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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures
Summarized condensed combined financial information related to unconsolidated joint ventures that are accounted for using the equity method was as follows (in thousands):
As of
June 30, 2020December 31, 2019
Assets:
Cash
$8,842  $6,329  
Real estate
6,079  6,654  
Other assets
3,486  4,382  
Total assets$18,407  $17,365  
Liabilities and equity:
Accounts payable and other liabilities$8,655  $6,580  
Equity of:
Meritage (1)
4,691  5,678  
Other5,061  5,107  
Total liabilities and equity$18,407  $17,365  
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue$10,550  $10,846  $17,273  $19,844  
Costs and expenses(7,944) (3,599) (13,807) (9,715) 
Net earnings of unconsolidated entities$2,606  $7,247  $3,466  $10,129  
Meritage’s share of pre-tax earnings (1) (2)
$1,048  $3,654  $1,735  $5,828  

(1)Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in our consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses.
(2)Our share of pre-tax earnings is recorded in Earnings from financial services unconsolidated entities and other, net and Other income, net on our unaudited consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.