Debt (Tables) |
6 Months Ended |
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Jun. 30, 2021 | |
Debt [Abstract] | |
Lines-Of-Credit And Notes Payable | As of June 30, 2021 December 31, 2020 Balance InterestRate CarryingAmount ofPledgedAssets Balance InterestRate CarryingAmount ofPledgedAssets NBA Éilan Loan $ — — $ — $ 15,903 4.75% $ 28,491Fifth Third Syndicated LOC 20,000 2.25% 38,616 30,000 2.25% 50,822Fifth Third Syndicated Term 91,250 2.25% 176,184 93,750 2.25% 158,817Unamortized debt issuance costs (1,036) — — (1,267) — — Total $ 110,214 $ 214,800 $ 138,386 $ 238,130 |
Receivable-Backed Notes Payable | Financial data related to our receivable-backed notes payable facilities as of June 30, 2021 and December 31, 2020 was as follows (dollars in thousands): As of June 30, 2021 December 31, 2020 DebtBalance InterestRate PrincipalBalance ofPledged/SecuredReceivables DebtBalance InterestRate PrincipalBalance ofPledged/SecuredReceivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 10,000 3.40% $ 14,237 $ 10,000 3.40% $ 13,970NBA Receivables Facility 12,076 3.00% 16,978 19,877 3.32% 26,220Pacific Western Facility 10,000 3.06% 14,354 8,623 3.15% 13,131 Total 32,076 45,569 38,500 53,321 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 2,591 3.40% $ 3,689 $ 2,316 3.40% $ 3,235NBA Receivables Facility (2) 23,738 3.00% 33,375 11,985 3.32% 15,809Pacific Western Facility (3) 8,268 3.06% 11,868 — — —KeyBank/DZ Purchase Facility 33,555 2.50% 40,760 — — —Quorum Purchase Facility 24,791 4.75-5.10% 28,796 29,788 4.75-5.10% 34,6512013 Term Securitization 8,729 3.20% 9,848 11,922 3.20% 13,4832015 Term Securitization 18,281 3.02% 19,341 22,560 3.02% 24,4752016 Term Securitization 29,749 3.35% 33,163 35,700 3.35% 40,2212017 Term Securitization 43,792 3.12% 50,094 51,470 3.12% 58,9072018 Term Securitization 62,433 4.02% 71,443 72,486 4.02% 84,4542020 Term Securitization 106,233 2.60% 121,583 123,600 2.60% 139,052Unamortized debt issuance costs (4,998) --- — (5,994) --- — Total 357,162 423,960 355,833 414,287Total receivable-backed debt $ 389,238 $ 469,529 $ 394,333 $ 467,608 (1)Recourse on the Liberty Bank Facility is limited to $10.0 million, subject to certain exceptions. (2)Recourse on the NBA Receivables Facility was reduced to $12.1 million as of June 30, 2021 and will be reduced by $1.3 million per month until it reaches a floor of $10.0 million. (3)Recourse on the Pacific Western Facility was limited to $10.0 million as of June 30, 2021, subject to certain exceptions. This amount was subsequently decreased to $7.5 million, subject to certain exceptions, as discussed below. |
Junior Subordinated Debentures Outstanding | Financial data relating to the Company’s junior subordinated debentures as of June 30, 2021 and December 31, 2020 was as follows (dollars in thousands): June 30, 2021 December 31, 2020 Effective Effective Carrying Interest Carrying Interest MaturityAmounts Rates (1) Amounts Rates (1) Years (2)Woodbridge - Levitt Capital Trusts I - IV $ 66,302 3.99 - 4.05% $66,302 4.01 - 4.04% 2035 - 2036Bluegreen Statutory Trusts I - VI 104,596 4.99 - 5.10% 110,827 5.01 - 5.12% 2035 - 2037Unamortized debt issuance costs (1,022) (1,057) Unamortized purchase discount (35,428) (37,895) Total junior subordinated debentures$ 134,448 $ 138,177 (1)The junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%.(2)As of June 30, 2021 and December 31, 2020, all of the junior subordinated debentures were eligible for redemption by two wholly owned subsidiaries of the Company. |