| Lines-Of-Credit And Notes Payable |
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|
|
|
|
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|
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|
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As of |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
Balance |
|
Interest Rate |
|
Carrying Amount of Pledged Assets |
|
Balance |
|
Interest Rate |
|
Carrying Amount of Pledged Assets |
|
|
|
|
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|
|
Panama City Beach Acquisition Loan |
|
$ |
54,500 |
|
6.81% |
|
$ |
77,747 |
|
$ |
54,500 |
|
6.16% |
|
$ |
77,334 |
Fifth Third Syndicated LOC |
|
|
60,000 |
|
6.56% |
|
|
55,508 |
|
|
70,000 |
|
5.92% |
|
|
68,413 |
Fifth Third Syndicated Term Loan |
|
|
95,000 |
|
6.75% |
|
|
87,887 |
|
|
96,250 |
|
5.40% |
|
|
94,068 |
Unamortized debt issuance costs |
|
|
(1,953) |
|
|
|
|
|
|
|
(2,012) |
|
|
|
|
|
Total |
|
$ |
207,547 |
|
|
|
$ |
221,142 |
|
$ |
218,738 |
|
|
|
$ |
239,815 |
|
| Receivable-Backed Notes Payable |
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|
|
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As of |
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|
March 31, 2023 |
|
December 31, 2022 |
|
|
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 (1) |
|
$ |
5,000 |
|
7.25% |
|
$ |
7,233 |
|
$ |
5,000 |
|
6.50% |
|
$ |
8,470 |
NBA Receivables Facility (2) |
|
|
10,000 |
|
6.81% |
|
|
14,146 |
|
|
10,000 |
|
6.62% |
|
|
13,664 |
Pacific Western Facility (3) |
|
|
5,082 |
|
7.17% |
|
|
8,995 |
|
|
5,841 |
|
6.82% |
|
|
10,171 |
Total |
|
|
20,082 |
|
|
|
|
30,374 |
|
|
20,841 |
|
|
|
|
32,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivable-backed notes
payable - non-recourse: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty Bank Facility (1) |
|
$ |
17,455 |
|
7.25% |
|
$ |
25,251 |
|
$ |
4,907 |
|
6.50% |
|
$ |
8,312 |
NBA Receivables Facility (2) |
|
|
16,943 |
|
6.81% |
|
|
23,968 |
|
|
20,866 |
|
6.62% |
|
|
28,512 |
Syndicated Warehouse Facility |
|
|
148,323 |
|
6.42% |
|
|
177,258 |
|
|
104,953 |
|
5.87% |
|
|
125,486 |
Quorum Purchase Facility |
|
|
12,646 |
|
4.95-5.10% |
|
|
14,594 |
|
|
14,007 |
|
4.95-5.10% |
|
|
16,302 |
2015 Term Securitization |
|
|
6,515 |
|
3.02% |
|
|
7,062 |
|
|
7,925 |
|
3.02% |
|
|
8,516 |
2016 Term Securitization |
|
|
14,123 |
|
3.35% |
|
|
14,706 |
|
|
16,061 |
|
3.35% |
|
|
16,714 |
2017 Term Securitization |
|
|
23,954 |
|
3.12% |
|
|
25,856 |
|
|
26,521 |
|
3.12% |
|
|
28,612 |
2018 Term Securitization |
|
|
35,468 |
|
4.02% |
|
|
38,599 |
|
|
39,326 |
|
4.02% |
|
|
43,163 |
2020 Term Securitization |
|
|
64,635 |
|
2.60% |
|
|
71,805 |
|
|
69,240 |
|
2.60% |
|
|
77,183 |
2022 Term Securitization |
|
|
133,038 |
|
4.60% |
|
|
148,104 |
|
|
142,106 |
|
4.60% |
|
|
160,000 |
Unamortized debt issuance costs |
|
|
(4,725) |
|
|
|
|
|
|
|
(5,131) |
|
|
|
|
|
Total |
|
|
468,375 |
|
|
|
|
547,203 |
|
|
440,781 |
|
|
|
|
512,800 |
Total receivable-backed debt |
|
$ |
488,457 |
|
|
|
$ |
577,577 |
|
$ |
461,622 |
|
|
|
$ |
545,105 |
(1)Recourse on the Liberty Bank Facility is generally limited to $5.0 million, subject to certain exceptions.
(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, 2023 and December 31, 2022 was as follows (dollars in thousands):
|
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|
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|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
Effective |
|
|
|
Effective |
|
|
|
Carrying |
|
Interest |
|
Carrying |
|
Interest |
|
Maturity |
|
Amounts |
|
Rates (1) |
|
Amounts |
|
Rates (1) |
|
Years (2) |
Woodbridge - Levitt Capital Trusts I - IV |
$ |
66,302 |
|
8.53-8.60% |
|
$ |
66,302 |
|
7.47 -8.21% |
|
2035 - 2036 |
Bluegreen Statutory Trusts I - VI |
|
104,595 |
|
9.58-9.65% |
|
|
104,595 |
|
8.52 - 9.26% |
|
2035 - 2037 |
Unamortized debt issuance costs |
|
(897) |
|
|
|
|
(914) |
|
|
|
|
Unamortized purchase discount |
|
(33,704) |
|
|
|
|
(33,972) |
|
|
|
|
Total junior subordinated debentures |
$ |
136,296 |
|
|
|
$ |
136,011 |
|
|
|
|
(1)The junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.8% to 4.9%
(2)As of March 31, 2023 and December 31, 2022, all of the junior subordinated debentures were eligible for redemption by the Company.
|