UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 12, 2009

 

FIRSTCITY FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Registrant’s telephone number, including area code: (254) 761-2800

 

Not applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02.   Results of Operations and Financial Condition.

 

On August 12, 2009, FirstCity Financial Corporation (the “Company”) issued a press release describing, among other things, its results of operations for the three months ended June 30, 2009. A copy of the press release is attached hereto as Exhibit 99.1. Such information, including Exhibit 99.1, is furnished pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

 

Item 7.01.   Regulation FD Disclosure.

 

The following information is being provided pursuant to Item 7.01. Such information, including Exhibit 99.1 attached hereto, should not be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended.

 

The information contained under Item 2.02 is incorporated herein by reference.

 

Item 9.01.   Financial Statements and Exhibits

 

(d)                              Exhibits:

 

99.1                                                   Press release dated August 12, 2009.

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	FIRSTCITY FINANCIAL CORPORATION
Date: August 12, 2009	By:	/s/ J. Bryan Baker
		J. Bryan Baker
		Senior Vice President and Chief Financial Officer

 

3

 

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press release dated August 12, 2009.

 

4

Exhibit 99.1

 

NEWS RELEASE

 

Contact:	Suzy W. Taylor
	866-652-1810

 

 

FirstCity Financial Corporation Reports Second Quarter 2009 Results and Activities

 

Waco, Texas August 12, 2009……….

 

Highlights:

 

·      FirstCity reported second quarter 2009 earnings of $7.7 million or $0.76 per diluted share.

 

·      FirstCity invested $70.9 million in domestic portfolio acquisitions and other investments during the quarter.

 

·      FirstCity reported continued earning asset growth of $37.0 million for the second quarter of 2009 — as total earning assets grew to $383.2 million at June 30, 2009.

 

·      FirstCity has invested $21.3 million in domestic portfolio acquisitions and other investments subsequent to the second quarter of 2009.

 

Second Quarter 2009 and Business Outlook

 

FirstCity generated net earnings of $7.7 million for the second quarter of 2009, which is a $14.2 million increase over the $6.5 million net loss reported for the second quarter of 2008. The diluted net income per common share was $0.76 in the second quarter of 2009, compared to a diluted net loss per common share of $0.63 for the same period last year. The earnings improvement was a result of (1) increased revenues directly associated with higher domestic collections in the second quarter of 2009 compared to the same period last year; (2) a $6.5 million decline in FirstCity’s combined share of impairment in the second quarter of 2009 compared to 2008; and (3) a $2.0 million increase in the combined impact of foreign currency exchange gains from FirstCity’s foreign investments in the second quarter of 2009 compared to the same period last year.

 

Jim Sartain, Chief Executive Officer, said, “We are very pleased with our strong earnings performance in the second quarter. The current economic environment has presented numerous investment opportunities for each of our business segments. These investments in turn have provided positive cash flows, allowing us to leverage our long-time expertise and continue to take advantage of the opportunities in the current market.”

 

FirstCity’s investments of $70.9 million during the second quarter included $48.6 million of domestic portfolio assets with a face value of $117.8 million acquired primarily from the FDIC; $7.9 million of SBA loan advances and originations; and $14.4 million of debt and equity investments. In addition, subsequent to June 30, 2009, the Company was involved in acquiring $36.4 million of Portfolio Assets with a face value of approximately $52.1 million — of which FirstCity’s investment share was $18.3 million. FirstCity also funded $3.0 million of additional loan investments after quarter-end.

 

(more)

 

 

The Company continues to experience positive growth with the unrealized future gross profit associated with its core portfolio asset business. At the end of June 2009, the unrealized future gross profit on these assets increased to $155.5 million, which is up from $122.3 million at the end of December 2008. Unrealized future gross profit is a non-GAAP measure. Refer to the Schedule of Estimated Unrealized Gross Profit from Portfolio Assets on page 10 of this release for a reconciliation of this measure with the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles.

 

FirstCity has $350.0 million of credit facility commitments available to finance its portfolio and asset purchases, capital investments in new ventures, and to provide for working capital to support our growth. At June 30, 2009, FirstCity’s maximum borrowing capacity under these credit commitments approximated $74.4 million (subject to borrowing base requirements of the respective credit facilities). These credit facilities are available to FirstCity through their maturity in November 2010. FirstCity is in compliance with all covenants and requirements set forth in the underlying credit agreements for these credit facilities.

 

Items impacting comparability of results for the second quarter of 2009 are as follows:

 

Total assets at the end of second quarter 2009 expanded to $421.3 million compared to $378.2 million at the end of first quarter 2009 as a result of FirstCity’s loan portfolio acquisitions and other investments during the quarter. The Company’s earning assets experienced a corresponding increase to $383.2 million at the end of June 2009 compared to $346.2 million at the end of March 2009.

