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FAIR VALUE DISCLOSURES (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Carrying Value and Fair Value of Financial Instruments

The carrying value and fair value of our financial instruments are as follows:

 

 

 

 

March 31, 2023

 

 

December 31, 2022

 

(Dollars in thousands)

 

Level in Fair
Value Hierarchy

 

Carrying
Value

 

 

Estimated
Fair Value

 

 

Carrying
Value

 

 

Estimated
Fair Value

 

Description:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans held for sale

 

2

 

$

186,194

 

 

$

186,194

 

 

$

346,364

 

 

$

346,364

 

IRLCs

 

3

 

 

4,571

 

 

 

4,571

 

 

 

2,386

 

 

 

2,386

 

MBSs

 

2

 

 

(3,190

)

 

 

(3,190

)

 

 

1,090

 

 

 

1,090

 

Mortgage warehouse borrowings

 

2

 

 

146,334

 

 

 

146,334

 

 

 

306,072

 

 

 

306,072

 

Loans payable and other borrowings

 

2

 

 

338,667

 

 

 

338,667

 

 

 

361,486

 

 

 

361,486

 

5.625% Senior Notes due 2024 (1)

 

2

 

 

349,506

 

 

 

347,519

 

 

 

349,372

 

 

 

347,375

 

5.875% Senior Notes due 2027 (1)

 

2

 

 

496,736

 

 

 

490,515

 

 

 

496,541

 

 

 

480,060

 

6.625% Senior Notes due 2027 (1)

 

2

 

 

28,308

 

 

 

25,920

 

 

 

28,380

 

 

 

26,123

 

5.75% Senior Notes due 2028 (1)

 

2

 

 

446,975

 

 

 

442,652

 

 

 

446,817

 

 

 

421,358

 

5.125% Senior Notes due 2030 (1)

 

2

 

 

495,352

 

 

 

461,540

 

 

 

495,193

 

 

 

434,330

 

Equity Security

 

1

 

 

460

 

 

 

460

 

 

 

460

 

 

 

460

 

 

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 of Assets Measured on a Nonrecurring Basis

Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value for our inventories measured at fair value on a nonrecurring basis:

 

(Dollars in thousands)

 

Level in Fair
Value Hierarchy

 

 

As of
December 31, 2022

 

Description:

 

 

 

 

 

 

Real estate inventories

 

 

3

 

 

$

48,360