v3.26.1
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities at June 30, 2026 and December 31, 2025, related to our financial instruments, is set forth below (in thousands):
June 30, 2026December 31, 2025
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $650,001 $650,000 $657,888 
Term Loan Facility(2)
Level 2$450,000 $450,000 $450,000 $450,000 
Seller financed loans(3)
Level 2$600 $600 $6,468 $6,468 
Mortgage loans held for sale(4)
Level 2$86,881 $86,881 $98,514 $98,514 
Mortgage repurchase facilities(5)
Level 2$77,459 $77,459 $90,570 $90,570 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $1.9 million and $2.4 million as of June 30, 2026 and December 31, 2025, respectively. The estimated fair value of the Senior Notes at June 30, 2026 and December 31, 2025 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2026 and December 31, 2025 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2026 and December 31, 2025 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
Schedule of Fair Value Measurements, Nonrecurring The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2026Year Ended December 31, 2025
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$8,435 $25,059 $31,097 $106,315 
__________
(1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.