Debt, net

3 Months Ended

Mar. 31, 2021

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 Agreements

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.