	Payments Due for the Year Ending December 31,
(Dollars in thousands)	2021		2022		2023		2024		2025		Thereafter		December 31, 2020⁽¹⁾		December 31, 2019⁽¹⁾		Interest Rate (2)
Deposits ⁽³⁾	$	393,835	$	241,605	$	190,387	$	120,040	$	121,955	$	—	$	1,067,822	$	954,245		1.71	%
Retail and privately placed notes ⁽⁴⁾		33,625		—		—		36,000		—		33,600		103,225		69,625		8.25	%
SBA debentures and borrowings		22,508		—		5,000		5,000		14,000		21,500		68,008		71,746		3.36	%
Preferred securities ⁽⁴⁾		—		—		—		—		—		33,000		33,000		33,000		2.35	%
Notes payable to banks		30,701		280		280		—		—		—		31,261		33,183		3.67	%
Other borrowings		500		7,442		—		—		747		—		8,689		7,794		1.91	%
Total	$	481,169	$	249,327	$	195,667	$	161,040	$	136,702	$	88,100	$	1,312,005	$	1,169,593		2.37	%

Deposits are raised through the use of investment brokerage firms that package time deposits in denominations of less than $250,000 qualifying for FDIC insurance into larger pools that are sold to the Bank. The rates paid on the deposits are highly competitive with market rates paid by other financial institutions. Additionally, a brokerage fee is paid, depending on the maturity of the deposits, which averages less than 0.15%. Interest on the deposits is accrued daily and paid monthly, quarterly, semiannually, or at maturity. The Bank did not have any individual time deposits greater than $100,000 as of December 31, 2020. In October 2020, the Bank began to originate time deposits through an internet listing service. These deposits are from other financial institutions, which as of December 2020, had $995,000 in listing services deposits. The following table presents the maturity of the broker pools, excluding strategic partner reserve deposits, as of December 31, 2020.

Over the years, the SBA has approved commitments for MCI and FSVC, typically for a four and half year term and a 1% fee, which was paid. During 2017, the SBA restructured FSVC’s debentures with SBA totaling $33,485,000 in principal into a new loan by the SBA to FSVC in the principal amount of $34,024,756, or the SBA Loan. In connection with the SBA Loan, FSVC executed a Note, or the SBA Note, with an effective date of March 1, 2017, in favor of SBA, in the principal amount of $34,024,756. The SBA Loan bears interest at a rate of 3.25% per annum, required a minimum of $5,000,000 of principal and interest to be paid on or before February 1, 2018 (which was paid) and a minimum of $7,600,000 of principal and interest to be paid on or before March 27, 2019 (which was paid), and all remaining unpaid principal and interest on or before February 1, 2020, the final maturity date, which was extended to the maturity date of the Company’s publicly-traded 9.000% Senior Notes, which is currently April 15, 2021; or the Public Debt, provided, however, that (1) upon the Company’s refinancing of such senior notes, the maturity date shall mean the earlier of (a) the maturity date of such refinanced debt or (b) April 30, 2024, and (2) upon the Company’s repayment of such senior notes without refinancing, the maturity date shall mean April 30, 2024. As of December 31, 2020, $175,485,000 of commitments had been fully utilized, there were $25,000,000 of commitments available, and $68,008,000 was outstanding, including $14,008,000 under the SBA Note.

On July 31, 2020, MCI accepted a commitment from the SBA for $25,000,000 in debenture financing with a ten-year term. MCI can draw funds under the commitment, in whole or in part, until September 24, 2024. In connection with the commitment, MCI paid the SBA a leverage fee of $250,000, with the remaining $500,000 of the fee to be paid pro rata as MCI draws under the commitment. Of the committed amount, $8,500,000 has been reserved to replace $8,500,000 of debentures which mature in 2021. The remaining balance of $16,500,000 is drawable upon the infusion of $8,250,000 of capital from either the capitalization of retained earnings or capital infusion from the Company. As of December 31, 2020, none of the commitments had been drawn.

The Company and its subsidiaries have entered into note agreements with a variety of local and regional banking institutions over the years. The notes are typically secured by various assets of the underlying borrower.

The table below summarizes the key attributes of the Company’s various borrowing arrangements with these lenders as of December 31, 2020.

(Dollars in thousands)

Borrower

# of

Lenders/

Notes

Note

Dates

Maturity

Dates

Type

Note

Amounts

Balance

Outstanding at

December 31,

2020

Payment

Average

Interest

Rate at

December 31,

2020

Interest Rate

Index⁽¹⁾

Medallion

Financial Corp.

