Pledged Assets and Debt (Tables)

12 Months Ended

Dec. 31, 2019

PIK notes payable at December 31, 2019 and December 31, 2018 consisted of the following:



	December 31, 2019						December 31, 2018
	Principal		Discount		Fair Value		Principal		Discount		Fair Value
Senior PIK notes, 10.750% interest payable in-kind, due December 2023	$	307,860	$	233,617	$	74,243	$	276,940	$	216,144	$	60,796
		307,860		233,617		74,243		276,940		216,144		60,796
Less current maturities		—		—		—		—		—		—
Long-term portion	$	307,860	$	233,617	$	74,243	$	276,940	$	216,144	$	60,796

Schedule of significant assumptions used in Black Scholes option methodology

Significant assumptions used in the Black Scholes option price methodology include the following:


	December 31,		December 31,
	2019		2018
Risk-free interest rate		1.65%		2.51%
Dividend yield		0.00%		0.00%
Expected volatility		39.30%		38.90%
Expected term (years)		3.95		4.95

Schedule of senior secured notes payable

Secured Notes payable at December 31, 2019, and December 31, 2018, consisted of the following:



	December 31, 2019						December 31, 2018
			Deferred						Deferred
			Issuance		Net				Issuance		Net
	Principal		Costs		Principal		Principal		Costs		Principal
$42,000 Secured note payable, 9.00%, collateralized by all Guarantor Company assets, due June 2023	$	40,000	$	—	$	40,000	$	42,000	$	—	$	42,000
		40,000		—		40,000		42,000		—		42,000
Less current maturities		—		—		—		—		—		—
Long-term portion	$	40,000	$	—	$	40,000	$	42,000	$	—	$	42,000

Schedule of subsidiary note payable

Subsidiary notes payable at December 31, 2019 and December 31, 2018 consisted of the following:



	December 31, 2019						December 31, 2018
			Deferred						Deferred
			Issuance		Net				Issuance		Net
	Principal		Costs		Principal		Principal		Costs		Principal
$73,000 Note, secured, 16.75%, collateralized by acquired loans, due April 2021	$	73,000	$	367	$	72,633	$	70,000	$	16	$	69,984
$1,425 Term note, secured, 4.75%, collateralized by financed asset, due November 2024		777		—		777		822		—		822
$1,165 Term note, secured, 4.50%, collateralized by financed asset, due May 2021		954		6		948		1,016		—		1,016
		74,731		373		74,358		71,838		16		71,822
Less current maturities		128		1		127		884		—		884
Long-term portion	$	74,603	$	372	$	74,231	$	70,954	$	16	$	70,938

Schedule of maturity for debt arrangements

The five-year maturity for all debt arrangements as of December 31, 2019 consisted of the following:


			Twelve months ending December 31,
	Total		2020		2021		2022		2023		2024		Thereafter
Senior PIK notes
Principal	$	307,860	$	—	$	—	$	—	$	307,860	$	—	$	—
Total senior PIK notes		307,860		—		—		—		307,860		—		—
Borrowings under secured notes
Principal		40,000		—		—		—		40,000		—		—
Total borrowings under secured notes		40,000		—		—		—		40,000		—		—
Subsidiary note payable
Principal		74,731		128		73,958		72		72		501		—
Total subsidiary note payable		74,731		128		73,958		72		72		501		—
Total	$	422,591	$	128	$	73,958	$	72	$	347,932	$	501	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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