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Debt, net | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt, Net | Debt, net 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. 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 |  |  |  |  |  |  |
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 |
The following narrative is a summary of certain terms of our debt agreements for the period ended March 31, 2021: Corporate Debt Secured Revolving Credit Agreement s As of March 31, 2021 and December 31, 2020, a total of $20,380 and $0, respectively, was outstanding under this agreement. At March 31, 2021, the outstanding balance was at Prime + 1.25. Secured Term Credit Agreement As of March 31, 2021 and December 31, 2020, a total of $118,750 and $120,313, respectively, was outstanding under this agreement. Asset Based Debt Asset Backed Revolving Financing As of March 31, 2021 and December 31, 2020, a total of $26,830 and $27,510, respectively, was outstanding under the borrowing related to our premium finance business in our insurance business. Residential Mortgage Warehouse Borrowings During the three months ended March 31, 2021, the $60,000 warehouse line of credit was extended to April 2022. As of March 31, 2021 and December 31, 2020, a total of $65,578 and $55,994, respectively, was outstanding under such financing agreements. Vessel Backed Term Loan As of March 31, 2021 and December 31, 2020, the maximum borrowing capacity and borrowings outstanding were $15,250 and $15,800, respectively. As of March 31, 2021, the Company is in compliance with the representations and covenants for its outstanding debt or has obtained waivers for any events of non-compliance.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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