 

Revenues in the second quarter of 2009 increased to $20.7 million compared to $11.5 million in the second quarter last year. The Company’s earnings in the second quarter of 2009 included $14.1 million of income and gains from Portfolio Assets, $1.6 million of interest income from loans receivable, and $2.4 million of fee income attributable to our loan servicing platform. Increased revenue in the second quarter of 2009 is a result of increased collections on consolidated portfolios to $51.7 million in the second quarter of 2009 compared to $11.4 million in the same period a year ago, and FirstCity’s increased holdings in earning assets ($383.2 million at the end of June 2009 compared to $296.3 million at the end of June 2008).

 

The Company recorded net provisions for loss of $2.0 million during the second quarter of 2009 compared to $8.5 million in the second quarter of 2008. The provisions in second quarter of 2009 were recorded to reflect declines in values of loan collateral and real estate assets. The global distribution of the $2.0 million of net impairment provisions in the second quarter of 2009 includes $2.9 million for domestic assets, $0.2 million related to Latin American assets, and $1.1 million of net recoveries related to European assets. The net provisions were allocated between consolidated portfolios ($0.7 million) and non-consolidated subsidiaries ($1.3 million) in the second quarter 2009.

 

Foreign currency exchange gains of $2.2 million were recorded during the second quarter of 2009 compared to $0.2 million of foreign currency exchange gains for the same period in 2008. In the second quarter of 2009, $1.8 million of the Company’s foreign currency exchange gains were attributable to the strengthening of the Mexican peso against the U.S. dollar.

 

In the second quarter of 2009, the Company also recorded a $1.5 million gain attributable to a transaction in which the Company acquired a controlling financial interest in certain French Acquisition Partnerships. The Company owned a noncontrolling equity interest in these entities prior to the transaction. Under the new business acquisition accounting standards (SFAS 141R), the Company’s previously-held noncontrolling interests in the entities were remeasured to fair value on the acquisition date (May 2009) — which resulted in the Company’s recognition of the gain.

 

2

 

Equity in earnings of unconsolidated subsidiaries was $1.2 million in the second quarter of 2009 compared to $3.0 million of net earnings for the same period a year ago. The decline was caused primarily by a decrease in Acquisition Partnership collections to $22.0 million in the second quarter of 2009 from $55.5 million for the same period last year — which corresponds to a decrease in the Acquisition Partnerships’ portfolio asset holdings (i.e. earning assets) to $276.5 million at June 2009 from $412.8 million at June 2008. FirstCity’s average investment in equity-method investments (including Acquisition Partnerships) decreased to $71.2 million for the second quarter of 2009 compared to $89.1 million for the second quarter of 2008. Since a majority of FirstCity’s portfolio acquisitions over the past twelve months were acquired through consolidated Portfolios instead of equity investments in Acquisition Partnerships, the Company expects income from consolidated investments to off-set the decline in equity earnings.

 

Selected financial data for the second quarter of 2009:

 

The Company’s total operating expenses (excluding provision, interest and income tax expenses) experienced a modest decline to $9.6 million for the second quarter of 2009 from $10.0 million in the second quarter of 2008 — attributed primarily to $0.9 million of consolidated foreign exchange gains recorded in the second quarter 2009 compared to $0.4 of foreign exchange losses in the same period a year ago. This favorable impact was off-set partially by a $0.7 million increase in salaries for the second quarter 2009 compared to the same quarter last year.

 

Total interest expense decreased to $3.6 million in the second quarter of 2009 from $3.8 million for the same period in 2008 (even though FirstCity’s second quarter average debt holdings increased to $302.5 million in 2009 from $197.6 million in 2008). The interest expense decrease is attributable to the Company’s lower average cost of funds of 4.8% during the second quarter of 2009 compared to 7.6% from the same period in 2008 due to a decline in market interest rates over the past twelve months.

 

Conference Call

 

A conference call will be held on Wednesday, August 12, 2009 at 9:00 a.m. Central Time to discuss second quarter results. A question and answer session will follow the prepared remarks. Details to access the call and webcast are as follows:

 

Event:	FirstCity Financial Corporation Second Quarter 2009 Conference Call
Date:	Wednesday, August 12, 2009
Time:	9:00 a.m. Central Time
Host:	James T. Sartain, FirstCity’s President and Chief Executive Officer
Web Access:	FirstCity’s web page -		www.fcfc.com/invest.htm or,
	CCBN’s Investor websites -		www.streetevents.com and,
			www.earnings.com
Dial In Access:	Domestic	866-730-5763
	International	857-350-1587
	Pass code	62900092

 

Replay available on FirstCity’s web page (www.fcfc.com/invest.htm)

 

3

 

FirstCity Financial Corporation is a diversified financial services company with operations dedicated primarily to distressed asset acquisitions and special situations investments. FirstCity has offices in the U.S. and affiliate organizations in Europe and Latin America. FirstCity common stock is listed on the NASDAQ Global Select Market (NASDAQ: FCFC).

