Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis |
The Company’s financial instruments measured at fair value on a recurring basis are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | (Amounts in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Mortgage loans held for sale, at fair value | $ | — | | | $ | 447,738 | | | $ | — | | | $ | 447,738 | | Derivative assets, at fair value (1) | — | | | — | | | 5,248 | | | 5,248 | | | | | | | | | | | Total Assets | $ | — | | | $ | 447,738 | | | $ | 5,248 | | | $ | 452,986 | | Derivative liabilities, at fair value (1)—included within other liabilities
| $ | — | | | $ | 2,292 | | | $ | 110 | | | $ | 2,402 | | | | | | | | | | Warrants and equity related liabilities, at fair value (2) | $ | 910 | | | $ | 841 | | | $ | — | | | $ | 1,751 | | | Total Liabilities | $ | 910 | | | $ | 3,133 | | | $ | 110 | | | $ | 4,153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | (Amounts in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Mortgage loans held for sale, at fair value | $ | — | | | $ | 399,241 | | | $ | — | | | $ | 399,241 | | Derivative assets, at fair value (1) | — | | | 1,231 | | | 1,308 | | | 2,539 | | | Total Assets | $ | — | | | $ | 400,472 | | | $ | 1,308 | | | $ | 401,780 | | Derivative liabilities, at fair value (1)—included within other liabilities
| $ | — | | | $ | — | | | $ | 86 | | | $ | 86 | | Warrants and equity related liabilities, at fair value (2) | 729 | | | 678 | | | — | | | 1,407 | | | Total Liabilities | $ | 729 | | | $ | 678 | | | $ | 86 | | | $ | 1,493 | |
__________________ (1)As of June 30, 2025, derivative assets represent IRLCs, and liabilities represent both IRLCs and forward sale commitments. As of December 31, 2024, derivative assets represent forward sale commitments and IRLCs, and liabilities represent IRLCs. (2)Fair value is based on the intrinsic value of the Company’s underlying stock price at each balance sheet date and includes certain assumptions with regard to volatility.
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| Schedule of Notional and Fair Value of Derivative Financial Instruments |
The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows: | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | Notional Value | | Derivative Asset | | Derivative Liability | | Balance as of June 30, 2025 | | | | | | | IRLCs | $ | 205,564 | | | $ | 5,248 | | | $ | 110 | | | Forward commitments | $ | 234,000 | | | — | | | 2,292 | | | Total | | | $ | 5,248 | | | $ | 2,402 | | | Balance as of December 31, 2024 | | | | | | | IRLCs | $ | 129,900 | | | $ | 1,308 | | | $ | 86 | | | Forward commitments | $ | 158,000 | | | 1,231 | | | — | | | Total | | | $ | 2,539 | | | $ | 86 | |
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| Schedule of Change in Fair Value of Derivative Liabilities |
The following table presents the rollforward of Level 3 IRLCs: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (Amounts in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Balance at beginning of period | $ | 3,848 | | | $ | 1,675 | | | $ | 1,222 | | | $ | 1,640 | | | Change in fair value of IRLCs | 1,290 | | | 1,531 | | | 3,916 | | | 1,566 | | | Balance at end of period | $ | 5,138 | | | $ | 3,206 | | | $ | 5,138 | | | $ | 3,206 | |
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| Schedule of Offsetting Assets |
The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements. | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | Gross Amount of Recognized Assets | | Gross Amount of Recognized Liabilities | | Net Amounts Presented in the Consolidated Balance Sheet | | Offsetting of Forward Commitments - Assets | | | | | | | Balance as of: | | | | | | | June 30, 2025: | $ | — | | | $ | — | | | $ | — | | | December 31, 2024: | $ | 1,249 | | | $ | (18) | | | $ | 1,231 | | | | | | | | | Offsetting of Forward Commitments - Liabilities | | | | | | | Balance as of: | | | | | | | June 30, 2025: | $ | — | | | $ | (2,292) | | | $ | (2,292) | | | December 31, 2024: | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Offsetting Liabilities |
The table below presents gross amounts of recognized assets and liabilities subject to master netting agreements. | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | Gross Amount of Recognized Assets | | Gross Amount of Recognized Liabilities | | Net Amounts Presented in the Consolidated Balance Sheet | | Offsetting of Forward Commitments - Assets | | | | | | | Balance as of: | | | | | | | June 30, 2025: | $ | — | | | $ | — | | | $ | — | | | December 31, 2024: | $ | 1,249 | | | $ | (18) | | | $ | 1,231 | | | | | | | | | Offsetting of Forward Commitments - Liabilities | | | | | | | Balance as of: | | | | | | | June 30, 2025: | $ | — | | | $ | (2,292) | | | $ | (2,292) | | | December 31, 2024: | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Quantitative Information about Significant Unobservable Inputs |
The following table presents quantitative information about the significant unobservable inputs used in the recurring fair value measurements categorized within Level 3 of the fair value hierarchy: | | | | | | | | | | | | | June 30, 2025 | | (Amounts in dollars, except percentages) | Range | | Weighted Average | | Level 3 Financial Instruments: | | | | | IRLCs | | | | | Pull-through factor | 0.00% - 100.00% | | 75.4 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | December 31, 2024 | | (Amounts in dollars, except percentages) | Range | | Weighted Average | | Level 3 Financial Instruments: | | | | | IRLCs | | | | | Pull-through factor | 0.45% - 100.00% | | 74.8 | % | | | | |
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| Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring or Non-Recurring Basis |
The estimated fair value of the Company’s cash and cash equivalents, restricted cash, warehouse lines of credit, and escrow funds approximates their carrying values as these financial instruments are highly liquid or short-term in nature. The following table presents the carrying amounts and estimated fair value of financial instruments that are not recorded at fair value on a recurring or non-recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | (Amounts in thousands) | Fair Value Level | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | | | | | Short-term investments | Level 1 | | $ | 134,390 | | | $ | 128,083 | | | $ | 53,774 | | | $ | 53,791 | | | | | | | Loans held for investment | Level 3 | | $ | 423,367 | | | $ | 423,732 | | | $ | 113,144 | | | $ | 113,348 | | | | | | | Convertible Notes | Level 3 | | $ | — | | | $ | — | | | $ | 519,749 | | | $ | 371,160 | | | | | | | Senior Notes | Level 3 | | $ | 200,409 | | | $ | 112,550 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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