v3.24.1.u1
Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
March 31, 2024December 31, 2023
2025 notes$125,007 $164,113 
2027 notes278,967 325,927 
As of March 31, 2024, outstanding borrowings of our debt are as follows:
Maturity of Debt
Lender
2024
2025
2026
2027
2028
Thereafter
Warehouse Credit Facilities
City National Bank$21,828 $— $— $— $— $— 
Origin Bank22,366 — — — — — 
M&T Bank19,951 — — — — — 
Prosperity Bank36,294 — — — — — 
Republic Bank & Trust Company33,091 — — — — — 
Wells Fargo Bank, N.A.23,058 — — — — — 
Term Loan
— — — — 124,123 — 
Convertible Senior Notes
2025 notes— 143,988 — — — — 
2027 notes— — — 497,221 — — 
Total borrowings
$156,588 $143,988 $— $497,221 $124,123 $— 
The following table summarizes borrowings under these facilities as of the periods presented:
March 31, 2024December 31, 2023
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$50,000 $21,828 7.25 %$50,000 $20,046 7.24 %
Origin Bank75,000 22,366 7.30 %75,000 30,110 7.25 %
M&T Bank50,000 19,951 7.32 %50,000 18,870 7.39 %
Prosperity Bank75,000 36,294 7.20 %75,000 29,358 7.23 %
Republic Bank & Trust Company45,000 33,091 7.26 %45,000 23,415 7.28 %
Wells Fargo Bank, N.A.100,000 23,058 7.35 %100,000 30,165 7.36 %
Total$395,000 $156,588 $395,000 $151,964 
Schedule of Capitalization
The components of the term loan were as follows:
March 31, 2024
Aggregate Principal AmountUnamortized Debt DiscountUnamortized Debt Issuance CostsNet Carrying Amount
$124,375 $— $252 $124,123 
Convertible Debt We have issued convertible senior notes with the following characteristics:
IssuanceMaturity DateStated Cash Interest RateEffective Interest RateFirst Interest Payment DateSemi-Annual Interest Payment DatesConversion Rate
2025 notesOctober 15, 2025— %0.42 %——13.7920
2027 notesApril 1, 20270.50 %0.90 %October 1, 2021April 1; October 110.6920

We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2024, we repurchased and retired approximately $48,531 in aggregate principal amount of our 2025 notes at a price of $42,525 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $5,686 for the three months ended March 31, 2024.

We issued our 2027 notes on March 25, 2021 and April 5, 2021, with an aggregate principal amount of $575,000.

The components of our convertible senior notes were as follows:
March 31, 2024
IssuanceAggregate Principal Amount Unamortized Debt Issuance CostsNet Carrying Amount
2025 notes$144,914 $926 $143,988 
2027 notes503,106 5,885 497,221 
December 31, 2023
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2025 notes$193,445 $1,443 $192,002 
2027 notes503,106 6,371 496,735 
Interest Income and Interest Expense Disclosure
Three Months Ended March 31,
20242023
2023 notes
Contractual interest expense$— $103 
Amortization of debt issuance costs— 38 
Total interest expense$— $141 
2025 notes
Contractual interest expense— — 
Amortization of debt issuance costs513 2,156 
Total interest expense$513 $2,156 
2027 notes
Contractual interest expense629 719 
Amortization of debt issuance costs490 560 
Total interest expense$1,119 $1,279 
Total
Contractual interest expense629 822 
Amortization of debt issuance costs1,003 2,754 
Total interest expense$1,632 $3,576