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FAIR VALUE DISCLOSURES
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
ASC Topic 820 provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:
Level 1 — Fair value is based on quoted prices for identical assets or liabilities in active markets.
Level 2 — Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.
Level 3 — Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique.
The fair value of our Mortgage loans held for sale is derived from negotiated rates with partner lending institutions. The fair value of derivative assets and liabilities includes IRLCs and mortgage backed securities (“MBS”). The fair value of IRLCs is based on the value of the underlying mortgage loans, quoted MBS prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our Mortgage warehouse borrowings and Loans payable and other borrowings approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active. The fair value of our Equity security investment in a public company is based upon quoted prices for identical assets in an active market. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of December 31, 2024, when compared to December 31, 2023.
The carrying value and fair value of our financial instruments are as follows:
  As of December 31, 2024As Of December 31, 2023
(Dollars in thousands)
Level in Fair
Value Hierarchy
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Description:
Mortgage loans held for sale2$207,936 $207,936 $193,344 $193,344 
IRLCs3(5,917)(5,917)1,489 1,489 
MBSs24,174 4,174 (5,055)(5,055)
Mortgage warehouse borrowings2174,460 174,460 153,464 153,464 
Loans payable and other borrowings2475,569 475,569 394,943 394,943 
5.875% Senior Notes due 2027 (1)
2498,110 501,770 497,328 502,500 
6.625% Senior Notes due 2027 (1)
227,803 26,804 28,092 26,529 
5.75% Senior Notes due 2028 (1)
2448,080 446,679 447,449 451,571 
5.125% Senior Notes due 2030 (1)
2496,461 478,455 495,826 483,690 
Equity security1201 201 460 460 
(1)Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs or bond premium. Debt issuance costs are not factored into the fair value calculation for the Senior Notes.
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The fair value of such inventories as of December 31, 2024 were $10.6 million and as of June 30, 2024 were $7.0 million. These values are a level 3 in the fair value hierarchy. As of December 31, 2023, the fair value for such inventories was not determined as there were no events and circumstances that indicated their carrying value was not recoverable.