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Debt, net (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

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%.

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

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

Schedule of Maturities of Long-term Debt [Table Text Block]

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

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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