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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional AmountsJune 30, 2023December 31, 2022
Forward sales commitments$438,508 $301,548 
IRLCs304,973 210,787 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives were as follows:
Three Months Ended June 30,Six Months Ended June 30,
InstrumentClassification2023202220232022
Forward sales commitmentsRevenue$2,285 $(9,870)$2,032 $(9,845)
IRLCsRevenue(5,302)4,054 2,572 4,029 
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:
Balance at June 30, 2023Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents
Money market funds$86,774 $86,774 $— $— 
Total cash equivalents86,774 86,774 — — 
Short-term investments
U.S. treasury securities51,168 51,168 — — 
Agency bonds49,475 49,475 — — 
Total short-term investments100,643 100,643 — — 
Loans held for sale233,550 — 233,550 — 
Other current assets
Forward sales commitments1,916 — 1,916 — 
IRLCs4,163 — — 4,163 
Total other current assets6,079 — 1,916 4,163 
Mortgage servicing rights, at fair value35,503 — — 35,503 
Long-term investments
U.S. treasury securities5,473 5,473 — — 
Total long-term investments5,473 5,473 — — 
Total assets$468,022 $192,890 $235,466 $39,666 
Liabilities
Accrued liabilities
Forward sales commitments$88 $— $88 $— 
IRLCs293 — — 293 
Total liabilities$381 $— $88 $293 
Balance at December 31, 2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Assets
Cash equivalents
        Money market funds$186,410 $186,410 $— $— 
Total cash equivalents186,410 186,410 — — 
Short-term investments
   U.S. treasury securities96,925 96,925 — — 
Agency bonds25,334 25,334 — — 
Total short-term investments122,259 122,259 — — 
Loans held for sale199,604 — 199,604 — 
Other current assets
Forward sales commitments1,669 — 1,669 — 
IRLCs2,338 — — 2,338 
Total other current assets4,007 — 1,669 2,338 
Mortgage servicing rights, at fair value36,261 — — 36,261 
Long-term investments
U.S. treasury securities29,480 29,480 — — 
Total assets$578,021 $338,149 $201,273 $38,599 
Liabilities
Accrued liabilities
Forward sales commitments$1,873 $— $1,873 $— 
IRLCs1,041 — — 1,041 
Total liabilities$2,914 $— $1,873 $1,041 
Summary of Fair Value Measurement Inputs and Valuation Techniques
The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and Mortgage Servicing Rights (“MSRs”):
June 30, 2023December 31, 2022
Key InputsValuation TechniqueRangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
74.1% - 100.0%
91.9%
62.0% - 100.0%
91.0%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 12.0%
6.6%
 6.0% - 14.4%
6.6%
Default ratesDiscounted cash flow
0.1% - 0.6%
0.1%
0.0% - 0.5%
0.1%
Discount rateDiscounted cash flow
9.5% - 12.3%
9.6%
9.5% - 12.4%
9.6%
Summary of Changes Fair Value Of Interest Rate Derivatives
The following is a summary of changes in the fair value of IRLCs:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Balance, net—beginning of period$9,170 $243 $1,297 $1,155 
IRLCs acquired in business combination— 4,326 — 4,326 
Issuances of IRLCs13,168 18,017 29,131 20,300 
Settlements of IRLCs(16,353)(14,099)(26,591)(17,268)
Fair value changes recognized in earnings(2,115)1,024 33 998 
Balance, net—end of period$3,870 $9,511 $3,870 $9,511 

The following is a summary of changes in the fair value of MSRs:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Balance—beginning of period$35,061 $— $36,261 $— 
MSRs acquired in business combination— 33,982 — 33,982 
MSRs originated232 964 579 964 
MSRs sales(399)(774)(738)(774)
Fair value changes recognized in earnings609 878 (599)878 
Balance, net—end of period$35,503 $35,050 $35,503 $35,050 
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
June 30, 2023December 31, 2022
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,506 $23,264 $23,431 $22,147 
2025 notes268,122 223,668 512,683 309,292 
2027 notes566,594 399,625 565,474 267,398 
The following table summarizes borrowings under these facilities as of the periods presented:
June 30, 2023December 31, 2022
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $32,140 7.01 %$75,000 $27,288 5.89 %
Comerica Bank75,000 6,636 7.22 %75,000 26,526 6.36 %
Origin Bank75,000 35,128 7.01 %75,000 23,739 5.98 %
M&T Bank50,000 24,298 7.21 %50,000 19,126 6.45 %
Prosperity Bank100,000 45,688 7.05 %100,000 35,856 6.18 %
Republic Bank & Trust Company75,000 48,868 7.15 %75,000 26,636 5.81 %
Wells Fargo Bank, N.A.100,000 35,043 7.23 %100,000 31,338 6.41 %
Total$550,000 $227,801 $550,000 $190,509 
Marketable Securities
The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, available-for-sale investments, and equity securities were as follows:
June 30, 2023
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$32,002 $— $— $32,002 $32,002 $— $— 
Money markets fundsLevel 186,774 — — 86,774 86,774 — — 
Restricted cashN/A2,377 — — 2,377 2,377 — — 
U.S. treasury securitiesLevel 156,833 10 (202)56,641 — 51,168 5,473 
Agency bondsLevel 149,606 2 (133)49,475 — 49,475 — 
Total$227,592 $12 $(335)$227,269 $121,153 $100,643 $5,473 
December 31, 2022
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$53,430 $— $— $53,430 $45,790 $— $— 
Money markets fundsLevel 1186,410 — — 186,410 186,410 — — 
Restricted cashN/A2,406 — — 2,406 2,406 — — 
U.S. treasury securitiesLevel 1127,130 28 (753)126,405 — 96,925 29,480 
Agency bondsLevel 125,339 — (5)25,334 — 25,334 — 
Total$394,715 $28 $(758)$393,985 $234,606 $122,259 $29,480