Landsea (LSEA) assets worth more than market cap?

Hey guys I'm a retail investor trying to learn more about how to analyze a company. I am looking into a company called LANDSEA ticker LSEA. They are a real estate developer making primarily entry level single family housing developments. I see on their investor presentation that they have $684 million in net capital. I'll attach the screenshot. The company has a $450 million market cap. Is it common for a company to have a market cap less than the value of their assets? Or is that not uncommon in this business? In terms of the value of houses delivered they grew 16% last year and are projecting to grow 20% on that metric this year. They had a Net loss last year but are anticipating $40 million in profits for 2021. Do those metrics seem good for this sector? 

Please share any other thoughts on the prospects of this company. Thanks.

net debt to net capital

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