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Debt (Tables)
 6 Months Ended
Jun. 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:
June 30, 2024December 31, 2023
2025 notes$66,559 $164,113 
2027 notes276,940 325,927 
As of June 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$32,229 $— $— $— $— $— 
Origin Bank40,577 — — — — — 
M&T Bank36,490 — — — — — 
Prosperity Bank56,277 — — — — — 
Republic Bank & Trust Company36,986 — — — — — 
Term Loan
— — — — 243,961 — 
Convertible Senior Notes
2025 notes— 73,366 — — — — 
2027 notes— — — 497,711 — — 
Total borrowings
$202,559 $73,366 $— $497,711 $243,961 $— 
The following table summarizes borrowings under these facilities as of the periods presented:
June 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 $32,229 7.25 %$50,000 $20,046 7.24 %
Origin Bank75,000 40,577 7.19 %75,000 30,110 7.25 %
M&T Bank50,000 36,490 7.34 %50,000 18,870 7.39 %
Prosperity Bank75,000 56,277 7.21 %75,000 29,358 7.23 %
Republic Bank & Trust Company45,000 36,986 7.28 %45,000 23,415 7.28 %
Wells Fargo Bank, N.A.N/AN/AN/A100,000 30,165 7.36 %
Total$295,000 $202,559 $395,000 $151,964 
Schedule of Capitalization
The components of the term loan were as follows:
June 30, 2024
Aggregate Principal AmountUnamortized Debt DiscountUnamortized Debt Issuance CostsNet Carrying Amount
$248,750 $2,965 $1,824 $243,961 
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 June 30, 2024, we repurchased and retired approximately $71,155 in aggregate principal amount of our 2025 notes at a price of $64,428 using available cash. In connection with these repurchases, we recorded a gain on extinguishment of debt of $6,314 for the three months ended June 30, 2024. In the six months ended June 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 six months ended June 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:
June 30, 2024
IssuanceAggregate Principal Amount Unamortized Debt Issuance CostsNet Carrying Amount
2025 notes$73,759 $393 $73,366 
2027 notes503,106 5,395 497,711 
December 31, 2023
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2025 notes$193,445 $1,443 $192,002 
2027 notes503,106 6,371 496,735 
Interest Income and Interest Expense Disclosure
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
2023 notes
Contractual interest expense$— $103 $— $206 
Amortization of debt issuance costs— 38 — 75 
Total interest expense$— $141 $— $281 
2025 notes
Contractual interest expense— — — — 
Amortization of debt issuance costs534 1,306 1,047 3,462 
Total interest expense$534 $1,306 $1,047 $3,462 
2027 notes
Contractual interest expense629 719 1,258 1,438 
Amortization of debt issuance costs490 560 980 1,120 
Total interest expense$1,119 $1,279 $2,238 $2,558 
Total
Contractual interest expense629 822 1,258 1,644 
Amortization of debt issuance costs1,024 1,904 2,027 4,657 
Total interest expense$1,653 $2,726 $3,285 $6,301