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v3.22.2.2

Debt, net (Tables) | 9 Months Ended
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Sep. 30, 2022
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 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%.
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 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 |  |  |
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
| September 30, 2022
Remainder of 2022 | $ | — |
2023 | 113,856 |
2024 | — |
2025 | — |
2026 | — |
2027 and thereafter | 160,000 |
Total | $ | 273,856 |

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- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References No definition available. + Details
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