Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.8.0.1
Debt (Tables)
3 Months Ended
Mar. 31, 2018
Debt [Abstract]  
Notes Payable And Other Borrowings







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2018

 

December 31, 2017



 

 

 

 

 

Carrying

 

 

 

 

 

Carrying



 

 

 

 

 

Amount of

 

 

 

 

 

Amount of



 

Debt

 

Interest

 

Pledged

 

Debt

 

Interest

 

Pledged



 

Balance

 

Rate

 

Assets

 

Balance

 

Rate

 

Assets

Bluegreen:

 

 

 

 

 

 

 

 

 

 

 

 

2013 Notes Payable

$

45,000 

 

5.50%

$

31,504 

$

46,500 

 

5.50%

$

29,403 

Pacific Western Term Loan

 

2,706 

 

7.03%

 

10,203 

 

2,715 

 

6.72%

 

9,884 

Fifth Third Bank Note

 

4,018 

 

4.66%

 

8,026 

 

4,080 

 

4.36%

 

8,071 

NBA Line of Credit

 

484 

 

4.91%

 

18,993 

 

5,089 

 

4.75%

 

15,260 

Fifth Third Syndicated

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

10,000 

 

4.54%

 

81,071 

 

20,000 

 

4.27%

 

75,662 

Fifth Third Syndicated

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan

 

23,438 

 

4.75%

 

25,335 

 

23,750 

 

4.32%

 

23,960 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

 

(1,882)

 

 

 

 -

 

(1,940)

 

 

 

 -

Total Bluegreen

$

83,764 

 

 

$

175,132 

$

100,194 

 

 

$

162,240 



 

 

 

 

 

 

 

 

 

 

 

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

Community Development

 

 

 

 

 

 

 

 

 

 

 

 

District Obligations

$

18,078 

 

4.50-6.00%

$

24,817 

$

21,435 

 

4.50-6.00%

$

26,803 

TD Bank Term Loan and

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

13,689 

 

4.66%

 

(1)

 

12,890 

 

4.02%

 

(1)

Seller's Note

 

1,478 

 

5.00%

 

(1)

 

1,471 

 

5.00%

 

(1)

Iberia $50 million Revolving

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

 -

 

(3)

 

100,000 

 

 -

 

   -

 

 -

Iberia $5 million Line of Credit

 

4,020 

 

4.42%

 

(1)

 

3,820 

 

4.12%

 

(1)

Unsecured Note

 

3,400 

 

6.00%

 

(2)

 

3,400 

 

6.00%

 

(2)

Other

 

1,534 

 

5.25%

$

1,980 

 

1,544 

 

5.25%

$

1,993 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

 

(639)

 

 

 

 

 

(640)

 

 

 

 

Total Other

$

41,560 

 

 

 

 

$

43,920 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Total Notes Payable and

 

 

 

 

 

 

 

 

 

 

 

 

Other Borrowings

$

125,324 

 

 

 

 

$

144,114 

 

 

 

 





(1)

The collateral is a blanket lien on the respective company’s assets.

(2)

BBX Capital is guarantor on the promissory note.

(3)

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%.

Receivable-Backed Notes Payable



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2018

 

December 31, 2017



 

 

 

 

 

Principal

 

 

 

 

 

Principal



 

 

 

 

 

Balance of

 

 

 

 

 

Balance of



 

 

 

 

 

Pledged/

 

 

 

 

 

Pledged/



 

Debt

 

Interest

 

Secured

 

Debt

 

Interest

 

Secured



 

Balance

 

Rate

 

Receivables

 

Balance

 

Rate

 

Receivables

Recourse Receivable-Backed

 

 

 

 

 

 

 

 

 

 

 

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Bank Facility

$

22,375 

 

5.00%

$

27,395 

$

24,990 

 

5.00%

$

30,472 

NBA Receivables Facility

 

47,312 

 

4.40%

 

59,647 

 

44,414 

 

4.10%

 

53,730 

Pacific Western Facility

 

16,623 

 

6.30%

 

21,199 

 

15,293 

 

6.00%

 

19,516 

Total

$

86,310 

 

 

$

108,241 

$

84,697 

 

 

$

103,718 



 

 

 

 

 

 

 

 

 

 

 

 

Non-Recourse Receivable-Backed 

 

 

 

 

 

 

 

 

 

 

 

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

KeyBank/DZ Purchase Facility

$

21,904 

 

