Debt, net

The following table summarizes the balance of the Company’s debt obligations, net of discounts and deferred financing costs, excluding notes payable of consolidated CLOs. See Note—(10) Assets and Liabilities of Consolidated CLOs:



			Maximum Borrowing Capacity as of		As of
Debt Type	Stated Maturity Date	Stated Interest Rate or Range of Rates	June 30, 2017		June 30, 2017			December 31, 2016
Secured corporate credit agreements	September 2018 - December 2019	LIBOR + 2.50% to 6.50%	$	252,500	$	158,803		$	164,000
Asset based revolving financing ^{(1) (2)}	September 2018 - July 2021	LIBOR + 2.25% to 5.75%	340,000		247,438			250,557
Residential mortgage warehouse borrowings ⁽³⁾	August 2017 - June 2018	LIBOR + 2.50% to 2.75%	179,000		77,517			101,402
Real estate commercial mortgage borrowings:
Fixed rate	August 2019 - July 2048	3.08% to 5.12%	99,818		93,631			82,133
Variable rate (LIBOR based)	October 2019 - January 2023	LIBOR + 2.05% to 6.95%	206,404		208,392			158,618
Subordinated debt	April 2020	12.50%	20,000		8,500			8,500
Preferred trust securities	June 2037	LIBOR + 4.10%	35,000		35,000			35,000
Preferred notes payable	January 2021	12.00%			1,386			1,232
Total debt, face value					830,667			801,442
Unamortized discount, net					(545		)	(382		)
Unamortized deferred financing costs					(8,171		)	(8,051		)
Total debt, net					$	821,951		$	793,009

(1) Asset based revolving financing is generally recourse only to specific assets and related cash flows.

(2) The weighted average coupon rate for asset based revolving financing was 3.86% and 3.53% at June 30, 2017 and December 31, 2016, respectively.

(3) The weighted average coupon rate for residential mortgage warehouse borrowings was 3.92% and 3.51% at June 30, 2017 and December 31, 2016, respectively. Includes debt having a maximum borrowing capacity of $103,000 with a stated interest rate of LIBOR + 2.50% to LIBOR +2.75% and a floor of 3.00%.

The table below presents the amount of interest expense the Company incurred on its debt for the following periods:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Interest expense	$	9,499	$	6,454	$	18,223	$	12,843

The following table presents the future maturities of the unpaid principal balance on the Company’s long-term debt as of:



	June 30, 2017
Remainder of 2017	$	15,846
2018	160,041
2019	227,365
2020	112,300
2021	146,495
Thereafter	168,620
Total	$	830,667

The following narrative is a summary of certain of the terms of our debt agreements for the periods ended June 30, 2017:

Asset Backed Revolving Financing

An asset backed revolving borrowing in our specialty insurance business with a maximum borrowing capacity of $15,000 matured in April 2017. A new borrowing maturing in April 2019 with an interest rate of LIBOR plus 2.60% and a maximum borrowing capacity of $25,000 was used to pay off the matured borrowing.

Residential Mortgage Warehouse Borrowings

The maximum borrowing amount for one of the three warehouse lines of credit, through a subsidiary in our specialty finance business, decreased by $10,000, from $35,000 as of December 31, 2016 to $25,000 as of June 30, 2017.

The maturity dates for warehouse lines of credit through subsidiaries in our specialty finance business were extended during the six months ended June 30, 2017. One borrowing extended its maturity from April 2017 to March 2018, one borrowing extended its maturity from June 2017 to March 2018, and two borrowings extended their maturity from June 2017 to June 2018.

Real Estate Commercial Mortgage Borrowings

On February 3, 2017, in connection with an acquisition in the senior living business, the Company along with our partners entered into a $10,000, five year mortgage borrowing, which includes 12 months of interest only payments. The loan carries a variable rate of LIBOR plus 3.75%. If on or after February 3, 2019 the facility has achieved certain occupancy and minimum debt service coverage ratio, then the interest rate will be reduced to a rate of LIBOR plus 2.75% as of such date. This note matures on February 1, 2022.

On February 9, 2017, in connection with assets acquired in the senior living business, a pre-existing Housing and Urban Development (HUD) loan was assumed by a subsidiary in our senior living business. The 35 year loan was originally dated June 1, 2013 for $8,072. The loan carries a fixed interest rate of 3.08% per annum, and matures on July 1, 2048. As of the acquisition date, this debt had a balance of $7,586. All terms of the note assumed remain consistent with the original note.

On April 18, 2017, in connection with an acquisition in the senior living business, the Company entered into a $7,000, five year mortgage borrowing. The loan carries a variable rate of LIBOR plus 3.00% and matures on May 1, 2022.

On May 31, 2017, in connection with an acquisition of seven skilled nursing facilities in the senior living business, the Company entered into a $28,800, three year mortgage borrowing. The loan carries a variable rate of LIBOR plus 6.95% and matures on May 31, 2020.

On June 14, 2017, in connection with an acquisition in the senior living business, the Company entered into a $9,150, five year mortgage borrowing. The loan carries a fixed interest rate of 4.60% and matures on July 1, 2022.

Covenant Compliance

As of June 30, 2017, the Company is in compliance with the representations and covenants for outstanding borrowings or has obtained waivers for any events of non-compliance.