XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investment in Unconsolidated Entity (Tables)
9 Months Ended
Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The Company’s investment in the Challenger Subsidiary on August 15, 2017 was determined as follows (in thousands, except per share data):
Consideration transferred at closing
 
Green Brick common stock issued
1,477

Price per share of Green Brick’s common stock(1)
$
9.90

Fair value of common stock consideration
$
14,622

 
 
Acquisition related costs
$
241

Total fair value of consideration transferred at closing
$
14,863

 
 
Future consideration
 
Holdback Shares
20

Price per share of Green Brick’s common stock(1)
$
9.90

Total fair value of future consideration
$
198

 
 
Total fair value of consideration
$
15,061


 
(1)
Based upon closing price of the Company’s common stock upon the parties’ execution of the Agreement.
A summary of the preliminary unaudited condensed financial information of an unconsolidated entity that is accounted for under the equity method is as follows (in thousands):
 
September 30, 2017
Cash
$
3,269

Accounts receivable
164

Inventory
59,320

Goodwill
4,840

Other assets
5,133

Total assets
$
72,726

 
 
Accounts payable
$
2,244

Accrued expenses
2,559

Notes payable
41,662

Equity
26,261

Total liabilities and equity
$
72,726

 
 
 
Two Months Ended September 30, 2017
Revenues
$
21,955

Gross profit
$
5,694

Income before taxes
$
1,940