Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value, Assets Measured on Recurring Basis

The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis:


		Fair Value
Financial Instrument	Hierarchy	September 30, 2020		December 31, 2019

		(Dollars in thousands)
Marketable securities
Equity securities	Level 1	$	—	$	56,747

Mortgage loans held-for-sale, net	Level 2	$	160,506	$	197,021

Gain on Securities

The following table reconciles the net gain recognized during the three and nine months ended September 30, 2020 and 2019 on equity securities to the unrealized gain recognized during the periods on equity securities still held at the reporting date.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019

	(Dollars in thousands)
Net gain (loss) recognized during the period on equity securities	$	—	$	767	$	(8,285)	$	7,934
Less: Net gain (loss) recognized during the period on equity securities sold during the period	—		299		(8,285)		536
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date	$	—	$	468	$	—	$	7,398

Fair Value of Senior Notes

The estimated values of the senior notes in the following table are based on Level 2 inputs, which primarily reflect estimated prices for our senior notes that were provided by multiple sources.


	September 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(Dollars in thousands)
$250 million 5.625% Senior Notes due February 2020, net	$	—	$	—	$	249,909	$	250,400
$250 million 5.500% Senior Notes due January 2024, net	249,174		270,388		249,005		272,083
$300 million 3.850% Senior Notes due January 2030, net	297,400		313,505		—		—
$500 million 6.000% Senior Notes due January 2043, net	490,651		605,125		490,508		528,542
Total	$	1,037,225	$	1,189,018	$	989,422	$	1,051,025