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Debt, net (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
|  |  |  | Stated interest rate or range of rates |  | Maximum borrowing capacity as of |  | As of
Debt Type |  | Stated maturity date |  |  | March 31, 2021 |  | March 31, 2021 |  | December 31, 2020
Corporate debt |  |  |  |  |  |  |  |  |  |  |
Secured revolving credit agreements (1) |  | August 2023 |  | Base/Swing: |  | $ | 200,000 |  |  | $ | 20,380 |  |  | $ | — |
|  | Prime + | 1.25% |  |  |
LIBOR:
LIBOR + | 2.25%
Secured term credit agreements |  | February 2025 |  | LIBOR + | 6.75% |  | 118,750 |  |  | 118,750 |  |  | 120,313 |
Preferred trust securities |  | June 2037 |  | LIBOR + | 4.10% |  | 35,000 |  |  | 35,000 |  |  | 35,000 |
Junior subordinated notes |  | October 2057 |  | 8.50% |  | 125,000 |  |  | 125,000 |  |  | 125,000 |
Total corporate debt |  |  |  |  |  |  |  |  | 299,130 |  |  | 280,313 |
Asset based debt (2) |  |  |  |  |  |  |  |  |  |  |
Asset based revolving financing |  | October 2023 |  | LIBOR + | 2.75% |  | 75,000 |  |  | 26,830 |  |  | 27,510 |
Residential mortgage warehouse borrowings (3) |  | August 2021 - |  | LIBOR + | 2.00% |  | 110,000 |  |  | 65,578 |  |  | 55,994 |
| April 2022 |  | to LIBOR + | 3.00% |  |  |
Vessel backed term loan |  | November 2024 |  | LIBOR + | 4.75% |  | 15,250 |  |  | 15,250 |  |  | 15,800 |
Total asset based debt |  |  |  |  |  |  |  |  | 107,658 |  |  | 99,304 |
Total debt, face value |  |  |  |  |  |  |  |  | 406,788 |  |  | 379,617 |
Unamortized discount, net |  |  |  |  |  |  |  |  | (1,888) |  |  | (2,035) |
Unamortized deferred financing costs |  |  |  |  |  |  |  |  | (10,941) |  |  | (11,336) |
Total debt, net |  |  |  |  |  |  |  |  | $ | 393,959 |  |  | $ | 366,246 |
(1) The secured revolving credit agreements provide a two rate structure, at the Company’s discretion. (2) Asset based debt is generally recourse only to specific assets and related cash flows. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.77% and 2.75% at March 31, 2021 and December 31, 2020, respectively.
Schedule of Interest Expense Incurred on Debt | The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Interest expense - corporate debt | $ | 6,063 |  |  | $ | 5,266 |  |  |  |  |  |  |
Interest expense - asset based debt | 3,082 |  |  | 2,285 |  |  |  |  |  |  |
Interest expense on debt | $ | 9,145 |  |  | $ | 7,551 |  |  |  |  |  |  |
Schedule of Maturities of Long-term Debt | The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
| As of
| March 31, 2021
Remainder of 2021 | $ | 39,396 |
2022 | 40,969 |
2023 | 55,660 |
2024 | 15,450 |
2025 | 95,313 |
2026 and thereafter | 160,000 |
Total | $ | 406,788 |

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- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References No definition available. + Details
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