v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC Topic 820, Fair Value Measurements ("ASC 820"), defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs, other than quoted prices in active markets, that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis, except those for which the carrying values approximate fair values:
Fair Value
Financial InstrumentHierarchyJune 30,
2026		December 31,
2025
(Dollars in thousands)
Mortgage loans held-for-sale, netLevel 2$229,840 $216,107 
Derivative and financial instruments, net
Interest rate lock commitmentsLevel 2$(7,355)$(5,931)
Forward sales of mortgage-backed securitiesLevel 2$(52)$(3,615)
Mandatory delivery forward loan sale commitmentsLevel 2$293 $(451)
Best-effort delivery forward loan sale commitmentsLevel 2$(19)$(6)
The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of June 30, 2026 and December 31, 2025.
Mortgage loans held-for-sale, net.  Our mortgage loans held-for-sale, which are measured at fair value on a recurring basis, include (1) mortgage loans held-for-sale that are under commitments to sell and (2) mortgage loans held-for-sale that are not under commitments to sell. At June 30, 2026 and December 31, 2025, we had $63.0 million and $115.4 million, respectively, of mortgage loans held-for-sale at fair value under commitments to sell. The fair value for those loans was based on quoted market prices for those mortgage loans, which are Level 2 fair value inputs. At June 30, 2026 and December 31, 2025, we had $166.8 million and $100.7 million, respectively, of mortgage loans held-for-sale that were not under commitments to sell. The fair value for those loans was primarily based upon the estimated market price received from an outside party, which is a Level 2 fair value input.
Gains (losses) on mortgage loans, net, are included as a component of revenues in the financial services section of our consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2026, we recorded losses on mortgage loans held-for-sale, net of $27.4 million and $47.6 million, respectively, compared to $48.6 million and $63.5 million, respectively, for the same periods in the prior year.
Derivative and financial instruments, net. Our derivatives and financial instruments, which include (1) interest rate lock commitments, (2) forward sales of mortgage-backed securities, (3) mandatory delivery forward loan sale commitments and (4) best-effort delivery forward loan sale commitments, are measured at fair value on a recurring basis based on market prices for similar instruments. For the three and six months ended June 30, 2026, we recorded net gains (losses) on these derivative and financial instruments of $1.5 million and $(2.5) million, respectively, compared to $3.6 million and $(7.6) million, respectively, for the same periods in the prior year in revenues in the financial services section of our consolidated statements of operations and comprehensive income. The following table sets forth the notional amounts of derivative and financial instruments at June 30, 2026 and December 31, 2025:
Notional Values
Financial Instrument
June 30, 2026December 31, 2025
(Dollars in thousands)
Interest rate lock commitments$303,424 $144,307 
Forward sales of mortgage-backed securities$428,750 $217,500 
Mandatory delivery forward loan sale commitments$60,827 $108,673 
Best-effort delivery forward loan sale commitments$5,885 $9,955 
For the financial assets and liabilities that the Company does not reflect at fair value, the following methods and assumptions were used to estimate the fair value of each class of financial instruments.
Cash and cash equivalents, restricted cash, trade and other receivables, related party receivables, prepaids and other assets, accounts payable, related party payables, notes payable, accrued and other liabilities and borrowings on our revolving credit facility. Fair value approximates carrying value.
Mortgage Repurchase Facilities. The debt associated with our mortgage repurchase facilities (see Note 14 for further discussion) is at floating rates that approximate current market rates and have relatively short-term maturities, generally within 30 days. The fair value approximates carrying value and is based on Level 2 inputs.
Senior Notes. The estimated values of the senior notes in the following table are based on Level 2 inputs, which primarily reflect estimated prices for our senior notes that were provided by multiple sources.
June 30, 2026December 31, 2025
Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
(Dollars in thousands)
$300 million 3.850% Senior Notes due January 2030, net
$298,904 $284,151 $298,758 $289,370 
$350 million 2.500% Senior Notes due January 2031, net
348,479 307,640 348,321 311,117 
$500 million 6.000% Senior Notes due January 2043, net
491,994 454,350 491,858 470,270 
$350 million 3.966% Senior Notes due August 2061, net
346,253 227,509 346,229 228,183 
Total$1,485,630 $1,273,650 $1,485,166 $1,298,940