 

Forward-Looking Statements

 

FirstCity may from time to time make written or oral forward-looking statements, including statements contained in this press release, FirstCity’s filings with the Securities and Exchange Commission (“SEC”), in its reports to stockholders and in other FirstCity communications. These statements relate to FirstCity’s or management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future and may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this press release are based upon management’s beliefs, assumptions and expectations of the Company’s future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in the Company’s filings with the SEC including but not limited to its annual reports on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K, filed with the SEC and available through the Company’s website, which contain a more detailed discussion of the Company’s business, including risks and uncertainties that may affect future results. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the SEC or otherwise. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

 

4

 

FirstCity Financial Corporation

Summary of Operations

(In thousands, except per share data)

(Unaudited)

 

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
Revenues:
Servicing fees		$	2,403		$	2,706		$	4,795		$	4,906
Income from Portfolio Assets		14,077			5,622			23,120			10,557
Gain on sale of SBA loans held for sale, net		610			133			610			142
Interest income from SBA loans		295			366			641			842
Interest income from loans receivable - affiliates		939			483			1,862			633
Interest income from loans receivable - other		364			355			793			630
Revenue from railroad operations		705			859			1,452			1,664
Other income		1,268			965			3,069			1,619
Total revenues		20,661			11,489			36,342			20,993
Expenses:
Interest and fees on notes payable to banks		3,145			3,758			6,189			7,441
Interest and fees on notes payable to affiliates		444			—			877			—
Salaries and benefits		6,032			5,297			11,086			10,327
Provision for loan and impairment losses		677			7,090			1,783			10,120
Asset-level expenses		1,417			1,427			2,654			2,988
Occupancy, data processing and other		2,182			3,303			5,588			5,758
Total expenses		13,897			20,875			28,177			36,634
Equity in net earnings of subsidiaries		1,198			3,008			1,052			5,848
Step acquisition gain from business combination		1,455			—			1,455			—
Earnings (loss) before income taxes		9,417			(6,378		)	10,672			(9,793		)
Income taxes		(440		)	(98		)	(703		)	(289		)
Net earnings (loss)		8,977			(6,476		)	9,969			(10,082		)
Less: net income attributable to noncontrolling interests		1,231			53			1,579			31
Net earnings (loss) attributable to FirstCity		$	7,746		$	(6,529	)	$	8,390		$	(10,113	)
Basic earnings (loss) per common share are as follows:
Net earnings (loss) attributable to FirstCity stockholders		$	0.79		$	(0.63	)	$	0.85		$	(0.97	)
Weighted average common shares outstanding		9,832			10,357			9,832			10,471
Diluted earnings (loss) per common share are as follows:
Net earnings (loss) attributable to FirstCity stockholders		$	0.76		$	(0.63	)	$	0.84		$	(0.97	)
Weighted average common shares outstanding		10,135			10,357			9,983			10,471

 

Selected Unaudited Balance Sheet Data
		June 30,			December 31,
		2009			2008
Cash and cash equivalents		$	25,521		$	19,103
Restricted cash		1,115			1,217
Earning assets:
Portfolio acquisition and resolution assets:
Domestic		236,465			167,211
Latin America		42,463			42,426
Europe		63,802			48,612
Other		—			228
Special situations platform assets		40,483			37,786
Service fees receivable and other assets		11,488			12,354
Total assets		$	421,337		$	328,937
Notes payable to banks		$	295,975		$	242,889
Note payable to affiliate		8,658			8,658
Other liabilities		17,585			11,515
Total liabilities		322,218			263,062
Total equity		99,119			65,875
Total liabilities and equity		$	421,337		$	328,937

 

5

 

FirstCity Financial Corporation

Supplemental Information

(Dollars in thousands)

(Unaudited)

 

