Annual report pursuant to Section 13 and 15(d)

Other Assets

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Other Assets
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
December 31,
2023 2022
(dollars in thousands)
Deferred tax asset, net $ 18,486  $ 13,569 
Property and equipment, net (1)
12,663  9,533 
Right-of-use asset 11,869  15,589 
Contract assets 5,954  7,180 
Intangible asset, net —  44 
Prepaid expenses 8,993  4,896 
Project funds in escrow 2,388  44,159 
Warranty and general liability insurance receivables (2)
27,406  27,109 
Investment in unconsolidated joint ventures 19  41 
Other 20,095  11,889 
Total other assets $ 107,873  $ 134,009 
(1)    Property and equipment is net of $15.8 million and $11.5 million accumulated depreciation as of December 31, 2023 and 2022, 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 8 – Accrued Expenses and Other Liabilities for additional information.

As of December 31, 2023 and 2022, respectively, the Company had contract assets of $6.0 million and $7.2 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, 2023 and 2022 was $1.1 million and $11.6 million, respectively.
As of December 31, 2023 and 2022, we held membership interests in two unconsolidated joint ventures related to homebuilding activities, both of which are part of the Metro New York segment. As of December 31, 2023 and 2022, both of the joint ventures, LS-NJ Port Imperial JV, LLC and LS-Boston Point LLC, were effectively closed out with only customary post-closing, warranty-related activities remaining.