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Debt (Tables)

9 Months Ended

Sep. 30, 2012

Debt [Abstract]

Financial data related to lines-of-credit and notes payable facilities

Financial data related to our lines-of-credit and notes payable facilities were as follows on the dates indicated (dollars in thousands):

		As of
		December 31, 2011												September 30, 2012
		Balance				Interest Rate				Carrying Amount of Pledged Assets				Balance				Interest Rate				Carrying Amount of Pledged Assets

RFA AD&C Facility		$	21,619				4.80%			$	70,640			$	3,033				10.00%			$	51,320
H4BG Communities Facility			23,889				8.00%				21,373				—				—				—
Wells Fargo Term Loan			19,858				7.17%				98,034				—				—				—
Foundation Capital			12,860				8.00%				15,437				9,421				8.00%				13,999
Textron AD&C Facility			3,866				4.75%				9,653				2,850				4.75%				9,767
Fifth Third Bank Note Payable			2,909				3.30%				4,518				2,758				3.21%				4,397
Other			1,816				5.00 – 6.88%				1,705				2,334				5.00 – 6.00%				4,353
Total		$	86,817							$	221,360			$	20,396							$	83,836

Financial data related to receivable-backed notes payable facilities

Financial data related to our receivable-backed notes payable facilities was as follows on the dates indicated (dollars in thousands):

		As of
		December 31, 2011												September 30, 2012
		Debt Balance				Interest Rate				Principal Balance of Pledged/Secured Receivables				Debt Balance				Interest Rate				Principal Balance of Pledged/Secured Receivables
Recourse receivable-backed notes payable:
2008 Liberty Bank Facility		$	49,742				6.50%			$	60,708			$	—				6.50%			$	—
2011 Liberty Bank Facility			10,858				6.50%				13,367				18,874				6.50%				23,279
GE Bluegreen/Big Cedar
Receivables Facility			15,551				2.05%				24,512				9,476				1.96%				20,839
Legacy Securitization ⁽¹⁾			17,623				12.00%				25,899				12,817				12.00%				20,859
NBA Receivables Facility			16,758				6.75%				23,064				12,088				6.75%				19,121
CapitalSource Facility			—				—				—				13,114				6.50%				17,250
RFA Receivables Facility			1,281				4.30%				2,866				—				—				—
Total before discount			111,813								150,416				66,369								101,348
Less unamortized discount on
Legacy Securitization			(1,797	)							—				(1,306	)							—
Total		$	110,016							$	150,416			$	65,063							$	101,348

Non-recourse receivable-backed notes payable:

BB&T Purchase Facility		$	28,810				4.75%			$	42,075			$	—				4.75%			$	—
GE 2004 Facility ⁽²⁾			8,144				7.16%				9,301				6,780				7.16%				7,700
2004 Term Securitization⁽²⁾			11,307				5.27%				11,693				—				5.27%				—
2005 Term Securitization ⁽²⁾			39,591				5.98%				44,277				29,569				5.98%				32,363
GE 2006 Facility ⁽²⁾			41,275				7.35%				47,015				35,304				7.35%				39,885
2006 Term Securitization ⁽²⁾			40,194				6.16%				44,128				31,906				6.16%				34,802
2007 Term Securitization ⁽²⁾			78,062				7.32%				89,502				63,807				7.32%				72,117
2008 Term Securitization ⁽²⁾			30,148				7.88%				34,699				24,357				7.88%				28,112
2010 Term Securitization⁽²⁾			84,275				5.54%				102,014				70,434				5.54%				85,156
Quorum Purchase Facility			7,508				8.00%				9,175				11,228				6.50 - 8.00%				13,331
2012-A Term Securitization			—				—				—				100,000				2.94%				107,626
Total		$	369,314							$	433,879			$	373,385							$	421,092
Total receivable-backed debt		$	479,330							$	584,295			$	438,448							$	522,440

(1)

Legacy Securitization debt bears interest at a coupon rate of 12% and was issued at a discount resulting in an effective yield of 18.5%.

(2)

These receivable-backed notes payable are included in the Other Receivable-Backed Notes Payable section below.