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Convertible Notes, Net
 3 Months Ended
Mar. 31, 2024
Debt Instruments [Abstract]  
Convertible Notes, Net CONVERTIBLE NOTES, NET
As of March 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes IssuanceFace ValueInterest Rate
All-in Cost(1)
Conversion Price(2)
Maturity
March 2022 convertible notes$300,000 5.50%5.94%$36.27March 15, 2027
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.
(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of March 31, 2024.
Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.91 on March 28, 2024, the last trading day in the three months ended March 31, 2024, was less than the per share conversion price of the Convertible Notes.
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
 March 31, 2024December 31, 2023
Face value$300,000 $300,000 
Deferred financing costs and unamortized discount(3,834)(4,153)
Net book value$296,166 $295,847 
The following table details our interest expense related to the Convertible Notes ($ in thousands):
 Three Months Ended March 31,
 20242023
Cash coupon$4,125 $6,264 
Discount and issuance cost amortization319631
Total interest expense$4,444 $6,895 
Accrued interest payable for the Convertible Notes was $733,000 and $4.9 million as of March 31, 2024 and December 31, 2023, respectively. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.