Debt (Tables)
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3 Months Ended |
Mar. 31, 2018 |
Debt [Abstract] |
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Notes Payable And Other Borrowings |
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March 31, 2018
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December 31, 2017
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Carrying
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Carrying
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Amount of
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Amount of
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Debt
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Interest
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Pledged
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Debt
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Interest
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Pledged
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Balance
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Rate
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Assets
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Balance
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Rate
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Assets
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Bluegreen:
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2013 Notes Payable
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$
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45,000
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5.50%
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$
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31,504
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$
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46,500
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5.50%
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$
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29,403
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Pacific Western Term Loan
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2,706
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7.03%
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10,203
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2,715
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6.72%
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9,884
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Fifth Third Bank Note
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4,018
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4.66%
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8,026
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4,080
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4.36%
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8,071
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NBA Line of Credit
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484
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4.91%
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18,993
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5,089
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4.75%
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15,260
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Fifth Third Syndicated
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Line of Credit
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10,000
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4.54%
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81,071
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20,000
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4.27%
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75,662
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Fifth Third Syndicated
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Term Loan
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23,438
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4.75%
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25,335
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23,750
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4.32%
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23,960
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Unamortized debt
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issuance costs
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(1,882)
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-
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(1,940)
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-
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Total Bluegreen
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$
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83,764
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$
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175,132
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$
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100,194
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$
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162,240
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Other:
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Community Development
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District Obligations
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$
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18,078
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4.50-6.00%
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$
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24,817
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$
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21,435
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4.50-6.00%
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$
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26,803
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TD Bank Term Loan and
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Line of Credit
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13,689
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4.66%
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(1)
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12,890
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4.02%
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(1)
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Seller's Note
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1,478
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5.00%
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(1)
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1,471
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5.00%
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(1)
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Iberia $50 million Revolving
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Line of Credit
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-
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(3)
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100,000
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-
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-
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-
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Iberia $5 million Line of Credit
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4,020
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4.42%
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(1)
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3,820
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4.12%
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(1)
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Unsecured Note
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3,400
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6.00%
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(2)
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3,400
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6.00%
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(2)
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Other
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1,534
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5.25%
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$
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1,980
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1,544
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5.25%
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$
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1,993
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Unamortized debt
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issuance costs
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(639)
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(640)
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Total Other
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$
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41,560
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$
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43,920
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Total Notes Payable and
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Other Borrowings
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$
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125,324
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$
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144,114
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(1)
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The collateral is a blanket lien on the respective company’s assets.
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(2)
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BBX Capital is guarantor on the promissory note.
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(3)
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Interest accrues at a floating 30-day LIBOR plus a margin of 3.00% to 3.75%, or Prime rate plus a margin of 1.50% to 2.25%.
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Receivable-Backed Notes Payable |
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March 31, 2018
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December 31, 2017
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Principal
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Principal
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Balance of
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Balance of
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Pledged/
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Pledged/
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Debt
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Interest
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Secured
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Debt
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Interest
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Secured
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Balance
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Rate
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Receivables
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Balance
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Rate
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Receivables
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Recourse Receivable-Backed
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Notes Payable:
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Liberty Bank Facility
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$
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22,375
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5.00%
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$
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27,395
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$
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24,990
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5.00%
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$
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30,472
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NBA Receivables Facility
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47,312
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4.40%
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59,647
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44,414
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4.10%
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53,730
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Pacific Western Facility
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16,623
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6.30%
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21,199
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15,293
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6.00%
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19,516
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Total
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$
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86,310
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$
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108,241
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$
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84,697
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$
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103,718
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Non-Recourse Receivable-Backed
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Notes Payable:
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KeyBank/DZ Purchase Facility
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$
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21,904
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4.63%
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$
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27,112
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$
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16,144
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4.31%
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$
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19,866
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Quorum Purchase Facility
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21,689
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4.75-6.90%
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24,453
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16,771
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4.75-6.90%
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18,659
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2012 Term Securitization
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21,058
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2.94%
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23,555
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23,227
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2.94%
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25,986
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2013 Term Securitization
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34,627
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3.20%
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37,316
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37,163
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3.20%
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39,510
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2015 Term Securitization
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54,667
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3.02%
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58,234
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58,498
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3.02%
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61,705
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2016 Term Securitization
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77,979
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3.35%
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86,230
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83,142
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3.35%
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91,348
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2017 Term Securitization
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100,846
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3.12%
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113,029
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107,624
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3.12%
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119,582
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Unamortized debt issuance costs
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(5,746)
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-
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(6,148)
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-
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Total
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$
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327,024
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$
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369,929
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$
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336,421
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$
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376,656
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Total Receivable-Backed Debt
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$
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413,334
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$
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478,170
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$
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421,118
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$
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480,374
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Junior Subordinated Debentures Outstanding |
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March 31,
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December 31,
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2018
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2017
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Effective
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Effective
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Initial
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Carrying
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Interest
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Carrying
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Interest
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Interest
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Equity in
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Issue
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Maturity
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Junior Subordinated Debentures
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Amount
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Rate
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Amount (1)
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Rate
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Rate (1)
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Trust (2)
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Date
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Date (3)
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Levitt Capital Trust I ("LCT I")
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$
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23,196
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6.16%
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$
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23,196
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5.19%
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LIBOR + 3.85%
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$
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696
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03/15/2005
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03/01/2035
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Levitt Capital Trust II ("LCT II")
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19,878
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5.67%
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19,878
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5.18%
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LIBOR + 3.80%
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928
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05/04/2005
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06/30/2035
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Levitt Capital Trust III ("LCT III")
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7,764
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6.11%
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7,764
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5.14%
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LIBOR + 3.80%
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464
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06/01/2006
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06/30/2036
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Levitt Capital Trust IV ("LCTIV")
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15,464
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6.11%
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15,464
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5.14%
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LIBOR + 3.80%
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464
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07/18/2006
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09/30/2036
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Total Woodbridge
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$
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66,302
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$
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66,302
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$
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2,552
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Bluegreen Statutory Trust I
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$
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23,196
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7.21%
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$
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23,196
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6.59%
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LIBOR + 4.90%
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$
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696
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03/15/2005
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3/30/2035
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Bluegreen Statutory Trust II
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25,774
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6.62%
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25,774
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6.23%
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LIBOR + 4.85%
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774
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05/04/2005
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7/30/2035
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Bluegreen Statutory Trust III
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10,310
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6.62%
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10,310
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6.23%
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LIBOR + 4.85%
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310
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05/10/2005
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7/30/2035
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Bluegreen Statutory Trust IV
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15,464
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7.16%
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15,464
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6.54%
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LIBOR + 4.85%
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464
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04/24/2006
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6/30/2036
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Bluegreen Statutory Trust V
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15,464
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7.16%
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15,464
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6.54%
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LIBOR + 4.85%
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464
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07/21/2006
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9/30/2036
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Bluegreen Statutory Trust VI
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20,619
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6.57%
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20,619
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6.18%
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LIBOR + 4.80%
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619
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02/26/2007
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4/30/2037
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Total Bluegreen
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$
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110,827
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$
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110,827
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$
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3,327
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Unamortized debt
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issuance costs
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$
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(1,254)
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$
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(1,272)
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Purchase discount
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(40,150)
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(40,443)
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Total Junior
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Subordinated Debentures
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$
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135,725
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$
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135,414
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(1)
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LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly.
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(2)
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Initial equity in the trust is recorded as part of other assets in the Consolidated Statements of Financial Condition.
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(3)
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All of the junior subordinated debentures were eligible for redemption as of March 31, 2018 and December 31, 2017.
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