My original comment wasn't clear. I was simply trying to say that I didn't think it was a consolidation situation.
I believe you are partly correct. I think there will be balance sheet items related to the JV if/when there is a profit/loss. If I remember my GAAP right the amount recorded on the b/s is based on the amount originally invested ($0 in this case?) and adjusted to reflect profits, losses, and dividends. I don't think the asset value of the JV is part of the calculation.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.