Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2020

Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments


		June 30, 2020				December 31, 2019

	Hierarchy	Carrying		Fair Value		Carrying		Fair Value
Secured notes receivable⁽¹⁾	Level 2	$	2,486	$	2,532	$	2,602	$	2,545
Mortgage loans held for sale⁽²⁾	Level 2	$	219,615	$	219,615	$	185,246	$	185,246
Derivative assets⁽³⁾	Level 2	$	4,827	$	4,827	$	1,382	$	1,382

5.875% senior notes⁽⁴⁾⁽⁵⁾	Level 2	$	396,473	$	401,520	$	396,120	$	415,680
6.750% senior notes⁽⁴⁾⁽⁵⁾	Level 2	$	494,592	$	515,000	$	494,307	$	537,500
Revolving line of credit⁽⁶⁾	Level 3	$	—	$	—	$	68,700	$	68,700
Other financing obligations⁽⁶⁾⁽⁷⁾	Level 2	$	6,599	$	6,599	$	6,277	$	6,277
Derivative liabilities⁽³⁾	Level 2	$	795	$	795	$	147	$	147
Mortgage repurchase facilities⁽⁶⁾	Level 2	$	197,469	$	197,469	$	174,095	$	174,095

⁽¹⁾Estimated fair value of the secured notes receivable was based on cash flow models discounted at market interest rates which considered the underlying risks of the note. In May 2020, the maturity of the secured note receivable was extended by one year to May of 2021.

⁽²⁾The mortgage loans held for sale are carried at fair value, which is based on quoted market prices for committed mortgage loans.

⁽³⁾Derivative instruments are carried at fair value and based on market prices for similar instruments. Changes in fair value are reflected in financial services revenue on the condensed consolidated statement of operations. Derivative assets are presented within prepaid expenses and other assets on the condensed consolidated balance sheets. Derivative liabilities are presented within accrued expenses and other liabilities on the condensed consolidated balance sheets.

⁽⁴⁾Estimated fair value of the senior notes is based on recent trading activity in inactive markets.

⁽⁵⁾Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of June 30, 2020, these amounts totaled $5.4 million and $3.5 million for the 6.750% senior notes and 5.875% senior notes, respectively. As of December 31, 2019, these amounts totaled $5.7 million and $3.9 million for the 6.750% senior notes and 5.875% senior notes, respectively.

⁽⁶⁾Carrying amount approximates fair value due to short-term nature and interest rate terms.

⁽⁷⁾Insurance premium notes including in other financing obligations bore interest rates ranging from 3.278% to 3.240% during the periods ending June 30, 2020 and December 31, 2019, which approximated prevailing market rates for similar obligations at each period.