DEBT (Tables)

12 Months Ended

Dec. 31, 2019


	At				At
	December 31, 2019				December 31, 2018
			Wtd. Avg.				Wtd. Avg.
			Effective				Effective
	Carrying		Interest		Carrying		Interest
(dollars in thousands)	Value (4)		Rate (4)		Value (4)		Rate (4)
Other Debt
Subordinated debt (1)
Due within one year		2,212	3.2			2,232	3.7
Due after one year		93,276	3.2			95,490	3.7
Revolving credit facility debt obligations
Due within one year		─	─			─	─
Due after one year		94,500	5.6			─	─
Notes payable and other debt (2)
Due within one year		6,828	14.7			─	─
Due after one year		1,500	5.0			7,210	14.7

Total other debt		198,316	4.8			104,932	4.5

Asset Related Debt
Notes Payable and Other Debt
Bond related debt (3)
Due within one year	$	─	─	%	$	317	4.0	%
Due after one year		─	─			38,938	3.7
Non-bond related debt
Due within one year		650	5.0			1,500	5.0
Due after one year		2,850	5.0			3,500	5.0

Total asset related debt		3,500	5.0			44,255	3.9

Total debt	$	201,816	4.8		$	149,187	4.3

⁽¹⁾

The subordinated debt balances include net cost basis adjustments of $7.4 million and $7.9 million at December 31, 2019 and December 31, 2018, respectively, that pertain to premiums and debt issuance costs.

⁽²⁾

Included in Other Debt – notes payable and other debt were unamortized debt issue costs of $0.1 million and $0.2 million at December 31, 2019 and December 31, 2018, respectively.

⁽³⁾

Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs. The balance at December 31, 2018 was de minimis.

⁽⁴⁾

Carrying value amounts and weighted-average interest rates reported in this table include the effects of any discounts, premiums and other cost basis adjustments. An effective interest rate represents an internal rate of return of a debt instrument that makes the net present value of all cash flows, inclusive of cash flows, that give rise to cost basis adjustments, equal zero and in the case of (i) fixed rate instruments, is measured as of an instrument’s issuance date and (ii) variable rate instruments, is measured as of each date that a reference interest rate resets.

Schedule of Maturities of Long-term Debt


	Asset Related Debt
(in thousands)	and Other Debt
2020	$	9,331
2021		1,913
2022		96,379
2023		1,846
2024		1,813
Thereafter		83,197
Net premium and debt issue costs		7,337
Total debt	$	201,816

Schedule of Subordinate Debt


(dollars in thousands)			Net Premium				Interim
			and Debt		Carrying		Principal
Issuer	UPB		Issuance Costs		Value		Payments (1)	Maturity Date	Coupon
MFH	$	25,999	$	2,264	$	28,263	Amortizing	March 30, 2035	three-month LIBOR plus 2.0%
MFH		23,641		2,070		25,711	Amortizing	April 30, 2035	three-month LIBOR plus 2.0%
MFH		13,628		1,103		14,731	Amortizing	July 30, 2035	three-month LIBOR plus 2.0%
MFH		24,777		2,006		26,783	Amortizing	July 30, 2035	three-month LIBOR plus 2.0%
Total	$	88,045	$	7,443	$	95,488

The subordinated principal amortizes 2.0% per annum.