| Lines-Of-Credit And Notes Payable |
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As of |
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June 30, 2022 |
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December 31, 2021 |
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Balance |
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Interest
Rate |
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Carrying Amount of
Pledged Assets |
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Balance |
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Interest
Rate |
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Carrying
Amount of
Pledged Assets |
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Fifth Third Syndicated LOC |
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$ |
20,000 |
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3.31% |
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$ |
30,997 |
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$ |
10,000 |
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2.25% |
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$ |
21,243 |
Fifth Third Syndicated Term Loan |
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|
98,750 |
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3.33% |
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|
153,048 |
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|
88,125 |
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2.25% |
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|
187,207 |
Unamortized debt issuance costs |
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(1,213) |
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— |
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(1,000) |
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— |
Total |
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$ |
117,537 |
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$ |
184,045 |
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$ |
97,125 |
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$ |
208,450 |
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| Receivable-Backed Notes Payable |
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As of |
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June 30, 2022 |
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December 31, 2021 |
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Debt Balance |
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Interest Rate |
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Principal Balance of Pledged/Secured Receivables |
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Debt Balance |
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Interest Rate |
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Principal Balance of Pledged/Secured Receivables |
Receivable-backed notes
payable - recourse: |
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Liberty Bank Facility |
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$ |
5,000 |
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3.50% |
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$ |
7,240 |
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$ |
5,000 |
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3.00% |
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$ |
7,198 |
NBA Receivables Facility |
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10,000 |
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3.92% |
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|
17,292 |
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10,000 |
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3.00% |
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|
15,396 |
Pacific Western Facility |
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|
3,666 |
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4.42% |
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12,222 |
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7,500 |
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3.00% |
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11,265 |
Total |
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18,666 |
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36,754 |
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22,500 |
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33,859 |
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Receivable-backed notes
payable - non-recourse: |
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Liberty Bank Facility (1) |
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$ |
5,825 |
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3.50% |
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$ |
8,434 |
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$ |
17,965 |
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3.00% |
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$ |
25,864 |
NBA Receivables Facility (2) |
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11,159 |
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3.92% |
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19,295 |
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18,910 |
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3.00% |
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29,114 |
Pacific Western Facility (3) |
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— |
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4.42% |
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— |
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16,906 |
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— |
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25,394 |
KeyBank/DZ Purchase Facility |
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— |
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— |
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— |
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42,994 |
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— |
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|
53,623 |
Quorum Purchase Facility |
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16,313 |
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4.95 - 5.10% |
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18,951 |
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19,425 |
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4.95-5.10% |
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22,690 |
2013 Term Securitization |
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— |
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— |
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— |
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6,023 |
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3.20% |
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|
6,965 |
2015 Term Securitization |
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10,896 |
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3.02% |
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11,784 |
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14,163 |
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3.02% |
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|
15,009 |
2016 Term Securitization |
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20,186 |
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3.35% |
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22,098 |
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24,727 |
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3.35% |
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27,166 |
2017 Term Securitization |
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31,748 |
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3.12% |
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35,601 |
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37,430 |
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3.12% |
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42,452 |
2018 Term Securitization |
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46,781 |
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4.02% |
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52,715 |
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53,919 |
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4.02% |
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61,269 |
2020 Term Securitization |
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79,175 |
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2.60% |
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90,424 |
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91,922 |
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2.60% |
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|
105,023 |
2022 Term Securitization |
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163,878 |
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4.60% |
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183,493 |
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— |
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— |
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— |
Unamortized debt issuance costs |
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(6,103) |
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(4,230) |
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Total |
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379,858 |
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442,795 |
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340,154 |
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414,569 |
Total receivable-backed debt |
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$ |
398,524 |
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$ |
479,549 |
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$ |
362,654 |
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$ |
448,428 |
(1)Recourse on the Liberty Bank Facility is generally limited to $5.0 million, subject to certain exceptions. See the Company’s 2021 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.
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| Junior Subordinated Debentures Outstanding |
Financial data relating to the Company’s junior subordinated debentures as of June 30, 2022 and December 31, 2021 was as follows (dollars in thousands):
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June 30, 2022 |
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December 31, 2021 |
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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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Maturity |
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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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Years (2) |
Woodbridge - Levitt Capital Trusts I - IV |
$ |
66,302 |
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4.80 - 5.09% |
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$ |
66,302 |
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3.93 - 4.07% |
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2035 - 2036 |
Bluegreen Statutory Trusts I - VI |
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104,595 |
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5.85 - 6.14% |
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104,595 |
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4.93 - 5.12% |
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2035 - 2037 |
Unamortized debt issuance costs |
|
(956) |
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|
(985) |
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Unamortized purchase discount |
|
(34,486) |
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(34,972) |
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Total junior subordinated debentures |
$ |
135,455 |
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$ |
134,940 |
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(1)The junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 4.80% to 6.14%.
(2)As of June 30, 2022 and December 31, 2021, all of the junior subordinated debentures were eligible for redemption by the Company.
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