4.63%

$

27,112 

$

16,144 

 

4.31%

$

19,866 

Quorum Purchase Facility

 

21,689 

 

4.75-6.90%

 

24,453 

 

16,771 

 

4.75-6.90%

 

18,659 

2012 Term Securitization

 

21,058 

 

2.94%

 

23,555 

 

23,227 

 

2.94%

 

25,986 

2013 Term Securitization

 

34,627 

 

3.20%

 

37,316 

 

37,163 

 

3.20%

 

39,510 

2015 Term Securitization

 

54,667 

 

3.02%

 

58,234 

 

58,498 

 

3.02%

 

61,705 

2016 Term Securitization

 

77,979 

 

3.35%

 

86,230 

 

83,142 

 

3.35%

 

91,348 

2017 Term Securitization

 

100,846 

 

3.12%

 

113,029 

 

107,624 

 

3.12%

 

119,582 

Unamortized debt issuance costs

 

(5,746)

 

 

 

 -

 

(6,148)

 

 

 

 -

Total

$

327,024 

 

 

$

369,929 

$

336,421 

 

 

$

376,656 



 

 

 

 

 

 

 

 

 

 

 

 

Total Receivable-Backed Debt

$

413,334 

 

 

$

478,170 

$

421,118 

 

 

$

480,374 





Junior Subordinated Debentures Outstanding







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31,

 

December 31,

 

 

 

 

 

 



 

2018

 

2017

 

 

 

 

 

 



 

 

Effective

 

 

Effective

 

 

Initial

 

 

 



 

Carrying

Interest

 

Carrying

Interest

Interest

 

Equity in

 

Issue

Maturity

Junior Subordinated Debentures

 

Amount

Rate

 

Amount (1)

Rate

Rate (1)

 

Trust (2)

 

Date

Date (3)

Levitt Capital Trust I ("LCT I")

$

23,196 

6.16%

$

23,196 

5.19%

LIBOR + 3.85%

$

696 

 

03/15/2005

03/01/2035

Levitt Capital Trust II ("LCT II")

 

19,878 

5.67%

 

19,878 

5.18%

LIBOR + 3.80%

 

928 

 

05/04/2005

06/30/2035

Levitt Capital Trust III ("LCT III")

 

7,764 

6.11%

 

7,764 

5.14%

LIBOR + 3.80% 

 

464 

 

06/01/2006

06/30/2036

Levitt Capital Trust IV ("LCTIV")

 

15,464 

6.11%

 

15,464 

5.14%

LIBOR + 3.80% 

 

464 

 

07/18/2006

09/30/2036

Total Woodbridge

$

66,302 

 

$

66,302 

 

 

$

2,552 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Bluegreen Statutory Trust I

$

23,196 

7.21%

$

23,196 

6.59%

LIBOR + 4.90%

$

696 

 

03/15/2005

3/30/2035

Bluegreen Statutory Trust II

 

25,774 

6.62%

 

25,774 

6.23%

LIBOR + 4.85%

 

774 

 

05/04/2005

7/30/2035

Bluegreen Statutory Trust III

 

10,310 

6.62%

 

10,310 

6.23%

LIBOR + 4.85%

 

310 

 

05/10/2005

7/30/2035

Bluegreen Statutory Trust IV

 

15,464 

7.16%

 

15,464 

6.54%

LIBOR + 4.85%

 

464 

 

04/24/2006

6/30/2036

Bluegreen Statutory Trust V

 

15,464 

7.16%

 

15,464 

6.54%

LIBOR + 4.85%

 

464 

 

07/21/2006

9/30/2036

Bluegreen Statutory Trust VI

 

20,619 

6.57%

 

20,619 

6.18%

LIBOR + 4.80%

 

619 

 

02/26/2007

4/30/2037

Total Bluegreen

$

110,827 

 

$

110,827 

 

 

$

3,327 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

$

(1,254)

 

$

(1,272)

 

 

 

 

 

 

 

Purchase discount

 

(40,150)

 

 

(40,443)

 

 

 

 

 

 

 

Total Junior

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Debentures

$

135,725 

 

$

135,414 

 

 

 

 

 

 

 





(1)

LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly.

(2)

Initial equity in the trust is recorded as part of other assets in the Consolidated Statements of Financial Condition.

(3)

All of the junior subordinated debentures were eligible for redemption as of March 31, 2018 and December 31, 2017.