Fair Value Measurements |
12 Months Ended |
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Dec. 31, 2025 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The Company’s financial instruments, none of which are held for trading purposes, include cash, restricted cash, receivables, loans held for sale, earnest money deposits, other assets, accounts payable, accrued expenses, customer and builder deposits, borrowings on lines of credit, senior unsecured notes, and notes payable. Per the fair value hierarchy, level 1 financial instruments include: cash, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, and customer and builder deposits due to their short-term nature. The Company estimates that, due to the short-term nature of the underlying financial instruments or the proximity of the underlying transaction to the applicable reporting date, the fair value of level 1 financial instruments does not differ materially from the aggregate carrying values recorded in the consolidated financial statements as of December 31, 2025 and 2024. Level 2 financial instruments include borrowings on lines of credit, senior unsecured notes, and notes payable. Due to the short-term nature and floating interest rate terms, the carrying amounts of borrowings on lines of credit and notes payable are deemed to approximate fair value. The estimated fair value of the senior unsecured notes as of December 31, 2025 and 2024, was $257.3 million and $287.2 million, respectively. There were no transfers between the levels of the fair value hierarchy for any of our financial instruments as of December 31, 2025 when compared to December 31, 2024.
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