Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2019

Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments


		June 30, 2019				December 31, 2018

	Hierarchy	Carrying		Fair Value		Carrying		Fair Value
Secured notes receivable⁽¹⁾	Level 2	$	2,672	$	2,603	$	4,947	$	4,830
Mortgage loans held for sale⁽²⁾	Level 2	$	122,085	$	122,085	$	114,074	$	114,074

6.750% senior notes^{(3) (5)}	Level 2	$	494,329	$	505,000	$	—	$	—
6.875% senior notes^{(3) (5)}	Level 2	$	—	$	—	$	380,567	$	372,488
5.875 % senior notes^{(3) (5)}	Level 2	$	395,767	$	400,500	$	395,415	$	356,000
3.278% insurance premium notes⁽⁴⁾	Level 2	$	510	$	510	$	6,475	$	6,475
Revolving line of credit⁽⁴⁾	Level 3	$	212,000	$	212,000	$	202,500	$	202,500
Other financing obligation⁽⁴⁾	Level 2	$	—	$	—	$	2,320	$	2,320
Mortgage repurchase facilities⁽⁴⁾	Level 2	$	100,745	$	100,745	$	104,555	$	104,555

⁽¹⁾

Estimated fair value of the secured notes receivable was based on cash flow models discounted at market interest rates that considered the underlying risks of the note.

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

⁽³⁾Estimated fair value of the senior notes incorporated recent trading activity in inactive markets.

⁽⁴⁾Carrying amount approximates fair value due to short-term nature and interest rate terms.

⁽⁵⁾Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of June 30, 2019 these amounts totaled $5.7 million and $4.2 million for the 6.750% senior notes and 5.875% senior notes, respectively. As of December 31, 2018, these amounts totaled $4.4 million and $4.6 million for the 6.875% senior notes and 5.875% senior notes, respectively.