v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2024December 31, 2023
2025 notes$70,269 $164,113 
2027 notes367,896 325,927 
As of September 30, 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$45,374 $— $— $— $— $— 
Origin Bank48,577 — — — — — 
M&T Bank42,385 — — — — — 
Prosperity Bank72,481 — — — — — 
Term Loan
— — — — 243,646 — 
Convertible Senior Notes
2025 notes— 73,439 — — — — 
2027 notes— — — 498,205 — — 
Total borrowings
$208,817 $73,439 $— $498,205 $243,646 $— 
The following table summarizes borrowings under these facilities as of the periods presented:
September 30, 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 $45,374 6.72 %$50,000 $20,046 7.24 %
Origin Bank75,000 48,577 6.83 %75,000 30,110 7.25 %
M&T Bank50,000 42,385 6.83 %50,000 18,870 7.39 %
Prosperity Bank100,000 72,481 6.75 %75,000 29,358 7.23 %
Republic Bank & Trust CompanyN/AN/AN/A45,000 23,415 7.28 %
Wells Fargo Bank, N.A.N/AN/AN/A100,000 30,165 7.36 %
Total$275,000 $208,817 $395,000 $151,964 
Schedule of Capitalization
The components of the term loan were as follows:
September 30, 2024
Aggregate Principal AmountUnamortized Debt DiscountUnamortized Debt Issuance CostsNet Carrying Amount
$248,125 $2,745 $1,734 $243,646 
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 September 30, 2024, we did not repurchase any of our 2025 notes. In the nine months ended September 30, 2024, we repurchased and retired approximately $119,686 in aggregate principal amount of our 2025 notes at a price of $106,953 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $12,000 for the nine months ended September 30, 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:
September 30, 2024
IssuanceAggregate Principal Amount Unamortized Debt Issuance CostsNet Carrying Amount
2025 notes$73,759 $320 $73,439 
2027 notes503,106 4,901 498,205 
December 31, 2023
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2025 notes$193,445 $1,443 $192,002 
2027 notes503,106 6,371 496,735 
Interest Income and Interest Expense Disclosure
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
2023 notes
Contractual interest expense$— $17 $— $223 
Amortization of debt issuance costs— 5 — 81 
Total interest expense$— $22 $— $304 
2025 notes
Contractual interest expense— — — — 
Amortization of debt issuance costs76 590 1,123 4,052 
Total interest expense$76 $590 $1,123 $4,052 
2027 notes
Contractual interest expense629 719 1,887 2,156 
Amortization of debt issuance costs490 560 1,470 1,680 
Total interest expense$1,119 $1,279 $3,357 $3,836 
Total
Contractual interest expense629 736 1,887 2,379 
Amortization of debt issuance costs566 1,155 2,593 5,813 
Total interest expense$1,195 $1,891 $4,480 $8,192