We capitalize a portion of our interest on funds borrowed during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and amortized over the useful lives of the assets.

The following is a summary of our interest costs for the three-month periods ended March 31, 2023 and 2022 (in thousands):


	For the Three Months Ended March 31,
	2023			2022
Interest costs charged to expense	$	14,497		$	9,827
Amortization of deferred financing costs		630			939
Amortization of the purchase price of interest rate caps		134			8
Interest rate cap benefit		(6,393	)		—
Accretion of debt discount		108			115
Interest expense		8,976			10,889
Interest costs capitalized to property and equipment		497			40
Interest costs capitalized to software		157			97
Total interest costs	$	9,630		$	11,026