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Investments in Unconsolidated Entities
 12 Months Ended
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,
 20232022
Assets  
Cash$35,308 $34,556 
Receivables38,839 30,893 
Real estate inventories450,097 458,121 
Other assets27,632 7,751 
Total assets$551,876 $531,321 
Liabilities and equity  
Debt obligations and other liabilities$155,616 $149,172 
Company’s equity131,824 129,837 
Outside interests’ equity264,436 252,312 
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,
 202320222021
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