| Debt |
Note 6. Debt:
Information on our debt was as follows:
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Weighted |
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Average |
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Interest Rate |
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Weighted Average |
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on Underlying |
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Carrying Value (1) |
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Coupon Rate at |
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Loans at |
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June 30, |
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December 31, |
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June 30, |
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December 31, |
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June 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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2011 |
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(Dollars in thousands, except footnotes) |
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Structured notes payable:
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2003 Joint Venture
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$ |
5,989 |
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$ |
7,094 |
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2.75 |
% |
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2.80 |
% |
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4.30 |
% |
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2000 Joint Venture
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10,330 |
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11,724 |
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7.28 |
% |
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7.28 |
% |
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9.56 |
% |
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1998 Partnership
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3,133 |
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3,339 |
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2.25 |
% |
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2.25 |
% |
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4.99 |
% |
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19,452 |
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22,157 |
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Junior subordinated notes
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27,070 |
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27,070 |
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3.56 |
% |
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3.54 |
% |
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NA |
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Revolving credit facility (2)
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12,800 |
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13,800 |
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2.42 |
% |
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3.25 |
% |
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NA |
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Debentures payable
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8,179 |
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8,177 |
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5.90 |
% |
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5.90 |
% |
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NA |
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Secured borrowings — government
guaranteed loans:
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Loans sold for a premium and excess spread
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21,970 |
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15,664 |
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3.82 |
% |
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3.87 |
% |
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5.95 |
% |
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Loans sold for excess spread
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6,039 |
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6,101 |
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1.58 |
% |
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1.58 |
% |
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5.96 |
% |
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28,009 |
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21,765 |
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Debt
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$ |
95,510 |
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$ |
92,969 |
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| (1) |
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The face amount of debt as of June 30, 2011 and December 31, 2010 was $95,521,000 and
$92,982,000, respectively.
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| (2) |
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We amended our revolving credit facility in June 2011. The maturity date was extended to
June 30, 2014 and our interest rate was reduced to prime less 50 basis points or the 30 day
LIBOR plus 2%, at our option.
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Principal payments on our debt at June 30, 2011 were as follows:
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Structured |
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Notes and |
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Secured |
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All Other |
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| Years Ending June 30, |
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Total |
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Borrowings (1) |
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Debt (2) |
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(In thousands) |
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2012
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$ |
3,984 |
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$ |
3,984 |
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$ |
— |
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2013
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4,266 |
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4,266 |
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— |
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2014
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21,255 |
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4,265 |
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16,990 |
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2015
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8,494 |
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4,494 |
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4,000 |
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2016
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3,754 |
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3,754 |
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— |
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Thereafter
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53,768 |
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26,698 |
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27,070 |
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$ |
95,521 |
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$ |
47,461 |
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$ |
48,060 |
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| (1) |
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Principal payments are generally dependent upon cash flows received from
the underlying loans. Our estimate of their repayment is based on scheduled
principal payments on the underlying loans. Our estimate will differ from actual
amounts to the extent we experience prepayments and/or loan losses. No payment is
due on the structured notes or secured borrowings unless payments are received from
the borrowers on the loans underlying them.
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| (2) |
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Represents the revolving credit facility, junior subordinated notes and
debentures payable.
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