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Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
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, 2023December 31, 2022
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$— $— $23,431 $22,147 
2025 notes232,511 192,411 512,683 309,292 
2027 notes567,154 333,500 565,474 267,398 
The following table summarizes borrowings under these facilities as of the periods presented:
September 30, 2023December 31, 2022
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $13,355 7.25 %$75,000 $27,288 5.89 %
Comerica BankN/AN/AN/A75,000 26,526 6.36 %
Origin Bank75,000 15,238 7.18 %75,000 23,739 5.98 %
M&T Bank50,000 9,644 7.47 %50,000 19,126 6.45 %
Prosperity Bank100,000 50,912 7.19 %100,000 35,856 6.18 %
Republic Bank & Trust Company75,000 23,101 7.25 %75,000 26,636 5.81 %
Wells Fargo Bank, N.A.100,000 20,070 7.32 %100,000 31,338 6.41 %
Total$475,000 $132,320 $550,000 $190,509 
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, 2023, we repurchased and retired approximately $36,201 in aggregate principal amount of our 2025 notes at a price of $29,382 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $6,495 for the three months ended September 30, 2023. In the nine months ended September 30, 2023, we repurchased and retired approximately $284,223 in aggregate principal amount of our 2025 notes at a price of $212,402 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $68,848 for the nine months ended September 30, 2023.

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, 2023
IssuanceAggregate Principal Amount Unamortized Debt Issuance CostsNet Carrying Amount
2023 notes(1)
$— $— $— 
2025 notes234,505 1,994 232,511 
2027 notes575,000 7,846 567,154 
(1) The 2023 notes were fully repaid in cash on July 15, 2023.
December 31, 2022
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2023 notes$23,512 $81 $23,431 
2025 notes518,728 6,045 512,683 
2027 notes575,000 9,526 565,474 
Interest Income and Interest Expense Disclosure
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
2023 notes
Contractual interest expense$17 $103 $223 $309 
Amortization of debt issuance costs5 38 81 113 
Total interest expense$22 $141 $304 $422 
2025 notes
Contractual interest expense— — — — 
Amortization of debt issuance costs590 690 4,052 2,070 
Total interest expense$590 $690 $4,052 $2,070 
2027 notes
Contractual interest expense719 719 2,156 2,156 
Amortization of debt issuance costs560 560 1,680 1,680 
Total interest expense$1,279 $1,279 $3,836 $3,836 
Total
Contractual interest expense736 822 2,379 2,465 
Amortization of debt issuance costs1,155 1,288 5,813 3,863 
Total interest expense$1,891 $2,110 $8,192 $6,328