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v3.22.2.2

Debt, net | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2022
Corporate debt | Insurance |  | Other |  | Corporate |  | Total
Secured revolving credit agreements (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured term credit agreements (LIBOR + 6.75%)(4) | — |  |  | — |  |  | — |  |  | — |
Preferred trust securities (LIBOR + 4.10%) | 35,000 |  |  | — |  |  | — |  |  | 35,000 |
8.50% Junior subordinated notes | 125,000 |  |  | — |  |  | — |  |  | 125,000 |
Total corporate debt | 160,000 |  |  | — |  |  | — |  |  | 160,000 |
Asset based debt (3) |  |  |  |  |  |  |
Asset based revolving financing (LIBOR + 2.75%) | 58,568 |  |  | — |  |  | — |  |  | 58,568 |
Residential mortgage warehouse borrowings (1.88% to 2.50% over SOFR; 2.00% to 3.00% over BSBY) (2)(3) | — |  |  | 55,288 |  |  | — |  |  | 55,288 |
Total asset based debt | 58,568 |  |  | 55,288 |  |  | — |  |  | 113,856 |
Total debt, face value | 218,568 |  |  | 55,288 |  |  | — |  |  | 273,856 |
Unamortized discount, net | — |  |  | — |  |  | — |  |  | — |
Unamortized deferred financing costs | (7,592) |  |  | (9) |  |  | — |  |  | (7,601) |
Total debt, net | $ | 210,976 |  |  | $ | 55,279 |  |  | $ | — |  |  | $ | 266,255 |
| As of December 31, 2021
Corporate debt | Insurance |  | Other |  | Corporate |  | Total
Secured revolving credit agreements (1) | $ | 2,160 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,160 |
Secured term credit agreements (LIBOR + 6.75%)(4) | — |  |  | — |  |  | 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 debt | 162,160 |  |  | — |  |  | 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 debt | 42,310 |  |  | 86,118 |  |  | — |  |  | 128,428 |
Total debt, face value | 204,470 |  |  | 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 SOFR floor and BSBY floor of 0.25% and 0.50%, respectively, as of September 30, 2022. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 5.01% and 2.76% at September 30, 2022 and December 31, 2021, respectively. (4) Includes LIBOR floor of 1%. The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Total Interest expense - corporate debt | $ | 3,592 |  |  | $ | 6,038 |  |  | $ | 15,559 |  |  | $ | 18,402 |  |  |
Total Interest expense - asset based debt | 1,857 |  |  | 2,573 |  |  | 8,992 |  |  | 8,262 |  |  |
Interest expense on debt | $ | 5,449 |  |  | $ | 8,611 |  |  | $ | 24,551 |  |  | $ | 26,664 |  |  |
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
| September 30, 2022
Remainder of 2022 | $ | — |
2023 | 113,856 |
2024 | — |
2025 | — |
2026 | — |
2027 and thereafter | 160,000 |
Total | $ | 273,856 |
The following narrative is a summary of certain terms of our debt agreements for the period ended September 30, 2022: Corporate Debt Secured Revolving Credit Agreements As of September 30, 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 September 30, 2022 was $200,000. Secured Term Credit Agreements The remaining balance of the corporate secured term credit agreement was fully repaid during June 2022 in connection with the WP Transaction. As of December 31, 2021, a total of $114,063 was outstanding under the corporate secured term credit agreement. Asset Based Debt Asset Based Revolving Financing As of September 30, 2022 and December 31, 2021, a total of $58,568 and $42,310, respectively, was outstanding under the borrowing related to our premium finance and service contract finance offerings in our insurance business. Residential Mortgage Warehouse Borrowings In April 2022, the $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2022 to April 2023. In August 2022, the $50,000 warehouse line of credit was renewed and the maturity date was extended from August 2022 to August 2023. As of September 30, 2022 and December 31, 2021, a total of $55,288 and $72,518, respectively, was outstanding under such financing agreements. Vessel-Backed Term Loan The remaining balance of the vessel backed term loan was fully repaid at a discount during May 2022, for a net gain of $1,168. As of December 31, 2021, the maximum borrowing capacity and borrowings outstanding was $13,600. Debt Covenants As of September 30, 2022, the Company was in compliance with the representations and covenants for its outstanding debt or 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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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