Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Warehouse Lines of Credit and Secured Revolving Credit Facility

The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:

	September 30, 2022				December 31, 2021
Issuance	Net Carrying Amount		Estimated Fair Value		Net Carrying Amount		Estimated Fair Value
2023 notes	$	23,393	$	21,634	$	23,280	$	34,487
2025 notes	652,854		385,985		650,783		593,366
2027 notes	564,914		285,511		563,234		467,814

The following table summarizes borrowings under these facilities as of the periods presented:

	September 30, 2022
Lender	Borrowing Capacity		Outstanding Borrowings		Weighted-Average Interest Rate on Outstanding Borrowings		Maturity Date
City National Bank	$	100,000	$	36,010	4.43	%	11/24/2022
Comerica Bank	75,000		29,599		5.14		Upon lender demand
Origin Bank	75,000		33,572		4.82		9/29/2023
M&T Bank	50,000		21,068		4.91		10/13/2023
Prosperity Bank	150,000		59,578		4.93		10/30/2023
Republic Bank & Trust Company	75,000		29,171		4.38		8/16/2023
Wells Fargo Bank, N.A.	100,000		43,531		5.12		As determined by lender
Total	$	625,000	$	252,529

	December 31, 2021
Lender	Borrowing Capacity		Outstanding Borrowings		Weighted-Average Interest Rate on Outstanding Borrowings
Western Alliance Bank	$	50,000	$	17,089	3.00	%
Texas Capital Bank, N.A.	40,000		11,852		3.01
Flagstar Bank, FSB	25,000		4,102		3.00
Total	$	115,000	$	33,043

The following table summarizes borrowings under this facility as of the periods presented:

	September 30, 2022						December 31, 2021
Lender	Borrowing Capacity		Outstanding Borrowings		Weighted-Average Interest Rate on Outstanding Borrowings		Borrowing Capacity		Outstanding Borrowings		Weighted-Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA	$	400,000	$	202,416	6.10	%	$	200,000	$	199,781	3.30	%

Convertible Senior Notes

We have issued convertible senior notes with the following characteristics:

Issuance	Maturity Date	Stated Cash Interest Rate		Effective Interest Rate		First Interest Payment Date	Semi-Annual Interest Payment Dates	Conversion Rate
2023 notes	July 15, 2023	1.75	%	2.45	%	January 15, 2019	January 15; July 15	32.7332
2025 notes	October 15, 2025	—		0.42		—	—	13.7920
2027 notes	April 1, 2027	0.50		0.90		October 1, 2021	April 1; October 1	10.6920

The components of our convertible senior notes were as follows:

	September 30, 2022
Issuance	Aggregate Principal Amount		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
2023 notes	$	23,512	$	—	$	119	$	23,393
2025 notes	661,250		—		8,396		652,854
2027 notes	575,000		—		10,086		564,914

	December 31, 2021
Issuance	Aggregate Principal Amount		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
2023 notes	$	23,512	$	—	$	232	$	23,280
2025 notes	661,250		—		10,467		650,783
2027 notes	575,000		—		11,766		563,234

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
2023 notes
Contractual interest expense	$	103	$	103	$	309	$	311
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	38		41		113		151
Total interest expense	$	141	$	144	$	422	$	462
2025 notes
Contractual interest expense	—		—		—		—
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	690		690		2,070		2,070
Total interest expense	$	690	$	690	$	2,070	$	2,070
2027 notes
Contractual interest expense	719		719		2,156		1,468
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	560		560		1,680		1,145
Total interest expense	$	1,279	$	1,279	$	3,836	$	2,613
Total
Contractual interest expense	822		822		2,465		1,779
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	1,288		1,291		3,863		3,366
Total interest expense	$	2,110	$	2,113	$	6,328	$	5,145

Interest Income and Interest Expense Disclosure

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
2023 notes
Contractual interest expense	$	103	$	103	$	309	$	311
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	38		41		113		151
Total interest expense	$	141	$	144	$	422	$	462
2025 notes
Contractual interest expense	—		—		—		—
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	690		690		2,070		2,070
Total interest expense	$	690	$	690	$	2,070	$	2,070
2027 notes
Contractual interest expense	719		719		2,156		1,468
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	560		560		1,680		1,145
Total interest expense	$	1,279	$	1,279	$	3,836	$	2,613
Total
Contractual interest expense	822		822		2,465		1,779
Amortization of debt discount	—		—		—		—
Amortization of debt issuance costs	1,288		1,291		3,863		3,366
Total interest expense	$	2,110	$	2,113	$	6,328	$	5,145