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Debt, net
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt, net Debt, net
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 debtInsuranceOtherCorporateTotal
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 debt160,000 — — 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 debt58,568 55,288 — 113,856 
Total debt, face value218,568 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 debtInsuranceOtherCorporateTotal
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 debt162,160 — 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 debt42,310 86,118 — 128,428 
Total debt, face value204,470 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%.

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,
2022202120222021
Total Interest expense - corporate debt$3,592 $6,038 $15,559 $18,402 
Total Interest expense - asset based debt1,857 2,573 8,992 8,262 
Interest expense on debt$5,449 $8,611 $24,551 $26,664 
The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
As of
September 30, 2022
Remainder of 2022$— 
2023113,856 
2024— 
2025— 
2026— 
2027 and thereafter160,000 
Total$273,856 

The following narrative is a summary of certain terms of our debt agreements for the period ended September 30, 2022:
Corporate Debt

Secured Revolving Credit Agreements

As of September 30, 2022 and December 31, 2021, a total of $0 and $2,160, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of September 30, 2022 was $200,000.

Secured Term Credit Agreements

The remaining balance of the corporate secured term credit agreement was fully repaid during June 2022 in connection with the WP Transaction. As of December 31, 2021, a total of $114,063 was outstanding under the corporate secured term credit agreement.

Asset Based Debt

Asset Based Revolving Financing

As of September 30, 2022 and December 31, 2021, a total of $58,568 and $42,310, respectively, was outstanding under the borrowing related to our premium finance and service contract finance offerings in our insurance business.

Residential Mortgage Warehouse Borrowings

In April 2022, the $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2022 to April 2023. In August 2022, the $50,000 warehouse line of credit was renewed and the maturity date was extended from August 2022 to August 2023. As of September 30, 2022 and December 31, 2021, a total of $55,288 and $72,518, respectively, was outstanding under such financing agreements.

Vessel-Backed Term Loan

The remaining balance of the vessel backed term loan was fully repaid at a discount during May 2022, for a net gain of $1,168. As of December 31, 2021, the maximum borrowing capacity and borrowings outstanding was $13,600.

Debt Covenants

As of September 30, 2022, the Company was in compliance with the representations and covenants for its outstanding debt or obtained waivers for any events of non-compliance.