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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
InstrumentMarch 31, 2025December 31, 2024
Forward sales commitments$426,928 $270,050 
IRLCs339,829 197,336 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives were as follows:
Three Months Ended March 31,
InstrumentClassification20252024
Forward sales commitmentsRevenue$(1,524)$2,406 
IRLCsRevenue3,106 2,525 
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 March 31, 2025Quoted 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$137,293 $137,293 $— $— 
Total cash equivalents137,293 137,293 — — 
Loans held for sale172,744 — 172,744 — 
Other current assets
Forward sales commitments599 — 599 — 
IRLCs6,246 — — 6,246 
Total other current assets6,845 — 599 6,246 
Mortgage servicing rights, at fair value2,614 — — 2,614 
Total assets$319,496 $137,293 $173,343 $8,860 
Liabilities
Accrued liabilities
Forward sales commitments$1,436 $— $1,436 $— 
IRLCs276 — — 276 
Total liabilities$1,712 $— $1,436 $276 
Balance at December 31, 2024Quoted 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$65,599 $65,599 $— $— 
Total cash equivalents65,599 65,599 — — 
Loans held for sale152,426 — 152,426 — 
Other current assets
Forward sales commitments1,063 — 1,063 — 
IRLCs3,359 — — 3,359 
Total other current assets4,422 — 1,063 3,359 
Mortgage servicing rights, at fair value2,736 — — 2,736 
Total assets$225,183 $65,599 $153,489 $6,095 
Liabilities
Accrued liabilities
Forward sales commitments$377 $— $377 $— 
IRLCs496 — — 496 
Total liabilities$873 $— $377 $496 
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”):
March 31, 2025December 31, 2024
Key InputsValuation TechniqueRangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
70.1% - 100.0%
88.2%
74.2% - 100.0%
92.4%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 24.0%
8.2%
 6.0% - 23.0%
8.0%
Default ratesDiscounted cash flow
0.1% - 1.1%
0.2%
0.1% - 1.2%
0.2%
Discount rateDiscounted cash flow
10.0% - 18.0%
10.3%
10.0% - 18.0%
10.3%
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 March 31,
20252024
Balance, net—beginning of period$2,863 $4,453 
Issuances of IRLCs13,836 16,062 
Settlements of IRLCs(11,651)(14,739)
Fair value changes recognized in earnings922 1,201 
Balance, net—end of period$5,970 $6,977 

The following is a summary of changes in the fair value of MSRs:
Three Months Ended March 31,
20252024
Balance—beginning of period$2,736 $32,171 
MSRs originated44 61 
MSRs sales
(50)(269)
Fair value changes recognized in earnings
(116)365 
Balance, net—end of period$2,614 $32,328 
Schedule of Long-term Debt
The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
March 31, 2025December 31, 2024
2025 notes$71,780 $69,933 
2027 notes444,937 388,594 
As of March 31, 2025, outstanding borrowings of our debt are as follows:
Maturity of Debt
Lender
20252026202720282029
Thereafter
Warehouse Credit Facilities
City National Bank$37,007 $— $— $— $— $— 
Origin Bank36,516 — — — — — 
M&T Bank30,807 — — — — — 
Prosperity Bank65,882 — — — — — 
Term Loan
— — — 243,003 — — 
Convertible Senior Notes
2025 notes73,593 — — — — — 
2027 notes— — 499,181 — — — 
Total borrowings
$243,805 $— $499,181 $243,003 $— $— 
The following table summarizes borrowings under these facilities as of the periods presented:
March 31, 2025December 31, 2024
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $37,007 6.25 %$75,000 $36,734 6.26 %
Origin Bank100,000 36,516 6.20 %100,000 28,920 6.45 %
M&T Bank75,000 30,807 6.36 %75,000 21,969 6.46 %
Prosperity Bank100,000 65,882 5.95 %100,000 59,006 5.98 %
Total$350,000 $170,212 $350,000 $146,629 
Marketable Securities
The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, and restricted cash were as follows:
March 31, 2025
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted Cash
CashN/A$46,245 $— $— $46,245 $46,245 
Money markets fundsLevel 1137,293 — — 137,293 137,293 
Restricted cashN/A128 — — 128 128 
Total$183,666 $— $— $183,666 $183,666 
December 31, 2024
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted Cash
CashN/A$59,144 $— $— $59,144 $59,144 
Money markets fundsLevel 165,599 — — 65,599 65,599 
Restricted cashN/A229 — — 229 229 
Total$124,972 $— $— $124,972 $124,972