Debt (Tables)

3 Months Ended

Mar. 31, 2025

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:

	March 31, 2025		December 31, 2024
2025 notes	$	71,780	$	69,933
2027 notes	444,937		388,594

As of March 31, 2025, outstanding borrowings of our debt are as follows:

	Maturity of Debt
Lender	2025		2026		2027		2028		2029		Thereafter
Warehouse Credit Facilities
City National Bank	$	37,007	$	—	$	—	$	—	$	—	$	—
Origin Bank	36,516		—		—		—		—		—
M&T Bank	30,807		—		—		—		—		—
Prosperity Bank	65,882		—		—		—		—		—
Term Loan	—		—		—		243,003		—		—
Convertible Senior Notes
2025 notes	73,593		—		—		—		—		—
2027 notes	—		—		499,181		—		—		—
Total borrowings	$	243,805	$	—	$	499,181	$	243,003	$	—	$	—

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

	March 31, 2025						December 31, 2024
Lender	Borrowing Capacity		Outstanding Borrowings		Weighted-Average Interest Rate on Outstanding Borrowings		Borrowing Capacity		Outstanding Borrowings		Weighted-Average Interest Rate on Outstanding Borrowings
City National Bank	$	75,000	$	37,007	6.25	%	$	75,000	$	36,734	6.26	%
Origin Bank	100,000		36,516		6.20	%	100,000		28,920		6.45	%
M&T Bank	75,000		30,807		6.36	%	75,000		21,969		6.46	%
Prosperity Bank	100,000		65,882		5.95	%	100,000		59,006		5.98	%
Total	$	350,000	$	170,212			$	350,000	$	146,629

Schedule of Capitalization

The components of the term loan were as follows:

March 31, 2025
Aggregate Principal Amount		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
$	246,875	$	2,402	$	1,470	$	243,003

Convertible Debt

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
2025 notes	October 15, 2025	—	%	0.42	%	—	—	13.7920
2027 notes	April 1, 2027	0.50	%	0.87	%	October 1, 2021	April 1; October 1	10.6920

We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. In the three months ended March 31, 2025, we did not repurchase any of our 2025 notes.

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:

	March 31, 2025
Issuance	Aggregate Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount
2025 notes	$	73,759	$	166	$	73,593
2027 notes	503,106		3,925		499,181

	December 31, 2024
Issuance	Aggregate Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount
2025 notes	$	73,759	$	243	$	73,516
2027 notes	503,106		4,415		498,691

Interest Income and Interest Expense Disclosure

	Three Months Ended March 31,
	2025		2024
2025 notes
Contractual interest expense	—		—
Amortization of debt issuance costs	77		513
Total interest expense	$	77	$	513
2027 notes
Contractual interest expense	629		629
Amortization of debt issuance costs	490		490
Total interest expense	$	1,119	$	1,119
Total
Contractual interest expense	629		629
Amortization of debt issuance costs	567		1,003
Total interest expense	$	1,196	$	1,632