Drive Shack Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS

DEBT OBLIGATIONS

3 Months Ended

Mar. 31, 2019

The following table presents certain information regarding the Company’s debt obligations at March 31, 2019 and December 31, 2018:



		March 31, 2019											December 31, 2018
Debt Obligation/Collateral	Month Issued	Outstanding Face Amount		Carrying Value		Final Stated Maturity	Weighted Average Coupon (A)	Weighted Average Funding Cost (B)		Weighted Average Life (Years)	Face Amount of Floating Rate Debt		Outstanding Face Amount		Carrying Value
Credit Facilities and Finance Leases
Vineyard II	Dec 1993	$	200	$	200	Dec 2043	2.80%	2.80	%	24.7	$	200	$	200	$	200
Finance leases (Equipment)	Jun 2014 - Mar 2019	19,775		19,775		May 2019 - Oct 2024	3.00% to 15.00%	5.13	%	3.5	—		15,778		15,778
		19,975		19,975				5.11	%	3.7	200		15,978		15,978
Less current portion of obligations under finance leases		6,790		6,790									5,489		5,489
Credit facilities and obligations under finance leases - noncurrent		13,185		13,185									10,489		10,489
Corporate
Junior subordinated notes payable (C)	Mar 2006	51,004		51,198		Apr 2035	LIBOR+2.25%	4.74	%	16.1	51,004		51,004		51,200
Total debt obligations		$	70,979	$	71,173			4.84	%	12.6	$	51,204	$	66,982	$	67,178


(A)	Weighted average, including floating and fixed rate classes.


(B)	Including the effect of deferred financing costs.


(C)	Interest rate based on 3 month LIBOR plus 2.25%.

The Company leases certain golf carts and other equipment under finance lease agreements. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 24 to 66 months. Certain leases include bargain purchase options at lease expiration.