Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value



			September 30,		December 31,
	Balance Sheet Classification	Hierarchy	2026		2025
Mortgage loans held for sale	Mortgage loans held for sale	Level 2	$	186,506	$	299,145
Mortgage servicing rights ⁽¹⁾	Prepaid expenses and other assets	Level 3	$	34,534	$	11,375
Derivative assets	Prepaid expenses and other assets	Level 2	$	8,629	$	2,157
Derivative liabilities	Accrued expenses and other liabilities	Level 2	$	—	$	519

⁽¹⁾The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were a weighted average of 7.7%, 12.5%, and $79 per year per loan, respectively, as of September 30, 2026, and 7.8%, 10.4%, and $80 per year per loan, respectively, as of December 31, 2025. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement.

Schedule of Reconciliation of Level 3 Recurring at Fair Value


	Three Months Ended September 30,				Nine Months Ended September 30,
Mortgage servicing rights		2026		2025		2026		2025
Beginning of period	$	25,783	$	1,215	$	11,375	$	42,404
Originations		8,373		3,758		22,662		8,686
Settlements		(275)		(60)		(720)		(1,564)
Sales		—		—		—		(47,305)
Changes in fair value		653		977		1,217		3,669
End of period	$	34,534	$	5,890	$	34,534	$	5,890

Schedule of Carrying Values and Fair Values of Financial Instruments



		September 30, 2026				December 31, 2025
	Hierarchy	Carrying		Fair Value		Carrying		Fair Value
3.875% senior notes ⁽¹⁾⁽²⁾	Level 2	$	497,780	$	461,900	$	497,201	$	473,750
6.625% senior notes ⁽¹⁾⁽²⁾	Level 2	$	494,002	$	480,650	$	493,355	$	503,150
Construction loan agreements⁽³⁾⁽⁴⁾	Level 3	$	129,450	$	129,450	$	90,269	$	90,269
Other financing obligations⁽³⁾⁽⁵⁾	Level 3	$	44,089	$	44,089	$	21,551	$	21,551
Revolving line of credit⁽³⁾	Level 2	$	456,000	$	456,000	$	51,500	$	51,500
Mortgage repurchase facilities⁽³⁾	Level 2	$	191,266	$	191,266	$	289,269	$	289,269

⁽¹⁾Estimated fair value of the senior notes is based on recent trading activity in inactive markets.

⁽²⁾Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of September 30, 2026, these amounts totaled $2.2 million and $6.0 million for the 3.875% senior notes and 6.625% senior notes, respectively. As of December 31, 2025, these amounts totaled $2.8 million and $6.6 million for the 3.875% senior notes and 6.625% senior notes, respectively.

⁽³⁾Carrying amount approximates fair value due to short-term nature and/or interest rate terms.

⁽⁴⁾As of September 30, 2026 and December 31, 2025, construction loan agreements related to Century Living bore a weighted average interest rate of 6.1% and 6.1%, respectively.

⁽⁵⁾As of September 30, 2026 and December 31, 2025, other financing obligations related to certain secured borrowings and insurance premium notes, which bore a weighted average interest rate of 6.3% and 5.8%, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details