Debt, net

The following table summarizes the balance of the Company’s debt obligations, net of discounts and deferred financing costs.



			Maximum borrowing capacity as of		As of
Debt Type	Stated maturity date	Stated interest rate or range of rates	June 30, 2018		June 30, 2018			December 31, 2017
Corporate debt
Secured corporate credit agreements	December 2018 - September 2020	LIBOR + 1.00% to 5.50%	$	155,000	$	74,030		$	28,500
Junior subordinated notes	October 2057	8.50%	125,000		125,000			125,000
Preferred trust securities	June 2037	LIBOR + 4.10%	35,000		35,000			35,000
Total corporate debt					234,030			188,500
Asset based debt ⁽¹⁾
Asset based revolving financing ⁽²⁾	April 2019 - August 2022	LIBOR + 2.25% - 2.60%	175,000		100,557			118,794
Residential mortgage warehouse borrowings ⁽³⁾	August 2018 - June 2019	LIBOR + 2.50% to 3.00%	76,000		41,898			48,810
Total asset based debt					142,455			167,604
Total debt, face value					376,485			356,104
Unamortized discount, net					(659		)	(191		)
Unamortized deferred financing costs					(9,611		)	(9,832		)
Total debt, net					$	366,215		$	346,081

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

(2) The weighted average coupon rate for asset based revolving financing was 4.35% and 3.73% at June 30, 2018 and December 31, 2017, respectively.

(3) The weighted average coupon rate for residential mortgage warehouse borrowings was 4.55% and 3.70% at June 30, 2018 and December 31, 2017, respectively.

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,
	2018		2017		2018		2017
Interest expense on debt	$	6,620	$	6,319	$	12,561	$	12,397

The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations.

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



	June 30, 2018
Remainder of 2018	$	—
2019	47,727
2020	74,030
2021	—
2022	94,728
Thereafter	160,000
Total	$	376,485

The following narrative is a summary of certain of the terms of our debt agreements for the period ended June 30, 2018:

Corporate Debt

Secured Corporate Credit Agreements

On May 4, 2018, Operating Company (Tiptree Operating Company, LLC.) entered into a Fifth Amendment to the Credit Agreement with Fortress providing for an additional $47,000 borrowing for a total principal amount outstanding of $75,000 as of the borrowing date. The Fifth Amendment extends the maturity date of all term loans under the Credit Agreement from September 18, 2018 to September 18, 2020. The amended facility also has a new interest rate at a variable rate of equal to one-month LIBOR with a LIBOR floor of 1.25%, plus a margin of 5.50% per annum and has a pre-payment fee of 1% for six months.

Asset Based Debt

Asset Backed Revolving Financing

During the six months ended June 30, 2018, the $11,917 balance of the NPL financing in our specialty insurance business was paid off and the borrowing was extinguished.

As of June 30, 2018 and December 31, 2017, a total of $94,728 and $101,428, respectively, was outstanding under the corporate loan financing agreement in our specialty insurance business.

As of June 30, 2018 and December 31, 2017, a total of $5,829 and $5,449, respectively, was outstanding under the borrowing related to our premium finance business in our specialty insurance business.

Residential Mortgage Warehouse Borrowings

During the six months ended June 30, 2018, a subsidiary in our mortgage business extended the maturity date of a $50,000 warehouse line of credit from March 2018 to May 2018, which was then extended to May 2019. The maturity date of a $25,000 warehouse line of credit was extended from June 2018 to June 2019.

As of June 30, 2018, the Company is in compliance with the representations and covenants for outstanding borrowings or has obtained waivers for any events of non-compliance.