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Debt - (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
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:
December 31, 2024December 31, 2023
2025 notes69,933 164,113 
2027 notes388,594 325,927 
As of December 31, 2024, outstanding borrowings of our debt are as follows:
Maturity of Debt
Lender
20252026202720282029
Thereafter
Warehouse Credit Facilities
City National Bank$36,734 $— $— $— $— $— 
Origin Bank28,920 — — — — — 
M&T Bank21,969 — — — — — 
Prosperity Bank59,006 — — — — — 
Term Loan
— — — 243,344 — — 
Convertible Senior Notes
2025 notes73,516 — — — — — 
2027 notes— — 498,691 — — — 
Total borrowings
$220,145 $— $498,691 $243,344 $— $— 
The following table summarizes borrowings under these facilities as of the periods presented:
December 31, 2024December 31, 2023
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $36,734 6.26 %$50,000 $20,046 7.24 %
Origin Bank100,000 28,920 6.45 %75,000 30,110 7.25 %
M&T Bank75,000 21,969 6.46 %50,000 18,870 7.39 %
Prosperity Bank100,000 59,006 5.98 %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$350,000 $146,629 $395,000 $151,964 
Schedule of Capitalization
The components of the term loan were as follows:
December 31, 2024
Aggregate Principal AmountUnamortized Debt DiscountUnamortized Debt Issuance CostsNet Carrying Amount
247,500 2,571 1,585 243,344 
December 31, 2023
Aggregate Principal AmountUnamortized Debt DiscountUnamortized Debt Issuance CostsNet Carrying Amount
124,688 — 272 124,416 
Convertible Senior Notes 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 %0.87 %October 1, 2021April 1; October 110.6920
The following table describes repurchase activity for the years ended December 31, 2024 and 2023:
Repurchase Program
Repurchases in Conjunction with Apollo Term Loan
Period
Issuance
Principal
Cash Paid
Gain on Extinguishment
Principal
Cash Paid
Gain on Extinguishment
Year ended December 31, 2024
2025 notes
$119,686 $106,953 $12,000 $— $— $— 
Total
$119,686 $106,953 $12,000 $— $— $— 
Year ended December 31, 20232025 notes$320,283 $241,808 $75,204 $5,000 $4,075 $664 
2027 notes— — — 71,894 46,754 18,151 
Total
$320,283 $241,808 $75,204 $76,894 $50,829 $18,815 
Interest Income and Interest Expense Disclosure
The components of the convertible senior notes are as follows:
December 31, 2024
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2025 notes$73,759 $243 $73,516 
2027 notes503,1064,415498,691 
December 31, 2023
IssuanceAggregate Principal AmountUnamortized Debt Issuance CostsNet Carrying Amount
2025 notes$193,445 $1,443 $192,002 
2027 notes503,106 6,371 496,735 
Year End December 31,
202420232022
2023 notes
Contractual interest expense$— $223 $411 
Amortization of debt issuance costs— 81 150 
Total interest expense$— $304 $561 
2025 notes
Contractual interest expense— — — 
Amortization of debt issuance costs1,200 4,602 2,706 
Total interest expense$1,200 $4,602 $2,706 
2027 notes
Contractual interest expense2,516 2,785 2,875 
Amortization of debt issuance costs1,960 3,151 2,240 
Total interest expense$4,476 $5,936 $5,115 
Total
Contractual interest expense2,516 3,008 3,286 
Amortization of debt issuance costs3,160 7,834 5,096 
Total interest expense$5,676 $10,842 $8,382