Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.20.1
Debt (Tables)
12 Months Ended
Dec. 31, 2019
Debt [Abstract]  
Contractual Minimum Principle Payments Of Debt Outstanding

Lines-of-
credit
and notes payable

Recourse
receivable-
backed
notes
payable

Non-recourse
receivable-
backed
notes payable

Junior
subordinated
debentures

Total

2020

$

10,275

$

$

$

$

10,275

2021

12,200

4,861

17,061

2022

14,470

8,263

22,733

2023

8,125

34,537

42,662

2024

102,500

36,136

31,708

170,344

Thereafter

4,772

307,663

110,827

423,262

Unamortized debt issuance costs

(1,410)

(5,125)

(6,535)

Purchase accounting adjustment

(38,746)

(38,746)

Total

$

146,160

$

88,569

$

334,246

$

72,081

$

641,056

Lines-Of-Credit And Notes Payable

As of December 31,

2019

2018

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

2013 Notes Payable

$

$

$

28,125

5.50%

$

22,878

Fifth Third Bank Note Payable

3,834

5.34%

7,892

NBA Éilan Loan

18,820

4.95%

31,259

25,603

5.60%

35,615

Fifth Third Syndicated LOC

30,000

3.85%

49,062

55,000

5.27%

92,415

Fifth Third Syndicated Term

98,750

3.71%

161,497

22,500

5.37%

27,724

Unamortized debt issuance costs

(1,410)

(1,671)

—  

Total

$

146,160

$

241,818

$

133,391

$

186,524

Receivable-Backed Notes Payable

As of December 31,

2019

2018

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

$

25,860

4.75%

$

31,681

$

17,654

5.25%

$

22,062

NBA Receivables Facility

32,405

4.55%

39,787

48,414

5.27%

57,805

Pacific Western Facility

30,304

4.68%

37,809

10,606

5.52%

13,730

Total

88,569

109,277

76,674

93,597

Receivable-backed notes payable -
non-recourse:

KeyBank/DZ Purchase Facility

$

31,708

3.99%

$

39,448

$

$

Quorum Purchase Facility

44,525

4.75-5.50%

49,981

40,074

4.75-5.50%

45,283

2012 Term Securitization

8,638

2.94%

9,878

15,212

2.94%

16,866

2013 Term Securitization

18,219

3.20%

19,995

27,573

3.20%

29,351

2015 Term Securitization

31,188

3.02%

33,765

44,230

3.02%

47,690

2016 Term Securitization

48,529

3.35%

54,067

63,982

3.35%

72,590

2017 Term Securitization

65,333

3.12%

74,219

83,513

3.12%

95,877

2018 Term Securitization

91,231

4.02%

103,974

114,480

4.02%

125,916

Unamortized debt issuance costs

(5,125)

(6,807)

Total

334,246

385,327

382,257

433,573

Total receivable-backed debt

$

422,815

$

494,604

$

458,931

$

527,170

Junior Subordinated Debentures Outstanding

We had the following junior subordinated debentures outstanding at December 31, 2019 (dollars in thousands):

Trust

Carrying Value
as of
December 31,
2019 (1)

Initial
Equity In
Trust(2)

Issue
Date

Interest Rate

Interest
Rate at
December 31,
2019

Maturity
Date

Carrying Value
as of December 31, 2018 (1)

BST I

$

15,059

$

355

3/15/2005

3-month LIBOR
+ 4.90%

6.86%

3/30/2035

$

14,900

BST II

16,862

401

5/4/2005

3-month LIBOR
+ 4.85%

6.79%

7/30/2035

16,688

BST III

6,823

164

5/10/2005

3-month LIBOR
+ 4.85%

6.79%

7/30/2035

6,755

BST IV

10,040

237

4/24/2006

3-month LIBOR
+ 4.85%

6.81%

6/30/2036

9,933

BST V

10,040

237

7/21/2006

3-month LIBOR
+ 4.85%

6.81%

9/30/2036

9,933

BST VI

13,257

311

2/26/2007

3-month LIBOR
+ 4.80%

6.74%

4/30/2037

13,114

$

72,081

$

1,705

$

71,323

(1)Amounts include purchase accounting adjustment which reduced the total carrying value by $38.7 million and $39.5 million as of December 31, 2019 and 2018, respectively.

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