Debt (Tables)
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3 Months Ended |
Mar. 31, 2019 |
Debt [Abstract] |
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Notes Payable And Other Borrowings |
The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands):
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March 31, 2019
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December 31, 2018
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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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22,500
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5.50%
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$
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22,963
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$
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28,125
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5.50%
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$
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22,878
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Fifth Third Bank Note
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3,772
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5.49%
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7,847
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3,834
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5.34%
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7,892
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NBA Éilan Loan
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23,591
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5.74%
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35,267
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25,603
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5.60%
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35,615
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Fifth Third Syndicated
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Line of Credit
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55,000
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5.24%
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94,774
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55,000
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5.27%
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92,415
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Fifth Third Syndicated
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Term Loan
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22,031
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5.25%
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29,811
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22,500
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5.37%
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27,724
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Unamortized debt
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issuance costs
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(1,458)
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(1,671)
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Total Bluegreen
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$
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125,436
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$
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133,391
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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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29,432
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4.25-6.00%
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$
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39,727
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$
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24,583
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4.25-6.00%
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$
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35,155
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TD Bank Term Loan and
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Line of Credit
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8,059
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5.54%
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(1)
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8,117
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5.47%
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(1)
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Iberia $50.0 million
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Revolving Line of Credit
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-
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-
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(2)
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30,000
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5.35%
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(2)
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Banc of America Leasing
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& Capital Equipment Note
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506
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4.75%
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(3)
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555
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4.75%
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(3)
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Banc of America Revolving
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Line of Credit
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1,600
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4.00%
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(1)
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-
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-
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Unsecured Note
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3,400
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6.00%
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(4)
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3,400
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6.00%
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(4)
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Other
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1,497
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5.25%
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1,930
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1,507
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5.25%
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1,968
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Unamortized debt
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issuance costs
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(889)
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(666)
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Total other
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$
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43,605
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$
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67,496
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Total notes payable and
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other borrowings
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$
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169,041
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$
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200,887
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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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The collateral is membership interests in Woodbridge having a value of not less than $100.0 million.
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(3)
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The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note.
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(4)
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BBX Capital is guarantor on the note.
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Receivable-Backed Notes Payable |
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March 31, 2019
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December 31, 2018
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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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Receivable-backed notes
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payable - recourse:
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Liberty Bank Facility
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$
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19,766
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5.50%
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$
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24,730
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$
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17,654
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5.25%
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$
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22,062
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NBA Receivables Facility
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43,255
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5.25%
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53,130
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48,414
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5.27%
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57,805
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Pacific Western Facility
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11,723
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5.50%
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15,185
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10,606
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5.52%
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13,730
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Total
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$
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74,744
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$
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93,045
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$
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76,674
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$
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93,597
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Receivable-backed notes
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payable - non-recourse:
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KeyBank/DZ Purchase Facility
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7,297
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5.23%
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8,754
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-
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Quorum Purchase Facility
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36,824
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4.75-5.50%
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41,867
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40,074
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4.75-5.50%
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45,283
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2012 Term Securitization
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13,059
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2.94%
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15,237
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15,212
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2.94%
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16,866
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2013 Term Securitization
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24,633
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3.20%
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27,411
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27,573
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3.20%
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29,351
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2015 Term Securitization
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40,262
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3.02%
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44,697
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44,230
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3.02%
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47,690
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2016 Term Securitization
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60,460
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3.35%
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69,442
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63,982
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3.35%
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72,590
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2017 Term Securitization
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78,718
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3.12%
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91,712
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83,513
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3.12%
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95,877
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2018 Term Securitization
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108,259
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4.02%
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122,187
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114,480
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4.02%
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125,916
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Unamortized debt issuance costs
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(6,329)
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(6,807)
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Total
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$
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363,183
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$
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421,307
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$
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382,257
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$
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433,573
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Total receivable-backed debt
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$
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437,927
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$
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514,352
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$
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458,931
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$
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527,170
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Junior Subordinated Debentures Outstanding |
The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands):
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March 31, 2019
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December 31, 2018
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Effective
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Effective
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Carrying
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Interest
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Carrying
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Interest
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Amounts
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Rates (1)
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Amounts
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Rates (1)
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Woodbridge - Levitt Capital Trusts I - IV
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$
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66,302
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6.39 - 6.55%
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$
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66,302
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6.20 - 6.65%
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Bluegreen Statutory Trusts I - VI
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110,827
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7.44 - 7.60%
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110,827
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7.32 - 7.70%
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Unamortized debt issuance costs
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(1,183)
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(1,200)
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Unamortized purchase discount
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(39,323)
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(39,504)
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Total junior subordinated debentures
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$
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136,623
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$
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136,425
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(1)
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The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%.
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Schedule Of Amounts Available Under Credit Facilities |
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BBX Capital
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$
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50,000
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Bluegreen
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191,100
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Renin
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6,600
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IT'SUGAR
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2,400
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Total credit availability
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$
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250,100
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