Annual report [Section 13 and 15(d), not S-K Item 405]

Other Assets

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Other Assets
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
December 31,
2024 2023
(dollars in thousands)
Property and equipment, net (1)
$ 41,073  $ 12,663 
Warranty and general liability insurance receivables (2)
27,280  27,406 
Right-of-use asset 23,358  11,869 
Deferred tax asset, net 15,721  18,486 
Prepaid expenses 14,327  8,993 
Contract assets 3,860  5,954 
Project funds in escrow 2,306  2,388 
Prepaid income taxes 1,556  — 
Intangible asset, net 757  — 
Other 18,758  20,114 
Total other assets $ 148,996  $ 107,873 
(1)    Property and equipment is net of $22.1 million and $15.8 million accumulated depreciation as of December 31, 2024 and 2023, respectively.
(2)    Insurance recoveries not yet received from our insurers are recorded on a gross basis, without any reduction for the associated warranty liability. Refer to the Warranty section in Note 7 – Accrued Expenses and Other Liabilities for additional information.
As of December 31, 2024 and 2023, the Company had contract assets of $3.9 million and $6.0 million, respectively, 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 allocated to performance obligations that were unsatisfied, or partially unsatisfied, as of December 31, 2024 and 2023 was $2.4 million and $1.1 million, respectively.