Annual report pursuant to Section 13 and 15(d)

Other Assets

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Other Assets
 12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
December 31,
2022 2021
(dollars in thousands)
Deferred tax asset, net $ 13,569  $ 7,270 
Property and equipment, net (1)
9,533  6,601 
Right-of-use asset 15,589  12,593 
Contract assets 7,180  6,133 
Prepaid income taxes —  645 
Intangible asset, net 44  910 
Prepaid expenses 4,896  5,309 
Project funds in escrow 44,159  821 
Warranty and general liability insurance receivables (2)
27,109  — 
Other 11,889  3,716 
Total other assets $ 133,968  $ 43,998 
(1)    Property and equipment is net of $11.5 million and $11.8 million accumulated depreciation as of December 31, 2022 and 2021, respectively.
(2)    Insurance recoveries not yet received from our insurers are recorded on a gross basis, without any reduction for the associated warranty expense, within other assets on our consolidated balance sheets. Refer to the Warranty section in Note 9 – Accrued Expenses and Other Liabilities for additional information.
As of December 31, 2022 and 2021, respectively, the Company had contract assets of $7.2 million and $6.1 million related to lot sales and other revenue. The contract asset balance is included in other assets on the Company’s consolidated balance sheets and represents cash to be received for work already performed on lot sales and other contracts. The amount of the transaction price for lot sales and other contracts remaining to be recognized as revenue for performance obligations that were not fully satisfied as of December 31, 2022 and 2021 was $11.6 million and $63.9 million, respectively.