XML 49 R35.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, related to our financial instruments, is set forth below (in thousands):
September 30, 2024December 31, 2023
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $653,925 $1,099,489 $1,066,835 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$25,914 $25,914 $38,337 $38,337 
Mortgage loans held for sale(4)
Level 2$80,071 $80,071 $— $— 
Mortgage repurchase facilities(5)
Level 2$75,465 $75,465 $— $— 
 __________
(1)The book value of the Senior Notes is net of discounts for December 31, 2023, excluding deferred loan costs of $5.2 million. The estimated fair value of the Senior Notes at September 30, 2024 and December 31, 2023 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of September 30, 2024 and December 31, 2023 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of September 30, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
Schedule of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Nine Months Ended September 30, 2024Year Ended December 31, 2023
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$— $— $11,500 $39,970 
__________
(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.