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
Summary Operating Statement Data for Each Segment
Portfolio Asset Acquisition and Resolution segment:
Revenues		$	18,969		$	10,017		$	32,266		$	18,250
Equity in net earnings of subsidiaries		1,840			3,364			855			6,204
Step acquisition gain from business combination		1,455			—			1,455			—
Expenses		(9,805		)	(11,231		)	(20,178		)	(21,368		)
Operating contribution before provision for loan and impairment losses		12,459			2,150			14,398			3,086
Provision for loan and impairment losses		(290		)	7,090			816			10,120
Net income attributable to noncontrolling interests		(1,611		)	(67		)	(1,528		)	(38		)
Operating contribution (loss), net of taxes		$	11,138		$	(5,007	)	$	12,054		$	(7,072	)
Special Situations Platform segment:
Revenues		$	1,575		$	1,427		$	3,913		$	2,516
Equity in net earnings (loss) of subsidiaries		(642		)	(356		)	197			(356		)
Expenses		(1,478		)	(899		)	(2,887		)	(1,716		)
Operating contribution (loss) before provision for loan and impairment losses		(545		)	172			1,223			444
Provision for loan and impairment losses		967			—			967			—
Net loss (income) attributable to noncontrolling interests		380			14			(51		)	7
Operating contribution (loss), net of taxes		$	(1,132	)	$	186		$	205		$	451
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
Portfolio Asset Acquisition and Resolution segment:
Revenues and equity in earnings of investments by region:
Domestic		$	15,785		$	6,177		$	25,518		$	11,807
Latin America		4,355			3,853			5,274			6,888
Europe		661			3,340			2,313			5,735
Canada		8			11			16			24
Total		$	20,809		$	13,381		$	33,121		$	24,454
Revenues and equity in earnings of investments by source:
Equity in net earnings of subsidiaries		$	1,840		$	3,364		$	855		$	6,204
Income from Portfolio Assets		14,077			5,622			23,120			10,557
Servicing fees		2,403			2,706			4,795			4,906
Gain on sale of SBA loans held for sale, net		610			133			610			142
Interest income from SBA loans		295			366			641			842
Interest income from affiliates		553			147			1,089			297
Interest income from loans receivable - other		207			123			414			136
Other		824			920			1,597			1,370
Total		$	20,809		$	13,381		$	33,121		$	24,454
Special Situations Platform segment:
Revenues and equity in earnings of investments by source:
Equity in net earnings (loss) of subsidiaries		$	(642	)	$	(356	)	$	197		$	(356	)
Interest income from loans receivable - affiliates		386			336			773			336
Interest income from loans receivable - other		158			232			379			494
Revenue from railroad operations		705			859			1,452			1,664
Other		326			—			1,309			22
Total		$	933		$	1,071		$	4,110		$	2,160
Number of personnel at period end:
Domestic, Portfolio Asset Acquisition and Resolution segment		82			77
Domestic, Special Situations Platform segment		25			24
Latin America		127			127
Corporate		31			35
Total personnel		265			263

 

6

 

FirstCity Financial Corporation

Supplemental Information

(Dollars in thousands)

(Unaudited)

 

Portfolio Purchases and Other Investments:

 

																				FirstCity
		Portfolio Purchases															FirstCity			Investment
								Latin						FirstCity			Investment			in Special
		Domestic			Europe			America			Total			Investment			in Other			Situations			Total
2009
2nd Quarter		$	67,085		$	—		$	—		$	67,085		$	48,559		$	19,149		$	3,164		$	70,872
1st Quarter		70,238			—			—			70,238			64,907			6,418			2,400			73,725
Total Year 2009		$	137,323		$	—		$	—		$	137,323		$	113,466		$	25,567		$	5,564		$	144,597
2008
4th Quarter		$	26,363		$	1,823		$	—		$	28,186		$	27,183		$	10,071		$	3,150		$	40,404
3rd Quarter		2,912			—			1,576			4,488			3,241			6,040			—			9,281
2nd Quarter		28,427			—			8,314			36,741			33,448			15,443			16,756			65,647
1st Quarter		6,692			—			13,207			19,899			8,435			1,453			—			9,888
Total Year 2008		$	64,394		$	1,823		$	23,097		$	89,314		$	72,307		$	33,007		$	19,906		$	125,220
Total Year 2007		$	121,679		$	23,199		$	69,455		$	214,333		$	126,714		$	10,476		$	11,530		$	148,720
Total Year 2006		$	136,596		$	102,158		$	58,236		$	296,990		$	144,048		$	28,181		$	—		$	172,229

 

Portfolio Asset Acquisition and Resolution segment:

 

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
Aggregate purchase price of portfolios acquired:
Acquisition partnerships
Domestic		$	67,085		$	28,426		$	137,323		$	35,119
Latin America		—			8,314			—			21,521
Europe		—			—			—			—
Total		$	67,085		$	36,740		$	137,323		$	56,640

 

