v3.25.2
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table outlines the carrying value and fair value of certain of the Company’s financial instruments (in thousands) as of June 30, 2025 and December 31, 2024 with respect to the established fair value hierarchy level:
As of
June 30, 2025		As of
December 31, 2024
HierarchyCarrying ValueFair
 Value		Carrying Value Fair
Value
Assets:
Mortgage loans held for saleLevel 2$152,261 $152,261 $303,393 $303,393 
IRLCsLevel 32,008 2,008 487 487 
AFS debt securities
Level 2
30,613 30,613 — — 
Liabilities:
MBSs
Level 2
420 420 — — 
Senior unsecured notes, netLevel 2295,712 313,143 295,049 312,876 
Contingent considerationLevel 313,891 13,891 68,030 68,030 
Schedule of AFS Debt Securities
The following table presents additional information related to the Company’s AFS debt securities (in thousands):

As of
June 30, 2025
Amortized cost
Fair value
Years to maturity:
Due in one year or less
$2,099 $2,126 
Due after one year through five years
8,849 9,063 
Due after five years through ten years
6,107 6,224 
Due after ten years
11,079 11,257 
Asset-backed securities
1,933 1,943 
Total AFS debt securities$30,067 $30,613 
AFS corporate bonds
$28,166 $28,690 
Fair Value, Liabilities Measured on Recurring Basis
The following table presents a summary of the changes in fair value measurement of contingent consideration (in thousands):
Three Months Ended
June 30, 		Six Months Ended
June 30,
202520242025 2024
Beginning balance
$69,130 $112,956 $68,030  $116,795 
Fair value adjustments related to prior year acquisitions(1)
(12,706)4,638 (11,606) 7,845 
Contingent consideration payments(2)
(42,533)(50,045)(42,533)(57,091)
Ending balance
$13,891 $67,549 $13,891  $67,549 
(1)The remeasured fair value of contingent consideration as of June 30, 2025 and June 30, 2024 are primarily associated with the 2021 acquisition of McGuyer Homebuilders, Inc. (“MHI”). As of June 30, 2025, there were 3 months remaining under the contingent consideration agreement. Contingent consideration adjustments related to MHI resulted in income of $12.7 million and expense of $4.5 million for the three months ended June 2025 and 2024, respectively, and income of $11.6 million and expense of $6.8 million for the six months ended June 30, 2025 and 2024, respectively. Additionally, the earnout period related to the 2020 acquisition of H&H Constructors of Fayetteville, LLC concluded in the third quarter of 2024.
(2)On April 15, 2025, the Company made a contingent consideration payment of $42.5 million related to the 2024 adjusted pre-tax income results of the MHI acquisition.