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Debt, net (Notes) | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Debt, Net | Debt, net The following table summarizes the balance of the Company’s debt holdings, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs. See Note—(15) Assets and Liabilities of Consolidated CLOs:
|  |  |  |  |  | Maximum Borrowing Capacity as of |  | As of
Debt Type |  | Stated Maturity Date |  | Stated Interest Rate or Range of Rates |  | September 30, 2016 |  | September 30, 2016 |  | December 31, 2015
Secured corporate credit agreements |  | September 2018 - December 2019 |  | 1 Month LIBOR + 3.00% to 6.50% |  | $ | 199,000 |  |  | $ | 169,850 |  |  | $ | 137,000 |
Asset based revolving financing (1) (2) |  | April 2017 - May 2020 |  | LIBOR + 2.25% to 5.75% |  | 330,000 |  |  | 184,494 |  |  | 99,395 |
Warehouse borrowings (3) |  | April 2017 - August 2017 |  | LIBOR + 2.63% to 3.00% |  | 175,500 |  |  | 154,503 |  |  | 229,794 |
Mortgage borrowings - Fixed Rate |  | August 2019 - May 2040 |  | 4.00% to 4.76% |  | 77,050 |  |  | 76,744 |  |  | 76,818 |
Mortgage borrowings - Variable Rate (LIBOR based) |  | October 2019 - January 2023 |  | LIBOR + 2.05% to 3.20% |  | 152,414 |  |  | 151,328 |  |  | 89,846 |
Mortgage borrowings - Variable Rate (Prime rate based) |  | January 2024 |  | Prime Rate + 1.00% |  | 750 |  |  | 704 |  |  | 717 |
Subordinated debt |  | April 2020 |  | 12.50% |  | 20,000 |  |  | 8,500 |  |  | 3,500 |
Preferred trust securities |  | June 2037 |  | 3 Month LIBOR + 4.10% |  | 35,000 |  |  | 35,000 |  |  | 35,000 |
Preferred notes payable |  | January 2021 |  | 12.00% |  |  |  | 1,284 |  |  | 1,562 |
Total debt, face value |  |  |  |  |  |  |  | 782,407 |  |  | 673,632 |
Unamortized discount, net |  |  |  |  |  |  |  | (452 | ) |  | (422 | )
Unamortized deferred financing costs |  |  |  |  |  |  |  | (7,860 | ) |  | (6,258 | )
Total debt, net |  |  |  |  |  |  |  | $ | 774,095 |  |  | $ | 666,952 |
(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for asset based revolving financing was 3.31% and 2.76% at September 30, 2016 and December 31, 2015, respectively. (3) The weighted average coupon rate for warehouse borrowings was 3.31% and 2.68% at September 30, 2016 and December 31, 2015, respectively. Includes debt having a maximum borrowing capacity of $90,500 with a stated interest rate of LIBOR +2.75% and a floor of 3.00%. The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Interest expense | $ | 7,769 |  |  | $ | 6,097 |  |  | $ | 20,612 |  |  | $ | 17,151 |
The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt (excluding preferred notes payable) as of:
| September 30, 2016
Remainder of 2016 | $ | 505 |
2017 | 171,055 |
2018 | 68,679 |
2019 | 221,293 |
2020 | 156,020 |
Thereafter | 163,571 |
Total | $ | 781,123 |
The following narrative presents the significant changes in debt or debt terms during the nine months ended September 30, 2016: Secured Corporate Credit Agreement On June 24, 2016, the Company entered into a Fourth Amendment to the Credit Agreement with Fortress. The Fourth Amendment provides for additional term loans in an aggregate principal amount of $15,000 with the same maturity date, margin above LIBOR, principal repayment term, and conditions and covenants as the existing term loans under the Credit Agreement. The Fourth Amendment also provides that Operating Company may prepay loans under the Credit Agreement, subject to payment of a make-whole premium until the one year anniversary of the Fourth Amendment. Asset Based Revolving Financing Telos COF I, LLC, a subsidiary of Telos Credit Opportunities Fund, L.P. amended its existing credit agreement on July 29, 2016 to increase the borrowing capacity from $100,000 to $150,000 and extend the maturity date. On September 12, 2016, the Company, through a subsidiary in its Specialty Finance segment, amended its existing credit agreement to increase the borrowing capacity from $75,000 to $125,000. On September 23, 2016, the Company entered into a revolving line of credit collateralized by certain non-performing loans, with a maximum borrowing capacity of $40,000 with an initial borrowing of $12,159. The credit agreement has a floating rate of 1 month LIBOR plus 5.75%, (with a LIBOR floor of 0.40%) with a maturity in September 2018, with optional extension terms. Warehouse Borrowing On August 12, 2016, the Company, through a subsidiary in its Specialty Finance unit entered into a warehouse line of credit with a maximum borrowing amount of $15,000. The loan carries a variable rate of six-month LIBOR + 2.75% and matures on August 11, 2017. A separate credit agreement originally matured in June 2016 but was extended until September 1, 2016 and then expired. As of September 30, 2016, the Company, through a subsidiary in its Specialty Finance segment, has three warehouse lines of credit in place with a combined maximum borrowing amount of $86,000. The first uncommitted credit agreement, which matures in June 2017, was permanently increased to $40,000 (from $30,000) in July 2016, and then temporarily increased in August 2016, to $50,000 (the temporary increase of $10,000 expires in November 2016). The second uncommitted credit agreement temporarily increased in September 2016 to $35,000 (the temporary increase of $10,000 expires in November 2016). The third credit agreement is a committed line of credit for $1,000 and was renewed in August 2016 and matures in August 2017. In addition, the Company had a $50,000 uncommitted warehouse line of credit that previously matured in June 2016, but was extended until September 1, 2016 and has expired as of September 30, 2016. The credit agreements contain customary financial covenants that require, among other items, minimum amounts of tangible net worth, profitability, maximum indebtedness ratios, and minimum liquid assets. Mortgage Borrowing On January 20, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into a $28,000, seven year loan, which includes 24 months of interest only payments. The loan carries a variable rate of 30-day LIBOR plus 2.05% and matures on January 31, 2023. On March 1, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into an $11,218, five year loan, which includes 36 months of interest only payments and a $1,000 commitment which will be available to be drawn on one year after closing, subject to certain conditions. The loan carries a variable rate of 30-day LIBOR plus 2.75% and matures on February 29, 2021. On April 13, 2016 the $22,500, five year loan related to the Company and one of Care’s partner’s 2015 acquisition of five senior housing communities was increased to $23,581. On August 1, 2016, in connection with the acquisition of one senior housing property, the Company and one of Care’s partners entered into an $20,600, seven year loan, which includes 36 months of interest only payments. The loan carries a variable rate of LIBOR plus 2.05% and matures on August 1, 2023. Subordinated Debt During the nine months ended September 30, 2016, the Company, through a subsidiary in its Specialty Finance segment, drew down $5,000 from its subordinated promissory note.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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