Debt, net (Tables)

12 Months Ended

Dec. 31, 2018

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



		Stated interest rate or range of rates	Maximum borrowing capacity as of		As of December 31,
Debt Type	Stated maturity date	Stated interest rate or range of rates	December 31, 2018		2018			2017
Corporate debt
Secured corporate credit agreements	April 2019 - September 2020	LIBOR + 1.00% to 5.50%	$	132,090	$	72,090		$	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					232,090			188,500
Asset based debt ⁽¹⁾
Asset based revolving financing ⁽²⁾	April 2019 - August 2023	LIBOR + 2.00% to 2.60%	130,000		86,092			118,794
Residential mortgage warehouse borrowings ⁽³⁾	May 2019 - August 2019	LIBOR + 2.00% to 3.00%	76,000		46,091			48,810
Total asset based debt					132,183			167,604
Total debt, face value					364,273			356,104
Unamortized discount, net					(504		)	(191		)
Unamortized deferred financing costs					(9,686		)	(9,832		)
Total debt, net					$	354,083		$	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 4.30% and 4.17% at December 31, 2018 and December 31, 2017, respectively.

(3) The weighted average coupon rate for residential mortgage warehouse borrowings was 4.66% and 4.27% at December 31, 2018 and December 31, 2017, respectively.

Schedule of Interest Expense Incurred on Debt

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



	Year Ended December 31,
	2018		2017		2016
Interest expense - corporate debt	$	18,162	$	12,838	$	10,322
Interest expense - asset based debt	8,851		12,759		10,591
Interest expense on debt	$	27,013	$	25,597	$	20,913

Schedule of Maturities of Long-term Debt

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



	December 31, 2018
2019	$	50,840
2020	72,090
2021	—
2022	—
2023	81,343
Thereafter	160,000
Total	$	364,273