5/5

4/11 - 8/14

2/21 - 9/21

Term loans and demand notes secured by pledged loans ⁽²⁾

19,734

⁽²⁾

19,734

Interest only⁽³⁾

3.75

Various⁽³⁾

Medallion

Chicago

2/23

11/11 - 12/11

2/21

Term loans secured by owned Chicago taxi medallions ⁽⁴⁾

18,449

10,687

$134 of principal & interest paid monthly

3.50

N/A

Medallion

Funding

1/1

11/18

12/23

Term loan unsecured

1,400

840

$70 principal & interest paid quarterly

4.00

N/A

39,583

31,261

On July 6, 2019, the Company paid $10,819,000 at maturity in satisfaction of all its outstanding obligations under one of its credit facilities. In connection with this payment, the Company obtained a waiver from one of its other lenders, with a term note of $1,839,000, of certain resulting repayment and other obligations, which waiver expires on June 15, 2021.

In March 2019, the Company used some of the proceeds of the privately placed notes to pay off one of the notes payable to banks at a 50% discount, resulting in a gain on debt extinguishment of $4,145,000 in the 2019 first quarter.

In November 2018, MFC entered into a note to the benefit of DZ Bank for $1,400,000 at a 4.00% interest rate due December 2023, as part of the restructuring of the DZ loan. See Note 20 for more information.

As a result of the cash flow shortages due to the slowdown in the taxi industry resulting from the COVID-19 pandemic, the Company received 180 day payment deferrals that terminated in August and modifications to provide for interest only payments from September through the end of 2020 for the notes payable to banks described above. Beginning in 2021, the Company returned to repaying the principal balance along with interest.

In February 2021, the Company completed a private placement to certain institutional investors of $25,000,000 aggregate principal amount of 7.25% unsecured senior notes due February 2026, with interest payable semiannually. In March 2021, an additional $3,250,000 principal amount of such notes was issued to certain institutional investors. The Company will use the net proceeds from the offering for general corporate purposes, including repayment of outstanding debt.

In December 2020, the Company completed a private placement to certain institutional investors of $33,600,000 aggregate principal amount of 7.50% unsecured senior notes due December 2027, with interest payable semiannually. In February and March 2021, an additional $8,500,000 principal amount of such notes was issued to certain institutional investors. The Company will use the net proceeds from the offering for general corporate purposes, including repayment of outstanding debt.

In March 2019, the Company completed a private placement to certain institutional investors of $30,000,000 aggregate principal amount of 8.25% unsecured senior notes due 2024, with interest payable semiannually. The Company used the net proceeds from the

offering for general corporate purposes, including repaying certain borrowings under its notes payable to banks at a discount, which led to a gain of $4,145,000 in the 2019 first quarter. In August 2019, an additional $6,000,000 principal amount of such notes was issued to certain institutional investors.

In April 2016, the Company issued a total of $33,625,000 aggregate principal amount of 9.00% unsecured notes due 2021, with interest payable quarterly in arrears. The Company used the net proceeds from the offering of approximately $31,786,000 to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under its DZ loan in the ordinary course of business.

In June 2007, the Company issued and sold $36,083,000 aggregate principal amount of unsecured junior subordinated notes to Fin Trust which, in turn, sold $35,000,000 of preferred securities to Merrill Lynch International and issued 1,083 shares of common stock to the Company. The notes bear a variable rate of interest of 90 day LIBOR (0.24% at December 31, 2020) plus 2.13%. The notes mature in September 2037 and are prepayable at par. Interest is payable quarterly in arrears. The terms of the preferred securities and the notes are substantially identical. In December 2007, $2,000,000 of the preferred securities were repurchased from a third party investor. At December 31, 2020, $33,000,000 was outstanding on the preferred securities.

In November and December 2017, RPAC amended the terms of various promissory notes with affiliate Richard Petty (refer to Note 12 for more details). At December 31, 2020, the total outstanding on these notes was $7,442,000 at a 2.00% annual interest rate compounded monthly and due March 31, 2022. Additionally, RPAC has a short term promissory note to an unrelated party, for $500,000 due on December 31, 2021.

On June 17, 2020, RPAC was approved for and received a Paycheck Protection Program, or PPP, loan under the CARES Act. As of December 31, 2020, the total outstanding balance of such loan was $747,000 at a 1.00% annual interest rate due in five years. Under the terms of the note, RPAC could be granted forgiveness for all or a portion of the balance if the loan proceeds are used in accordance with the requirements set forth in the PPP. As of December 31, 2020, RPAC had not applied for forgiveness of this loan.

Certain of the Company’s debt agreements contain restrictions that require the Company and its subsidiaries to maintain certain financial ratios, including debt to equity and minimum net worth. The Company was in compliance with such restrictions as of December 31, 2020.