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Fair Value Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024, related to our financial instruments, is set forth below (in thousands):
|  |  | June 30, 2025 |  | December 31, 2024
| Hierarchy |  | Book Value |  | Fair Value |  | Book Value |  | Fair Value
Senior Notes(1) | Level 2 |  | $ | 650,000 |  |  | $ | 645,875 |  |  | $ | 650,000 |  |  | $ | 642,690 |
Term loan(2) | Level 2 |  | $ | 250,000 |  |  | $ | 250,000 |  |  | $ | 250,000 |  |  | $ | 250,000 |
Seller financed loans(3) | Level 2 |  | $ | 12,921 |  |  | $ | 12,921 |  |  | $ | 20,970 |  |  | $ | 20,970 |
Mortgage loans held for sale(4) | Level 2 |  | $ | 104,862 |  |  | $ | 104,862 |  |  | $ | 115,001 |  |  | $ | 115,001 |
Mortgage repurchase facilities(5) | Level 2 |  | $ | 99,022 |  |  | $ | 99,022 |  |  | $ | 104,098 |  |  | $ | 104,098 |
__________ (1)The book value of the Senior Notes excludes deferred loan costs of $2.9 million and $3.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of the Senior Notes at June 30, 2025 and December 31, 2024 is based on quoted market prices. (2)The estimated fair value of the Term Loan Facility as of June 30, 2025 and December 31, 2024 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 June 30, 2025 and December 31, 2024 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 Fair Value Measurements, Nonrecurring | The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
|  |  |  | Six Months Ended June 30, 2025 |  | Year Ended December 31, 2024
|  | Hierarchy |  | Impairment Charge |  | Fair Value Net of Impairment |  | Impairment Charge |  | Fair Value Net of Impairment
Real estate inventories (1) |  | Level 3 |  | $ | 11,000 |  |  | $ | 38,333 |  |  | $ | — |  |  | $ | — |
__________ (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,

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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