Debt

6 Months Ended

Jun. 30, 2012

Debt [Abstract]

Debt

Note 5. Debt:

Information on our debt was as follows:

	Carrying Value (1)				Weighted Average Coupon Rate at
	June 30, 2012		December 31, 2011		June 30, 2012			December 31, 2011
	(Dollars in thousands, except footnotes)
Secured borrowings—government guaranteed loans:
Loans sold for a premium and excess spread	$	34,301	$	26,569		3.74	%		3.77	%
Loans sold for excess spread		5,912		5,977		1.58	%		1.58	%
		40,213		32,546
Junior subordinated notes		27,070		27,070		3.72	%		3.62	%
Revolving credit facility		21,000		17,800		2.51	%		2.47	%
Debentures payable		13,187		13,181		4.99	%		4.99	%
Structured notes payable (2)		—		5,264		N/A			3.08	%
Debt	$	101,470	$	95,861

(1) The face amount of debt as of June 30, 2012 and December 31, 2011 was $101,473,000 and $95,870,000, respectively.

(2) We repaid the structured notes on February 15, 2012.

Principal payments on our debt at June 30, 2012 were as follows:

Twelve Months Ending June 30,	Total		Secured borrowings (1)		All other debt (2)
			(In thousands)
2013	$	1,046	$	1,046	$	—
2014		5,273		1,083		4,190
2015		26,120		1,120		25,000
2016		1,160		1,160		—
2017		1,202		1,202		—
Thereafter		66,672		34,602		32,070
	$	101,473	$	40,213	$	61,260

(1) Principal payments are 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 liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the loans underlying them.

(2) Represents the revolving credit facility, junior subordinated notes and debentures payable.