentage Interest) | 529,694 | | | 576,835 | | Total liabilities and capital | $ | 743,819 | | | $ | 799,174 | | The Company’s share of capital in Great Park Venture | $ | 198,636 | | | $ | 216,313 | | Unamortized basis difference | 62,109 | | | 72,713 | | The Company’s investment in the Great Park Venture | $ | 260,745 | | | $ | 289,026 | |
| | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | Rental revenues | $ | 4,175 | | | $ | 4,059 | | | Rental operating and other expenses | (1,967) | | | (1,225) | | | Depreciation and amortization | (1,989) | | | (1,969) | | |
| Interest expense | (1,108) | | | (620) | | | Net (loss) income of Gateway Commercial Venture | $ | (889) | | | $ | 245 | | | Equity in (loss) earnings from Gateway Commercial Venture | $ | (667) | | | $ | 184 | |
The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of June 30, 2023 and December 31, 2022 (in thousands): | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Real estate and related intangible assets, net | $ | 80,834 | | | $ | 82,797 | | | Cash | 5,081 | | | 4,244 | | | Other assets | 4,639 | | | 4,588 | | | Total assets | $ | 90,554 | | | $ | 91,629 | | | Notes payable, net | $ | 29,418 | | | $ | 29,418 | | | Other liabilities | 7,764 | | | 7,951 | | | Members’ capital | 53,372 | | | 54,260 | | | Total liabilities and capital | $ | 90,554 | | | $ | 91,629 | | | The Company’s investment in the Gateway Commercial Venture | $ | 40,028 | | | $ | 40,695 | |
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