Fair Value Measurements Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Measurements [Abstract] |
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| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
The table below shows the notional amounts of our financial instruments at March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | Description of Financial Instrument (in thousands) | March 31, 2026 | | December 31, 2025 | | Whole loan contracts and related committed IRLCs | $ | 6,601 | | | $ | — | | | Uncommitted IRLCs | 570,882 | | | 300,595 | | | FMBSs related to uncommitted IRLCs | 581,000 | | | 335,000 | | | Whole loan contracts and related mortgage loans held for sale | 23,291 | | | 15,044 | | | FMBSs related to mortgage loans held for sale | 235,000 | | | 290,000 | | | Mortgage loans held for sale covered by FMBSs | 248,198 | | | 302,790 | |
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| Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block] |
The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three months ended March 31, 2026 and 2025: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | Description (in thousands) | 2026 | | 2025 | | | | | | Mortgage loans held for sale | $ | (3,506) | | | $ | 5,544 | | | | | | | Forward sales of mortgage-backed securities | 7,911 | | | (5,443) | | | | | | | Interest rate lock commitments | (1,501) | | | 3,217 | | | | | | | Whole loan contracts | (1,038) | | | (590) | | | | | | Total gain (loss) recognized | $ | 1,866 | | | $ | 2,728 | | | | | |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | | March 31, 2026 | | March 31, 2026 | | Description of Derivatives | | Balance Sheet
Location | | Fair Value
(in thousands) | | Balance Sheet Location | | Fair Value
(in thousands) | | Forward sales of mortgage-backed securities | | Other assets | | $ | 7,276 | | | Other liabilities | | $ | — | | | Interest rate lock commitments | | Other assets | | 2,001 | | | Other liabilities | | — | | | Whole loan contracts | | Other assets | | — | | | Other liabilities | | 1,696 | | | | | | | | | | | | Total fair value measurements | | | | $ | 9,277 | | | | | $ | 1,696 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | | December 31, 2025 | | December 31, 2025 | | Description of Derivatives | | Balance Sheet
Location | | Fair Value
(in thousands) | | Balance Sheet Location | | Fair Value
(in thousands) | | Forward sales of mortgage-backed securities | | Other assets | | $ | — | | | Other liabilities | | $ | 635 | | | Interest rate lock commitments | | Other assets | | 3,661 | | | Other liabilities | | — | | | Whole loan contracts | | Other assets | | — | | | Other liabilities | | 817 | | | | | | | | | | | | Total fair value measurements | | | | $ | 3,661 | | | | | $ | 1,452 | |
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| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2026 and December 31, 2025. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | (In thousands) | Fair Value Hierarchy | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | Assets: | | | | | | | | | | Cash, cash equivalents and restricted cash | Level 1 | $ | 767,416 | | | $ | 767,416 | | | $ | 689,189 | | | $ | 689,189 | | | Mortgage loans held for sale | Level 2 | 261,807 | | | 261,807 | | | 309,100 | | | 309,100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate lock commitments | Level 2 | 2,001 | | | 2,001 | | | 3,661 | | | 3,661 | | | | | | | | | | | | Forward sales of mortgage-backed securities | Level 2 | 7,276 | | | 7,276 | | | — | | | — | | | Liabilities: | | | | | | | | | | Notes payable - homebuilding operations | Level 2 | — | | | — | | | — | | | — | | | Notes payable - financial services operations | Level 2 | 260,201 | | | 260,201 | | | 276,856 | | | 276,856 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior notes due 2028 (a) | Level 2 | 400,000 | | | 393,500 | | | 400,000 | | | 398,000 | | Senior notes due 2030 (a) | Level 2 | 300,000 | | | 279,750 | | | 300,000 | | | 287,625 | | | | | | | | | | | | Whole loan contracts for committed IRLCs and mortgage loans held for sale | Level 2 | 1,696 | | | 1,696 | | | 817 | | | 817 | | | Forward sales of mortgage-backed securities | Level 2 | — | | | — | | | 635 | | | 635 | | | | | | | | | | | | | | | | | | | |
(a)Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.
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