4.	Joint Ventures

On a limited basis, NVR also obtains finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that NVR is a non-controlling member and is at risk only for the amount the Company has invested, or committed to invest, in addition to any deposits placed under fixed price purchase agreements with the joint venture. NVR is not a borrower, guarantor or obligor on any debt of the JVs, as applicable. The Company enters into a standard fixed price purchase agreement to purchase lots from these JVs, and as a result has a variable interest in these JVs.

At December 31, 2014, the Company had an aggregate investment totaling approximately $82,000 in five JVs that are expected to produce approximately 8,800 finished lots, of which approximately 3,300 were not under contract with NVR. In addition, NVR had additional funding commitments in the aggregate totaling $11,850 to two of the JVs at December 31, 2014. The Company has determined that it is not the primary beneficiary of four of the JVs because NVR and the other JV partner either share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $80,100 and $90,500 at December 31, 2014 and 2013, respectively, and is reported in the “Other assets” line item on the accompanying consolidated balance sheets. For the remaining JV, NVR has concluded that it is the primary beneficiary because the Company has the controlling financial interest in the JV.

The condensed balance sheets at December 31, 2014 and 2013 of the consolidated JV were as follows:

	December 31,
	2014		2013
Cash	$	481	$	668
Restricted cash		160		248
Other assets		332		542
Land under development		2,617		5,810
Total assets	$	3,590	$	7,268
Debt	$	64	$	3,365
Accrued expenses		1,231		862
Equity		2,295		3,041
Total liabilities and equity	$	3,590	$	7,268

During 2013, NVR invested an additional $11,000 in the Company’s existing JV with Morgan Stanley Real Estate Investing and $11,850 in a newly formed JV with an unrelated party. The newly formed JV is expected to produce approximately 1,300 lots with approximately 50% of those lots being sold to the Company. At December 31, 2013, the Company had an aggregate investment totaling approximately $92,700 in four JVs that were expected to produce approximately 9,300 finished lots, of which approximately 3,400 were not under contract with NVR. In addition, at December 31, 2013, NVR had additional funding commitments in the aggregate totaling $11,850 to two of the JVs.

Distributions received from the unconsolidated JVs are allocated between return of capital and distributions of earnings based on the ratio of capital contributed by NVR to the total expected returns for the respective JVs, and are classified within the accompanying consolidated statements of cash flows as cash flows from investing activities and operating activities, respectively.