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Debt, net (Tables)

3 Months Ended

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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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 maturity and sinking fund requirement for long-term debt.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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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