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Debt, net
 3 Months Ended
Mar. 31, 2022
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 for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows.

As of March 31, 2022
Corporate debtInsuranceOtherCorporateTotal
Secured term credit agreements (LIBOR + 6.75%)(2)
$— $— $112,500 $112,500 
Preferred trust securities (LIBOR + 4.10%)
35,000 — — 35,000 
8.50% Junior subordinated notes
125,000 — — 125,000 
Total corporate debt160,000 — 112,500 272,500 
Asset based debt (3)
Asset based revolving financing (LIBOR + 2.75%)
48,551 — — 48,551 
Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3)
— 67,990 — 67,990 
Vessel backed term loan (LIBOR + 4.75%)
— 13,050 — 13,050 
Total asset based debt48,551 81,040 — 129,591 
Total debt, face value208,551 81,040 112,500 402,091 
Unamortized discount, net— — (1,323)(1,323)
Unamortized deferred financing costs(8,180)(983)(279)(9,442)
Total debt, net$200,371 $80,057 $110,898 $391,326 
As of December 31, 2021
Corporate debtInsuranceOtherCorporateTotal
Secured revolving credit agreements (1)
$2,160 $— $— $2,160 
Secured term credit agreements (LIBOR + 6.75%)(2)
— — 114,063 114,063 
Preferred trust securities (LIBOR + 4.10%)
35,000 — — 35,000 
8.50% Junior subordinated notes
125,000 — — 125,000 
Total corporate debt162,160 — 114,063 276,223 
Asset based debt (3)
Asset based revolving financing (LIBOR + 2.75%)
42,310 — — 42,310 
Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3)
— 72,518 — 72,518 
Vessel backed term loan (LIBOR + 4.75%)
— 13,600 — 13,600 
Total asset based debt42,310 86,118 — 128,428 
Total debt, face value204,470 86,118 114,063 404,651 
Unamortized discount, net— — (1,458)(1,458)
Unamortized deferred financing costs(8,474)(1,069)(301)(9,844)
Total debt, net$195,996 $85,049 $112,304 $393,349 
(1)    The secured revolving credit agreements provide a two rate structure at the Company’s discretion; Prime +1.25% for swing loans and LIBOR + 2.25%.
(2)    Includes LIBOR floor of 1.00%.
(3)    The weighted average coupon rate for residential mortgage warehouse borrowings was 2.72% and 2.76% at March 31, 2022 and December 31, 2021, respectively. Includes LIBOR floor ranging from 0.50% to 1.00%.

The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
Three Months Ended
March 31,
20222021
Total Interest expense - corporate debt$5,876 $6,063 
Total Interest expense - asset based debt4,198 3,082 
Interest expense on debt$10,074 $9,145 
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, 2022
Remainder of 2022$74,327 
202357,001 
202415,450 
202595,313 
2026
2027 and thereafter160,000 
Total$402,091 

The following narrative is a summary of certain terms of our debt agreements for the period ended March 31, 2022:
Corporate Debt

Secured Revolving Credit Agreements

As of March 31, 2022 and December 31, 2021, a total of $0 and $2,160, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of March 31, 2022 was $200,000.

Asset Based Debt

Asset Backed Revolving Financing

As of March 31, 2022, a total of $48,551 was outstanding under the under the borrowing related to our premium finance and service contract finance businesses in our insurance business.

Residential Mortgage Warehouse Borrowings

In April 2022, subsequent to the end of the quarter, the $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2022 to April 2023.

As of March 31, 2022 and December 31, 2021, a total of $67,990 and $72,518, respectively, was outstanding under such financing agreements.

Vessel Backed Term Loan

As of March 31, 2022 and December 31, 2021, the maximum borrowing capacity and borrowings outstanding were $13,050 and $13,600, respectively.

As of March 31, 2022, the Company was in compliance with the representations and covenants for its outstanding debt or obtained waivers for any events of non-compliance.