Convertible Debt and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Debt and Capital Lease Obligations

As of December 31, 2018 and 2017, the Company's outstanding debt was as follows:



	As of December 31,
	2018		2017
	(dollars in thousands)
Convertible debt	$	134,489	$	141,502
Notes payable	229,740		132,970
Term loan	28,200		28,121
Other notes payable	—		8,247
Capital lease obligations	5,025		4,120
	$	397,454	$	314,960

Schedule of Maturities of Debt and Future Minimum Lease Payments for Capital Leases

Annual scheduled maturities of debt and minimum payments (of principal and interest) for all debt outstanding as of December 31, 2018, are as follows:



	Convertible Debt			Notes Payable			Term loan			Capital Lease Obligation
	(dollars in thousands)
2019	$	25,092		$	17,893		$	29,089		$	1,355
2020	4,050			17,893			—			1,358
2021	4,050			17,893			—			1,358
2022	139,050			17,893			—			1,127
2023	—			17,893			—			374
Thereafter	—			352,197			—			—
Subtotal	172,242			441,662			29,089			5,572
Less (a)	(37,753		)	(211,922		)	(889		)	(547		)
Total	$	134,489		$	229,740		$	28,200		$	5,025


(a)	Amount necessary to reduce net minimum payments to present value calculated at the Company's implicit rate at inception. This amount also includes capitalized debt costs and the unamortized discount on the convertible debt.

Schedule of Line of Credit Facilities

As of December 31, 2018, the Company has the following seven irrevocable letters of credit, related to leased office space, for which there is cash collateral pledged, which the Company pays a fee on the stated amount of the letter of credit. The Company also has pledged collateral for reinsurance agreements which amounted to $1.0 million, as of December 31, 2018, and $11.8 million, as of December 31, 2017, which is anticipated to be due March 2021.



Location	Amount		Maturity
	(dollars in thousands)
Boston	$	388	March 2019
New York	$	357	April 2019
New York	$	71	May 2019
New York	$	497	October 2019
New York	$	1,687	October 2019
New York	$	1,605	November 2019
San Francisco	$	717	January 2020