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Investments in Unconsolidated Entities | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities As of December 31, 2023, we held equity investments in thirteen active homebuilding partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 8% to 50%, depending on the investment, with no controlling interest held in any of these investments. Unconsolidated Financial Information Aggregated assets, liabilities and operating results of the entities we account for as equity-method investments are provided below. Because our ownership interest in these entities varies, a direct relationship does not exist between the information presented below and the amounts that are reflected on our consolidated balance sheets as our investment in unconsolidated entities or on our consolidated statements of operations as equity in income (loss) of unconsolidated entities. Assets and liabilities of unconsolidated entities (in thousands):
| December 31,
| 2023 |  | 2022
Assets |  |  |
Cash | $ | 35,308 |  |  | $ | 34,556 |
Receivables | 38,839 |  |  | 30,893 |
Real estate inventories | 450,097 |  |  | 458,121 |
Other assets | 27,632 |  |  | 7,751 |
Total assets | $ | 551,876 |  |  | $ | 531,321 |
Liabilities and equity |  |  |
Debt obligations and other liabilities | $ | 155,616 |  |  | $ | 149,172 |
Company’s equity | 131,824 |  |  | 129,837 |
Outside interests’ equity | 264,436 |  |  | 252,312 |
Total liabilities and equity | $ | 551,876 |  |  | $ | 531,321 |
Guarantees The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities. In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees. As of December 31, 2023 and 2022, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At December 31, 2023 and 2022, aggregate outstanding debt for unconsolidated entities, included in the “Debt obligations and other liabilities” line of the aggregated assets, liabilities and equity shown in the table above, was $125.9 million and $138.8 million, respectively. Results of operations from unconsolidated entities (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Net sales | $ | 99,494 |  |  | $ | 27,444 |  |  | $ | 48,416 |
Other operating expense | (100,135) |  |  | (27,572) |  |  | (26,295) |
Other expense | 438 |  |  | (11) |  |  | (4) |
Net (loss) income | $ | (203) |  |  | $ | (139) |  |  | $ | 22,117 |
Company’s equity in (loss) income of unconsolidated entities | $ | (97) |  |  | $ | 358 |  |  | $ | 14,943 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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