Found the problem. There was a BAK file in our build_home\model\order directory. Removing this file and rebuilding the index solved the issue.
I noticed this in the Developer Studio log file. It looks like it might be related. INFO [ifs.dev.nb.project.ui.explorer.version2.model.ComponentDataModel]: Initializing data model for order componentSEVERE [org.openide.util.RequestProcessor]: Error in RequestProcessor org.openide.nodes.AsynchChildrenjava.lang.NullPointerException at java.lang.Enum.compareTo(Enum.java:178) at java.lang.Enum.compareTo(Enum.java:55) at java.util.ComparableTimSort.countRunAndMakeAscending(ComparableTimSort.java:320) at java.util.ComparableTimSort.sort(ComparableTimSort.java:188) at java.util.Arrays.sort(Arrays.java:1246) at java.util.Arrays.sort(Arrays.java:1433) at java.util.List.sort(List.java:478) at java.util.Collections.sort(Collections.java:141) at ifs.dev.nb.project.ui.explorer.BuildHomeNodeIx$BuildHomeComponentChildFactory.createKeys(BuildHomeNodeIx.java:372) at org.openide.nodes.AsynchChildren.run(AsynchChildren.java:215) at org.openide.util.RequestProcessor$Task.
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