DEBT (Tables)

3 Months Ended

Mar. 31, 2020

DEBT [Abstract]

Schedule of Debt

	At				At
	March 31, 2020				December 31, 2019
			Wtd. Avg.				Wtd. Avg.
			Effective				Effective
	Carrying		Interest		Carrying		Interest
(dollars in thousands)	Value (3)		Rate (3)		Value (3)		Rate (3)
Other Debt
Subordinated debt (1)
Due within one year		2,206	3.1			2,212	3.2
Due after one year		92,717	3.1			93,276	3.2
Revolving credit facility debt obligations
Due within one year		─	─			─	─
Due after one year		120,000	5.3			94,500	5.6
Notes payable and other debt (2)
Due within one year		4,430	14.3			6,828	14.7
Due after one year		4,300	5.0			1,500	5.0
Total other debt		223,653	4.5			198,316	4.8
Asset Related Debt
Notes Payable and Other Debt
Non-bond related debt
Due within one year	$	─	─	%	$	650	5.0	%
Due after one year		─	─			2,850	5.0
Total asset related debt		─	─			3,500	5.0
Total debt	$	223,653	4.5		$	201,816	4.8

⁽¹⁾ The subordinated debt balances include net cost basis adjustments of $7.3  million and $7.4 million at March 31, 2020 and December 31, 2019, 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 at December 31, 2019. The balance at March 31, 2020 was de minimis.

⁽³⁾ 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	$	5,733
2021		1,913
2022		121,879
2023		1,846
2024		1,813
Thereafter		83,197
Net premium and debt issue costs		7,272
Total debt	$	223,653

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	$	25,869	$	2,229	$	28,098	Amortizing	March 30, 2035	three-month LIBOR plus 2.0%
MFH		23,523		2,034		25,557	Amortizing	April 30, 2035	three-month LIBOR plus 2.0%
MFH		13,559		1,084		14,643	Amortizing	July 30, 2035	three-month LIBOR plus 2.0%
MFH		24,654		1,971		26,625	Amortizing	July 30, 2035	three-month LIBOR plus 2.0%
Total	$	87,605	$	7,318	$	94,923

⁽¹⁾ The subordinated principal amortizes 2.0% per annum.