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Debt, net (Tables)

9 Months Ended

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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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 https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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