DEBT (Tables)

6 Months Ended

Jun. 30, 2020


	At				At
	June 30, 2020				December 31, 2019
			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	$	2,219	2.2	%	$	2,212	3.2	%
Due after one year		92,144	2.2			93,276	3.2
Revolving credit facility debt obligations
Due within one year		—	—			—	—
Due after one year		110,000	5.5			94,500	5.6
Notes payable and other debt ⁽²⁾
Due within one year		4,429	14.2			6,828	14.7
Due after one year		13,383	5.2			1,500	5.0

Total other debt		222,175	4.2			198,316	4.8

Asset Related Debt
Notes Payable and Other Debt
Bond related debt ⁽³⁾
Due within one year		275	2.8			—	—
Due after one year		23,082	2.8			—	—
Non-bond related debt
Due within one year		—	—			650	5.0
Due after one year		—	—			2,850	5.0

Total asset related debt		23,357	2.8			3,500	5.0

Total debt	$	245,532	4.1	%	$	201,816	4.8	%

(1)	The subordinated debt balances include net cost basis adjustments of $7.2 million and $7.4 million at June 30, 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 issuance costs of $0.1 million at June 30, 2020 and December 31, 2019.

(3)	Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs of $0.2 million at June 30, 2020.

(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	$	5,398
2021		2,278
2022		134,850
2023		11,108
2024		1,813
Thereafter		83,197
Net premium and debt issue costs		6,888
Total debt	$	245,532

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	$	25,740	$	2,192	$	27,932	Amortizing	March 30, 2035	three-month LIBOR plus 2.0%
MFH		23,405		1,999		25,404	Amortizing	April 30, 2035	three-month LIBOR plus 2.0%
MFH		13,492		1,066		14,558	Amortizing	July 30, 2035	three-month LIBOR plus 2.0%
MFH		24,530		1,939		26,469	Amortizing	July 30, 2035	three-month LIBOR plus 2.0%
Total	$	87,167	$	7,196	$	94,363

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