Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2024
Description	Level 1		Level 2		Level 3		Total
Assets:
Mortgage loans at fair value	$	—	$	7,338,135	$	—	$	7,338,135
IRLCs	—		—		25,359		25,359
FLSCs	—		8,691		—		8,691
Investment securities at fair value, pledged	—		108,323		—		108,323
Mortgage servicing rights	—		—		3,191,803		3,191,803
Total assets	$	—	$	7,455,149	$	3,217,162	$	10,672,311
Liabilities:
IRLCs	$	—	$	—	$	5,443	$	5,443
FLSCs	—		21,475		—		21,475
Public and Private Warrants	3,081		4,066		—		7,147
Total liabilities	$	3,081	$	25,541	$	5,443	$	34,065

	December 31, 2023
Description	Level 1		Level 2		Level 3		Total
Assets:
Mortgage loans at fair value	$	—	$	5,449,884	$	—	$	5,449,884
IRLCs	—		—		29,623		29,623
FLSCs	—		3,396		—		3,396
Investment securities at fair value, pledged	—		110,352		—		110,352
Mortgage servicing rights	—		—		4,026,136		4,026,136
Total assets	$	—	$	5,563,632	$	4,055,759	$	9,619,391
Liabilities:
IRLCs	$	—	$	—	$	2,933	$	2,933
FLSCs	—		37,848		—		37,848
Public and Private warrants	3,078		4,755		—		7,833
Total liabilities	$	3,078	$	42,603	$	2,933	$	48,614

Quantitative Information on Recurring Level 3 Fair Value Financial Instruments

The following table presents quantitative information about the inputs used in recurring Level 3 fair value financial instruments and the fair value measurements for IRLCs:


Unobservable Input - IRLCs	March 31, 2024		December 31, 2023
Pullthrough rate (weighted avg.)	79	%	76	%

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the carrying amounts and estimated fair value of the Company's financial liabilities that are not measured at fair value on a recurring or nonrecurring basis (in thousands):


	March 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2025 Senior Notes, due 11/15/25	$	796,441	$	793,456	$	795,894	$	795,144
2029 Senior Notes, due 4/15/29	695,589		662,473		695,370		662,396
2027 Senior Notes, due 6/15/27	497,220		486,595		497,003		490,825
	$	1,989,250	$	1,942,524	$	1,988,267	$	1,948,365