Convertible Debt and Notes Payable (Tables)

9 Months Ended

Sep. 30, 2019

Direct Financing Lease, Lease Income [Table Text Block]

As of September 30, 2019 and December 31, 2018, the remaining balance on these finance leases was $4.1 million and $5.0 million, respectively.

For the three and nine months ended September 30, 2019 and 2018, quantitative information regarding the Company's finance lease obligations reflected in the accompanying condensed consolidated statement of operations, the supplemental cash flow information and certain other information related to finance leases were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(dollars in thousands)
Lease Cost
Finance Lease Cost:
Amortization of finance lease right-of-use assets	$	299	$	409	$	966	$	1,124
Interest on lease liabilities	54		64		172		167
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases					172		167
Financing cash flows from finance leases					$	951	$	1,630

Schedule of Debt and Capital Lease Obligations

As of September 30, 2019 and December 31, 2018, the Company's outstanding debt was as follows:




	As of September 30, 2019		As of December 31, 2018
	(dollars in thousands)
Convertible debt	$	117,469	$	134,489
Notes payable	306,645		229,740
Term loan	32,180		28,200
Other notes payable	395		—
Finance lease obligations	4,066		5,025
	$	460,755	$	397,454

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 September 30, 2019, are as follows:



	Convertible Debt			Notes Payable			Term loan			Other Notes Payable			Finance Lease Obligation
	(dollars in thousands)
2019	$	2,025		$	7,301		$	489		$	405		$	231
2020	4,050			23,548			33,126			—			1,356
2021	4,050			23,548			—			—			1,356
2022	139,050			23,548			—			—			1,125
2023	—			23,548			—			—			374
Thereafter	—			433,025			—			—			—
Subtotal	149,175			534,518			33,615			405			4,442
Less (a)	(31,706		)	(227,873		)	(1,435		)	(10		)	(376		)
Total	$	117,469		$	306,645		$	32,180		$	395		$	4,066


(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 September 30, 2019, 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 $13.9 million, as of September 30, 2019, and $1.0 million, as of December 31, 2018, which is released annually between March 2020 and March 2023 based on the policy periods covered by the reinsurance agreements.



Location	Amount		Maturity
	(dollars in thousands)
Boston	$	392	March 2020
New York	$	358	April 2020
New York	$	71	October 2019
New York	$	398	October 2019
New York	$	1,125	October 2019
New York	$	1,623	November 2019
San Francisco	$	713	October 2025