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FAIR VALUE DISCLOSURES
 9 Months Ended
Sep. 30, 2025
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 interest rate lock commitments (“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 facilities 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. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of September 30, 2025, when compared to December 31, 2024.
The carrying value and fair value of our financial instruments are as follows:
September 30, 2025December 31, 2024
(Dollars in thousands)Level in Fair
Value Hierarchy		Carrying
Value 		Estimated
Fair Value 		Carrying
Value		Estimated
Fair Value
Description:
Mortgage loans held for sale2$198,548 $198,548 $207,936 $207,936 
IRLCs3(8,716)(8,716)(5,917)(5,917)
MBSs21,048 1,048 4,174 4,174 
Mortgage warehouse facilities borrowings2150,176 150,176 174,460 174,460 
Loans payable and other borrowings2568,813 568,813 475,569 475,569 
5.875% Senior Notes due 2027 (1)
2498,697 506,240 498,110 501,770 
6.625% Senior Notes due 2027 (1)
227,587 27,027 27,803 26,804 
5.75% Senior Notes due 2028 (1)
2448,553 456,377 448,080 446,679 
5.125% Senior Notes due 2030 (1)
2496,935 499,145 496,461 478,455 
(1) Carrying value for senior notes, as presented, includes unamortized debt issuance costs and premiums. 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 September 30, 2025 were $19.5 million and as of December 31, 2024 were $10.6 million. These values are a level 3 in the fair value hierarchy.