Investment in Unconsolidated Entities

The Company's investments in unconsolidated entities accounted for under the equity method consist of the following as of December 31, 2016 and December 31, 2015 (dollar amounts in thousands):



	December 31, 2016				December 31, 2015
Investment Name	Ownership Interest		Carrying Amount		Ownership Interest		Carrying Amount
Autumnwood Investments LLC	—		$	2,092	—		$	2,127
200 RHC Hoover, LLC	63	%	8,886		63	%	8,649
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	45	%	7,949		—		—
RiverBanc LLC ⁽¹⁾ ("RiverBanc")	—		—		20	%	597
Kiawah River View Investors LLC⁽²⁾("KRVI")	—		—		31	%	8,718
Total			$	18,927			$	20,091


(1)	As of May 16, 2016, RiverBanc became a wholly-owned subsidiary of the Company as a result of the Company's acquisition of the remaining ownership interests in RiverBanc held by other unaffiliated entities (see Note 21).


(2)	As of May 16, 2016, the Company consolidated KRVI in its consolidated financial statements (see Note 9).

The Company's investments in unconsolidated entities accounted for at fair value consist of the following as of December 31, 2016 and December 31, 2015 (dollar amounts in thousands):



	December 31, 2016				December 31, 2015
Investment Name	Ownership Interest		Carrying Amount		Ownership Interest		Carrying Amount
RB Development Holding Company, LLC⁽¹⁾("RBDHC")	—		$	—	63	%	$	1,927
RB Multifamily Investors LLC ^{(1) (2)}("RBMI")	—		—		70	%	56,891
Morrocroft Neighborhood Stabilization Fund II, LP	11	%	9,732		13	%	8,753
Evergreens JV Holdings, LLC ⁽³⁾	85	%	3,810		—		—
Bent Tree JV Holdings, LLC ⁽³⁾	78	%	9,890		—		—
Summerchase LR Partners LLC ⁽³⁾	80	%	4,410		—		—
Lake Mary Realty Partners, LLC ⁽³⁾	80	%	7,690		—		—
The Preserve at Port Royal Venture, LLC ⁽³⁾	77	%	12,280		—		—
WR Savannah Holdings, LLC ⁽³⁾	90	%	12,520		—		—
Total			$	60,332			$	67,571


(1)	As of May 16, 2016, RBDHC and RBMI became wholly-owned subsidiaries of the Company as a result of the Company's acquisition of the remaining ownership interests in those entities held by other unaffiliated entities (see Note 21).


(2)	As of December 31, 2015, includes the Company's preferred and common equity interests in this entity.


(3)	Investments held by RBMI that are consolidated into the Company's financial statements beginning May 16, 2016.

The following table presents income (loss) from investments in unconsolidated entities for the years ended December 31, 2016, 2015, and 2014 (dollar amounts in thousands):



	For the Years Ended December 31,
Investment Name	2016		2015			2014
Autumnwood Investments LLC	$	260	$	281		$	276
200 RHC Hoover, LLC	1,370		394			—
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)	433		—			—
RiverBanc LLC	125		815			2,644
Kiawah River View Investors LLC	1,250		866			611
RB Development Holding Company, LLC	107		(9		)	373
RB Multifamily Investors LLC	2,262		5,263			657
Morrocroft Neighborhood Stabilization Fund II, LP	910		254			—
Evergreens JV Holdings, LLC	199		—			—
Bent Tree JV Holdings, LLC	411		—			—
Summerchase LR Partners LLC	380		—			—
Lake Mary Realty Partners, LLC	554		—			—
The Preserve at Port Royal Venture, LLC	834		—			—
WR Savannah Holdings, LLC	692		—			—

Summary combined financial information for the Company's investments in unconsolidated entities as of December 31, 2016 and December 31, 2015 and for the years ended December 31, 2016, 2015, and 2014 is shown below (dollars amounts in thousands).



	December 31, 2016		December 31, 2015
Balance Sheets:
Real estate, net	$	346,078	$	111,216
Investments in unconsolidated entities	—		31,636
Mezzanine loan and preferred equity investments	—		23,629
Other assets	16,042		35,293
Total assets	$	362,120	$	201,774

Notes payable, net	$	236,388	$	41,918
Other liabilities	6,686		8,624
Total liabilities	243,074		50,542
Members' equity	119,046		151,232
Total liabilities and members' equity	$	362,120	$	201,774



	For the Years Ended December 31,
	2016			2015			2014
Operating Statements: ⁽¹⁾
Rental revenues	$	26,397		$	2,121		$	—
Other income	3,131			3,732			12,034
Operating expenses	19,227			9,267			3,097
Income (loss) before debt service, acquisition costs, and depreciation and amortization	10,301			(3,414		)	8,937
Interest expense	(6,149		)	(356		)	—
Acquisition costs	(1,448		)	(1,660		)	—
Depreciation and amortization	(15,879		)	(1,711		)	(8		)
Net (loss) income	$	(13,175	)	$	(7,141	)	$	8,929


⁽¹⁾	The Company records income (loss) from investments in unconsolidated entities under either the equity method of accounting or the fair value option. Accordingly, the combined net (loss) income shown above is not indicative of the income recognized by the Company from investments in unconsolidated entities.