		Purchase			FirstCity’s
		Price			Investment
Historical Acquisitions of Portfolios - Annual:
Six months ended June 30, 2009		$	137,323		$	113,466
2008		89,314			72,307
2007		214,333			126,714
2006		296,990			144,048
2005		146,581			71,405
2004		174,139			59,762

 

		June 30,			December 31,
		2009			2008
Portfolio acquisition and resolution assets by region:
Domestic		$	236,465		$	167,211
Latin America		42,463			42,426
Europe		63,802			48,612
Canada		—			228
Total		$	342,730		$	258,477

 

Special Situations Platform segment:

 

		Total			FirstCity Denver’s Investment
		Investment			Debt			Equity			Total
Historical Investments - Annual:
Six months ended June 30, 2009		$	6,310		$	5,177		$	387		$	5,564
2008		28,750			16,650			3,256			19,906
2007		22,314			5,630			5,900			11,530

 

7

 

FirstCity Financial Corporation

Supplemental Information

(Dollars in thousands)

(Unaudited)

 

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
Analysis of Equity Investments
FirstCity’s average investment:
Domestic, Portfolio Asset Acquisition and Resolution segment		$	13,928		$	21,812		$	14,366		$	22,903
Domestic, Special Situations Platform segment		1,529			(110		)	1,329			(63		)
Latin America		17,484			23,798			17,783			23,311
Europe		12,754			31,163			12,989			30,793
Europe-Servicing subsidiaries		22,596			7,189			22,356			7,084
Latin America-Servicing subsidiaries		2,929			5,271			2,960			5,059
Total		$	71,220		$	89,123		$	71,783		$	89,087
FirstCity’s share of equity earnings (losses):
Domestic, Portfolio Asset Acquisition and Resolution segment		$	515		$	(112	)	$	516		$	154
Domestic, Special Situations Platform segment		(642		)	(356		)	197			(356		)
Latin America		1,391			735			(253		)	1,104
Europe		227			2,394			979			4,080
Europe-Servicing subsidiaries		(89		)	494			80			810
Latin America-Servicing subsidiaries		(204		)	(147		)	(467		)	56
Total		$	1,198		$	3,008		$	1,052		$	5,848
Selected Other Data:
Average investment in consolidated portfolio assets and loans receivable:
Domestic, Portfolio Asset Acquisition and Resolution segment		$	213,933		$	129,338		$	190,798		$	126,342
Domestic, Special Situations Platform segment		30,344			18,366			29,557			12,906
Latin America		19,183			9,031			19,413			8,176
Europe		15,644			9,219			14,196			9,158
Canada		175			295			196			321
Total		$	279,279		$	166,249		$	254,160		$	156,903
Income from consolidated portfolio assets and loans receivable:
Domestic, Portfolio Asset Acquisition and Resolution segment		$	14,218		$	5,671		$	22,990		$	10,644
Domestic, Special Situations Platform segment		544			568			1,152			830
Latin America		1,111			382			1,887			703
Europe		405			327			981			603
Canada		8			11			16			24
Total		$	16,286		$	6,959		$	27,026		$	12,804
Servicing fee revenues:
Domestic partnerships:
Servicing fee revenue		$	606		$	347		$	1,188		$	709
Average servicing fee %		6.1		%	5.4		%	8.3		%	4.0		%
Latin American partnerships:
Servicing fee revenue		$	1,722		$	2,281		$	3,458		$	4,129
Average servicing fee %		43.7		%	25.2		%	41.9		%	20.3		%
Total Service Fees-Portfolio Assets:
Servicing fee revenue		$	2,328		$	2,628		$	4,646		$	4,838
Average servicing fee %		16.8		%	17.0		%	20.5		%	12.8		%
Service Fees-SBA loans:		$	75		$	78		$	149		$	68
Total Service Fees		$	2,403		$	2,706		$	4,795		$	4,906
Collections:
Domestic partnerships		$	9,928		$	6,378		$	14,375		$	17,575
Latin American partnerships		5,772			28,752			11,862			40,516
European partnerships		6,314			20,353			15,378			33,121
Partnership collections		22,014			55,483			41,615			91,212
Domestic consolidated		50,329			10,315			79,194			28,857
Latin American consolidated		899			543			1,336			1,029
European consolidated		462			568			1,624			1,029
Consolidated collections		51,690			11,426			82,154			30,915
Total collections		$	73,704		$	66,909		$	123,769		$	122,127
Servicing portfolio (face value) at period end:
Domestic		$	775,307		$	601,576
Latin America		1,019,685			1,614,533
Europe		1,698,442			1,154,890
Total		$	3,493,434		$	3,370,999

 

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