Debt, net (Tables)

9 Months Ended

Sep. 30, 2021

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.

	Stated maturity date	Stated interest rate or range of rates		Maximum borrowing capacity as of		As of
Debt Type				September 30, 2021		September 30, 2021		December 31, 2020
Corporate debt
Secured revolving credit agreements (1)	August 2023	Base/Swing:		$	200,000	$	1,740	$	—
		Prime +	1.25%
		LIBOR:
		LIBOR +	2.25%
Secured term credit agreements	February 2025	LIBOR (1.00% Floor) +	6.75%	115,625		115,625		120,313
Preferred trust securities	June 2037	LIBOR +	4.10%	35,000		35,000		35,000
Junior subordinated notes	October 2057	8.50%		125,000		125,000		125,000
Total corporate debt						277,365		280,313
Asset based debt (2)
Asset based revolving financing	October 2023	LIBOR +	2.75%	75,000		33,350		27,510
Residential mortgage warehouse borrowings (3)	April 2022 -	LIBOR (0.5% Floor) +	1.88%	110,000		61,798		55,994
	August 2022	to LIBOR (1.00% Floor) +	3.00%
Vessel backed term loan	November 2024	LIBOR +	4.75%	14,150		14,150		15,800
Total asset based debt						109,298		99,304
Total debt, face value						386,663		379,617
Unamortized discount, net						(1,599)		(2,035)
Unamortized deferred financing costs						(10,222)		(11,336)
Total debt, net						$	374,842	$	366,246

(1)    The secured revolving credit agreements provide a two rate structure at the Company’s discretion.

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

(3)    The weighted average coupon rate for residential mortgage warehouse borrowings was 2.25% and 2.75% at September 30, 2021 and December 31, 2020, respectively.

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,
	2021		2020		2021		2020
Interest expense - corporate debt	$	6,038	$	6,110	$	18,402	$	17,278
Interest expense - asset based debt	2,573		2,211		8,262		6,240
Interest expense on debt	$	8,611	$	8,321	$	26,664	$	23,518

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, 2021
Remainder of 2021	$	2,112
2022	70,248
2023	43,540
2024	15,450
2025	95,313
2026 and thereafter	160,000
Total	$	386,663