Debt (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Debt [Abstract] |
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Contractual Minimum Principle Payments Of Debt Outstanding |
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Lines-of- credit and notes payable
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Recourse receivable- backed notes payable
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Non-recourse receivable- backed notes payable
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Junior subordinated debentures
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Total
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2018
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$
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19,871
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$
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—
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$
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—
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$
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—
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$
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19,871
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2019
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27,336
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—
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—
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—
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27,336
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2020
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8,382
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24,989
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—
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—
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33,371
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2021
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45,272
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21,955
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—
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—
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67,227
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2022
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1,273
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11,326
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16,144
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—
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28,743
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Thereafter
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—
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26,427
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326,425
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110,827
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463,679
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Unamortized debt issuance costs
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(1,940)
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—
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(6,148)
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—
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(8,088)
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Purchase accounting adjustment
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—
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—
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—
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(40,443)
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(40,443)
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Total
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$
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100,194
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$
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84,697
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$
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336,421
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$
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70,384
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$
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591,696
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Lines-Of-Credit And Notes Payable |
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As of December 31,
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2017
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2016
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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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2013 Notes Payable
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$
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46,500
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5.50%
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$
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29,403
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$
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52,500
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5.50%
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$
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29,349
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Pacific Western Term Loan
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2,715
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6.72%
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9,884
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1,727
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6.02%
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8,963
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Fifth Third Bank Note Payable
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4,080
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4.36%
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8,071
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4,326
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3.62%
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9,157
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NBA Line of Credit
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5,089
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4.75%
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15,260
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2,006
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5.00%
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8,230
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Fifth Third Syndicated LOC
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20,000
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4.27%
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75,662
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15,000
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3.46%
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60,343
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Fifth Third Syndicated Term
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23,750
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4.32%
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23,960
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25,000
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3.46%
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20,114
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Unamortized debt issuance costs
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(1,940)
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—
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—
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(2,177)
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—
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—
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Total
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$
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100,194
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$
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162,240
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$
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98,382
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$
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136,156
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Receivable-Backed Notes Payable |
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As of December 31,
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2017
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2016
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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
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Receivable-backed notes payable - recourse:
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Liberty Bank Facility
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$
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24,990
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5.00%
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$
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30,472
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$
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32,674
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4.25%
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$
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41,357
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NBA Receivables Facility
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44,414
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4.10%
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53,730
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34,164
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3.50-4.00%
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40,763
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Pacific Western Facility
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15,293
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6.00%
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19,516
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20,793
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5.14%
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27,712
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Total
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84,697
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103,718
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87,631
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109,832
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Receivable-backed notes payable - non-recourse:
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KeyBank/DZ Purchase Facility
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$
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16,144
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4.31%
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$
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19,866
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$
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31,417
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3.67%
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$
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41,388
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Quorum Purchase Facility
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16,771
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4.75-6.90%
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18,659
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23,981
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4.75-6.90%
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26,855
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2010 Term Securitization
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—
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—
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—
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13,163
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5.54%
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16,191
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2012 Term Securitization
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23,227
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2.94%
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25,986
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32,929
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2.94%
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36,174
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2013 Term Securitization
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37,163
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3.20%
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39,510
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48,514
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3.20%
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51,157
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2015 Term Securitization
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58,498
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3.02%
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61,705
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75,011
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3.02%
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78,980
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2016 Term Securitization
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83,142
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3.35%
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91,348
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107,533
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3.35%
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117,249
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2017 Term Securitization
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107,624
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3.12%
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119,582
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—
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—
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—
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Unamortized debt issuance costs
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(6,148)
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|
---
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—
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(5,190)
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—
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—
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Total
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336,421
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376,656
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327,358
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367,994
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Total receivable-backed debt
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$
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421,118
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$
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480,374
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$
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414,989
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$
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477,826
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Junior Subordinated Debentures Outstanding |
We had the following junior subordinated debentures outstanding at December 31, 2017 (dollars in thousands):
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Trust
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Outstanding Amount of Junior Subordinated Debentures
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Initial Equity In Trust(1)
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Issue Date
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Beginning Optional Redemption Date
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Interest Rate Following Beginning Optional Redemption Date
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Interest Rate at December 31, 2017
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Maturity Date
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BST I
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$
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14,703
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$
|
696
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3/15/2005
|
3/30/2010
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3-month LIBOR + 4.90%
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6.59%
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3/30/2035
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BST II
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16,472
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|
774
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5/4/2005
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7/30/2010
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3-month LIBOR + 4.85%
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6.23%
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7/30/2035
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BST III
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6,670
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|
310
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5/10/2005
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7/30/2010
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3-month LIBOR + 4.85%
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6.23%
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7/30/2035
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BST IV
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9,802
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|
464
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4/24/2006
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6/30/2011
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3-month LIBOR + 4.85%
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6.54%
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6/30/2036
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BST V
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9,802
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|
464
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7/21/2006
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9/30/2011
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3-month LIBOR + 4.85%
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6.54%
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9/30/2036
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BST VI
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12,935
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|
619
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2/26/2007
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4/30/2012
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3-month LIBOR + 4.80%
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6.18%
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4/30/2037
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$
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70,384
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$
|
3,327
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(1)
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Amounts include purchase accounting adjustments which reduced the carrying value by $40.4 million.
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(2)
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Initial Equity in Trust is recorded as part of other assets in the Consolidated Balance Sheets.
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We had the following junior subordinated debentures outstanding at December 31, 2016 (dollars in thousands):
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Trust
|
Outstanding Amount of Junior Subordinated Debentures
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|
Initial Equity In Trust(1)
|
Issue Date
|
Beginning Optional Redemption Date
|
Interest Rate Following Beginning Optional Redemption Date
|
Interest Rate at December 31, 2016
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Maturity Date
|
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BST I
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$
|
14,422
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$
|
696
|
3/15/2005
|
3/30/2010
|
3-month LIBOR + 4.90%
|
5.90%
|
3/30/2035
|
BST II
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16,164
|
|
|
774
|
5/4/2005
|
7/30/2010
|
3-month LIBOR + 4.85%
|
5.74%
|
7/30/2035
|
BST III
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|
6,550
|
|
|
310
|
5/10/2005
|
7/30/2010
|
3-month LIBOR + 4.85%
|
5.74%
|
7/30/2035
|
BST IV
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|
9,614
|
|
|
464
|
4/24/2006
|
6/30/2011
|
3-month LIBOR + 4.85%
|
5.85%
|
6/30/2036
|
BST V
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9,614
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|
|
464
|
7/21/2006
|
9/30/2011
|
3-month LIBOR + 4.85%
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5.85%
|
9/30/2036
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BST VI
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12,680
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|
619
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2/26/2007
|
4/30/2012
|
3-month LIBOR + 4.80%
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5.69%
|
4/30/2037
|
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$
|
69,044
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$
|
3,327
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(1)
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Amounts include purchase accounting adjustments which reduced the carrying value by $41.8 million.
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(2)
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Initial Equity in Trust is recorded as part of other assets in the Consolidated Balance Sheets.
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|