Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Instrument [Line Items]

Schedule of Lines of Credit Outstanding

Lines of credit outstanding at December 31, 2014 and 2013 consist of the following (in thousands):

	December 31, 2014		December 31, 2013
Promissory note to Inwood National Bank (“Inwood”):
Direct finance leases A(1)	$	662	$	2,439
Direct finance leases B(2)	899		2,269
John’s Creek(3)	12,500		12,500
Total lines of credit	$	14,061	$	17,208

(1) During 2012, a subsidiary of JBGL opened a line of credit (“LOC”) issued by Inwood in the amount of $4.8 million maturing on April 13, 2014, bearing interest at 4.0%, and collateralized by the leased assets. The LOC was renewed during 2014 until April 13, 2015. Management plans to renew the LOC prior to the maturity date.

(2) During 2012, a subsidiary of JBGL opened a LOC issued by Inwood in the amount of $3.0 million maturing on September 15, 2014, bearing interest at 4.0%, and collateralized by the leased assets. The LOC was renewed until April 13, 2015.

(3) During 2012, a subsidiary of JBGL opened a LOC with Inwood in the amount of $8.0 million. On October 13, 2013, the JBGL subsidiary extended this revolving credit facility and increased the size from $8.0 million to $25.0 million maturing on October 13, 2014. Interest accrues and is payable monthly at a rate of 4.0%. Amounts drawn under this credit facility as of December 31, 2014 totaled $12.5 million and were secured by land owned in John’s Creek, Georgia. The credit facility was renewed until October 13, 2015.

Schedule of Minimum Principal Payments

The approximate annual minimum principal payments over the next five years under the debt agreements as of December 31, 2014 are (in thousands):

	Line of Credit		Notes Payable		Term Loan Facility		Total
2015	$	14,061	$	2,473	$	—	$	16,534
2016	—		678		—		678
2017	—		9,000		—		9,000
2018	—		—		—		—
2019 and thereafter	—		—		150,000		150,000
	$	14,061	$	12,151	$	150,000	$	176,212

Notes Payable

Debt Instrument [Line Items]

Schedule of Long-term Debt

Notes payable outstanding at December 31, 2014 and 2013 consist of the following (in thousands):

	December 31, 2014		December 31, 2013
Note payable to unrelated third party:
Briar Ridge Investments, LTD(1)	$	9,000	$	9,000
PlainsCapital Bank(2)	—		7,500
Bossy Boots Holding, LTD(3)	—		5,655
Lakeside DFW Land, LTD(4)	1,824		2,980
Other	—		39
Subordinated Lot Notes(5)	1,327		1,421
Total notes payable	$	12,151	$	26,595

(1) On December 13, 2013, a subsidiary of JBGL signed a promissory note for $9 million maturing at December 13, 2017, bearing interest at 6.0% collateralized by land purchased in Allen, Texas. Accrued interest at December 31, 2014 was $0.

(2) On December 17, 2013, a subsidiary of JBGL initiated a promissory note with PlainsCapital Bank for $7.5 million maturing on December 17, 2015, bearing interest at 5.0%, collateralized by a lien on lots and land located in the Carrollton, Texas area and subject to certain covenants. This promissory was paid in full during in September 2014.

(3) On December 31, 2012, a subsidiary of JBGL signed a promissory note for $17.1 million maturing on February 28, 2014, bearing interest at 6.0%, collateralized by a tract of land located in Allen, Texas. Accrued interest is payable upon maturity. This note was paid in full during 2014.

(4) On April 15, 2013, a subsidiary of JBGL signed a promissory note for $3.5 million maturing on January 22, 2014 bearing interest at 6.0% collateralized by land located in Denton, Texas. This note was paid in full during 2014. On April 16, 2014, a new promissory note was signed for $3.3 million maturing on April 30, 2015 bearing interest at 5.0% collateralized by land located in Denton, Texas. $1.5 million of this note was repaid in July, 2014.

(5) Subsidiaries of the Company purchased lots under various agreements from unrelated third parties. The sellers of these lots have subordinated a percentage of the lot purchase price to various construction loans of subsidiaries of the Company’s construction loans. Notes were signed in relation to the subordination bearing interest at between 8.0% and 14.0% percent, collateralized by liens on the homes built on each lot. The sellers will release their lien upon payment of principle plus accrued interest at the closing of each individual home to a third party buyer

Secured Debt

Debt Instrument [Line Items]

Schedule of Long-term Debt

Term loan facility outstanding at December 31, 2014 and 2013 consists of the following (in thousands):

	December 31, 2014		December 31, 2013
Term Loan Facility	$	150,000	$	—