Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.22.1
Debt (Tables)
3 Months Ended
Mar. 31, 2022
Debt [Abstract]  
Lines-Of-Credit And Notes Payable

As of

March 31, 2022

December 31, 2021

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

Fifth Third Syndicated LOC

$

40,000

2.11%

$

57,383

$

10,000

2.25%

$

21,243

Fifth Third Syndicated Term Loan

100,000

1.99%

143,457

88,125

2.25%

187,207

Unamortized debt issuance costs

(2,213)

—  

(1,000)

Total

$

137,787

$

200,840

$

97,125

$

208,450

Receivable-Backed Notes Payable

As of

March 31, 2022

December 31, 2021

Debt
Balance

Interest
Rate

Principal
Balance of
Pledged/
Secured
Receivables

Debt
Balance

Interest
Rate

Principal
Balance of
Pledged/
Secured
Receivables

Receivable-backed notes
  payable - recourse:

Liberty Bank Facility

$

5,000

3.00%

$

7,582

$

5,000

3.00%

$

7,198

NBA Receivables Facility

10,000

3.00%

16,336

10,000

3.00%

15,396

Pacific Western Facility

7,500

3.21%

11,886

7,500

3.00%

11,265

Total

22,500

35,804

22,500

33,859

Receivable-backed notes
  payable - non-recourse:

Liberty Bank Facility (1)

$

15,233

3.00%

$

23,098

$

17,965

3.00%

$

25,864

NBA Receivables Facility (2)

14,891

3.00%

24,327

18,910

3.00%

29,114

Pacific Western Facility (3)

13,967

3.21%

22,135

16,906

25,394

KeyBank/DZ Purchase Facility

55,067

2.53%

68,665

42,994

53,623

Quorum Purchase Facility

17,866

4.95 - 5.10%

20,765

19,425

4.95-5.10%

22,690

2013 Term Securitization

4,903

3.20%

5,820

6,023

3.20%

6,965

2015 Term Securitization

12,588

3.02%

13,370

14,163

3.02%

15,009

2016 Term Securitization

22,331

3.35%

24,528

24,727

3.35%

27,166

2017 Term Securitization

34,429

3.12%

38,814

37,430

3.12%

42,452

2018 Term Securitization

50,386

4.02%

56,926

53,919

4.02%

61,269

2020 Term Securitization

85,274

2.60%

97,404

91,922

2.60%

105,023

Unamortized debt issuance costs

(3,892)

---

(4,230)

---

Total

323,043

395,852

340,154

414,569

Total receivable-backed debt

$

345,543

$

431,656

$

362,654

$

448,428

(1)Recourse on the Liberty Bank Facility is generally limited to $5.0 million, subject to certain exceptions. See the 2021 Company’s Annual Report on form 10-K for additional information.

(2)Recourse on the NBA Receivables Facility is generally limited to $10.0 million subject to certain exceptions.

(3)Recourse on the Pacific Western Facility is generally limited to $7.5 million, subject to certain exceptions.

Junior Subordinated Debentures Outstanding Financial data relating to the Company’s junior subordinated debentures as of March 31, 2022 and December 31, 2021 was as follows (dollars in thousands):

March 31, 2022

December 31, 2021



Effective

Effective



Carrying

Interest

Carrying

Interest

Maturity



Amounts

Rates (1)

Amounts

Rates (1)

Years (2)

Woodbridge - Levitt Capital Trusts I - IV

$

66,302

4.10 - 4.85%

$

66,302

3.93 - 4.07%

2035 - 2036

Bluegreen Statutory Trusts I - VI

104,595

5.10 - 5.90%

104,595

4.93 - 5.12%

2035 - 2037

Unamortized debt issuance costs

(968)

(985)

Unamortized purchase discount

(34,732)

(34,972)

Total junior subordinated debentures

$

135,197

$

134,940

(1)The Company’s junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 4.10% to 5.90%.

(2)As of March 31, 2022 and December 31, 2021, all of the junior subordinated debentures were eligible for redemption by the Company.