Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.20.1
Debt (Tables)
3 Months Ended
Mar. 31, 2020
Debt [Abstract]  
Lines-Of-Credit And Notes Payable

As of

March 31, 2020

December 31, 2019

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

NBA Éilan Loan

17,659

4.77%

28,625

18,820

4.95%

31,259

Fifth Third Syndicated LOC

110,000

3.32%

119,848

30,000

3.85%

49,062

Fifth Third Syndicated Term

97,500

3.61%

106,229

98,750

3.71.%

161,497

Unamortized debt issuance costs

(1,374)

—  

(1,410)

—  

Total

$

223,785

$

254,702

$

146,160

$

241,818

Receivable-Backed Notes Payable

As of

March 31, 2020

December 31, 2019

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

$

23,184

4.75%

$

28,663

$

25,860

4.75%

$

31,681

NBA Receivables Facility

29,033

3.74%

35,584

32,405

4.55%

39,787

Pacific Western Facility

28,256

3.87%

34,965

30,304

4.68%

37,809

Total

80,473

99,212

88,569

109,277

Receivable-backed notes
  payable - non-recourse:

KeyBank/DZ Purchase Facility

$

60,899

3.29%

$

75,346

$

31,708

3.99%

$

39,448

Quorum Purchase Facility

39,092

4.75-5.50%

45,280

44,525

4.75-5.50%

49,981

2012 Term Securitization

7,352

2.94%

8,237

8,638

2.94%

9,878

2013 Term Securitization

16,523

3.20%

17,896

18,219

3.20%

19,995

2015 Term Securitization

28,750

3.02%

30,809

31,188

3.02%

33,765

2016 Term Securitization

44,217

3.35%

49,286

48,529

3.35%

54,067

2017 Term Securitization

60,846

3.12%

69,703

65,333

3.12%

74,219

2018 Term Securitization

86,297

4.02%

98,550

91,231

4.02%

103,974

Unamortized debt issuance costs

(4,752)

---

(5,125)

---

Total

339,224

395,107

334,246

385,327

Total receivable-backed debt

$

419,697

$

494,319

$

422,815

$

494,604

Junior Subordinated Debentures Outstanding Financial data relating to our junior subordinated debentures was as follows (dollars in thousands):

Trust

Carrying Value
as of March 31, 2020 (1)

Initial
Equity In
Trust (2)

Issue
Date

Interest Rate

Interest
Rate at
March 31,
2020

Maturity
Date

Carrying Value
as of December 31, 2019 (1)

BST I

$

15,102

$

355

3/15/2005

3-month LIBOR
+ 4.90%

6.27%

3/30/2035

$

15,059

BST II

16,909

401

5/4/2005

3-month LIBOR
+ 4.85%

6.62%

7/30/2035

16,862

BST III

6,841

164

5/10/2005

3-month LIBOR
+ 4.85%

6.62%

7/30/2035

6,823

BST IV

10,068

237

4/24/2006

3-month LIBOR
+ 4.85%

6.22%

6/30/2036

10,040

BST V

10,068

237

7/21/2006

3-month LIBOR
+ 4.85%

6.22%

9/30/2036

10,040

BST VI

13,297

311

2/26/2007

3-month LIBOR
+ 4.80%

6.57%

4/30/2037

13,257

$

72,285

$

1,705

$

72,081

(1)Amounts include purchase accounting adjustments which reduced the total carrying value by $38.5 million and $38.7 million as of March 31, 2020 and December 31, 2019, respectively.

(2)Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets.