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
	March 31, 2026		December 31, 2025
Assets:
Cash	$	20,320	$	3,516
Real estate	136,008		181,166
Other assets	55,148		6,748
Total assets	$	211,476	$	191,430
Liabilities and equity:
Accounts payable and other liabilities	$	7,415	$	8,448

Equity of:
Meritage (1)	60,969		57,268
Other	143,092		125,714
Total liabilities and equity	$	211,476	$	191,430


	Three Months Ended March 31,
	2026		2025
Revenue	$	12,793	$	10,740
Costs and expenses	(10,886)		(9,859)
Net earnings of unconsolidated entities	$	1,907	$	881
Meritage’s share of pre-tax earnings (1) (2)	$	656	$	626

(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 the accompanying unaudited 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 from our mortgage joint venture is recorded in Earnings from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings from all other joint ventures is recorded in Other income, net on the accompanying 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.